Inflation Sectors & Rent Collection, Fear from Coronavirus

To start the show, Jason Hartman and Investment counselor Doug talks about people moving out of high-density areas to suburban areas. They’re also giving their thoughts on the ultimate collapse of the “middle-class fiction,” where the whole middle class is being hollowed out. Jason and Doug also discuss rent stability between residential and commercial tenants and the work from home option, and how the people are liking it.

Announcer 0:01
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.

Announcer 0:12
Welcome to the American monetary associations Podcast, where we explore how monetary policy impacts the real lives of real people. And the action steps necessary to preserve wealth and enhance one’s lifestyle.

Jason Hartman 0:29
It’s my pleasure to welcome one of our investment counselors back to the show. And that is Doug, you’ve heard him on the show for maybe 10 years now on and off. And you also may have seen him speak live at our conferences. He’s the guy that does the portfolio builder game, and all those great games that have entertained so many of you. And so many of you have really said some very positive things about those end, Doug, you know, the challenge, we’ve got our virtual meet the Masters coming up, and your chance, right, is to do the game or a game, because you always modify it a little bit every time, which is really nice for our regulars to keep coming back over and over. We want them to have something new, not just the same old thing over and over again. And I don’t know what your plan is for virtual meet the masters. But this is the first time you’ll be doing the portfolio builder game, or maybe you’re changing the name to virtually

Doug 1:26
right. So Exactly, yes. virtuals coming up. Well, one of the things that we’re that we’re really trying to orient our challenge around, is getting people to really take action, because, as you said, right, there’s not a bad time to buy real estate, but we are really at almost a mother of all buying opportunities, not from not because prices are depressed, like they were in 2010 11. But more because, you know, we’re really on the precipice of a multi year of possibly a generation long migration away from urban cores out towards suburban areas. And so this is really probably one of the better times in the past 30 or 40 years to purchase, the kind of real estate that we offer the detached single family residential rentals.

Jason Hartman 2:09
Yeah, yeah, no, it’s really, you know, nobody wants to live in a high density area anymore. It used to just be about Coronavirus, and that fear, but now it’s also about civil unrest. And when you see what’s happening in some of these cities, it is just really scary. I mean, the police are literally giving up pulling out, like I said on the show recently, you know, if there ever was a reason to go buy a gun or five, go buy a gun or five, and get trained on how to use it, and have adequate ammunition, you know, it might be now because we are really seeing another time where the police either can’t or just won’t protect you. And that’s pretty scary. Now, you know, I’m looking at the world falling apart. If you know, we’re all seeing that from our own perspective, because we all live in different places. And we all have different lives. And people have asked me Well, how you doing over the past several months, I’ve heard that a lot. And it’s like, I’m fine. My life hasn’t. Other than not getting on an airplane, which I actually appreciate, unlike my life is quite fine. I mean, I live in suburbia. And everything’s quite nice around here. No, no problems whatsoever. Everything’s great. But I tell you, if I lived in a city, it doesn’t even have to be a big city or super high density. If I lived in a suburban apartment complex or condo complex, that was four storeys high, and I needed to take an elevator or go down a hallway. I wouldn’t feel that comfortable. And then you add civil unrest to that. And wow, it’s, you know, you got Well, it’s a one two punch, isn’t it?

Doug 3:57
Well, and I’ve actually been thinking about that a lot lately, because of course, you know, all the people in the media are trying to make it about, quote white America versus, quote black America or Hispanic America,

Jason Hartman 4:08
whoever you’re trying to make a race for when there isn’t one. It’s ridiculous.

Doug 4:12
But what it’s really about is affluent versus everybody else. Yeah. which incidentally, everybody else includes many people in, you know, in the Caucasian ethnic group who are disproportionately represented in the affluent class. Yeah. But one of the things that is really kind of popped out to me is that what we’re really seeing is we’re seeing the ultimate collapse of you know, what I call the middle class fiction, you know, of course, the middle class fiction, is that right? Okay. You know, you go to school, you go to a good college, you get a great corporate job, you go up have your career path, then you retire with a ton of money. And all likelihood, in all actuality, what happens is you go to college, you take up on a ton of debt, you might eat and you basically have a raffle ticket. And that raffle ticket says, Hey, I have a chance at a corporate job. But if I don’t get that corporate job, I will probably end up doing something that I didn’t need to go to college for everything I needed to know, I could have learned on the internet for free. So

Jason Hartman 5:10
you know, I just mentioned, I mean, I have my criticisms of Ilan Musk, but I’ll tell you one thing, he claims I was watching a documentary about him, he says he learned rocket science by watching YouTube. Isn’t that amazing? I mean, he is an engineer, okay. But we live in this amazing, it’s an amazing time to be alive, where we live in this amazing era, where your fellow citizens will just teach you everything, learning has become a peer to peer experience. And that’s just a wonderful thing. You don’t need a professor to teach you this stuff anymore. Now, in some cases you do for the credential, but not for the actual knowledge, necessarily. So you’re talking about that raffle ticket to the middle class fiction, right? Go ahead.

Doug 6:03
Exactly. Well, and so because what happens is right, you go through a normal career path, and you know, say you’re at a corporation, and you know, and he took on a whole bunch of debt, but you’re making good money. So you’re paying it off, it’s not a big deal, you get promoted a few times, you go up through the ranks. And then at some point, you know, something happens, like there’s 40 million people unemployed, and everybody needs to cut payroll, because, you know, the revenue just went down by 40%. Well, in all likelihood, what they’re gonna do is they’re gonna say, okay, who’s making the most money, those are the people who have seniority. And then at some point, you get your your, you’ll get pushed off the books, if you’re one of the extremely small percent that managed to make it up the high enough in the chain, to where you’re the one deciding who gets let go before a lot of people get let go, you might be able to make it. But again, that’s a raffle ticket inside of a raffle ticket. And what’s happened is, there’s so many people chasing after kind of this, you know, this paper fantasy, that it’s, you know, it’s escalating the cost of college, it’s escalated the cost of a whole bunch of other things, when in all likelihood, this is largely a delusion that’s all coming unraveled at the same time.

Jason Hartman 7:06
Yeah, sadly, it is the middle class fiction, that’s a really good way to put it.

Doug 7:10
Corporate America is not going back to what it used to be No,

Jason Hartman 7:13
nothing’s going back to what it used to be. This is a mega shift, folks. And I just recognized that pretty early, because for many years after this, there is going to be a degree of post traumatic stress disorder, a PTSD that is not going away with a vaccine. And it’s not going away with race reparations. And it’s not going away with Joe Biden as president or anybody else. It’s deep in the culture. And California is sort of a good example of this in a in a negative way. It’s a bad, but a good example of a bad thing. And what California my home state has become is a banana republic, and a Banana Republic is speaks of this, this concept, where you have the rich elite class, and then you have the peasants, okay. And the middle class has just been hollowing out for years. And what we’re here to help people do to guide them through this process of not getting hollowed out to help them get up into the upper middle class, or if they’re already there, to get up into the wealthy class. And there are various definitions of you know, ultra wealthy as usually considered $30 million net worth and above. And, you know, there are various tiers of this. But look, we want to be people’s guide, and we’ve done it for a couple 1000 people already. And hopefully we’re going to do it for someone new listening to to make sure that they are secure, and their lifestyle moves up. Well, the whole middle class has just been hollowed out, and it’s been going on for a few decades now. And it’s that middle class fiction. And the other thing is, we are going to have more opportunities as we did during the Great Recession. 12 years ago, I had a lot of listeners listening to the podcast, asking, you know, hey, Jason, I love everything you’re saying about real estate. But right now, times are tough. And I need a side hustle. I need another income stream so that I can do more investing. So I started making some of the podcast episodes about home based business opportunities and side hustles, if you will, and I’ve done that a little bit so far. Now, you know, we talked about the tax deeds. We talked about some other things that people can do to create wealth for themselves. And so you’ll see more of that coming up. But Doug more on that. middle class fiction and then let’s get to rent payments and inflation. We got some stuff to talk about there.

Doug 10:06
Yeah, sure. And the thing that I’m just really seeing, as you know, with all this coming on wound, you know, there’s been a lot of perceived stability in corporate employment, that is just coming to an abrupt end for a lot of people. And one thing that or opportunity A lot of people have is that, you know, if you have been displaced, you’re able to put your primary mortgages under forbearance. And the forbearance guidelines actually going to go for quite a while. So there’s a lot of people who really have an opportunity to remake their life, it doesn’t feel like it, it feels like your whole financial worlds coming apart. But there’s actually a really big opportunity that hope a lot of people will take advantage

Jason Hartman 10:43
of America is really good at second chances. You know, a lot of people have emerged from a history where they had real real struggles, and that it’s a pretty, like resilient economy, because it gives those second chances, or some other countries, you know, if you’re ruined once, you’re never going to have the chance to be ruined again. Yeah, in other words, you’re ruined forever, you know, you’re it’s over. But you know, the US is pretty forgiving like that. And that’s it. That’s a good thing, I guess. But remember, forbearance is not without its consequences, okay? If you’re wanting to buy income properties, the word on the street is do not enter a forbearance program, do not do that, because it’s going to inhibit your ability to get more financing for future purchases. And you don’t want to miss out on this opportunity here. As we experience what john burns called, The Great American move, we are in the midst of the great American move. While we’re at the beginning of it, it’s going to be hugely significant. And just, we’re going to share with you on an upcoming episodes about moving stats, and how the movers are doing if you’re in the moving business, if you’re in that industry, you’re probably already seeing that you’re very, very busy. Now, if you if you own a u haul franchise and rent trucks, you’re good for you. You’re gonna do

Doug 12:04
quite well, exactly. Yeah, exactly. Well, and because moving on to one of those things we were planning on talking about was just the rent stability. And one of the things that we were looking at was, you know, what’s the percentage of rent that was there was paid on time. And it’s actually really close to last year, I think we went from something like 82%, down to 80%. I mean, that’s an almost imperceptible,

Jason Hartman 12:25
it’s amazing, you know, Doug, so let’s be specific. So may of 2019 rent collections. Now, remember, this is going to be a survey of multifamily units. This is not for single family homes. Again, the reason for that is that single family homes don’t report to any big centralized place. So when they do these surveys, and this one is from the National multi family housing Council, that’s a trade group, okay. And so, you know, they have lobbyists, and they have conferences, and they keep statistics, okay. And what they’ll do is they’ll survey their big institutional landlords, and they will share the numbers on their rent collection. So again, single family home rent collection, I will guarantee you is far better than these numbers far better. Because I know we’ve noticed ourselves with our own clients. And in my own portfolio, I’m not having any rent collection problems, I expected it yet, the prints are all coming in. On the apartments, you have a more transient lower quality tenant base. So you know, collection is never going to be as good. And you’re always going to have more move ins, move outs, apartments are temporary, single family homes are more permanent, but may of 2019 at 1.7%, made their rent payment. Now, this chart doesn’t show how much time that was like. In other words, oh, well, it says weekending on the sixth of the month. So it does show that so by the sixth of the month, in 2019, May, at 1.7% of tenants in these large institutional apartments made their rent payment. Now fast forward. And Doug, I’ll let you share this one. May of 2020. Tell us what happened.

Doug 14:22
Let’s see. So when we come to May of 2020, the number is 80.2%. So that’s, it’s fairly insignificant. It’s nothing. It’s so nice. So

Jason Hartman 14:32
you’re saying to me, Doug, that one half of 1% decline deterioration in the rental market in May, year over year?

Doug 14:44
Something like that. Yeah, it’s let’s see, let’s look at the exact numbers. So for talking 81.7 down to 80.2. That’s 1.5%. That’s the net total deteriorate. Oh, sorry.

Jason Hartman 14:55
Sorry. You’re right. Yeah. 1.5% even

Doug 14:58
that, isn’t that I mean, Nothing. Yeah. In fact, even this Okay, so look at this in April, April rent collections were 78%. And they went up to 80.2. And so the decline from May 19 to may 20, is less than the increase from April 20. To may 20.

Jason Hartman 15:17
Yeah, significant. It’s, uh, the news media would love to make a story out of this, but there just isn’t a story there. You know, this, you know, where there’s a story is in the commercial world, I’ve shared that on the show, you know, that the commercial landlords are just not paying their rent, commercial tenants. I mean, whether it be an office space, I just read an article about all the law firms defaulting on their rent. You know, obviously, in the retail in the restaurant, rentals, they’re just not paying. So that’s landlords are really suffering there. But in residential, the home is the center of the universe. And people want to keep the home. And interestingly, even if they know, they can’t get evicted, at the moment, it seems as though they’re either just doing the right thing and being good moral people, good citizens, or they just don’t want to ruin the relationship with their landlord for future months. And that may be the other reason, you know, because those moratoriums have been lifting, obviously. So let’s, June over June. Tell us about June 2019, to June 2020.

Doug 16:21
So I’m gonna go June 2019. That was at 1.6% last year down to 80.8%. So this means that June is up 0.6% sequentially made a June and is down only 0.8%. year over year,

Jason Hartman 16:36
so so not even even a 1% difference. year over year. Now, in 2019. We didn’t have a pandemic, if this time of year, we did not have a race for we did not have civil unrest. And in the month of June, the rent collection difference by the sixth of the month is less than 1%. dug as they say. They say on the old Wendy’s commercial with a little lady. Where’s the beef? There’s nothing.

Doug 17:11
Yeah, there’s not a story here. Yeah,

Jason Hartman 17:13
yeah. It reminds me of that famous song from the 80s. Let’s give them something to talk about. You know, yeah.

Doug 17:19
Right. Yes. There’s

Jason Hartman 17:20
nothing to talk about here, folks move on. It’s just, there’s just nothing there. We’d like to give them something to talk about. But there isn’t a story. Okay, so rank collection is strong. Thankfully. That’s good news. Doug, we got to wrap up fairly soon. I think you you’re in a bit of a time crunch. But you want to talk about inflation real quickly.

Doug 17:38
Sure thing. So one of the things, beautiful chart that we saw, was looking at some different inflation by sectors and the sectors that had the high inflation. were, you know, groceries, meats, were medical care services, and then gardening and lawn care, you know, makes sense. Because all those are things that have been buoyed up by people staying at home. But then on the other hand, our lower inflation sectors or deflationary sectors have been energy, which has dropped like a rock, and then apparels, hotels, airlines car rentals, you know, auto insurance, you know, those things just all just plummeted. And one of the things I think that’s Yeah, exactly, is that all the areas that have been strong are areas that are associated with people at their home. And so I think what that’s doing is that’s really showing us that, you know, hey, in a really stressful time, real estate has, you know, the income real estate that we recommend has tremendous resilience. You know, as I’m fond of saying, right? You don’t really know if the strategy works until you have a stress test, right? And you don’t get stress tests, all that often. Anything can look good when you’re in you know, when you’re in a growing market, but it’s when you have a big disruption that you find out whether what you’re doing makes sense. So it’s really you know, I

Jason Hartman 18:55
think it’s all Warren Buffett or Charlie Munger who says, It’s when the tide goes out, you can see who’s wearing a swimsuit or not right or

Doug 19:03
time goes out to you find out who’s swimming naked in folks. I

Jason Hartman 19:06
mean, look, it couldn’t be worse than this with what’s going on in the world. But it couldn’t be much worse. I mean, yes, we could have a war. And there are definitely tensions. I mean, we’ve got North Korea, again, going off the deep end, we’ve got Iran. There’s definitely geopolitical concerns. But we have a global pandemic. We have civil unrest, not only in the US, but all over the world. We have austerity measures. I mean, the world in a lot of ways it doesn’t look very good right now. Okay. And, and yet, we see all this. Let me just give you a soundbite on each of these charts. Okay, so, higher inflation sectors food up 4.8% groceries are at the highest price in five decades. I’ve totally noticed that myself as I’ve been shooting Hoping I go to Trader Joe’s. And just anecdotally, that I buy pretty much the same pattern of groceries, I don’t change it too much. Anecdotally, Trader Joe’s, I get two bags of groceries. And you know, I’d have some wine in there and some nice things, and it’d be 100 bucks. Now, it’s $160 I did not change my cart around that much, or what’s in those bags? I’ve definitely noticed that myself. I know everybody listening house. So meat prices up 11.7%. Now, that one, you know, you got to take that with a grain of salt because there have been specific problems to the meat industry. So that one’s a bit of an anomaly. I don’t want to say that’s inflation based completely, but healthcare medical services up 5.9% who says there’s no inflation? This is crazy. Like you said, Doug, gardening and lawn care up 9.7% I don’t know why that is that doesn’t seem like it would be a Coronavirus related. Any thoughts on that? One?

Doug 21:06
I think it all has to do with the fact that people that are out there are stuck at their house. And so they’re trying to take care of you know, they’re they’re trying to take care of the property. I know for us, I’m okay. Yeah, go ahead. Well, and so in this case, right. You know, if you’re talking about gardening and lawn care services, now’s the time to do projects, right? If you’re stuck at home, it’s a time to do projects. Whenever I go to Home Depot or Lowe’s, the place is just packed. Just people Oh, yeah, there’s people that are getting stuff for doing home projects all over the place. I know because I was at Lowe’s trying to get the polymeric sand for doing a project at our back patio about a month back.

Jason Hartman 21:40
What is poly Eric sand,

Doug 21:41
it is sand that has plastic polymers in it. So what you do is you put it in between paver stones and then when you get it wet then the the polymers bond together as a self sticking sand got it got

Jason Hartman 21:53
it isn’t that boy technology’s everywhere is an

Doug 21:57
amazing time to be alive. But yes, technology stand as

Jason Hartman 22:01
the home is becoming the center of the universe. People want to make it nice. I’ve been saying this for a couple of months now. home improvement projects. I not specifically like I haven’t been to a hardware store like you have. But you know that that doesn’t surprise me too much remodel projects. Okay, that’s gonna be big soon. Or just moving instead. That’s the easier one and furniture stuff for the home. If you’re in the home goods business, you’re going to do pretty well. Okay, let me think about

Doug 22:30
it like this. Jason, if you live in a apartment or condo in the middle of a city, then moving is the ultimate remodel project. Right? Exactly. Because Yeah, what you’ve done is you’ve just gone from a 500 square foot elevator shared, shared living space to say a 1500 square foot detached house at the property. Yeah, that is the ultimate remodel. And guess

Jason Hartman 22:53
what, it’s a major upgrade to your life in so many ways in your rent went from 30 $800 a month to 15 $100 a month. Yes. So it’s much better and you have a yard too. And you can get a dog bound. So there you go. Okay, so low inflation sectors, energy energy’s been crushed. We all know that because people haven’t been moving around. So Oh, we saw oil prices totally collapse, energy usage. Now the interesting thing about the electrical energy, okay, there’s many types of energy, okay. But the grid has been stressed because everybody being at home uses more energy than everybody being at an office because it’s not communal. You know, people when they leave their house, they wouldn’t run their air conditioning all day. Yet, everybody’s in their individual bubble running it instead of in a common office where it’s, you know, more efficient, and you can cool more people for much less cost and much less taxing many less kilowatts, but energy for industry and manufacturing, the demand for that just plummeted for quite a while, but it’s coming back, as we know. So energy down 18.9%. Okay, now, apparel. We mentioned this on the show before, but if you talk to apparel companies, they said that apparel for the top half of the body was still selling pretty well. But for the lower half of the body wasn’t selling, meaning people were on video calls, care what they look like, for me. That is the funniest thing ever. But anyway, yeah,

Doug 24:36
that that is a that is actually an amazing anecdote. And one of the things I was thinking on the energy side too, that’s that’s very interesting is that if you have electrical transmission energy, electrical is one of the forms of energy that is that they’re actually the most options that don’t involve hydrocarbons. And so one of the things that you have with this is you do have an opportunity for an inflection point in trying to reduce overall carbon output, you know, no, this is of course, you know, assuming that the objective is to reduce carbon output and not to use carbon as a shill to have an authoritarian government, right? Like they already have that it’s called COVID. They, you know, they don’t need to use us climate change for that anymore.

Jason Hartman 25:17
Like the saying goes, green trees have red roots. Okay. So yeah, so now they can do the authoritarian intrude on our lives and tell us what to do thing, because they got the guise of the virus to hide under rather than the environment. So yeah, they can switch, wag the dog, you know, Hey, everybody, you need to see the movie, the old movie from the 90s wag the dog right now I’m gonna watch it again. Because this whole COVID thing and race war is the two giant wag the dog things if you asked me, it’s getting quite interesting. Go ahead.

Doug 25:51
Oh, and the thing that I was thinking of, though, is that the notion of, you know, the climate changing is real, you know, and you know, the impact of carbon is real. I think the place where that’s, you know, where it’s always falling down is just the assumption that an authoritarian government is the only way to deal with it. You know, if you give the government unlimited authority to deal with the climate, it won’t fix the climate, you’ll just have an authoritarian government with a climate that is pretty much just as bad as it was before or worse,

Jason Hartman 26:16
because nobody owns the, if you don’t have private ownership of things like we saw in communist Russia, the you know, when Greenpeace went in there, I remember reading Greenpeace magazine, right after the Soviet Union fell. And they went in and toured the Soviet bloc, you know, Russia and the other countries, and they just saw environmental destruction everywhere. And the the article basically, that the net of it was that when people and this is from Greenpeace of major left wing group, okay. The net of it was when people don’t own property when they don’t own the land, they don’t care about it.

Doug 26:53
So correct. So yeah, I think just the the dynamics of what we’re seeing are just just utterly amazing. And I have at least a modest idea of how they’re going to how it’s going to shake out, you’re going to have, you know, especially in things like airlines, I highly doubt that airline, of course, because airline prices have gone down like 30%. And there’s idle capacity everywhere in the aerospace industry. And so that means you’re probably going to have at least one major carrier that goes out of business, you’re going to have prices stay extremely low for a long time, just because there’s just so much idle capacity, that you know that there’s going to be intense competition to try to keep those planes anywhere remotely close to full. Yeah. So yeah, there’s going to be very long lasting impacts from all this

Jason Hartman 27:38
air, air air travel right now. And this is TSA, so it’s not worldwide, but it could be non domestic flights where someone has to clear TSA, the number of passengers is only 17% of what it was one year ago. And that and it’s already coming back. It’s better than it was it was really bad during the worst point in the lockdowns, but right now, it’s 17% of last year’s number. And yeah, that’s still I mean, that’s a catastrophe. So yeah, so apparel down 7.9%, hotels, motels and lodging, down 17.3% and airfare, Doug, you just said it down 28.8%. Car and Truck rental that you mentioned, down 19.2%. And what’s interesting about that, one is that car and truck is not split up. And I say that car rental will remain very cheap. By the way, if you’re looking for a used car, go to hertz.com they are selling 1000s of cars. I looked at a few I was thinking maybe I should pick one up there so cheap. You know, you got these. There’s just a lot of a lot of good deals. Those cars, it was pretty attractive, like truck rental, I say will actually get very inflated during the Great American move. Now. They’re not distinguishing what type of truck but if there any thing that’s a moving truck, or a construction truck, you know, that’s boom, time for that. Yeah, no, it’s not split up. So in motor vehicle insurance, because nobody’s driving down 14.3% but rent, CPI, the consumer price index for rent, year over year, up 3.5%. Up 3.5% in the midst of all that rents are up after seeing

Doug 29:39
that Exactly, exactly. One thing what all this comes back to is that it’s like you said it really is an amazing time to be in life, an amazing time to be alive. And it’s an amazing time to be an income property investor. I mean, boy, the economy just got shellacked. And our properties have just held up beautifully. And their position right in the middle of where everybody’s moving to Yeah, I

Jason Hartman 30:00
know we’re right. Since we sell suburban properties, and this is exactly what everybody wants, we are in a very good position. I mean, I shouldn’t say we, I should say you listening, if you’re assuming you’re following our advice, our plan our guidance, you are in a very good position. I gotta tell you, I’m just going to be very candid as we wrap it up here, folks. You know, I had a, you know, a heart to heart talk with one of our investment counselors. I mean, we’ve talked, of course, Doug, but this particular talk that I’m going to recall right now, was with Sarah, and, you know, I said, Sarah, you know, we may have to make some really tough decisions in the next six months. As this broke out, I was worried. I mean, I didn’t know where this was gonna go. None of us really even now know where it’s going to go. But one thing we know for sure, is that Well, a few things we know for sure, I guess I should say, housing is the center of the universe. People can work remotely. They all have discovered that people can learn remotely, they don’t need to go to an office, they don’t need to go to a school, they can do all that remotely, and they like it. And they’ve adopted it. And suburban migration is huge, huge, huge. Yep. And interest rates are low. We know that too. So take advantage of it, folks. And Doug, on that note, I’ll let you wrap it up.

Doug 31:22
Basically, we have the strategy. We all know what needs to happen. And now’s now it’s time to pull the trigger. If there was ever a time to do it, now is the time to do it. It’s not that crazy low prices from from foreclosures that we saw in 2010. It’s the crazy big migration trend that are going to eventually make the prices and rents we’re seeing now just seem like pennies.

Jason Hartman 31:46
Yeah, I agree. Okay, Doug. Well, thank you very much. And if you need us, we’re here for you, to guide you to assist you on your path to building wealth through income property, reach out to Doug or any of our other investment counselors at Jason hartman.com. or by calling one 800 Hartman if you’re in the US, that’s only a US phone number one 800 Hartman if not catch us on the internet, Jason hartman.com. And until next time, happy investing.

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