Jason Hartman shares why he chose real estate for his career of choice and the biggest mistake he made and how it affect his life. He also talks about keeping property managers on a short leash and the top 3 qualities a real estate investor should possess to succeed with the buy and hold strategy. Live events offer investors an opportunity to meet other investors who are successful using the long-term buy and hold strategy, hear about real-life examples of the acquisition process, and learn the tips and tricks that can make an investor’s life easier.
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on now. here’s your host, Jason Hartman with the complete solution from Real estate investors.
Jason Hartman 1:03
Welcome listeners from around the world. And thank you so much for joining me. This is your host Jason Hartman with episode number 705 705. So glad so many of you have stuck with us for a decade. I talked to two listeners, just in the last few days. I don’t know time goes so fast. Was it last week or just in the last couple days? I’m not honestly sure. But it was recently. How’s that? Who said they have been listening to the show for 10 years? A decade of listening to a complete idiot like Jason Hartman. Gosh, how can you do that? Well, no, just kidding. He’s not that dumb. Anyway, we will keep the content coming and help you build great real estate portfolios, and make sure that you avoid as many mistakes on your road to financial freedom as possible. And we’re going to continue that topic. Today, as we’ve got one of our investment counselors you’ve heard from before Oliver Oliver, you there. Hey everyone.
Yes, I am here, Jason and we’re here to help you,
Jason Hartman 2:08
obviously and Oliver is coming to us from San Diego, California, sunny San Diego. And it’s a lot cooler than Phoenix right now. You know, it’s just kind of miserable here right now. I don’t remember it being this bad.
I’ve got to say, Jason, it’s pretty nice here. We’ve got the nice ocean breeze. La Jolla is still calling your name though. No way I’m not going back to those ridiculous oppressive taxes.
Jason Hartman 2:33
And you know, the other thing I really didn’t like about living in San Diego or California in general, is that the crowds everything’s just so high on the hassle factor and I mean, I can imagine you know, like for our listeners who live in LA or New York City or Oh my god, it’s just too hard. You know, I like going to places and getting parking spots and not waiting in line and getting into restaurants without a big weight and in in high end densely packed populated areas resources are scarce. And I like them when resources are a little bit more abundant. So, but yes, the heat is pretty miserable. I’ve gotta admit, the air quality’s miserable you know kind of thing you get in living in Scottsdale or any place like this in the summers you get a little bit of Cabin Fever it’s sort of like how people implement climates back east must feel during the winter. We kind of get it out here to in a different way. I mean, it’s you can go out but it’s it’s not very pleasant outside. It night at night. It’s okay but in the daytime oh my god just you got to stay in.
I’ve got to say I lifted you know, I’m from Canada and I live there you know, just about my entire life. And during the winter, it got really cold as you know, you’re not really up there all that much. But minus 30 minus 40. was pretty typical where I was at, and Kevin fever you definitely get it because you’re indoor the vast majority of the time so you tend to try and head down south whether it be San Diego Caribbean, Mexico just about anywhere to get away from the cold for at least a week or two.
Jason Hartman 4:04
Yeah, that’s true. But I gotta tell you something, there is one benefit to places like that. And if you’ve noticed this, folks, you know, this is a theory that I developed a long time ago, when my mother sent me to upstate New York in ninth grade, which I really hated her for that at the time, but ultimately, it was a good experience. I think it was good for me. She sent me to live with my grandparents in upstate New York and ninth grade. And I went to the same school, she went to Letchworth Central School, which is the school out in the boonies. I lived with my grandparents on a dirt road. And I went to school there and I couldn’t believe how much smarter the kids were in Podunk, rural upstate New York than they were in Los Angeles, California. Okay. And I’ll tell you my theory. The reason they’re smarter is because In in places with inclement weather, people stay inside and they read more stuff, you know, in places like Southern California or Arizona eight months of a two thirds of the year our weather is frickin awesome here I think it’s the best in the world. Not right now but two thirds of the year, really three fourths of the year it’s it’s pretty phenomenal here in places like this where it’s beautiful all the time you’re outside and you’re not reading and learning you’re out socializing, bike riding, doing you know nice cool things but you don’t get a smart you know, if you’re, if you’re stuck back east in the snow sitting at home, you’re gonna read some stuff and develop your brain a little more.
Am I wrong?
I don’t know. I think that Yeah, there’s different ways to be looking at that because as a Canadian, you know, I was out there. I’m skiing. I’m out doing I’m on ski doos. I’m out. doing you know, snowshoeing around. If not, you’re going to like sugar cabins. There’s so much you can do you Even though it’s minus 30
Jason Hartman 6:02
It’s a sugar cabin.
So in French, it’s called like a gingerbread
Jason Hartman 6:06
It is in the woods, but it’s not some mystical place. It’s a little bit different essentially where they go and they, they they tap maple trees and they, yeah, they do the whole sugar process essentially go to this place. And you have you know, a whole maple syrup fest essentially you have a whole breakfast and then you go outside you do these things on on the snow where you get essentially like pure taffy from the from the trees, and they show you the whole process and it’s fun. And you know, you get the whole family out and it’s a it’s a good time.
Jason Hartman 6:37
Okay, cool. Well, we do have to actually talk about real estate investing, which is the show so I won’t debate this forever. But I will I will bet that you were not outdoors as much as people in say Southern California or Scottsdale where I live, you know, or So Cal where I grew up, that’s where the weather’s just really awesome all the time. I bet that wasn’t as often Can I just bet you people in that kind of weather stay inside more but hey, Oliver, I don’t know. Maybe that’s the reason you’re not as smart as the rest of your peers up there.
Oh, you’re gonna punch me well put it this way they haven’t moved down here. Yeah.
Jason Hartman 7:19
They’re either developing their brains or they’re really dumb for staying in that cold weather I you know, I don’t know which But anyway, you kind of you kind of left that opening wide open. I had to take it. So.
Okay, let’s move on.
Jason Hartman 7:32
Okay, grill me, and you can get back at me Go for it.
Maybe we’ll have maybe we’ll have a Jason Hartman Rose one of these days. Well,
Jason Hartman 7:39
you can roast me on a lot of things. So you did a interesting little project. I had no idea you were doing this behind my back nonetheless. But you reached out to a bunch of your clients and started surveying them on all these questions they had and that’s what we want to talk about today. What your investor clients are thinking out there. Hopefully we’ll get time I want to share a story from one of your clients, you know who I’m talking about. I’m not gonna mention his name that we met with. And he’s, I’m sure listening at Starbucks a couple weeks ago, a few weeks ago, actually, he’s working on buying 23 properties from us now. And I just want to talk about that Chicago gun control thing, because I thought it was so interesting. Go, tell us what you did. And what questions did the investors come up with?
Alright, so I reached out to a number of my, my clients, and I’ve got some really, you know, some really smart people. And they’ve got some really specific client questions, but some of them also, are those
Jason Hartman 8:39
smart people from cold climates,
you know, they’re from all over the place. I do not.
I don’t I don’t look at it that way. I essentially see that we’re all incredibly intelligent just to start with, by the by the fact that he listened.
Jason Hartman 8:54
Oh, to add to my earlier comments, right, and you Of course, nothing is always true. They’re just sort of trends. But listen, the people that live in the warmer climates, maybe they don’t study and read as much, but they have better bodies because they’re working out and they’re, they’re showing off their skin a little bit more, and they’re probably happier. Okay, so, advantages and disadvantages to each there. There are certainly lots of studies that show living in bright sunny climates affect moods and they make you happier. So there’s give and take for everything.
Does that mean that if you move down here from the cooler climates your IQ is going down? Is that the correlation here? Well,
Jason Hartman 9:39
I don’t know if your I agree. I guess maybe you’re getting a little lazy intellectually, but you’re happier and you got a better body. How’s that?
I think that’s another Jason Hartman theory. book, but
Jason Hartman 9:53
I have a feeling I’m gonna get some flack on that. Someone’s gonna say, Well, isn’t that like racist or something?
No, it’s not.
God, I swear you can’t
Jason Hartman 10:03
say anything in America anymore. It’s ridiculous. Well, okay.
Jason, if you were running for president, what would be your slogan?
Jason Hartman 10:12
My slogan would be I’ve offended everybody by now. So I’ll never get elected.
Well, I still think you would get some votes.
Jason Hartman 10:22
My I listen, I can’t run for president because to run for president. You have to be well, not to run but to be president. You have to be born in the United States. And I wasn’t born here overweight. Neither was Obama. Oh, here we go with another tangent. Oliver, get to these questions.
All right, back to real estate here. Alright, so to start off, Jason, why did you start in real estate I mean, you had so many different avenues you could have gone through when you’re studying in California and Southern California where he grew up in Newport, so many different things going on at that period of time. Why real estate State
Jason Hartman 11:00
I just when I saw that infomercial at age 16, and after growing up poor and I grew up in Los Angeles, by the way, I lived as an adult in Orange County but grew up in LA, when I saw that infomercial for Robert Allen, the real estate guru who has questionable stuff going on, you know, he’s typical real estate guru guy. But you know, that really inspired me and got me very interested in this real estate stuff in it. It seemed like it was very accessible even to me, the poor kid from LA, and I got his book, I read three chapters, I put it down, my mom picked it up, read the rest, got really interested. And she said to me, You know, when I was 18, I was about to graduate from high school. There’s this real estate seminar in Anaheim. Why don’t you go and I went, I rounded up nine of my buddies from high school. They were all there Friday night, and then only one of them was left by Saturday morning, everybody else went to the beach. And by Sunday afternoon, when the thing was wrapping up, I was the only one that stayed the whole weekend, because I just wanted it more than they did. They were more comfortable than I was. They had better lives. They had parents with more money. You know, I, I wanted to have that. So that’s why I was I think I was just more motivated. And, and that’s one of the things that I think when you’re less comfortable, you’re more motivated. And so that’s why luxury can kind of be the wall to apathy. So we always have to guard against that in our lives. Because luxury and comfort make us complacent. Generally, as humans, you know, we won’t try as hard. And so sometimes intentionally making ourselves uncomfortable, I think that can can motivate us. So something to think about but but that’s that’s really what got me interested in it. And my first year of college when I was 19 years old, I got my real estate license just because I wanted to learn the basics. And then when I was 20 years old, I bought my first rental property and I made money on it and then I bought another one and another one and then kept buying properties. And I just love it. I think it’s the most historically proven asset class in the entire world, as you’ve heard me say before.
Yes, quite a few times, but Okay, so you know what that said, other than the, you know, one of the answers, which would likely be I would start I would have started earlier, if you could go back in time and give yourself one piece of wisdom or advice,
Jason Hartman 13:24
what would what would it be, it would be to buy properties that had cash flow rather than properties that were speculative. See, I called myself an investor for all those years that I was buying properties in Orange County, California. And those properties really looking back never made much sense. Even though I made money on a lot of them. You know, they just really didn’t make sense because the cash flow never worked. They never made sense as an investment the way I view them today, as a much more conservative investor now and a much more prudent investor today, but remember commandment now Five, Thou shalt not gamble. The property must make sense the day you buy it or you don’t buy it. And that’s the
key. I couldn’t agree more with you, Jason. Just give an example. I met someone the other day, and he bought in San Diego in the northern county and Carlsbad area, he bought a house for about $475,000. And he told me, let me
Jason Hartman 14:21
guess it rents for rents for 2000 a month.
He’s got about 20 $500 a month for it. That’s That’s pretty good. The big thing he told me is that, you know, it’s actually worth 500 on paper, like, well, that’s fantastic. How much would you put down? He said, I put down about $250,000. I said, Are you crazy? So we got to talking about this. I said, Why are you doing this? So we’ll listen all over in 10 years from now, it’s gonna go up to 900. I said, Are you kidding me? I really just couldn’t really believe what I was hearing.
Jason Hartman 14:54
He might be right. It might go up to 900,000, but it might not. And that’s the problem. If you just buy for yield, if you just buy for cash flow, which, by the way, in those of you who’ve been to my live events, you hear me dive into this much more deeply. Cash Flow doesn’t necessarily mean you’re buying for positive cash flow or a certain amount of cash flow per month, because that’s all dependent on how much money you put down on the property and it gets all murky. You’re buying for rent to value ratio, that’s the proper way to analyze an investment and the rent to value ratio on that $500,000 house even though he got a bargain on it potentially. Maybe he’s right, maybe got it under market, which Hey, congratulations. It’s renting for a point five RV ratio, when you’re your target is right around a 1%. It’s double that. So literally, here’s how silly we get as investors and Listen, I’ve been guilty of this too. So I’m not just saying other people doing this are dumb. Well, I guess be out there they are dumber I’ve been done to put it that way. Okay. But the concept when you hear these people saying, Well, I don’t want to buy anything that’s far away from me, I want to buy something close to me. So this guy you’re talking to probably lived in San Diego, I assume. And he bought a property in San Diego as an investment. Right?
Is that true? By the way? It’s actually an odd he’s actually he’s from lived in New York, and then came down here and then saw this and hoping that it’s going to be doubling. But who knows. Maybe that goes to your words, your theory, Jason, and about warmer and cooler climates. I don’t know. Who knows?
Jason Hartman 16:34
I don’t know. But let’s not go back into that one. It’ll take too long to discuss that and I, but here’s the thing. Think about it. Think about if you live in San Diego or LA or Orange County, the cost of buying a property that is near you physically, okay, is basically in that equation and that example, you just share it all over. It’s costing you 20 $500 a month. month. Because if you spend $500,000, on any property you see on Jason hartman.com, you’re going to get around $5,000 a month for it, versus a $500,000 property where you have no diversification, you just have one rather than five, okay? And you only get 2500 a month for it. That’s basically a cost of 20 $500 per month for you to buy a property that’s near you. Okay. If you, you know, in the example of you live in Southern California and that properties in Southern California, that’s what a lot of people do. So, the question is, how bad could it go for you to not lose 20 $500 a month. So say for example, you buy these five properties for $500,000, the same amount of money invested. And you have properties now in two or three diverse, prudent cash flow or entered good rental value ratio markets, right? And in that case, you’re you’re basically gaining 20 $500 per month and say for example, every property, you have a property manager who’s a crook, and they’re ripping you off to the tune of 100 bucks a month. They’re making up some fake repair or overcharging you for something to the tune of 100 bucks every every single month. You’re gonna lose $500 You’re still $2,000 ahead. Do you see how Yes, you things can go wrong? Yes, property managers can stick you they can nickel and dime you they can rip you off. But the amount of damage is so much less than the amount of damage that people don’t even see because you can’t hear the dogs that don’t bark when you’re investing in that Southern California market for example, or that Miami market. Good or that Boston Market or New York or, or, you know, whatever you get the idea, just that expensive market that makes no sense. So that’s the point I want to make to people. So essentially,
look for rent to value ratios that makes sense. We look for that at least that 1% as being one of the big criteria is here.
Jason Hartman 19:21
Yeah, yeah, get get the have the target be that 1% number per 1% of the value per month. 500,000 brings you 5000 per month. Okay, that’s the deal. All right. Here’s one of our questions from from one of my clients named Blake is asking more specifically about property management. And when you have a tenant in place, and essentially you’re trying to come to an agreement with the property managers, and you tell them hey, we’ve, if any type of repairs over X amount, for example, $250 I want to know about this. Contact me before, don’t do not go out there. So what Blake is saying you He wants to authorize that repair. And I would say, absolutely look at folks. And we’ve talked about this on past podcasts. This is a great question Oliver. And Blake, thank you for saying that, Oliver, because I’m glad you brought this up. And I haven’t talked about in a little while. But certainly we have on past episodes, there are two types of discretion your property manager has, okay. And remember, a lot of people self manage their properties, and we can teach you how to do that. That’s part of the content in the Jq or Jason Hartman University members area. But the deal is that the property manager has discretion and they need this discretion to fix anything to prevent a an emergency from becoming worse. So say for example, a pipe breaks and they need to call a plumber on an emergency basis to get them out there to stop the leak. Okay, your property manager needs discretion to do that. Okay. But what they often asked for that they that is not required is a bunch of discretion for either monthly or per incident type of repairs. And there’s a difference between monthly and per incident. Okay, a
Jason Hartman 21:21
So the first thing I want you to do is when you get that property management contract, I want you to read it and understand it. Look, folks, you have got to be a good manager of your managers, that is your responsibility, and we’ll help you do it. But ultimately, it’s your property. So this falls on you, you got to read your contracts. And the thing I want you to consider negotiating in those contracts, is I want you to say to the manager, look, I am not going to agree to a $250. Or even worse a three or $400 per incident, not per month. By the way, a lot of times it’s per incident, discretionary budget for you the manager, because I’m really reachable. And you can just email me or you can send me a text or smoke signals telephone calls. voxer would be the best way to communicate ever invented in all human history. Make your manager use voxer. Because it’s the best way to communicate ever. You can do that. And they can reach out to you and say, hey, look, something broke, we need to fix it. It looks like it’s gonna cost $200. And then you can say yes or no or get another quote. And I want you to make the manager send you a written quote, if it’s, you know, if it’s a more expensive item, not if it’s 50 bucks, don’t, you know, don’t don’t worry about that. But you should have discretion, and I think you should cap these discretionary items for the manager to maybe $200 per month. did not say per incident, I said per month, because during a month, they could have two incidents. And suddenly there’s $400 from your rent is gone at their discretion. And you got to watch this Don’t, don’t give them that much. I mean, keep them on a short leash as the saying goes. And the responsibility you have if you want to make their leash short is you’ve got to be available. And you’ve got to respond quickly to communications about stuff like this. I personally, I make mine $100 per month. I don’t want to see anything more than $100 per month, discretionary coming out of my rent check, unless they contacted me and I approved it. And if it’s a big item, tell them you want three written quotes in here. Let me tell you one more thing about written quotes or written estimates. I call them quotes. Because if you call them an estimate, that means it’s just an estimate. I want to quote Okay, if I can get it But you don’t want it on the property managers letterhead, or just in an email from them saying, Hey, we sent the vendor out there. And they said it would cost $325. Well, who’s the vendor, I want this quote from the vendor on their document. And their document, of course, would have their name at the top, you know, Joe’s Air Conditioning Repair, and it would have their address and their phone number. And you could just call Joe up and say, Hey, Joe, can you do any better on this? Part of this is really a matter of setting the tone with your manager and making them understand that you are paying attention. And once you kind of train them to that you don’t have to do it forever. Usually, you just have to do it at the outset. Or the first time there’s an issue. Make sure they know you are and you are a an astute, aware investor who’s paying attention. Who’s not going to get nickeled and dimed. Okay, exactly. why this is such a huge topic as well as because investors out there, we’re really here to help you, we want to make sure that your investments are performing well. We also want to ensure that your cash went on your properties that you are that your funds aren’t being gobbled up by all these little expenses here and there. So now, Jason, one last thought on this over here is what happens when your managers just goes out there? And if you’ve got $100 cap per month, if they’re out there spending two $300. What would be your recommendations on how to deal with that, other than just changing property management companies? Well, first of all, if it’s in the contract, they can’t do it. Okay? Because they have to follow that contract. I mean, look, they don’t have to people can just ignore contracts, but that’s not gonna happen too much. Okay. And this is one of the other things is that we provide a lot of leverage over these managers because we’ve sent them a lot of business. So look, if you have a problem with your manager, I mean, not if it’s a little thing, okay. But if it’s an ongoing thing or it’s a big thing, contact your investment counselor at at our company, and they’ll help you with it. I mean, all over Look, you’ve helped clients that bought a property from you a long time ago. And they reached out to you and they said, Hey, you know, I got this problem and, and you know, sometimes you just cc them on an email, and Oliver or Sarah or Carrie or Fernando or whomever, whichever investment counselor can just chime in and say, Hey, I don’t think this is right. And when they see that there’s some oversight going on. And especially when that’s oversight from us, who gives them a lot of business. It matters to them, and they’re going to take better care of you.
Exactly. I can’t say how right you are there. Whenever there are issues that come up that we need to get involved with. We are there for you. Were there for you to help you the clients. Yep, good stuff. Okay, next question. Now to move on to our next question over here. This is maybe a bit more of a personal one. I’m not sure if it relates to real estate it probably does but what would you say is the biggest mistake you made? And how did it impact your life? Oh my God, we
Jason Hartman 27:07
don’t have enough time for mistakes. There are too many, too many to list. I don’t know even where to go with that one, but I bought a jet a jet plane. Yeah, so you should you should have known me then. No, I bought a jet. But I never took delivery of a jet because during the Great Recession, the company making the jet Eclipse aircraft went out of business. They went bankrupt. And it’s really what I talk about when I talk about pooled money assets or pooled money investments. When when you’re investing in a stock a bond or a mutual fund. This is really kind of the same thing. Because what happened in that Eclipse deal is the the executives basically skimmed a bunch of money off the top okay. I mean, look, I believe they did and other people believe they did. It’s, I don’t know that it was ever litigated or proven. But, you know, certainly they were paying themselves, they took salaries, they probably took bonuses. A lot of investors were very upset about it. Right. And and when I say investors, I say that because a bunch of people, a couple thousand people put down big deposits on those planes. And then the company went BK and never delivered the planes. And so that’s what happened to me and I lost a bunch of money.
What would you call your jet?
Jason Hartman 28:33
Oh, I didn’t have a name for it, but never thought about that. We I didn’t get that close to delivery, unfortunately. But yeah, so so you know, the old The old saying if it flies, floats or the other F word. It’s better to rent than buy.
That’s what people say.
Jason Hartman 28:51
And I also had a big yacht too. I had a 48 foot boat. And that was a huge waste of money. So you know, just rent these things. You know?
Have them on demand don’t buy you don’t need just like we did at the venture Alliance back in San Diego, we rented this huge yacht that was,
Jason Hartman 29:07
you know what you just get on and off of it, you don’t have to clean it, insure it, maintain it. You don’t have to deal with anything, it’s so much easier. So just rent stuff, sharing economy, you know, assume we’re not even gonna own cars, we’re just gonna do sharing economy type on demand, transportation, it’s just, it’s kind of crazy to own stuff in some ways. The point is, you want the usability of stuff, and you want to be able to use it and control it or not necessarily actually own it yourself, because with ownership comes a bunch of responsibility. Now, of course, I don’t mean that for investment properties, but in a way, you could argue all over, that you don’t really even own your properties if they’re leveraged because you only own maybe 20% and the bank owns 80%. Now they don’t really, um, in in the real sense, but they’ve put up 80% of the money. And you control 100% of the asset. It’s a beautiful, beautiful thing. So in a way, it’s, it’s kind of like having an option on the other 80% that you didn’t even pay for, you know, they they loaned the money on it. And guess what? you outsource the responsibility of paying that to a tenant, you, you outsource the debt to the tenant. It’s a beautiful, beautiful, incredible equation.
It definitely is. And that’s why we are in it.
Jason Hartman 30:28
We love it.
Here’s another one for you, based off, you know, we, you’ve been doing this for about 12 years now. And obviously, you’ve been able to help a lot of people on the way. And we’ve been able to hear from these great clients, you know, many times on the podcast or at our events when they come and you know, obviously what I’ve noticed is that our greatest reviews always come from our clients. But you’ve been able to impact so many people’s different lives across this time. Based on everything you’ve done so far. What would you say that you are most proud of?
Jason Hartman 30:58
You know, I’m really proud proud of our business model and our team, our people. I think we’ve just got a fantastic team of people, of course, you included our other investment counselors, and our other staff members who’ve been with us for many, many years. It’s just, it’s the type of environment where people and I know this sounds totally trite. And if you don’t know us, and you’ve never done business with us, probably sounds like total BS, okay? But you guys really care about the clients, and you go to bat for the clients. And I just love that. I remember years ago during the Great Recession when Sarah came to me one day and, and she and she was having a hard time, you know, things weren’t going very well. And she was just kind of getting started in the business and, and she came to me one day when we had this big expensive overpriced office back then, you know, Class A office building in Orange County. She came to me and she said, Look, you know, I really like this because I feel like we’re really helping people. We’re really, you know, we’re really doing something good. And I thought, that’s when I knew I had a really good person, because she wasn’t just in it to make a sale. You know, she really had to believe in something and a lot of people are doing things they believe in, but a lot of people just aren’t, you know. So it goes both ways. And I just love our team. And I love that. I don’t feel like I have to manage all of you, you you self manage, you really do, you know, I don’t have to look over anybody’s shoulder and question their ethics, or worry about my reputation being soiled by one of my team members, because I’ve got really good team members that really care and they’re always going to do the right thing. Now, it hasn’t always been that way. We’ve certainly had a few bad apples over the years and I will mention one not by name. But maybe six months ago, I was talking to one of our clients. They had an investment counselor from the past. In our company, and they said, I think all he cared about was himself. And but those people don’t last at our company, you know, because they’re just the quick buck mindset just doesn’t work.
Now, I definitely know that if anything, Real Estate’s definitely more for the long term patient. One, most definitely.
Jason Hartman 33:18
So I’m really proud of our business model. I’m really proud that we’re helping people self direct their financial future. I’m really proud that we’re taking money away from the crooks on Wall Street, the modern version of organized crime, and I’m really proud of our team. And and, you know, I guess I should add that I’m really proud of our clients too. We’ve got so many fantastic clients that look, folks, if you have not been to one of our live events, and by the way, we have one coming up. And Oliver, maybe you can talk about that because you’re helping us plan it. I recruited you to do that, which I
think was a little bit better decided. I had
Jason Hartman 33:57
to give you I had to I had to bribe you a little bit. But, but if you haven’t been to one of our live events and you haven’t met our other clients, and met our team members, but really most importantly, our other clients, that will be an event, you know, meet them. They have no agenda. They have no stake in saying anything good about us, right? But you’re going to come and you’re going to hear good things. You’re going to see real people following our plan. Real people, please come to our live events. Let me tell you something. With the prices, we charge our live events, we if we’re lucky, we break even, okay, we do not make money on live events. All right. They are generally a loss leader for us. We do them because we want to have that high touch approach. So that several times a year we’ll have an event where you can come and meet us and you can meet our clients. And you can see that this is real. This is not some pie in the sky. infomercial I was just reading on one of these real estate forums today about someone who got burned, because they bought this $41,000 program from this real estate guru. And they got nothing for it, that person could have purchased two properties with that money. You know, and it’s just so sad.
That’s a, unfortunately a theme that appears to be going on over and over and over again in all these different events all over the countries all over the world. All over the world. There you go. And the biggest thing is, you know, sometimes I speak with clients that are brand new, or they listen to the podcast, and they’re like, hey, Oliver, you know, I really want to get involved, but I’m really hesitant. I mean, I have either purchased or lost money in buying into some program out there. And what I always tell them is the biggest benefit that you can do is come to an event here, you will be able to meet people that may have one to maybe 2030 or 40 properties that have done it. They they’re just you know, normal people. They’re great people. They’re all But it just goes to show you that it really can be done. And it really is possible. So just come to an event for those of you that, that I know you, you know, my voice come to an event I’m talking to you specifically first time investors come to this.
Jason Hartman 36:16
Absolutely, yeah, absolutely. Okay, so let’s talk to them about our event real quickly. And then maybe we’ve got room for one final question after that. So this event is in Phoenix, and we’re just getting the hotel all synched up. So we’re gonna announce the the actual venue soon, but we’ll have a very nice event. It’s two days. It’s something where you’re going to learn about how to use software to evaluate your real estate deals, and track your portfolio and help manage your investments really valuable. It’s a totally new event for us. We’ve never done an event like this before. It’s it’s a completely new concept and events for us, of course, For those of you who have been following us for a while, maybe been to many events over the years and we have a lot of repeat people coming to our events, you know, that we have are creating wealth event, you know that we have our Jason Hartman University event. And you know that we have our meet the Masters event just once a year. Our next meet the Masters I think will be our 18th meet the masters. Wow. Why? Well, because we used to do it twice a year. Okay, now it’s too hard to plan. So we only do it once a year, because a lot of work. That’ll be right around January. But this event will be right after our venture Alliance event. And so it’ll be September 10, and 11th. In Phoenix, September 10, and 11th. In Phoenix, it’s just going to be an awesome event over anything else you want to say about that.
It’s gonna be great. It’s gonna be fun, you’re gonna be able to learn, we’re gonna have a bit of a different format. This time we’re going to do a bit of a q&a panel, we’re actually going to walk you through a typical buying procedure, I guess you can say from Australia. apprentices for acquisition. Yeah, exactly. And on the panel, what’s really going to be helpful to is we’re going to have the the property managers as well as the providers. They’re the ones that are actually doing the rehabs on these homes, you’re able to then ask them a bunch of questions that that may have come up on some of your properties that you want to know, you know, how would this property manager that may be a little different in a different market handle this? Or what would they have done for me that maybe the other one ones,
Jason Hartman 38:23
let me tell the listeners something about this event. So one of the things we are attempting to do with this event is take a little bit of the weight off our meet the Masters event, because I think last time when we did meet the Masters in La Jolla, San Diego, California area, last January, we had we had too many speakers and it was too rushed. So we’re planning to have four local market specialists at this event. And we’re gonna we’re gonna evaluate for markets. We’re going to do it mostly in a panelist format, so rather than letting them get up there and speak and their speaking ability is sometimes good, and sometimes it’s bad. Okay. Elizabeth, one of our wonderful clients who’s a venture Alliance member, and helping us plan our Seattle event for venture Alliance, which is the weekend before this, by the way, she said, Jason, let me come out and train your speakers please. And, and the other speakers are great, but the local market specialists are not speakers, okay.
I can’t wait for Elizabeth to do this. I guess he’s gonna be awesome.
Jason Hartman 39:28
But we’re gonna do this as a as a as mostly panel discussions. And we’re going to have property managers, their local market specialists who acquire properties that you can buy, so you’re gonna have it’s like, it’s kind of a combo software event and Buying Event. And you know, like best practices in acquiring investment properties event. So income property software plus Buying Event, it’s at Jason hartman.com. Check it out early bird price right now. 297 per person, which is going to go up as the event gets Closer. So register immediately at Jason Hartman comm slash events, Jason hartman.com slash events. I think you’ll really enjoy that. Oliver, one final quick question.
All right, one final quick question. I’ll keep it short. We can leave you on for another time. It’s what is your most prized possession and why?
Jason Hartman 40:19
Well, that would have to be my dog Coco. But But dogs should not be considered property. You know it because they are like human beings. But anyway, that’s the way the court system looks at them. But one state court I read an article last week, they actually ruled that dogs are not property. They’re, they’re sentient beings. Of course they are. They’re totally emotional and incredible creatures. But yeah, so if it had to be a possession, since it’s considered a possession, it would be my dog.
All right. Do we have time for one more?
Jason Hartman 40:52
Well, I have to make one announcement about that. Coco will be at the event in Phoenix Coco Hartman, my dog So you’ll definitely want to come just to see
for now amazing. We all love cocoa. Awesome. Okay, what? One more go. All right, one more here. What do you think the top three most important qualities are real estate investors should possess or develop to become and remain successful when utilizing the buy and hold strategy,
Jason Hartman 41:19
really internalizing the 10 commandments, my 10 commandments of successful investing, number one, number two, being willing to delay gratification for something bigger in the future and having the patience to do that. And number three, which kind of dovetails into that that one is managing your emotions, you will hit bumps in the road, there will be times when this is not easy. There will be times when you think, gosh, is this really working? Do I want to give up you’ve got to understand how to keep score. So many investors are winning. Yet sometimes when something bad happens like you got to replace an air conditioner. Or a tree branch falls on the roof or whatever you have a bad tenant you have to evict. So many investors are winning when they think they’re losing. And they think they’re losing just because they don’t know how to keep score. They don’t know how to do the math. They don’t know how to properly analyze their investment, and all of its beautiful multi dimensional characteristics. So that’s one of the things frankly, you’re going to learn at the event we just mentioned on September 10, and 11th, in Phoenix, so come to that.
Exactly. And for those of you new listeners for the 10 commandments, you can find those that our websites had Jason.
Jason Hartman 42:38
Yeah, absolutely. Good stuff. Hey, Oliver, thanks for these questions. And I know you’ve got more of them. We’ll do them on a future
podcast. Okay. Fantastic. Great speaking with you, Jason. All right. Take care. Bye, bye.
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Jason Hartman 44:47
This show is produced by the Hartman media company All rights reserved for distribution or publication rights and media interviews, please visit www dot Hartman media.com or email media at Hartman media.com. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax legal real estate or business professional for individualized advice. opinions of guests are their own and the host is acting on behalf of Platinum properties investor network, Inc, exclusively.