Jason and investment counselor Adam use this episode to do a question and answer session. They look at hyperinflation and how that impacts real estate. They also discuss how to save up for your first rental property. In addition, they look at the economy and worker confidence even while the real estate market slows. Jason ends the show about surviving a bear attack.
Jason Hartman 0:00
The markets were buying in a robust markets there, the population is stable and growing, and the values are stable and growing. It’s not like we’re just buying residential anywhere. We’re buying in good market.
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. And now
Jason Hartman 0:57
here’s your host, welcome and thank you for joining me today. This is your host Jason Hartman with Episode 1100 35 1135. We’ve got Adam back with me today. Adam, you’ve been a frequent guest, or shall I call you a co host on the show recently, how you doing? I’m doing well think
I sold 10 properties over the weekend. So things are looking good 10 over the weekend was that to one investor or was it to multiple investors it was to one, they are considering their friends of ours who are considering moving to Austin, and they were looking at buying a home and they want to live close to where we do, which is kind of a pricey area. And they wanted to pay cash for their home. And I said, you know, why? Why are you doing that? And they said, Well, you know, we want to, because they’re not even thinking about moving down here for about five years. They just want to buy the home now, and then rent it out. I said, Well, you know, how much do you think you would rent for? And they’re talking about buying about $300,000 for the home? And they said, Well, you know, we can the real estate agent told us we could probably get 15 to 1800 dollars a month for it. And so I think So you know what have you checked you heard of the
Jason Hartman 2:03
rent to value ratio.
Not only that, but let’s look at it was like let’s say you’re getting 1800 dollars let’s do high end. It’s in Travis County which the property taxes in Travis County are pretty high. I was like you’re looking at probably five to $600 a month property taxes like so your cash flowing, maybe $1,000 1200 dollars tops at that and you know you’re getting $1,000 a month off of your $300,000 house, that’s not a good return. And that wouldn’t even be near where we are they don’t even really in the area. They love it. You could take that $300,000 you could buy about 10 to 12 investment properties. And say you’re getting $200 a month which is a feasible number to hit. I was like you’re looking at 2000 to 20 $400 a month positive cash flow from those homes and you could rent exactly where you want to live. essentially free. Those homes I was like you can do that it would be beautiful because they only want to live down here about Six months out of the year anyway, because they want to go back and forth between here and then they want to get out of Texas whenever it’s summertime. So I was like, you know, you could rent a really nice place for 20 $400 a month and be great the other six months of the year so
Jason Hartman 3:14
yeah, there. You know, this idea, you know, and I used to be like this to you know, when I was younger and Dumber, I used to always want to own everything. And now oddly, I’m much richer, and I don’t want to own everything like you know, I bought, I mean, here’s the kind of toys I’ve wasted my money on over the years, right. I used to have a 38 foot gorgeous brand new motorhome. I used to have a 48 foot yacht. I bought two airplanes one a jet plane, the other is serious propeller plane. I didn’t take delivery of either those thank God but I still lost a bunch of money on one, even though I didn’t take delivery and then I used to have a second home. In many times in my life. I’ve had a second car And when I moved into the place I’m in now here on the Treasure Coast of Florida, I look at my closet and I said to my girlfriend, I’m like, why do I have so many clothes? I only have one body, I can only wear one set of clothing at a time, right? I can only be in one house at a time. I can only drive one car at a time. You know all these things. You don’t need to own them. Just use them. What you really want to own is the experience. So the example of your friends that are thinking well, they’ll come and stay in the house they own in Austin for part of the year and you know, like Phoenix, where I lived in in Phoenix, Scottsdale, Arizona before and then here in South Florida. You know, these are Snowbird areas, their famous Snowbird areas, right, where people come and live here for like half the year and to escape the winter, right? And a lot of Canadians and northeasterners and so forth. And you don’t have to own the property. You can just rent it. Okay? It’s just such a better deal. Rent things. Like I downloaded this app, which I have not yet used on my phone, it’s where you can rent a yacht. And, you know, it’s not like a complicated yacht charter. It’s more like a Lyft or Uber for yachts. Okay? And you know, it looks expensive when you look at the prices, but believe me, having owned a 48 foot, yacht by self, trust me, it’s cheap to pay 2500 or five grand for a day to use a yacht, when you can probably negotiate versus owning one, which you’ll use three times a month, maybe, and you’re going to pay way more than that, trust me. So it’s just get out of this mindset of owning things, control things, control investments, you do need to own real estate to get all the benefits from it. But these things that we all want to use in our lives and enjoy, rent them, okay, you do not need to own them. In your example of basically showing your friends who by the Work for Redfin, and big real estate company that you’ve all heard of. That was good. You showed them the rent to value ratio, basically, in a roundabout way, they can do so much better, buying a bunch of rental properties, and then just renting a home to live in, or buying it with leverage and financing it either way, either way, right?
It was amazing to me, I was like, you guys are in real estate, you should know that. Well, you know, it’s a whole different mindset.
Jason Hartman 6:27
It is a whole different mindset. It really is. So, you know, real estate is such a big area. There’s so many ways to do it. There’s so many philosophies about it. There’s just a lot there. It’s just a whole big field. So just because you’re in real estate doesn’t mean you know this thing about real estate. Right?
And especially if you’re going to be a Snowbird I mean, there’s a lot that can go wrong when you’re not living in the home that you own six months out of the year. Let me tell you something about
Jason Hartman 6:53
that. I will tell you, so I’ve talked about this before, but when I had a second home in Scottsdale, Arizona When I lived in Newport Beach, I lived in Newport Beach, owned my houses there. I own several in Newport Beach and Irvine over the years. And I remember one time I really liked going to Arizona. I really enjoyed going there. And so I was in my place in Scottsdale was a Sunday morning. I was there with some friends. They weren’t staying with me. My friends were staying in a hotel and I just stayed at my place. And I remember I woke up that Sunday morning. I slept in it was probably you know, 930 I’m an early riser mostly. And so I slept in a little bit and I remember my eyes looked at the ceiling. And suddenly my mind thought, in two years that I’ve owned this place, I slept here 11 nights. And I used to remember thinking about how I thought while I was away from that house, I thought, oh, what if a pipe broke? What if a fire started? What if I got robbed all this stuff when you don’t own that you have a much more lightweight life when you have rental properties, your tenants Keeping an eye on things for you. They’re at stake. They have an alignment of interest. Now, you might say, Well, my tenant doesn’t care about the property, but they do care about their place to live. Okay? And they don’t want it to flood, and they don’t want it to burn down.
They don’t care about your profit margin on that. Right.
Jason Hartman 8:15
But they do care about protecting their home and with
your profit margin, right.
Jason Hartman 8:20
Yeah, right. In essence, it does.
Yeah, but I remember I mean, you came to Austin a couple times looking for homes and you went to a couple other places looking for homes. And for 15 years, I thought I was going to move to Austin. I mean, I have been back and forth on Austin so many times I finally decided no, I don’t want to move to Austin. So there you go. But yeah,
Jason Hartman 8:38
I came to visit you. Yeah, that our first podcast together here. I remember that when I saw your Schroeder family mission on the wall, your mission statement. That was really, really cool. I like that a lot. We talked about it on that show.
So very good. So speaking of you were talking about snowbirds and the older people. What about the healthcare you’re telling me you you figured out how to hack the healthcare and you can help help the older people in The audience
Jason Hartman 9:00
will know not older people, just any people, any people. So you know, we all need health care. And this isn’t any big deal what I’m about to tell you, but I just want to share, like, Look, I went to the doctor two months ago, had my annual physical exam. And when I called to make the appointment, they said, well, what’s your insurance? And I was about to give them my insurance information. I just said to them, I have a high deductible. Can I just have the cash price? What does it cost for a physical and they said $134 not including blood work. So I went in and I just paid $134 and I settled the whole transaction right there on the spot. I didn’t have to receive any mail, any insurance claim forms. I didn’t have to look at anything else open any more mail. It was done. And I got a complete you know, I thought very good physical exam. She checked me out from top to bottom skin cancers. reading everything right? Now remember, with your health care, just like anything in life, you got to ask for things, you know, people will generally just be kind of lazy and not go the extra mile unless you ask them to write it mostly when you ask them to they’ll do it. Okay. So, you know, I asked her about this, that and the other thing, and she checked me out, give me a nice physical, right. And then this morning, I got my blood work done at one of these places that springing up, and I’ve done this before, a couple of times, you know, where you can just walk in and order whatever blood work you want, rather than going through the doctor, rather than going through the health care provider who will charge you a whole bunch more. Become an aware patient, and start learning about all the different types of things they test for in your blood. When you get your blood work back. You know, you probably have it from your doctor now because you’re probably not using the hack I’m talking about now. But hopefully you’ll try it when you get your blood work back. Really Look at it and see all the different things they’re testing for, you know, you’re a one C or sugar, right? You know, are they testing your hormone levels? Are they testing your if you’re a man, your PSA levels, all these different things and so learn about your blood work and really understand what’s in it and what it’s about and what the choices are. And so I go in this morning, I get a blood test for $229 which I bet you if that was through a doctor referral, that same test would have easily been six or $700 I just walked in I was fasting I you know, all I had in the morning was black coffee because I get up at like 5am I got my blood test. In a couple of days I’ll get my results they’ll email them to me and then I will post them to my doctors patient portal website and you know she can take a look at them. I’ll check out the readings are really review it myself, and I will think about it and learn about it. And after reading is off, I will look it up online. And I will learn about that become an engaged patient right now a lot of you listening already do this. And I’m just saying that the system is so burdened with insurance and bureaucracy. And I know we’ve got a ton of doctors, his clients, and a lot of you are probably listening and you’re nodding your head. Yeah, I agree. It’s ridiculous. years ago, if you’ve been around a while, as a doctor, you used to actually be able to practice medicine. Now you’re practicing paperwork and bureaucracy and an insurance claim forms. And we don’t have to get into a whole healthcare debate here. But I’m just saying, Look how inexpensive This was $134 for a very complete physical and $229 for some very complete blood work. So very, very handy thing. That’s all I wanted to say about it
will also if you’re on a high deductible plan, you can then just take your invoice from the doctor and mail that into your insurance. And so you can pay the cash price and then you can still mail it into your insurance. It’ll count against your deductible.
Jason Hartman 13:01
Right? Okay. Hey, we got a listener question. Let’s get to that. We’ll talk about bears, bear markets and bull markets, no real bears. We have time. And a couple other things. Adam, what do you got on the listener side?
So Josh Collins sent you a question. He went to Jason hartman.com. Slash ask and wanted to know said you talk about owning real estate as a hedge against inflation, which inflation induced that destruction. You also talked about it with Dan Ammerman earlier this week,
Jason Hartman 13:30
he said in the event of hyperinflation. Now, Josh, let’s tell Josh, Josh, this question is really an interesting question. And I just want to tell you, that I may not be able to answer it. You may have a least in part stumped me. Okay. But go ahead, Adam.
What so in the event of hyperinflation, do you have any case studies on how real estate reacts. For instance, if you own rental property in Venezuela, if your mortgage was five years into a 30 year amortization, Would it be possible to pay off the mortgage with one month’s rent because of the hyperinflation and devaluation of the bulevar? I believe you had a friend on the podcast is from Venezuela. Is she by chance a real estate investor? And if so, does she have a case study? I’m really curious to know if you could pay off a mortgage very quickly if the currency becomes devalued as much as the bulevar has, or are there other issues that pop up because of the extreme devaluation? Thank you for your time. Yeah, I have an answer. But you go ahead.
Jason Hartman 14:28
Okay. All right. So I’ll take a stab at it first. First of all, that friend is my girlfriend. She’s Venezuelan. She lived in Venezuela till she was 20 years old, and then moved to San Diego and went to San Diego State University. So I have heard a lot from her and her parents a lot about Venezuela. And you know, Venezuela and North Korea are super fascinating places for me. I just love hearing those stories. I’ve never been to either, you know, certainly wouldn’t want to go right now. But the first thing you have to determine is, if you had a mortgage in Venezuela, would it be a fixed rate mortgage? And how long would it have been fixed rate for and does their banking system? And I know the answer already is No. But I’ll just ask, does their banking system and mortgage system work the same way ours does? See in our system, you can’t call the loan do no matter what happens if you’re the lender, and you’ve agreed that this loan term is going to be 30 years, and as long as the borrower is performing, and they haven’t either, you know, defaulted on the loan by not paying or violating some covenant of the loan, meaning they didn’t transfer title triggering a due on sale clause or something like that. You got to let that loan sit until they pay you back no matter what the economic climate is, it could be very inflationary in Venezuela. I really doubt They have those types of protections. So that’s the first thing. But in theory if it wasn’t massive chaos and basically economic collapse, like Hungary, Venezuela, the Y, Mar Republic, Zimbabwe, etc, all those case studies we know about, yeah, the loan gets cheaper to repay
Adam, what was your thought on it? So I actually researched this a bit because it fascinated me. And it turns out that nearly all of Venezuelan real estate is denominated in dollars.
Jason Hartman 16:29
So you would actually isn’t that handy that they look to the reserve currency.
So that’s actually why they’re in relation right now is because they have to print more and more bulevar to pay back the dollars that they owe. So what would actually happen is let’s say you have a $30,000 house down there 30,000 US dollars, and your renters are paying you in both of ours because they probably are if you’re the landlord, you are actually getting less and less money every month because of the inflation. Yeah, maybe originally you’re, you know, renting out your $30,000 house for $300 a month or three, you know, whatever $300 and bulevar was, but now suddenly that bulevar amount is probably only like, what, two cents now? A month. So you would actually be getting hammered by that. And you’re also assuming that the government of Venezuela isn’t just going to swoop in and say, Hey, we’re taking your property right, which is been known to happen in countries in this situation?
Jason Hartman 17:29
Yeah. No question about it. Well, you know, Venezuela will just nationalize your property if they want to. Yeah, Maduro is a dictator. Right. So it was interesting when I was in Eastern Europe, and I did I did several podcasts from there. And I’m not talking about a recent Eastern European trip. You know, been every summer I go to Europe. Usually. This was a trip about, oh, 10 1112 years ago, and I went to five Eastern European countries. I remember I was in Bulgaria. They had just joined the EU. And I went there looking at real estate. That was the reason for my trip. It was interesting that I met with several banks. I went into the bank, I sat with loan officers. I met with real estate brokers, and they denominate the mortgages in the dollar, or at least they did back then, like you could pay it in euros or dollars, but the mortgage was like, pegged to the dollar, no matter what currency they used. Right. And, you know, just because you’re in the EU doesn’t mean you’re on the euro. So Bulgaria and Romania had just joined the EU at that time. What was that? 2007 I’m pretty sure was 2007 the currency hadn’t changed yet. I’m not even sure it has now. But they’re in the EU, right? And so you see all these EU projects where they’re building highways and infrastructure and you know, it’s a business plan. They tie those mortgages to the dollar. So the dollar is the it’s the reserve currency the world, you know, and it’s got a lot of power behind it. So, if you think differently, I think you’re probably on the losing side of that trade if you don’t believe in the dollar the almighty dollar. Welcome to meet the masters of income property investing. I’m your host Jason Hartman.
The 2019 meet the masters of income property March 23, and 24th in Newport Beach, California.
Jason Hartman 19:30
What is the sort of the one trick, the hack the secret that really empowers people to success, income property, the most historically proven asset class in the entire world.
Register today at Jason hartman.com. forward slash master. Early Bird pricing ends Friday, February 1.
Jason Hartman 19:51
Let’s break this down and look at some of the strengths of income property as an asset class and I found that this event is really helpful because I am totally I’m a newbie to real estate investment. And so I picked up so much information. One of the great things about it is that it’s so fragmented, right? embrace the fragmentation. Jason hartman.com forward slash masters. Okay, what’s another one?
Alright, so now you have an Adam question coming at you. All right. So REMAX has come out and said that there are more homes for sale now than at any point in the last 10 years. Yep. And there’s also year over year home sales dropped 11%, which is continued since August. So the question I have is 2018 saw workers quit their jobs at rates unseen since 2001. And they were able to do that, because they were so confident that they could get a job that would give them a raise because they say, you know, if you ask for a raise, you’re going to get like a 123 percent raise. But when I quit and get a new job, it bumps up about 15%. So that’s the best way to get your market rate is quit and get a new job.
Jason Hartman 20:56
Right But a lot of times, a lot of times, I just want to warn Workers listening, okay Workers of the World unite. Okay, is that you know, a lot of times that new job doesn’t pan out because the reason many times that new employer is so generous, they’re being foolishly generous, okay. And they have an unsustainable position. I’ve seen that happen to a lot of people over the years, okay. A few of them have worked for me and left or a few of them, you know, left someone else and came to work for me, but most of them just on the outside, I’ve heard stories of other people, friends, clients, etc. So this Adam is the wealth effect, right? We’ve had this booming economy, we’ve had this booming real estate market. We’ve had this booming stock market and it’s a sign of overconfidence.
So some might have that is Yeah, if there’s such overconfidence, why do you think the year over year home sales are are dropping?
Jason Hartman 21:53
Well, because that is really it’s two factors, mostly First off, it’s the cyclical markets, the markets that are overpriced, and they need to adjust and they need to decline. Because markets on the West Coast markets in the northeast, these markets are all to one degree or another crashing, okay? They’ve been totally overheated overvalued and they are a mess and they are in for correction and they have been correcting for a while. That’s one reason. So that reason is a slowing market and buyers rejecting the overpriced properties. That’s one issue. The other issue in the parts of the market that we’re in the linear type markets, the more conservative markets, those markets are just exhibiting a lack of inventory. So you can have a slowdown for either reason. And so we see this dichotomy in the marketplace right now. We’re all these linear markets, the markets we like still have very low inventory and high supply and buyers. And then the cyclical markets, it really is a tale of two markets as the paraphrase an old saying, right Tale of Two Cities, right? It’s a tale of two markets that we really have a very pronounced dichotomy in the US real estate market right now, where the linear markets, lack inventory, and have too many buyers. And the cyclical markets have finally seen the softening and call it a crash and some and an adjustment or correction, whatever you want to call it, where we have an oversupply of inventory and a lack of buyers. So they’re, they’re like opposites. It’s not interesting.
Yeah. We now we have one more listener question. And then I want to hear the bear story.
Jason Hartman 23:41
Oh, okay. Okay, go for it. So Zach
says, Zach just got out of graduate school and got his first job. And he wants to know how much money he should say before he starts investing in real estate. And he also wants you to know he loves the different perspectives that you put on investing. So my answer to Zach is Zach Your first job, get whatever emergency fund, you feel comfortable with enough that you feel comfortable. If you lost your job, you’d be okay. And then start saving up for your first property. It’s as simple as that to me.
Jason Hartman 24:14
Yeah, that’s good. I think it’s good. A lot of financial advisor types will tell you you want a six month emergency fund. Now, that doesn’t mean Well, I don’t think it means that it has to be six months of income saved up, but you know, I would say if you’re following their plan, it would be six months of expenses saved up, right because hopefully your expenses are a lot lower than your income, assuming you got in trouble lost your job, lost her source of income, and it would be six months of you know, minimalism type expenses, right just to survive, okay and get by with the basics without upsetting your life too much. And then as far as the person property goes on top of that. You want to have the downpayment, the closing cost, and 4% of the value of the property. So if it’s $100,000 property, you want $4,000 off on the sidelines, as kind of the emergency fund for the property. And then you’ve got the other emergency fund for your life. Now, you can certainly save more than this. But remember, you don’t want to save too much. Because if you save too much, you are losing money on that dormant money that’s not working for you. So it’s very, yeah, lazy money. You don’t want to have sleepy money. You don’t want to have lazy money. You don’t want to have too much money sitting around doing nothing. It feels good to have a lot of that money, but taxes and inflations are eating you alive.
All right. Now Michael wants to know, Michael listens to the podcast, and he wants to know How did your bear story And you can’t just say your tent was attacked by a bear and not finish the story.
Jason Hartman 26:05
Yeah, okay. Okay. Okay. This happened a long time ago. This question came in a long time ago too. So I apologize for taking so long to answer it work. We really are trying to work through the listener questions. So I did mention that I was attacked by a bear. Okay. And that’s not exactly the way it went. Because I know that your vision of someone being attacked by bears were the bear mall view, right. The bear did not actually touch me directly, but the bear did attack my tent. And it was scary. Let me tell you. Here’s what happened. I’m hiking with three buddies, Mike, Gary and Ed. were hiking up San Gorgonio mountains in Southern California. Okay. And we’re camping. Right? So we’ve got our tents. We’ve got our gear. We hike up the mountain all day long. My friend Ed. He decides that you know what isn’t good enough now this will come into play later. There’s a reason I’m telling you this water isn’t good enough. He wants to drink iced tea in his canteen not water, right because water is too boring. And so we get to the campsite and Gary is like a professional woodsmen. This guy’s like Grizzly Adams and he just the guy loves the woods. And my friend Mike was they both really love to camp and be out in the wilderness and they go on very long camping trips and all this stuff. So both of them as we’re cooking dinner, they’re like, you know, don’t leave any crumbs around the campsite, it’ll will attract bears. Do you have any toothpaste with you that will attract bears? And I’m thinking wow, are these guys paranoid or what this is just too much for me. And then Gary pulls out this round plastic cylinder, and we’re going to hang that in the tree with some other stuff so they get the ropes out and they get the things that have any smell at all to them and Hang them in the trees have a barricade get them. You don’t want them anywhere near your tent. Well, we go to sleep. before going to sleep. This happened. I got to tell you this part ad is a former Army Ranger and Ed has his 357 Magnum gun with hollow point bullets in it. Okay. And I remember saying to him as the gun was sitting there, are you sure that should be right there in between us as we’re going to sleep? You know what if we roll over onto the thing that fires something right. And listen, I like guns. I think guns are great. Guns cost freedom. You obviously have to be responsible with him. But whatever. Right? So Ed says, Okay, well, I’ll put it over here. And so we fall asleep 20 minutes after his I’m just drifting off to sleep and screams this blood curdling scream because the bears Paul was literally like pulling him through the tent in the side not with its claws out. It didn’t pierce the tent, and just wait till the end because this gets really insulting the story at the end here. Okay, so I wake up, and Mike and Gary wake up. And we’re like, what’s going on? The first thing I see is my eyes open. I see the Paul the right hand, Paul of a bear. crunching the top of the 10th of 10th maybe, I don’t know, four and a half feet high, five feet high, pushing down probably two feet as it’s like playing with the top of the tent. It’s just doing that with its Park. And you know, the moon was out so I could see the shadow of this bears pot was huge. Like and get your gun. We were just talking about the gun, you know? 20 minutes. Oh, get the gun. And finally when it comes to his senses, he actually looks like a professional like he’s been in the military. He pulls that gun He’s ready. And I had a flashlight, like a one was mag light flashlights with a whistle on it, you know, attached to the end because I always heard that whenever you go camping or hiking, you should bring a whistle. And I blew the whistle and it scared the bear away. That was it. No gun fired or anything. So that was it. I almost died of a heart attack. And guess what, Adam to make that story? Super insulting. Guess what happened The next morning, before we turned in that night before. We saw that there were a bunch of Boy Scouts camping, you know, maybe 100 yards away or so. And the next morning, as we’re up, you know, the boy scouts come walking by the whole troop. And they said, hey, what was all that racket last night? And he said, Oh, bear this and then they said oh, that was a raccoon. Know It. Trust me. It was not a raccoon. I promise. It was Not a record when I was not elucidating but yeah, that was that’s my bear story.
That’s no man who strangled mountain lion. What’s that happened?
Jason Hartman 31:08
Oh the man Oh yeah, I read that story he
he it’s a good story but it’s no strangling a mountain lion and
Jason Hartman 31:14
so it’s it’s not that intense. That was that jogger recently who, who got into the mountain lion attacked him and he basically broke its windpipe. And he said the mountain lion did not let go with his clinch claws into the guy’s body until it took its last breath.
That’s why runnings dangerous.
Jason Hartman 31:36
Yeah, running is kind of dangerous. I agree. You know, so sometimes exercise is not all good. Yeah, that’s true. Hey, I want to share a couple quotes. When I was unpacking Adam, I found this old old quote book, you know, I’ve always loved quotes since I was, I don’t know, you know, teenager. I had written down all these great quotes in here and you know, they’re in my old handwriting like Now as I was a kid, I just share a couple of these with our listeners before we go. There are no rules, laws or traditions that apply universally, including this one. It’s pretty good and author Adam. And then of course, there’s that Calvin Coolidge quote, nothing in the world can take the place of persistence. Talent will not. Nothing is more common than unsuccessful men with talent. Genius will not The world is full of educated derelicts. persistence and determination alone are omnipotent. The slogan press on has solved and always will solve the problems of the human race. And then here’s one This will be the last one for today from jack Paar. I always like this one. Because you know, when it comes to real estate investing or so many other things in life, we get in our own way, don’t we, as Sarah would say, we shoot ourselves in the shoe, right? Instead of a foot. And jack Paar had this great quote, he says My life seems like one long obstacle course, with me as the chief obstacle. And you know, that’s pretty much true of all of us. You know, we all get our own way. So we got to just realize that and get out of our own way, don’t we?
Yeah, I have one quote. I would like to share it something I saw at the gym that’s been helping me recently. What’s that and it’s by Drew Brees, the quarterback for the saints. When you wake up, think about winning the day. Don’t worry about a week or a month from now. Just think about one day at a time and never worry. If you’re worried about the mountain in the distance. You might trip over the molehill right in front of you when the day
Jason Hartman 33:39
right. Very, very good, quote. Very good quote. When you said mountain I forgot to tell our listeners how that ice tea tied into that bear story. The reason the bear attacked our tent was because Ed on the way up had spilled some of that iced tea onto his sleeping bag. Egg. And that’s why the bear was pawing at him through the 10 because it could smell the sweetened iced tea. So very ago yeah, forgot to that was the tie in with the estate, because we did everything right. But we forgot about that iced tea spill thing that killed us right? Or almost killed us. So yeah, something else. Hey Adam YouTube channel, we got to remind our listeners to go to the YouTube channel and please subscribe A lot of you have been, we are publishing some great content on our brand new YouTube channel. Just go to YouTube search Jason Hartman, it should be the first result. And please subscribe and check out the videos. I think you’ll like them a lot. We’re doing content just for YouTube. So check that out. And then also, of course, meet the masters of income property coming up next month just over a month away. Jason Hartman comm slash masters
if you have any questions you want to ask Jason not on the show, but right to his face. That’s the best place to do it.
Jason Hartman 35:00
Yep, definitely, definitely do that at meet the masters. And we’re going to be announcing some musical entertainment soon. That’s just going to be a great event. I cannot wait to have George Gilder speak. And Tom wheelwright, Pat Donahoe is going to be doing a great speech too. So it’s going to be an awesome weekend. The theme of this year’s meet the Masters is the big, boring and profitable idea, the big boring and profitable idea. You’re going to love this big, boring, profitable idea, because we’re going to take the old refi to die example. And we’re going to add a couple of very interesting Well, one is very boring, actually, but it’s very profitable dimensions to it. And we’re going to do that on the form of an exercise that you’re all going to love So yeah, don’t miss meet the masters. Jason Hartman comm slash masters, Adam, let’s say farewell. Until next time, talk to you all then. All right. 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 the show’s 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.