Jason Hartman hosts client Bruce Weyer for a client case study. Jason got a message from Bruce a few months ago after the pandemic started. Bruce gave an interesting update on the lumber market. Jason reminds us that real estate investing is an investment in packaged commodities. They go through the staggering numbers that his long-time lumber family business has never seen before. He explains the impact on the real estate market specific to new construction. He also gives us insight into his real estate journey and his experience with Jason’s network.
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 here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 1:00
Hey, it’s my pleasure to welcome a another one of our clients for a client case study. And that is Bruce weyer. It’s good to have him here. He’s coming to us from northern area of Florida. He’s in Jacksonville Beach right now in his office, you probably heard me talking about it. A couple of months ago, he was the one who was kind enough to send me the insider newsletter that I’m holding up right now, if you happen to be looking at a video version, the lumber Market Report, this is the random links newsletter, and this is kind of the inside of the lumber market. What does that mean for us as investors? Well, of course, you know, it’s all about packaged commodities investing, as I call it, and lumber is a huge component of housing prices and housing construction. So we’ll talk about that a little bit as well as his case study in his background. Bruce, welcome. How you doing? Hey, Jason, thanks for having me on. It’s definitely good to have you. You know, I almost was wondering, just want to tell the audience if they’re watching on video, we did not coordinate our shirt colors. No, we certainly did not worry about that. We’re both wearing red shirts by coincidence. Bruce, first of all, you’re in the lumber business now because that’s a family business. And I know you said your I think your father wants to retire. And he said, You lived in Southern California. Dana Point to be specific. And so that’s where I’m from that general area. And you were kind of in the movie business and the infomercial, business and all of that stuff. And and then you moved to Florida to get back into the family business. Tell us a little bit about your background.
Bruce Weyer 2:34
Yeah, sure. So I was out in Dana Point, California, as you just mentioned, and once I was out there, I was just kind of hanging out surfing and having a good time. And I started going to college and graduated from Cal State Fullerton and decided to go into the media industry. And I got really lucky, right. Right off the bat, actually our mutual friend Aaron Colson again, he introduced me to
Jason Hartman 2:57
it on the podcast. Yeah,
Bruce Weyer 2:58
yeah. He’s also been on the podcast. He’s a good buddy of mine from Orange County. He introduced me to a guy in the Teamsters union. And that guy was nice enough to introduce me to some people in production. And I got really lucky to work on some network television shows, like scandal, mistresses with Alyssa Milano and some feature films like fast and furious and McFarland and Horrible Bosses, too, and just a bunch of different stuff. But I got really lucky getting into that right out of the gate. So work there for about four and a half, five years in LA working in Hollywood, all the major studios. But once my wife and I decided to start having some kids and kind of settle down, that was a big rat race that I was trying to get out of, and that that’s what led me back into Orange County and kind of the infomercial, commercial production area. There’s just a lot more of that going on in Orange County. Where is the feature films and network TV shows is all happening right there in the Burbank Hollywood area.
Jason Hartman 3:53
Yeah, Los Angeles. So you did live in Los Angeles probably then move south to Orange County, Southern California. We’re talking Southern California here. Probably lived in LA before though, right?
Bruce Weyer 4:03
No, I didn’t. I was commuting the whole time since Well, I was I was doing production. So our call times were either really early in the morning or weird times in the day. So I wasn’t necessarily like finding that grinding traffic all the time, even though it was a problem. But I will say that was the only good part about commuting up there is I would go up there at that really some off times to work on shows whether they were night shoots in downtown or whether they were just studio shoots on the stage or whatever we were doing.
Jason Hartman 4:30
What did you do in the movie industry?
Bruce Weyer 4:32
I started off as a production assistant, which was just like the very entry level guy and then I started working myself up to assistant director and production coordinator and I kind of exited as a associate producer slash producer.
Jason Hartman 4:46
Good good stuff. Okay, so then you got into the infomercial side of the business. And you know, anybody in real estate has certainly seen enough infomercials. In fact, when I was 16 years old, I’ve told this story before but I I saw an infomercial. And it got me intrigued about real estate investing. So that that’s kind of funny now, if the company you worked at I don’t know if they did real estate infomercials, they did a lot of product. infomercials. I know. But I’m jealous about that business a little bit. And, you know, interestingly, I was at a conference last week and one of the speakers there was Ron Legrand infomercial Guru is you know, and that is a big risk, big money business potentially. Because a lot of shysters and scam artists, no question like in anything to give us a little insight into the infomercial business, if you would,
Bruce Weyer 5:35
yeah, it was, uh, you know, I worked with a lot of good people, they were very professional, I worked for a company called script to screen and we handled some pretty big accounts, you know, we were doing Gibson, headphones, they came out with their first bluetooth headphones. And those were, or I should say, wireless headphones. And that was a really big deal. And everybody knows Gibson because of the guitars. And we worked with shark Ninja, and they make all of those great vacuums and instapot cooking thing. So it was a lot of houseware items. And some of it was definitely pretty hokey stuff that we were doing, because they were infomercials, but at the end, they were we were starting to do like, you know, little 15 second, YouTube pre roll in advertisement clips. So we would do everything from a little 15 second ad to full 20 3028 minutes and 32nd full on half hour infomercial. And it was kind of nice, because we would have, you know, like nine months of writing the script and designing the sets and lining up our actors and doing all that and then we would go shoot it for a week. So that I like that a lot better because it got me off of just being on set all the time, when I was working in LA in Hollywood, it was just like, you know, 12 to 15 hours a day walking around, actually shooting doing production. Whereas on the infomercial side, you know, I was involved in the pre production, the actual production and then post production for a while and then we would even buy the media time to air the infomercial on wherever we were airing it. And for however long we were going to air it for and and develop the websites as well, because there’s a whole back end of websites and distribution that has to happen with all that. So it was very interesting to see kind of behind the curtain on that whole deal. Sure.
Jason Hartman 7:14
Yeah, it is. So you didn’t do any of the like guru type infomercials like Carlton sheets or anything like that. Did you
Bruce Weyer 7:20
know really, we worked a lot with shark ninja we did the I don’t know if you remember the ninja coffee bar was Sofia Vergara. She that was like a really big talent that they landed a few years back. We did all the creative and shot the production for that. So that was pretty cool.
Jason Hartman 7:35
Interesting. Good stuff. Well, hey, let’s move on to the lumber business. Because this obviously affects real estate investors. And I want to talk about your investing experience as well. How long ago did you find my podcast? Probably I was just about to move back to Florida. So this would have been 2016 summer 2016 maybe fall of 2016. Okay, good stuff. Good stuff. You probably heard me talk about you know, packaged commodities investing and stuff like that. And when when you sent over this, this fantastic report, just with some inside info on the lumber industry. I mean, it’s unbelievable what’s happening right now give us an update on the market and what’s going on.
Bruce Weyer 8:16
It’s unbelievable what’s been happening. It was everything It was so really cool to see the supply demand shock that you were already talking about from March but it hadn’t hit my industry yet. So we were just kind of chugging along and we’re going through this pandemic and everything was going really well and obviously Florida, the demand is huge. Everything that we do is his Southern yellow pine in the Florida market and that’s all of this specific pine that goes into the framing of the houses Southern
Jason Hartman 8:44
yellow pine it’s called
Bruce Weyer 8:47
if you’re driving around Florida, Georgia and you see pine trees in the lumber industry that is called Southern yellow pine. And that’s what goes into the trusses the floor, Joyce’s the panels that the studs and everything they do use some spruce pine for but just for logistical reasons and freight they use the southern yellow pine because that’s what’s here. And basically, you know, some of the mills they started having some employees come down with COVID and they had new policies and they just couldn’t be running like they were normally running. The efficiency wasn’t there so the supply that they were producing was lowered and the demand was through the roof with interest rates being very low and everybody leaving the major metro areas come into Florida. The prices just started to creep up first and then they just started to really skyrocket to the point where you know one of the largest lumber providers is called West Frazier and they took about five Mills completely off the market. I mean they wouldn’t even sell to us we’ve been buying lumber from them and paying them within 10 days taken a discount on every truck that we bought from them for 42 years and they just went completely off the market. Now they went off the market because they didn’t have supplier or their their Mills so they’re producing supply. They are producing supply they’re receiving the logs. And then they’re they’re milling those into two befores, two sixes, two bites and everything. And the reason
Jason Hartman 10:07
you wouldn’t think that would be like an effective business, though, I mean, they could continue to operate during the pandemic, right?
Bruce Weyer 10:12
I think they had people going down. And the other thing was is they had oversold their contracts. So instead of renegotiating some of their contracts, when people that are buying contract lumber and saying, Hey, we’re in a pandemic, we need to serve the open market, as well as service the contracts, they told anybody that wasn’t a contract, that, hey, we just can’t sell you right now. And then that really, the thing about that was, is that put the pressure on all the other smaller Mills that we also deal with that don’t have any contracts with anybody. So then those guys just got completely bombarded. And it really rocked the lumber market.
Jason Hartman 10:48
So I predicted and I think we’ve seen this just a little bit, at least I started watching the lumber futures market more closely after reading your newsletter. But that has abated a little bit, right? It’s a little better now. Right? Because that it’s a little getting a little more equal. I mean, it’s not equal, but it’s better than it was right?
Bruce Weyer 11:08
It’s better than it was they’re now starting to quote and starting to ship a little bit more, but still, the prices are, you know, so take a to before number two common 16 foot truck, right? people bought those all the time. Normally back pre pandemic, those were probably somewhere in the mid four hundreds, mid 500 per thousand board feet, they’re still up over $1,000 per thousand board feet right now. So it’s still double doubles. Yes, Double, double.
Jason Hartman 11:34
Okay, Wow, that’s amazing. So even now, as things are starting to get a little more semi normal, or they’re moving in the normal direction, there’s still it’s still double the price, still twice as much. Wow, no wonder the cost of construction has gone up. And the builders have been raising their prices like crazy. Now, you know, I talked a lot many years ago during the Great Recession, you know, back in 2008. So 12 years ago now, about what I call regression to replacement cost. where, you know, what I used to say is, when a piece of wood cost, what a piece of wood is worth again, meaning that, you know, houses were selling below the cost of construction for a short time. And that had to fix itself in regression to replacement cost is not the same thing as appreciation, because appreciation mostly takes place in the land value, not in the construction ingredients, or the packaged commodities. Now we look at the price of this. And it’s just absolutely crazy. I would assume that’s true with many other building materials as well, although I haven’t had time to do much research on it. But obviously, lumber is a giant component. So what do you see happening in the future, Bruce,
Bruce Weyer 12:50
I think prices are going to continue to hold at this level, especially in the two before market. So the two by sixes have started to decline. They’re nowhere near where their price equilibrium was months ago. But they have started to decline some but the two before market is still holding very steady. I mean, you can’t you call to get a quote on a truck of random length truck that’s like eight foot through 16 foot. And a lot of Mills still won’t even quote it.
Jason Hartman 13:15
Why don’t even have they just they just don’t have anything to sell. So why give you a quote right now? Wow. And why would there be a difference in two by sixes and two by fours? Any particular reason for that?
Bruce Weyer 13:25
They use in two befores? A lot more than the two by six.
Jason Hartman 13:28
Yeah. Okay. But I would suggest markets already set up. So it supplies more two by fours too, right? Because that’s kind of the basic ingredient.
Bruce Weyer 13:36
They do. But certain Mills cut for certain dimensions more some some Mills kind of cut towards the water links more. And that’s kind of their wheelhouse and some length some mills are cutting for strictly two befores. And we kind of that’s our job is to weave all that together. Yeah,
Jason Hartman 13:50
yeah. Wow. Incredible. Incredible. So is there any relief in sight for this? Or will it just continue to increase? And by the way, let me just hold up this chart. I’m just literally holding it in front of the camera. Pardon the low tech here, folks. But you know, you get it. There is the chart from the newsletter. That’s absolutely mind boggling. And you know, here, you know, I actually read this on the podcast before is the market overview, the narrative portion, but will anything give us relief from this? Or are we just looking at higher lumber prices for a long time? Well,
Bruce Weyer 14:27
it’s hard to tell. So I was also the guy that sent you the email about David Weekley with the homes going completely off the market, right you know, if they just completely stopped selling the home, so everybody’s buying, you know, 30 and 90 days out. Well, if we get 90 days from now and you have people and builders like David Weekley or Elon are saying, Hey, we’re not going to take a new order because they just can’t price in the increases fast enough to pass it along to their customer. Well then the housing starts and the permits issued will all fall and then the demand will fall just because they’re not entering a new order. So that could offset it. But I doubt that’s gonna happen because, you know, we’re in Florida and interest rates are low and people are getting the hell out all those towns and coming down here,
Jason Hartman 15:11
right but you don’t just apply to Florida Do you?
Bruce Weyer 15:13
Yes, we’re strictly Florida Yep. For your for your stuff.
Jason Hartman 15:17
So a homebuilder orders the lumber through you, or are you considered a broker?
Bruce Weyer 15:23
We’re wholesalers and we actually don’t sell the builders, we sell to trust companies we sell to distributors, so we’re selling to people that are treating lumber, like Great Southern wood or Boise or Robbins manufacturing, and then those guys are then selling to the builders. So we’re, we’re literally buying from the mills that are creating the product and Okay, you know, because the home builders, they want it in such a specific way that we’re not doing that we’re literally buying truckload quantities, and we’re shipping those to a distribution company or a trust company where then the builder is putting in an order with the Trust Company for a specific neighborhood specific home model that they’ve created. Okay, makes sense. Makes sense, with your investing since we’ve been talking about Florida, because that’s the lumber subject. But with your investing, you just purchased two properties through a network in Florida and you also purchased to out of state right. Tell us about your portfolio. Yep. So I originally started in Dayton, Ohio. And the only reason I’ve been listening to you for a while and I called up Sarah and I said, Hey, I know there’s nothing on your website and Dayton. But this is where my wife is from the Cincinnati Dayton area in between there. And I’m a big fan of Tom wheelwright as well. And he says, Hey, you know, buy somewhere where you can go and use it as a write off and all this other stuff. And I’m kind of keep my it’s a arm’s length away from me. So I went and bought a duplex in Dayton, Ohio. And that was the first thing that I purchased there, and then ended up buying a four Plex in Dayton. And then now I have two duplexes under contract and Palm Coast.
Jason Hartman 16:54
Good stuff in four we started today, you had talked about a bit of a strategy there. So why don’t you share that with the listeners?
Bruce Weyer 17:02
Okay, so part of my strategy is, you know, Jason, what you’ve taught me a lot is that part of what I’m purchasing, or one of the main things I’m trying to obtain, is the largest loan size, I can at the lowest interest rate for the longest amount of time I possibly can. So, you know, I started off with the duplex because it was really a low number, and I was just trying to get my feet wet. And then I moved up to the four Plex. And then now I’m going with the new construction duplexes, because I’m trying to get as many doors as I can, under the 10, Fannie and Freddie loans that I have with the highest loan amount. So if I try to go out and buy that single family home for $100,000, while while I think that’s a good deal, really I want those 10, Fannie and Freddie loans to be locked in at the biggest numbers I can,
Jason Hartman 17:52
I can handle? Absolutely, absolutely. So you’re doing you’re trying to do more of the more expensive properties earlier in the game. Because you want those really good loans. And we call this mortgage sequencing, by the way, we talked about this strategy years ago, but not lately on the show. And, and you want to get as many of those in the highest possible loan amounts for that first 10. Now, if your wife is working, you know, she can qualify as well. So you know, I don’t know if she is, but it’s 10 loans each spouse, so you’re not limited to 10, you can do 20. But yes, you know, both parties do have to qualify. So if if one isn’t working, then it’s not gonna work. But good. So um, so why Palm Coast?
Bruce Weyer 18:34
Again, that’s kind of close to my house at Palm Coast is only 40 minutes away from me. I feel like one of the hardest things for me in choosing all these is I’m looking at your website, I’m getting kind of Sarah’s hot sheet and I’m looking at everything. And judging my opportunity cost I feel like is, is really difficult because I’m like, Hey, I could do this deal here in Alabama, I could do this here over here, and I’m not really sure what to do. So really, I called them up and I said, hey, what what market Do you guys really like and you think has a good chance for appreciation? And, and then after they found out where I live, they said, Hey, man, just makes sense for you invest right down the street from you, you know,
Jason Hartman 19:08
but don’t be limited by that. Okay? I mean, you’ve got your wife’s hometown, or something, investments, and then not too far from you, you know, you don’t want to be excluded from a good deal, because the deals more important than the location. You know, that’s just something you want to keep in mind. Are you gonna do a third or fourth or fifth market? You know, we say invest in at least three, but not more than five. Are you going to put another one on there?
Bruce Weyer 19:33
Yes, definitely. Cash is becoming a little bit of an issue at this point, because I just did the two and those are routed about $300,000 apiece. So I got to come up with the downpayment for both of those. Yeah, I definitely plan on it. You know, I’m going to try to close on both of these Palm Coast in this coming spring. And then No, that was another thing that I was going to mention is the cares act. We talked a little bit about that beforehand. So now that I’ve listened to you for a few years I’m all chips in, you know, I’m not doing the whole, hey, let me just give money out of my income that I’m creating now into an IRA or 401k and put on a blindfold and hope I wake up and 35 years and it’s all good, right? I’m just not doing that. So we decided that philosophy good. Yes, I know. So it’s a little bit. It’s not really that scary. But I feel like when I talk to my peers about it, they’re going, what are you doing? You’re you’re listening to some guy on a podcast, and now you’re liquidating your IRA. And I’m saying, Yeah, that’s actually exactly what I’m doing. His name’s Jason Hartman. Here’s the link to one of these things. And that’s Amen. Yeah. Good. Good deal.
Jason Hartman 20:39
So to be specific, what you’re talking about there is are you borrowing money from your IRA, without penalty? Or what exactly is your your Kerouac strategy there or use your liquidating? Because, you know, Tom, Tom wheelwright and Garrett Sutton, both both of those authors are really just not fans of these plans at all. They’re not his I don’t hate them as much as they do. But I don’t think they’re great, either. Okay, so I’m like a little more in the middle than both of them are. But what are your thoughts?
Bruce Weyer 21:14
Yeah, I basically agree with Tom, we’ll right. And I feel like we’ve been fortunate enough. My wife is a registered nurse. And she has been for the last 15 plus years. And you know, she’s getting matched money. She’s working for these great companies. And it’s been building and all that it’s been great. But now that the cares Act came along, they said, Hey, listen, you can take out up to $100,000, with no 10% penalty, and you can also pay the tax on the income from whatever amount you take out over the course of three years instead of getting hit in the first year. Which that’s actually how I say that quadplex, you know, and I said, Hey, you know, if we’re going to be in a bad situation, with this pandemic, and everything going on, at least that’s a silver lining that’s coming out of it, and I’m just going for it.
Jason Hartman 21:57
That’s great. That’s a great deal, you’re gonna do much better in the properties, I am sure that is I’m sure of anything. And one
Bruce Weyer 22:03
other thing that I wanted to talk to you about, or at least mentioned to us, you know, you always say that these deals always look better in the rearview mirror. Right. So I’m trying to take a macro view on this. And even if I do take a little bit of a hit on getting my money out of these IRAs, on the sums that I’m taking out, Jason, once I’ve had that principle paid down, the appreciation goes up, and I have the cash flow coming in, you know, seven, 810 12 years from now. And I look back, I’m gonna say, Man, I wish I bought more of those things. Right. So I completely agree with you on that philosophy that I’ve heard you stayed on the podcast.
Jason Hartman 22:36
Good. Good. I’m glad you like it. Any other questions or thoughts or things you want to share about your own investing plans or experiences?
Bruce Weyer 22:45
Yes. So you had mentioned sometimes taking, acquiring these properties for as little down as possible. So I’ve actually been borrowing on the duplex and on the quad Plex, I own I borrowed private money. And I put down about 10 to 15%. And I held those for a few years. And then when the interest rates dropped as low as they did, I’ve been refinance them. So I was borrowing the money on the quad Plex it was at seven and on the duplex, it was at six and a half, and I just refinance both of those down to 4%. Hmm. And my question is, and I’m going to do the same thing on the two duplexes on the Palm Coast, I have a deal where I can get into both of those at 15%. Down. Mm hmm. So my thought is, is just, you know, hey, make the tenant do the work. If I can acquire an asset for 15% down? Yes, I get a little bit less cash flow each month. What are your thoughts on that?
Jason Hartman 23:39
Oh, I think that’s, that’s great, you know, the only thing you need to consider is the cost of any mortgage insurance that might be required, and the cost of any difference in interest rate, and that, or difference in points and points or just prepaid interest. So it’s the same idea, but that might influence you. To some extent, of course, always, we like as much leverage as possible, as little down as possible. But, you know, if you’re paying a giant premium for that privilege, then you may, you may want to think twice about it and put a little more down, it’s only 5%. So, you know, occasionally I’ve seen to where, you know, even I will say put that extra 5% down, you just have to analyze the loan and the opportunity cost of that money. That’s, that’s really,
Bruce Weyer 24:31
yeah, yeah. Well, that’s kind of the plan that I’m going with is, you know, put as little down as I can while I have the opportunity to do so. And if I need to, like as you say, you know, renegotiate the deal as I go along. Yeah, that’s it’s amazing. And oh, another thing I was talking to you about was my primary home you know, I bought in St. Johns County in 2019 and July of 2019 for 460,000. dollars, and then at 3.75. So but 20% down to 460 at 3.75 locked in for 30 years, I just refi. I did a cash out refi on that three weeks ago, where they newly appraised my property at $530,000. And I got a 2.875 rate for 30.
Jason Hartman 25:23
Awesome. That is phenomenal here. We need sound effects for that. That’s how good it is. Yeah, well, Isn’t that incredible? So you got a 30 year asset there on all of those properties, you know, acquire as many of those assets as you can. That’s the thing to do.
Bruce Weyer 25:42
And I got to thank you for that. Because honestly, I feel like I’m just like doing Black Ops stuff behind the scenes. I’m listening to a podcast, I’m talking to Sarah on the west coast. And I’m like pulling the strings and doing all this stuff. And the people that I in my peer group or my neighbors and other people I’m talking about, there’s not, they’re just really not doing what I’m doing.
Jason Hartman 26:00
Well, you know what, you don’t want everybody doing what you’re doing, because they’ll they’ll make all the great properties. So there’s enough real estate investors out there who get it, don’t worry about that. Sure, there are, but yeah, try to try to convince them and help them. But you know, some people just get at someone. And usually they won’t, in a conversation or soundbite they’ve got to be interested themselves. And they’ve got to not trust the current system we’re all hypnotized with, which is that you know, that 401k IRA Bs, the Wall Street Bs, you know, you got to make your own way. And that’s the that’s the only way to do it. And income properties is the best way to do that. As, as we both know. And probably everybody listening knows. So Bruce, this is, this is awesome. Thank you so much for sharing all of this. Anything else you want to share? It could be about anything, the lumber market, the construction market, your own story? Any questions as we wrap it up?
Bruce Weyer 26:58
No, not really. I think I’m just going all chips in on the lumber industry. You know, I got to thank my friend Aaron copal said, I’ll tell you a quick story. We were standing on the beach with our surfboards. We’re about to go surfing at the beach. And Aaron goes, Hey, I’m gonna fly out to Little Rock, Arkansas next week, and look at buying an investment property. And I had never really heard the idea of the philosophy at all. And I was like what and we’re literally putting wax on the surfboard feet in the sand and not to get a surfing and I just thought about he goes, Yeah, man, I’m just gonna buy a house and have a tenant pay off my debt. And I remember when he said that, I was like, that’s a really good idea. is a good idea. I need to check that out. And, and then it was just kind of all downhill from there. And here we are.
Jason Hartman 27:40
Oh, yeah, good stuff. Good stuff. That’s, that’s great to hear. And folks, just to elaborate on Bruce’s point there. Remember, I’ve said it before. But think about how significant this is, you know, a typical renter will spend 33 40% of their monthly income on rent. So literally, about 10 to 14 days per month. They’re literally working for you to pay off your mortgage. Isn’t that like what other? What other business Bruce? Is there? were some customer spends that high a percentage of their income with this business. There is no other business. It’s not Amazon. It’s not Apple Computer. It’s not not going to Vegas and spending money in casinos. I hope not, at least, you know, nowhere else do they spend as much money as they do is with their landlord. Their landlord is their highest. You know, it’s their it’s the big store. It’s where they spend most of their money. So that’s that’s fantastic.
Bruce Weyer 28:46
And I’ve been that guy I was doing that out in Dana Point California, we could either rent where we wanted to live, which was a block off PCH, and Dana Point and be able to go surfing and have a good time or own where we didn’t want to live which was out there in Riverside, Yorba Linda. And you know where I’m talking about? Yeah,
Jason Hartman 29:02
I definitely know where you’re talking about. And you know what, though renting a place in Dana Point probably wasn’t a bad deal, because the rent to value ratio was in your favor. As long as you own other rental properties to compensate for that rent you pay. So that’s, that’s the point. Awesome. Thank you so much for sharing the story. We really appreciate it. And thank you for your business too. And happy investing. Thanks again.
Bruce Weyer 29:25
You got to Jason, thanks for having me on.
Jason Hartman 29:32
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