Jason Hartman continues giving us headlines about the on-going migration. Large cities are suffering from the migration out. He looks at the city of Wuhan, China, and their rent reduction then discusses the impact of these migrations on state tax revenue. Later on the show, Jason is joined by Rabbi Moffic as they analyze the value of a home asset. They go through the concept of economic rent.
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 thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it. And now here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 0:54
Welcome to Episode 1512 1512. So today We’ve got part two of the Ron ta class to talk to you about. But first we’ve got Jeff gunlock. Talking about the economy, the uneven recovery, and the mass migration. Evan said something to me interesting today sent me a message saying, Jason, I think the Wall Street Journal is writing news releases for us, because all the stuff you said two or three months ago, is what they were saying today. And you know what, here’s Jeffrey gunlock saying it to George gammon said, you got to find this interview with him, because he’s saying exactly what you said months ago. What do we know here we go again. You know, it’s, it’s it’s good to be a prognosticator whose prognostications have come through. Hey, so excited about our upcoming meet the Masters event. As I announced yesterday, we’ve got the special add ons. session. And by the way, when you get your tickets for meet the masters at Jason Hartman comm slash masters, you have the opportunity to purchase the recordings at a super inexpensive price, just a little little bump and a lot of you have them in fact, more than half of you have purchased those maybe 60% or so. And if you are unable to attend the follow on session on asset defense asset protection the following week, we will make that recording available even if you didn’t buy the recordings. Okay, so just so you know, that will be available to anyone who attends and I think you’re really going to like it because that topic. We just can’t do it justice. Our speaker can’t do it justice in a half hour time slot, but he’s going to tee it up for you and then offer the add on sort of extension class if you will. The following week. So really looking forward to that I was really glad we were able to add that to the mix. And I gotta tell you, this event is shaping up to be just completely awesome. Who was I trying to imitate what I just did that when I just did this really bad?
Jason Hartman 3:19
So maybe that’s better. It’s more like ricola you know that old TV commercial Anyway, you may not know the reference, but there it is. So let’s listen to Jeffrey gunlock. This guy knows what he’s talking about. And I think you’ll find this clip from Yahoo Finance to be quite interesting and quite telling. economy is going to be unevenly affected.
Jeffery Gundlach 3:47
We know that they think cities are likely to suffer an exodus. We know that prices on apartments and homes in the San Francisco area are declining. That’s also happening relative to Manhattan real estate. State and that means the other parts of the country are going to start to see
Jason Hartman 4:05
perhaps inflow of population we’ve been tracking a double I kind of the the showings the requests for showings of home so he’s talking about the migration out of the cities and the influx into other areas chills like I told you that what happened right and now it’s happening and this is just the beginning it’s just the beginning a lot more of this to come over the next weeks, months and years. You know, this is I think this is going to be a big long term trend. You know, for so many reasons. Again, you’ll hear my pandemic and investing presentation at meet the Masters that will give you a lot more detail on this and a lot more on that but look at this here is Wu Han China. Okay, Wu Han the place It all began right the muon virus. Oh drunk. You can’t Hold back. That’s so wrong. Just the Facts, ma’am. Just the Facts, ma’am. You know, that was the line from that detective on dragnet. That old old show. Pregnant was an old TV show. And he is to say, just the facts, ma’am. When he was asking someone for, you know, their version of the story, and so that’s what Trump was doing just the facts. But of course, the facts are suddenly like, racist in today’s world, because we’ve all gone nuts. So look at this, the drop in residential rent on an annualized basis in the Chinese city of Wu Han, where Coronavirus first emerged last year. What do you think that number is? See, this is a proxy for what is happening just starting to happen in the US in many other places around the world too. But remember, like I’ve said before, around In the world, they don’t have the same options we have. We have more options in the US for this because we have what suburbia, suburbia, if you want to go look up a great song about that. Go look up the song by rush, the most talented band that has ever walked the face of the earth rush. The song is called subdivisions, talks about the suburbs. That’s what that song is all about. You know, if you don’t listen to the song or like the song, just read the lyrics, look up the lyrics, though. Bring them, don’t Google them, bring them in, you’ll hear the lyrics on subdivisions pretty interesting, or he’ll read the lyrics on subdivisions. So the answer to the question is 6%. That is already the rent reductions in Wu Han China. That is a proxy. I say it is a proxy for what is just starting to happen. In the US remember there are several months ahead of us in in in COVID-19 84 time. Do you like that one? I just heard that last night. I thought it was pretty good. You know who told me that last night? Carrie Lutz who’s been on the show many times, right? Yeah, not COVID-19. It’s COVID-19 84. Because so many of the things coming out of that are Orwellian. So very 1984 esque, but 6% decline in rents in Wuhan. Let’s go back to Jeffrey gunlock. In here more. in various parts of the country, it’s very uneven. There are parts where there are more suburban, like it’s a reversal of the trend that we had a decade ago.
Jeffery Gundlach 7:44
And so there’ll be an uneven type of type of effect to the economy. The other thing is going to happen is it’s been talked about nearly enough is the states are really in trouble. The tax revenue from the States has completely collapsed and it’s
Jason Hartman 7:57
unlikely to improve What? And this is a big deal, especially in New York. But I’ll tell you something. It’s California too. I mean, these are many, many years ago, I predicted we would see municipal bankruptcies. We saw a few of them. there really weren’t that many. I thought there would be a lot more see when my predictions don’t come through. I’m gonna tell you the truth. Okay. I’m not always right. I’m wrong. Sometimes. I’m only human. I don’t have a crystal ball. At the end of the day, everything’s just an educated guess. That’s all we can do is an educated guess, intentionally saying that wrong. Just for those of you who might be new. I know the real word is educated. Don’t panic. Okay, I’m attempting, and it’s vain and bad attempt. I’m attempting a little comedy and entertainment. Okay. Education. So anyway, the educated guess that’s what it was. But the reason we didn’t see more municipal bankruptcies, and my prediction only came partially true, is because they just keep figuring out a way to paper over it. The way they’re papering over this economic crisis we’re in. How are they papering over it with paper, money printing, and it’s not even really paper as we all know, it’s electronic. I still wonder, remember that episode I did, maybe 1314 years ago on this show, and I talked about how I wonder when back then Alan Greenspan or Fed chair at the time, the maestro is they called him which Yeah, ridiculous ridiculous to give them that much credit all he was as a Keynesian. Okay. And iron Rand sellout. You know, Alan Greenspan used to be really good friends with iron Rand. They used to meet, I think once a week in her apartment in New York. They called this Little club with Nathaniel Branden and Alan Greenspan and I can’t remember who else was in it but really interesting. And I met Nathaniel Branden a couple of times when he was living. Remember he was the significant other I think they were married of iron Rand. Then I also met her other significant other this sole heir to her estate Leonard peikoff in Russia on a cruise actually. That was kind of funny. But anyway, I drove Nathaniel Branden home to his apartment in Westwood or his condo in Westwood Village, Los Angeles. interesting conversation. But this little club that they had back in the day was called Get this like talk about being funny, right? It was called the collective because they wanted to poke fun at communism. So in collectivism, none of them believed in it at the time. But the funny thing about Alan Greenspan By the way, just so you know, we are on a tangent here, tangent already. Tangent alert is that Greenspan seemed to for a time believe in the iron randian philosophy. But then he became a sellout when he became Federal Reserve Chair for so many years and Maestro, just a Keynesian money printer. But I always wondered back on that show, I said it, you know, maybe 1314 years ago, I was wondered, because they don’t really print money into existence anymore, even though everyone just uses, you know, the word printing. They’re not really printing it, right? They create money. Well, first of all, is I’ve taught you over the years, money is lent into existence. The most weird, amazing and difficult thing to understand ever in the world, and it’s lent into existence, but it’s also created electronically. So whenever they create money at the Federal Reserve, or really, I should say currency That’s the more proper word. You know, I just envision the Federal Reserve Chair, going into some room. It’s like a vault, maybe like the room. You know, what was that movie with Tom Cruise, it was one of the Mission Impossible movies. Maybe it was the first one, you know, where he’s coming in through the top of that room, and it’s got this computer in it. And he’s got to be come down on a cable through the ventilation system and not touch the floor, because there are sensors on the floor, you know, the movie I’m talking about, right? It’s one of the Mission Impossible episodes, or movies. And he’s, he’s hanging there. And there’s this special computer. And I’m wondering, you know, I’m guessing that at the Federal Reserve, and then there’s a subsequent terminal at the Treasury Department probably right. There must be this computer in a room where they go in and after they have the FOMC meeting. The chairman walks in there. Sorry, Janet Yellen. I don’t mean to offend any Anybody the chair person, the chair person walks into the room, and you know, then the door closes behind them This room is like a vault, and they sit down at this computer and then they create currency out of thin air. And my question is, if I ever get to interview a sitting or past Federal Reserve Chair, person, I will ask them is that computer you sit down at to create currency out of thin air? Is it a Mac or a PC?
Jason Hartman 13:39
What do you think? Let me know. Jason Hartman comm slash ask, just go there and tell me if it’s a Mac or a PC, the magical computer that creates money out of thin air. Okay, what’s Jeff gunlock saying? states are going to be looking for some of them already asked for more Government bailouts. So there’s a long queue of entities that want or need government bailouts. And that’s just going to keep further pressuring the situation. So I think that the economy
Jeffery Gundlach 14:12
is going to feel the blow the effects of the recession that we’re in now for quite some time to come, I think it’s very unlikely that we’ll get back to our peak economic growth, even in 2021.
Jason Hartman 14:27
And he is right. In my opinion, we are going to have the modified square root recovery. I’m going to put that on the screen for you at meet the masters. That’s what’s coming. So modified square root recovery. Forget about this Nike swoosh, forget about the V shape, the W shape, the U shape, the whatever shape, it’s the modified square root recovery. That is what Hartman says and that is what will happen. Well, I don’t know, he might be wrong. But that’s what we think is gonna happen. All right. We’ll get to that later. We’ve got a lot more than that. Let’s jump into part two of our discussion from yesterday. Again, you really don’t need to worry if you missed part one, you could go back and listen to yesterday’s episode. Later, it’s no big deal. These things don’t have to be like consecutive or anything. If they did, we would play them together and we wouldn’t split them. But for variety sake, it’s kind of fun because you hear some different stuff. And it’s just more, it’s more stimulating, and we all need a stimulus today, right? And by the way, the next one is coming. You know, if you’re keeping track of what the government’s been doing, they’re in Washington, or while they’re probably not in Washington, they’re probably on a zoom meeting. But they got the next one coming through. So don’t worry, because it’s all fake money, and they’ll all just rescue us with fake money, no problem. Don’t forget that. Get your tickets if you haven’t done so already. Jason Hartman comm slash masters, and here we go, continuing the conversation. You know, let’s take a bit of a recess on this. And we got to get to some of those con event things too. But you’re standing the concept of economic rent, being in the Ron ta class as investors as landlords. Remember what I’ve said before, folks, that it is truly incredible that you can essentially have a whole bunch of tenants, and I’m going to call them partially indentured servants. Yeah. Boy, if AOC was listening to this, she would have my head for saying that right. But here’s what I made and I’ve said it before, is that think of it when someone goes to apply to rent one of your houses from you You will not want to go over a 33 to maybe a maximum of 40% rent to income ratio. That means that you basically own their labor for 10 to 14 days of every month. All that goes to pay for the house, they rent from you. That’s a pretty great deal. Ron ta class, I’m talking to you folks listening, right? It’s an awesome deal. And you ought to sign up for as many of those deals as you possibly can. And you can find them at Jason hartman.com. Shameless plug. Okay, you should, you should. Let’s, let’s, let’s listen to a little audio clip on this about economic rent. This is from investopedia. And I think it’s a good overview and it will give us a little fuel to talk about this before we get to our current events.
Economic rant represents money paid or made in excess of the expected amount. Economic ran typically occurs when a product service or property is in short supply and demand is high scarcity and exclusivity are common conditions of economic rents. A gifted basketball player provides an exclusive talent that’s scarce even within the ranks of professional sports. While he expects to be paid $10 million a year for his services. The team that signs him offers $13 million. The extra $3 million is the athletes economic rents. A clothing business wants to open a shop on exclusive beachfront property where only one vacant space remains the site sees plenty of foot traffic and offers ample opportunity for a business to prosper. The property owner expects to charge $10,000 a month as others contemplate the location the owner of the clothing business offers $11,000 a month to help her secure the exclusive spot the extra $1,000 each month the property owner collects represents economic rent, the quoting business could That extra $1,000 on employee raises or other investments, but it’s an opportunity cost it’s willing to spend to get such a desirable property. If market conditions were perfect economic rent would not exist because competitive pressures would drive prices down. Economic rent also explains the high value of intangible assets such as patents and permits, the term should not be confused with rent, which simply refers to payment for the temporary use of an asset or property.
Jason Hartman 19:29
So I just thought that would be helpful in in the discussion because you look at my regular listeners, if you’ve been listening to me for the last 15 years or following me for the last 16 years doing this, you know, you know that I’ve moved around a little bit and I’ve tried to find the perfect place where I want to live. And so I lived in Orange County for 25 years most of my adult life. And then I moved and I lived in Arizona for six years. I lived in Las Vegas for a year and a half and now I live in Florida. As I look around and I’ve looked at many cities, you know, I thought about moving to Austin, Dallas, you know many, many places. And as I look around and I go to these different cities, I’m also doing a laboratory experiment for all of you listening, not just looking for my own home. I look at houses, I look at apartments, I look at everything. And it amazes me how homes whether they be apartments or single family homes, how they have this just natural, incredible scarcity built into the equation. And when you buy a property, you are buying a super scarce and duplicatable asset. Okay? There is no just just like there is no other person. Exactly like you. You are completely unique. I can hear Katy Perry singing in the background. Fire work, right,
Jason? You know what else that video reminds Give me of a story that you’ve told on the podcast a couple times about a restaurant. I, if I remember correctly, it’s in Palm Springs that you went to. And you said it’s been different places or different restaurants. And yet you think the whole time the guy who owns the building is still collecting rent from whoever is in that building. Does that story ring a bell? Palm Springs? I think so. You were talking about how you, you went to this place once 30 years ago? And then you went back and the buildings still there? It’s a different restaurant, but the same guy probably still collecting rent.
Jason Hartman 21:31
Oh, yeah. You know, it’d be the same owner. Yeah, but yes, words, the names change the restaurants go hang out, or the whatever goes in and out. But the property remains very constant. Yes. And that’s one of the great things about it. Yeah, no, absolutely true. So it’s
not just acquire it.
Jason Hartman 21:49
Yeah, it’s such a great asset class because it just has natural scarcity built into the equation. And no, I’m not gonna say the Will Rogers quote, although it’s true. You know, my lands are not making Any more of it? Yeah, but the fact is there’s a lot of land. Yes, the point is the commodities and the the zoning requirements and the cost of construction. And you know, it’s just complicated. It’s hard to duplicate real estate. And you’re a unique person, everybody’s a unique person. And guess what, every property is unique, and it cannot be replaced ever. So you just have a natural scarcity built into all of the houses you own. So that’s a beautiful, wonderful thing. So congratulations listeners. Most of you listening are probably in the Ron ta class. If you’re not reach out to us. Jason Hartman comm one 800 Hartman, we’ll help you get into the Ron ta class. That’s right. You can charge rent and live off those rents. Okay, we got a couple articles we got to discuss. Evan, let’s go lightning round on those.
We got a lot. But what did you make Jason about this article from the wall street journal about companies like Starbucks that are doing just fine, even in this corner. Their virus shut down. You know you at least by my house, the line to get into Starbucks is around they don’t stop. Now. Yeah, that’s something yeah. Oh, yeah. I mean the line that that drive thru line, the drive thru line, you know, every time I drive past
Jason Hartman 23:13
I never drive throughs Yeah,
well, they look I mean, right now. They have Yeah, right. That’s right. They’re asking for rent reductions, even though they’re doing fine. That’s what do you make it there,
Jason Hartman 23:23
you know, they’re just, they’re just opportunistic, and they’re looking to take advantage of the landlords, but I wouldn’t want to be a commercial property landlord right now. That’s for darn sure. And by the way, you know, the rent performance on the single family homes is quite
good. I mean, it is really quite good.
Jason Hartman 23:42
You know, by the way, folks, share your experience listeners, please go to Jason Hartman comm slash ask in tell us what’s going on with you. So far as we have seen, this is anecdotal and we’re only really two months in. People are all getting their rent. I mean, Haven’t heard of any big problems of any significance that are abnormal? You know, you’re just gonna naturally have tenants that don’t pay sometimes. I mean, that’s just being a landlord. But in the middle of the pandemic, we haven’t heard of any issues with rent collection.
Yeah, fantastic. Okay, this next article, I know this could cause a big tangent, because we would love to talk about this forever tangent This is an important this is an important article from CNBC after trying for a decade, central banks might succeed at generating inflation. Well, now you you’ve been right about a lot of things, but inflation has not gone as much as
Jason Hartman 24:38
you know what I’m gonna I’m gonna say I’ve been really wrong about interest rates, but I have not been wrong about inflation. Look, we have had inflation it just, by the way, I said this on a recent episode that you haven’t heard yet. I haven’t. I know you haven’t heard it because it’s just going up today. We have not had As much inflation, you know, compared to what is always the question, yes, compared to the amount of money creation, inflation has been low. And what that shows to go you goes to show you is, is that the US is in a really enviable position visa V, the rest of the world. We’ve got the reserve currency, we’ve got the military to keep it that way. We’ve got all these special privileges, which kind of suck for everybody else. I’ll be the first to agree with that. But for the US, it’s great. And, you know, the question is how, you know, you listen to the Peter shifts of the world and all the doom and gloom ORS, and they keep saying everything’s going to collapse. The dollar is going to collapse. Yeah, we can’t have this much debt. You can’t run deficits like this. I disagree. I think they can keep kicking this can down the road for a long, long time. But inflation is definitely there, divided between consumer prices and asset inflation divided Based on how you’re definitely spending, you know, everybody’s different, everybody has their own personal inflation rate. And also look at the fact that there has been real inflation. It’s not that much compared to money printing, I agree completely. And it’s also understated if you look at shadow stats calm versus the consumer price, right. You know, we all know that. It’s fake. Yeah. But But now, oh my god. I mean, we’ve never seen money printing like this. And we’ve never seen a Federal Reserve Chair. That just, he makes no bones about it. Jerome, how makes no apologies. It’s like, we’re gonna create more money than ever before in human history. And who cares? You know, I
think part of this reflects, you said this right away. You might have been the first to say it, that Trump is our first real estate president and real estate investors. We love inflation. We do. So he probably has like minded people. I mean, minuchin and So I think that that there, it’s definitely part of the policy in it. And it it’s a good part, as you said, inflation is a great policy for government. It’s a great way of dealing with debt.
Jason Hartman 27:10
Oh, it is. Listen, that is their business plan. The central banks and governments around the world, not just the US, their business plan, every single one of them is inflation, inflation, because inflation reduces their debt, and they all love to spend, and it’s a great deal. It really is the same way for real estate investors. So, yes, align our interests with the powers that be and we’re all gonna win.
That’s right. Yeah. Yeah. That was another article that we talked about that I sent to you where minuchin is saying, we can borrow trillions of dollars because the interest rates are so low. And I said, you know, that’s what we want our clients to do on a slightly smaller scale. We’re not talking about trillions, we’re talking about 10s of thousands, sometimes hundreds of thousand, but borrow because you’re going to be making as some of our pro formas would say Over 30% annual returns, and you’re borrowing money at 4%. I mean, that was incredible differentiable.
Jason Hartman 28:07
Yeah, it’s truly an amazing opportunity, you know, income properties, the most historically proven asset class in the world. It’s the most tax favored asset class in America, folks, it’s just not gonna beat it.
No, you’re not. And you have a guide, in Jason and in his team is all of us who know who can help you along the way. A Guide is somebody who has experienced themselves and I listened to Jason and I bought properties. And it’s been incredible for me and it you know, in Iran to classic and I work hard, very hard at my job, and I love my job. But you can’t always rely on your job. You have to have other sources of income and this is the best tax favorite source of income. It’s, it’s incredible. And as you sometimes teach Jason, sometimes we don’t see the benefits right away. But we see them when we get our tax returns. And you see how just incredibly efficient it is.
Jason Hartman 28:57
Right? Right. Maybe you don’t see all the best Benefits right away. It’s like that iceberg. Most of it is below the surface. And people don’t know how to do the math when it comes to income property. Most don’t you do. And hopefully all of you listening have gone to Jason hartman.com. You’ve watched that free video on the front page on how to analyze real estate investment that will really, really help you understand in 27 minutes, how to be a great investor. So Wow, that’s there for you. Yeah, good stuff happen. I think there was one more right.
Let’s see. We could wait.
Oh, yes, yes, yes. reopenings. Yes, at Florida. You’re in Florida. I mill in Illinois, very different. Although, to be honest with you, the Governor of Illinois. His wife and children are out there a $12 million working farm in Florida. It’s incredible. So yeah, Governor Pritzker. His family is in Florida while he’s here and a very different point.
Jason Hartman 29:56
I got politicians don’t own the income property there, Ronnie. Oh, and you can see why the Ron ta class was resented because they’re wrong. Ta is another word for saying elitist. Okay, yes, but the difference is those are elitist that don’t deserve it. They did not earn that. Yes, of course they got elected, right. I get it, right. They abuse their power. And that’s why that’s why they’re so resented. Okay. So, you know, it’s different than you as an income property owner. You’ve earned it. Okay, so
what about Bernie Sanders? We’re going to go on a tangent, but he was kicked off a commune for not working hard enough. And now
Jason Hartman 30:40
somehow, they go into Congress, and they’re just ordinary people without much money, most of them, you know, summer, summer ropey, of course, but they sure end up wealthy somehow. I don’t know how that magically happens with their $190,000 a year salary, somehow they just get magically rich from They become a congressman or senator. It’s amazing, amazing, amazing. Anyway, Forbes article wasn’t yet
Florida’s opening, Illinois is shut and it’s, you know, going to stay. Governor Pritzker has essentially said, I’m probably going to extend I mean, he’s he signaled that he wants to extend the shelter in place right now. No restaurants are open. And they’re just very different approaches now. I mean, I’m not sure which one is right. But a lot of what I’ve been reading lately is that Florida is doing very, very well.
Jason Hartman 31:30
I’m really and I think most people listening are starting to agree that a lot of this has been a big sham. I mean, yeah, we’ve we’ve been hoodwinked, folks. I mean, yeah, Coronavirus is certainly real. I’m not wearing a tinfoil hat. I think you should take precautions. It’s a real thing. There’s no question about it. Okay. But is the cure worse than the disease? That’s the question we have to ask us. Look. people die every day from Suicide from car accidents from the regular flu from everything and no, this is not the regular flu. This is more significant. There’s no question about that. But is the reaction the proper reaction? And you know, probably not yes places Probably
not. I think the more we learn the really hit nursing homes and the elderly extremely hard. So we should, that’s what Florida has actually done really well, that the percentage of deaths in nursing homes in Florida compared to New York is just increasing was like one sixth of the number.
Jason Hartman 32:37
Well, when I talk about the in my pandemic investing presentation, which by the way, you are going to get if you attend the virtual meet the Masters Yes, we’re doing meet the Masters virtually Yes. And we figured we may not get a chance to do it this year. So we got to do it virtually like everything else, but I think it’s going to be awesome. I’m super excited. And you’re going to get the pandemic investing. presentation but one of the elements I talked about Evan, it one of the six lifestyle mega trends is multi generational living in we’re going to talk about how investors can profit from that dramatically. It’s, it’s a big part of it, it’s gonna be great. And the assisted living, the nursing home stuff has been just tragic. It really has.
And I think, you know, to the broader question, I do think this could mean many of our investors we tend to our investors tend to invest in red states compared to blue states, because because all more landlord friendly laws, cheaper housing, and you know, I was just having a conversation with my wife where she said, Evan, if they don’t reopen the schools, we might have to move to Florida. Now, I have a wonderful job and I you know, I love Chicago. I love this city. So I don’t really think that’s much of a reality, but it just showed for people who can live anywhere. I mean, why wouldn’t they want to be in a place where, you know there’s some functioning economy rather than being forced To sit in place, well, that’s a real thing you
Jason Hartman 34:02
know, in in a left leaning state, you’re how the politicians and the government doing everything they can to try and make people more descendant on them yes and less self sufficient, because dependency is what brings you votes and keeps you in power. And that’s just the love, you know the world. That’s the way it works. So you’re going to see the right leaning states that are more landlord friendly, that have better properties that have better their business friendly, they’re just better in every way. And they’re the places we invest in, you’re going to see those places, more likely to help people get back to work and get back in business. There may be some additional infections, but there’ll be fewer suicides, less domestic violence, less alcoholism, less people going bankrupt. I mean, you don’t know the cascade of problems, this leads to big problems.
And then I think it also backfires in the long run because I think basically what if I’m looking at people My neighborhood and I read between the lines, people are going out. People are violating this they’re doing it in secret. And I think it actually erodes respect for the institutions when you’re when you when you don’t meet the people’s need so it actually backfires that so then it’s like the boy who cried wolf, then when it actually is something important people have lost trust in government.
Jason Hartman 35:19
That’s certainly true. And, and you certainly have a bird’s eye view into that being a rabbi and dealing with people in your congregation, and I’m sure you know, their innermost secrets many times, so yeah,
well, I do and you know, everyone’s concerned, you know, this is scary. This is so much uncertainty. And I actually we talked about how important income property is to becoming part of the Ron ta class, but it’s also important for having some clarity and security in life. We are living through unprecedented times. And one way we can, people are always going to need a place to live. And so our strategy helps people gain that clarity and stability. It’s truly it can be life saving for people. I mean, you you’ve gotten testimonials from people who who lost their job. But because they had a couple of properties that they purchased from you, they were able to get through it. I mean, it’s truly life saving.
Jason Hartman 36:07
Yeah, it really is. It really is. So folks, we’re here to guide you through this, this crazy time we’re living in, you know how to reach out to us and we’re here for you. And then we got to wrap it up. Thank you so much for joining me today and happy investing and we will talk to you on the next episode.
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