Jason Hartman and investment counselor Adam start the show talking about Fannie Mae and Freddie Mac potentially going back to being a private company. They talk about investing in condos and why it can be dangerous to do so. In a later segment of the show Adam hosts Joe the Lender. They talk about what to expect from lenders and reserve requirements.
Investor 0:00
You’re that kind of person and you’ve got the capital and you’re a great negotiator. You’ve got great people skills. You could probably be a successful flipper, but it’s like a job. Right? If you’re not flipping, you’re not making money. And that’s why I prefer income property because you just make money every month.
Announcer 0:17
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. Now, here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 1:08
Welcome to Episode 1163 1163. Thank you so much for joining us today. I’ve got Adam here with me and we are going to do the show today. But we are going to have a mortgage update on the show as well. So let’s dive in. Adam. Welcome. Hey, it’s good to be here with you today. Hey, the first thing I think we should talk about is good old Fannie Mae and Freddie Mac companies during the financial crisis that they really are companies, right. A lot of people think they’re part of the government or something like that. And, and well, I guess, you know, since the financial crisis 10 years ago, they became part of the government. They were founded by the government or I don’t know exactly how that worked, really. But, you know, the government helped create these entities and they are government sponsored entities. And then during the financial crisis, our government with all its wisdom, for better or worse, decided that there was an implicit guarantee to investors as to the performance of, for example, Fannie Mae right the bigger of the two, and sort of took over and put it into a conservatorship. And then there was some talk about shutting these government sponsored entities down. And I am totally in favor of that. I think it would be a pretty significant blow to the real estate market for a short time, but it would increase rents. Remember, it’s always a two sided equation. If you see financing dry up in the marketplace, because the secondary market doesn’t have the power of the government behind it. And that’s what Fannie Mae and Freddie Mac are is secondary markets that allow lenders to originate mortgages and sell them off. They provide homes of liquidity in the mortgage market. And they also have underwriting guidelines for what they what’s known as agency loans. Okay. And so there are Fannie Mae and Freddie Mac guidelines. But this gives lenders a lot of liquidity because they can make a loan, sell it off, make a loan, sell it off, make a loan, sell it off. So they only need to have a small what’s called a warehouse line of their own for the lender, right? They don’t really need to have the money to make all these loans. They just have a warehouse line, and they fund the loan on their warehouse line, and then they sell it off as long as it meets the underwriting criteria. But now, there are some changes being proposed to take it back to the way it used to be before the Great Recession. And Trump is what’s he What’s he done, Adam? He signed a memo about this, right? Yeah, he
Adam 3:53
signed a memo saying that he wants to figure out if they can do it. He wants to reform the system. stem and it looks like it’s not something that’s going to be happening in the next year or two or anything. But they’re talking about moving it back. And they’re talking about also when they do it, they would increase the regulatory oversight. So even though it wouldn’t be government backed, it would be government watched, I guess you could say for a while, but it’s grown so huge. I think I saw it has over $5 trillion of mortgages back to that if they’re going to require them to have any sort of reserve at all, it’s going to be difficult to do that as a group.
Jason Hartman 4:31
Right. So the question is, what would this mean to investors? Well, at first blush, what it would mean is probably less liquidity in the mortgage market, which could mean upward pressure on interest rates, or just less funding available initially, that’s the initial thing. But then things always kind of adjust right as they sort of everybody relaxes and capitalism does such a great job of allocating resources, new investors come into the market funds are created, then the liquidity would ostensibly increase again. And that would happen. Now ultimately, what I think ought to happen is I think these are to be just completely private without any what’s called implicit guarantee. Right? That’s what the government when they stepped in during the Great Recession, that’s what they said. They said, Look, there’s this implicit guarantee, right? It’s not an actual legal guarantee, was my understanding, just kind of expected. And so to help the economy, we’re just going to step in and, you know, make it part of the big bailout. Right. And, you know, part of the trillions of dollars, the government spends bailing everything under the sun out because it’s all too big to fail.
Adam 5:43
Yeah. Now, I will say I mean, banks themselves, as everybody knows, banks can just create money when they want. But the thing is, I think if they do this, you’ll see the same amount of money being available, but you’re essentially only going to get rates like you can get for your 11th and bigger properties currently, so your interest rates will go up. But the amount of money that’s available will still be essentially infinite.
Jason Hartman 6:07
Well, banks can create money by lending, right? Because we all know if you’re a regular listener to the show that money is lent into existence, that’s how it is created. That’s the fractional reserve banking system. And that’s the, you know, the creature from Jekyll Island, the Federal Reserve and all the other central banks around the world, basically, that’s the way them a monetary scheme, or shall we say, scam works, and it is the way it is. So they’ve got to lend in order to create new money, right? It’s hard to create new money without lending it into existence. But when they lend, it creates a multiplier effect. So when $100,000 is left on a mortgage, it’s really a lot more than that is created. So this is really just esoteric. We’ve taken deep dives into this on prior episodes. Yeah. And it’s called complicated. Yeah, well, I’m just saying it’ll the same amount of money will be available, but interest rates are going to go up. Because whenever it’s private, the investors in the private group are going to say, Hey, we want more of a higher interest rate to protect ourselves, we want a return. So the same amount of money will be available, it’ll just be more expensive. So that’s why I think rates will go up to what you see currently, after, again, Fannie and Freddie out in the world of the hedge funds and the private equity, these lenders that are they’re not hard money lenders, they don’t charge that much. They’re like this in between step. And you know, that has really made a fairly significant play in the marketplace, coming out of the Great Recession. And so another example of how capitalism allocates resources really well, but like I say, for real estate investors, you know, one of the beautiful things so you know, look at if you’re a self reliant person, and you do not believe in taking government handouts, as I do, not Right, well, generally, I’ll break my rules sometimes. And here’s how I’m going about to tell you. And if you believe and, you know, you got to make your own way in the world and you know, you’re maybe have libertarian or conservative bent. You would think philosophically, this is terrible, but to take advantage of it, because you’re not getting any other government benefits, right? Real Estate has always been subsidized by the government in the US since the Great Depression back in the 30s. When these entities were created, and when they came about so take advantage of it, you know, get your government handout to write these interest rates are artificially low, because we have these government sponsored secondary market entities in the US and many places around the world don’t have this in the US is a really special market in that way. So pay take advantage of it. It’s great. There is the welfare for real estate investors. See there’s welfare for you too.
Adam 8:57
And I think it’s going to be a tough sell. Because since as long as the US has the American dream that, you know, everybody should own a home, on the prevailing wisdom, it’s going to be hard to convince the people in the government, Hey, why don’t we, you know, raise the interest rates and get the government out of it. It’s just going to be a tough sell for me to believe is going to happen, especially if y’all remember the 28 teen meet the masters. When you showed us that what was that every 1% of interest rate hikes is
Jason Hartman 9:26
a couple million 1 million new renters.
Adam 9:29
Yeah. So it’s going to be tough to sell that to the politicians. Yeah.
Jason Hartman 9:33
I’m glad you brought that up. Adam By the way, the real estate industry has such a giant lobby that you know, folks you don’t have to worry too terribly much about your goodies being taken away because there’s a lot of people in this with you. Okay. It’s it’s pretty unlikely that our politicians will will take those goodies away. But you know, there’s always talk about it, but I’m glad you mentioned that because really, before your time Adam, we present entered that I believe in 2010 or 2011. That was a presentation that Doug and I did meet the masters. That’s, you know, 1% interest rates equals 1 million new renters. And we only recap that at the 2018 meet the Masters, the one where Ron Paul spoke one in La Jolla, California. That was really just revisiting that to see how that prediction had turned out. And by golly, it turned out to be true. You know, so the rate of homeownership has declined. That is, I think, very good news for real estate investors. So, so we’ll see, you know, I mean, Trump just kind of kick started this process. It’s a lengthy process. But yeah, it’s interesting. I mean, ultimately, I wish Fannie and Freddie would just completely go away. I’m probably the only guy in real estate that says that and listen, I get that initially, that would probably cause some price depreciation. Well, not probably, I think almost certainly it would, but it would cause rents to increase. And then you know, after a few years after capitalism does its thing, and people come into the market and so forth, there would be more liquidity out there. Again, liquidity would dry up for a little while. And by the way, I should share something else. This is a bit of a tangent, but it just reminded me of it. I am not a fan of investing in condos, and I can be persuaded to do anything if the deal is good enough. But if you’ve got an apples to apples comparison of a condo to a single family home, what I just alluded to is one of the exact reasons I do not like condos, okay. The condo deal has to be awfully good to make up for the potential pitfalls. And one of them is, is that when a condo association gets into litigation, and they always do litigation is just part of the world folks grow up. Okay, it’s just, it’s just part of the world we live in. It’s sad and pathetic. But it’s just part of the world. Okay? And so you know, have good planning and asset protection and estate planning and all that stuff. We’ve talked about that many times on the show. But if you invest in a condo, and that Hoa gets sued, or has to sue the developer, which it almost always does, okay, over construction defects, and they all have that 10 year time frame where they got to sue the developer. So some point in there, the HOA is going to sue the developer and say, construction defects, blah, blah, blah, they almost always do, right. And people Sue Hoa is all the time, right? So it goes both directions. The lenders, may will stop lending in that community because of the litigation, because they don’t know which way it’s going to turn out. litigation is such a wild card. You know, you could have the best case in the world, and it’ll just go against you because it’s like gambling, you know, put your money on red or black or pull the slot machine and you know, yes, there laws and logic and all that kind of stuff, but
Adam 13:03
get the wrong version. But it’s Yeah,
Jason Hartman 13:05
you know, you get a judge that doesn’t like the way you comb your hair. And it’s just unbelievable. It really is. So the lender doesn’t know which way that litigation will go. And so they will just stop lending in that community. And what will happen, of course, is the prices will just collapse because there’s no liquidity in that condo community, and the neighboring communities or the single family homes, because they don’t have that problem at that exact time. They’ll have liquidity and all the buyers will go there. And so the prices can really, really fall when that financing collapses. So that’s the same concept that we’re talking about here on the in the broader picture with Fannie Freddie so I just wanted to share that little sideline. Hey, Adam, On another note, you know, right after meet the Masters last week, my girlfriend and I did something pretty unique and I just thought I’d share it with the listeners because it’s very unique like this is Something that diplomats don’t get to do that all kinds of important people have a hard time pulling off. Did you happen to look at my Facebook and see what I did?
Adam 14:12
Well, you told me about it. And then I looked at the Facebook and
Jason Hartman 14:15
I had to admit it was it was pretty cool. How many people get to do that? Hmm.
Adam 14:20
Pretty Pretty. You
Jason Hartman 14:21
know, I haven’t, you know, for years, I tried to do this. And when I was a kid growing up in Los Angeles, and you know, at one time I lived in Long Beach the other time I lived in LA, and on either side, I drove back and forth, because, you know, I worked at my mom’s businesses in you know, when I lived in LA Long Beach and the other way around, so I always did that drive up and down the 405 freeway, and I always pass this thing, and I always wanted to do it. And you know, when I was a kid, I always loved aviation. I still love aviation. And that is, drumroll please. The Goodyear Blimp. wanted to ride in the Goodyear Blimp. And a couple of years ago, I saw a charity auction come up, and I did. I think I paid like 40 $700 but I won. And I just said I’m riding on the Goodyear Blimp, I’m gonna win this auction. So I pay five grand. We went up in the Goodyear Blimp. It was pretty cool for a 45 minute ride. Some of the interesting things I learned though, is number one, do you know the Goodyear Blimp is the most recognizable corporate icon on earth? Oh, no. doubt your world. Yeah, I mean, isn’t that amazing? And the blimp we were in was a nice new airship. These are of course helium. Not hydrogen like the Hindenburg because hydrogen is obviously very flammable. But you know, when I watched some videos of the Hindenburg, and I mean, it just looked glorious. I mean, hydrogen gives a lot more lift than helium. So it’s better for floating It’s obviously very dangerous and highly flammable so it’s not used. It was like a cruise ship. I mean like this luxurious big cruise ship with this blimp that we went in. It’s just a little tiny cockpit that I think maxes out at like 15 people, and it does have a little really bad bathroom on it. You don’t want to use but it’s really cool inside. I didn’t post some pictures on the Jason Hartman. com Facebook page. So go to facebook.com slash Jason Hartman calm I know that’s like double calm but anyway, that’s the page and you can see some of my Goodyear Blimp video and pictures but I’ll post some more there because it is just an amazing experience being up there floating or you can just hover and be totally still and you can just hover indefinitely you know there’s no time limit except for for you. It’s 45 minutes. Well, yeah, yeah for us, but the the airship could stay there right. What’s interesting about It is that that blimp cost $30 million. Now, that’s a lot for like a 15 passenger craft. Okay, it’s super inefficient. That’s why there’s so few blimps in the world, right? It’s 30 million bucks is what the pilot told us the training to train on them. There are no simulators, because there’s hardly any blimps, why would they make simulators. So all of the train the pilot training, it takes a year beyond your normal pilot training. Now, in terms of aviation, I have 33 hours toward my pilot’s license, you only need 45 that’s the requirement, but usually people take more just because they want to be better at it right here. You need tons of hours because there’s no simulators for it. You have to do it live in the actual airship. So that was pretty interesting, you know, and going over Los Angeles and seeing everything in the Goodyear Blimp. Ah, that was just a super exciting experience. So
Adam 18:00
I just thought I’d share that 30 million actually isn’t bad if you consider the fact that there all you have to do is float up in the air and everybody in Los Angeles sees you. And that’s only what a map resort it’s only four or five minutes of advertising on the Super Bowl.
Jason Hartman 18:16
Actually, that’s a really good way to look at it. Yeah. Right. In the blimp is a much better deal. Long term. You know, given that point that you make, I’m kind of surprised more companies don’t operate blimps, because it is really good advertising. Yeah. Interesting. Interesting. I can’t wait to we have flying cars. You know, I’ve been waiting for that one for a long time. They’ve been promising that one forever. When’s it coming? I think
Adam 18:40
right after Back to the Future. We’re gonna have them for me or something like that.
Jason Hartman 18:44
Yeah, right answer back to the future. Exactly. That’s right. We got a couple other things to talk about. Take your pick the multifamily scam. Or, or what? What
Adam 18:54
makes you gotta start with your favorite bank in the whole wide world? Oh,
Jason Hartman 18:57
yeah. Yeah. Well, let’s welcome Fargo the most pathetic disgusting pig bank out there right nowadays, but system yet but consistently disgusting and pathetic. What’s interesting is at profits in paradise in Hawaii, back in November at our event there and at meet the Masters, we invited a Wells Fargo lender, and one of our clients and the, you know, he chided me as I was walking over to get some coffee when the guy was speaking up there. He said, Jason, how much that I have to pay you to get on your stage? And my honest answer is nothing because he didn’t buy a sponsorship or anything. But I would have gladly taken his money and he offered it but I’ll tell you, just make sure you get this straight as disgusting as Wells Fargo is from a banking perspective. I would happily take their money in the form of a loan. Okay. There’s a difference when you’re borrowing money versus domestic money. That’s a different relationship. You know the old saying he who has the gold makes the rules? Well, the lender has the gold until you get it and borrow it. Then you have the gold. So the power dynamic shifts so I would gladly borrow money from Wells Fargo all day long. I just wouldn’t bank with those disgusting scumbags. But hey, if they want to give me money, I’ll take it. So
Adam 20:22
you couldn’t take his money to let him speak because they would have had to have open about a couple thousand accounts for people.
Jason Hartman 20:31
You know, really, I shouldn’t lie off that so it’s so pathetic how disgustingly unethical that company is. But we had some big news recently, right? their CEO just abruptly quit.
Adam 20:43
I mean, it’s amazing how many scandals this guy was able to make it through without being fired. And then there’s a like, quit like we should have quit. How many years ago? How many scandals ago how many billions of dollars of fines ago?
Jason Hartman 20:55
Yeah, exactly. Well, this is Tim Sloan. Right. And you know, the picture in In the article that we were looking at Adam, you know, he’s laughing and reading. He’s like, Oh, that’s just the worst. That’s the worst image. He should have a serious somber image. If that was a news release, and that’s where it came from. Boy, I wouldn’t have put that picture with it. God,
Adam 21:17
but it’s another time and other time that you and Elizabeth Warren agreed. Was Warren tweeted as soon as it came out that Tim Sloan should have been fired a long time ago.
Jason Hartman 21:26
Yeah, he’s disgusting. I gotta tell you something. A lot of people don’t really make this distinction. They might suffer from what I always tease my mom of suffering of I gave this phrase a name, I call it knee jerk capitalism. Need Your capitalism. See, a lot of people operate under the belief. And I used to also Okay, so I think I can speak to this because I used to believe it myself. That Wall Street, big banks, big tech companies, those big disgusting tech companies like Google, Facebook, Amazon, you know, yes. They do some great things, no question, but they also do some really bad things. And they deserve criticism. So people operate under the belief that this is capitalism. This is great. I love capitalism. But these companies do not operate in a capitalist environment. They operate in a crony capitalist environment, with kitman called lobbyists, they pay off politicians to get favorable laws, they rigged markets, they do not operate under the same capitalism that you and I, in our corporate job, or, you know, our small business operate under we operate under real capitalism, raw capitalism, okay. All we’ve got to protect us are some laws that you know, make for hopefully level playing field, which they don’t, but ideally they would, but they’re playing field isn’t level at all these big banks, these big tech companies, any of these Wall Street groups, they can’t Instantly destroy competitors stifle innovation, throw their weight around. They’re absolutely disgusting. They’re not capitalist. Please don’t believe that this is capitalism in the big, mega corporate world. They do not operate in the same capitalism that we all know love and hopefully love and believe in I love capitalism, but they’re not capitalist Wells Fargo is not operating in a capitalist environment. If they were, they’d be out of business a long time ago because they’re just disgusting. They’re disgusting company. So anyway, that’s that, Adam, let’s go to your mortgage update, and then we’ll be back with a quick announcement.
Adam 23:43
Welcome to the April edition of the mortgage update. We have Joe the lender with us, Joe, how you doing today?
Joe 23:48
Good. Adam, thank you very much for having me.
Adam 23:50
Absolutely. Now, we heard a little bit at meet the Masters about what mortgage rates are doing, but can you give investors an idea of where investment rate mortgages are at the moment
Joe 24:00
Lots of movies are better than we’ve seen in recent memory, you know, that being the last three to six months. So let’s say for a base based on $100,000 purchase, for example, so 20% down, we’re selling that rate today at about 5.5%. No points. And then if you wanted to do 25% down, so that would be like a $75,000 mortgage, we’re looking at somewhere in the 4.875 to 5% range, you know, depending on credit scores, and I base those rates off of premium credit scores, you know, the higher the score, you know, the better the rate, so, about 4.75 for 25%, down five and a half for 20%. And now the Fed came out and said, You know, they weren’t raising rates, and they don’t see themselves raising for the rest of the year. And I know the Fed hasn’t had much impact in that regard to it. But the fact that they’re saying they’re not going to raise because of the economy, has that had any impact, like the whole idea of the economy, not necessarily growing as fast as that had any impact on the rates that people are seeing? And also can you address the fact that rates been dropping, while we’ve been seeing the economy potentially weakened. So latest statement or sentiment from the Fed has just changed course a little bit. It was somewhat of a, I wouldn’t say a shock to the economy or shock to the market, as much as it was just an unexpected announcement. Previously, they had announced that they would look to raise rates a couple of times in 2019. And they reversed course on that all together and said that they were going to stand firm and not raise rates at all for the for the upcoming year. So treasuries went into a bit of a spin and we saw some better US Treasuries in the 10 year in particular went to lower levels than we’ve seen in recent times. So that’s why our mortgage rates have begun to improve mortgage rates are more often than not closely tied to the Treasury, and the 10 year old rather than the Fed movement. However, there is also some manufacturing in Europe and China has weakened. There’s also some indication the services industry within the US, Tommy That there are some broad inflationary concerns there. So I think that’s the question specifically, though, because the treasuries went down a little bit that our mortgage rates seem to improve, coupled with the announcement that the Fed was not intending to raise rates again. However, if inflationary concerns do kick in with regards to services industry in the US economy, then I think you may see a reversal there, which might start to pop again, but for the moment, we’re in $1. direction. No, in regards to the downward direction. We have seen rates dropping recently. Do you think it’s all priced in so far? Or do you think we could see it continue down for a little bit, assuming there’s no big inflation concern that happens? I think it’s more of a recessionary concern. Like I mentioned, China and Europe, those economies have slowed us economy still robust. However, there are some recessionary concerns on the global economic markets. And that’s why I think, you know, we might see rates continue to dip a little bit here further than they have already. Now. I don’t think we’ll see the all time lows We saw when where the feds had rates at almost zero. But I do think we might see another, you know, precipitous dip in the market here maybe another quarter or half a point by the end of 2019.
Adam 27:11
No. Have you seen any change in mortgage starts in your company recently with the rates dropping?
Joe 27:17
Oh, yeah, I mean, I think across the board in terms of any type of rate decrease, you’re going to see a lot of refinance activity. So those folks that had purchased properties, you know, within the last 18 months at a higher rate level are, you know, particularly have higher loan amounts, and primary home residences, you’re going to see some refinance activity there. So we’ve definitely seen an uptick in Nash, but as it relates to the investment property community, you know, the lower the rates and the better the ROI. So we’ve definitely seen an uptick in in applications over the last, you know, week or 10 days, not just as a result of meet the masses, but also, you know, across the board with our investor community, generally speaking, just jumping into the market more aggressively now with rates lower than they were before
Adam 27:58
referring to meet the masses. You were on a lender panel there. Was there any question that people asked there that you think would be important for people who weren’t at meet the Masters to know the answer to anything that somebody asked that you thought, hey, that’s something everybody should know,
Joe 28:12
part of the land. Your panel was very inclusive of a lot of the questions. You know, Maggie, and I address a lot of the questions that we see typically, the one thing I will say with regard to rates is maybe this didn’t come up in the in the in the power over questions, but a lot of folks do wonder whether they should put 20% down or 25%. So you could put 20%, out of five and a half percent. And if you paid one extra points, you can get right down to almost a 25% top rate, you know, so by putting about 21% down, you can get a rate similar to the 25% job and you keep that under 4% for your next purchase, you know, so it’s a way to still build your real estate portfolio, but using the money a little bit smarter, I supposed to keep growing your portfolio and not using all of your equity or 25% of your equity on one particular property. So the That’s a good strategy that people can employ that one point that they pay extra is tax deductible. folks don’t realize that that when they find the returns again next year, they will be able to get a tax deduction based on that extra 1% that they pay to buy down the interest rate. One fact that you and Maggie showed, that we haven’t discussed here on the mortgage update is the reserves that are required for your 10 Fannie and Freddie loans, can you go over the reserves people need to have as their number of properties increase the reserve requirements? That’s a big question as well as you grow your portfolio. And Fannie and Freddie have different reserve requirements. And it also depends on how many properties you have already got signups. So for example, Fannie Mae, if you’ve got one to four properties financed, you need 2% of the outstanding loan balance of each investment property in reserve the aggregated loan balances for each of those four first four properties, you just need 2% in reserves, you’ve got five or six properties finance is indeed 4% of the aggregate loan balances. And then if you’ve got anywhere between seven and 10 properties finance, you need 6% of those aggregate mobiles. So for example, if you all you know a million dollars in mortgage debt or invest in property death, you would need to have $60,000 in reserves, if you’re in that seven to 10, finance home category. Now Freddie Mac is a little bit different Freddie Mac looks at your one months of reserves is one month of mortgage payments, your principal and interest, taxes and insurance on the property. And for Freddie Mac. It’s like the first six homes that are financed, you need to have six months reserves of each of the properties for six months of each payment on each property needs to be in reserves. And then for seven to 10. Ready max just recently increased that to eight months of reserves for each of the investment properties that you want or have signed up. Now the reserve requirements don’t necessarily need to be liquid. That’s another question we got. reserves can come from a savings accounts, such as a retirement savings accounts. 401k IRA can come from stock account does not need to be liquidated, or any other assets that you may have in terms of savings on cash savings, stocks, bonds, retirement funds, so we do not need to liquidate those funds to have them in reserves. But we just need to show Do you have some kind of savings there.
Adam 31:14
Alright. Well, Joe,
Joe 31:15
thank you very much for your time. Thank you.
Jason Hartman 31:21
Hey, Adam, thanks for that. That’s great that you do that every month. And I know you’re going to be doing some more lightning round local market profiles coming up. And we’re looking forward to that because we had some new markets representative meet the masters and new local market specialists very excited about working with these folks. Also, one thing I wanted to say, one of our speakers at meet the Masters offered a rather pricey consulting program. Understand that that’s exactly what it was a consulting program. Kind of a, I don’t want to say it’s exactly what it was because I don’t know exactly what it was. But I just want you to know that in order to set up a plan, with them and self direct your IRA or other qualified accounts, you can do that for as little as $95. You don’t have to enroll in this big coaching and consulting program, okay, you can set up an account for anywhere between I think it’s $95 and $219, or something like that. So just make sure you ask about that and understand that because, you know, like everything in life, don’t buy more than you need. You can always buy the other thing later. Okay, you can always buy the other thing later and you can always upgrade and get into the bigger plan later. So just understand that. Speaking of things to spend your money on, I am really excited about our upcoming Well, many months away cruise to Cuba, the venture Alliance mastermind cruise to Cuba, venture Alliance enrollment is closed until the fall now. We open it now twice a year because it’s just too hard to keep it open all year long. So it’s open to it. year, but we do have the venture Alliance cruise coming up in the fall. You can go see that at Jason hartman.com slash cruise. Check that out. Should be a really fun mastermind time and talk to us about joining the venture Alliance later.
Adam 33:18
Okay. I think it is important in that to note that membership is closed, but you can still buy a one time.
Jason Hartman 33:25
Yes. That’s what I mean to say. And for example, thank you for that. Our event in Savannah, Georgia coming up in May. Same thing goes there. We have a weekend retreat adventure lions retreat. You can come as a guest on a one time thing, but the memberships are only twice a year. Okay. So thanks for clearing that up. Adam. Let’s adjourn for today and we’ll talk to everybody tomorrow. Have a good one, everybody. Happy investing. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out this shows specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice, or advice and any other specialized area, please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.