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Because"},{"speaker":"Unknown","startTime":200.67,"endTime":204.48,"body":"we almost had the wrong Dave on"},{"speaker":"Unknown","startTime":204.48,"endTime":205.26,"body":"the podcast."},{"speaker":"Unknown","startTime":205.56,"endTime":208.77,"body":"Dave OSI is another employee at"},{"speaker":"Unknown","startTime":205.56,"endTime":208.77,"body":"bigger pockets. And he is one of"},{"speaker":"Unknown","startTime":208.77,"endTime":212.67,"body":"the founders of the original"},{"speaker":"Unknown","startTime":208.77,"endTime":212.67,"body":"BiggerPockets Podcast. So he"},{"speaker":"Unknown","startTime":212.67,"endTime":214.53,"body":"probably actually would have"},{"speaker":"Unknown","startTime":212.67,"endTime":214.53,"body":"been a great guest as well."},{"speaker":"Unknown","startTime":215.22,"endTime":217.5,"body":"Yeah, I was messaging back and"},{"speaker":"Unknown","startTime":215.22,"endTime":217.5,"body":"forth with Dave here. 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And"},{"speaker":"Unknown","startTime":270.21,"endTime":272.73,"body":"I'm also a real estate investor."},{"speaker":"Unknown","startTime":270.21,"endTime":272.73,"body":"Of course, I've been doing that"},{"speaker":"Unknown","startTime":272.73,"endTime":276.6,"body":"for about 12 years and most"},{"speaker":"Unknown","startTime":272.73,"endTime":276.6,"body":"recently, as you're alluding to"},{"speaker":"Unknown","startTime":276.6,"endTime":279.99,"body":"thank you for allowing me to do"},{"speaker":"Unknown","startTime":276.6,"endTime":279.99,"body":"the shameless plug. And now the"},{"speaker":"Unknown","startTime":279.99,"endTime":283.53,"body":"host of bigger pockets newest"},{"speaker":"Unknown","startTime":279.99,"endTime":283.53,"body":"podcast which is called on the"},{"speaker":"Unknown","startTime":283.53,"endTime":289.86,"body":"market. 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Cut"},{"speaker":"Unknown","startTime":333.48,"endTime":336.72,"body":"that crap out. We look at"},{"speaker":"Unknown","startTime":333.48,"endTime":336.72,"body":"numbers here. And we're gonna"},{"speaker":"Unknown","startTime":336.72,"endTime":339.63,"body":"look at the numbers, the data,"},{"speaker":"Unknown","startTime":336.72,"endTime":339.63,"body":"the analytics, I was just"},{"speaker":"Unknown","startTime":339.63,"endTime":343.14,"body":"telling him this. For people"},{"speaker":"Unknown","startTime":339.63,"endTime":343.14,"body":"listening, I'm trying to turn"},{"speaker":"Unknown","startTime":343.14,"endTime":346.23,"body":"down a little bit, we'll bring"},{"speaker":"Unknown","startTime":343.14,"endTime":346.23,"body":"you because I am excited to talk"},{"speaker":"Unknown","startTime":346.23,"endTime":349.26,"body":"to Dave here. And then B. 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So to"},{"speaker":"Unknown","startTime":362.31,"endTime":365.7,"body":"begin here, you said you are a"},{"speaker":"Unknown","startTime":365.7,"endTime":368.49,"body":"real estate investor? What kind"},{"speaker":"Unknown","startTime":365.7,"endTime":368.49,"body":"of verticals are you in in real"},{"speaker":"Unknown","startTime":368.49,"endTime":368.88,"body":"estate."},{"speaker":"Unknown","startTime":370.32,"endTime":375.99,"body":"I primarily invest in long term"},{"speaker":"Unknown","startTime":370.32,"endTime":375.99,"body":"buy and hold rentals. I"},{"speaker":"Unknown","startTime":376.02,"endTime":379.95,"body":"personally like having my full"},{"speaker":"Unknown","startTime":376.02,"endTime":379.95,"body":"time job. I love working at"},{"speaker":"Unknown","startTime":379.95,"endTime":384.24,"body":"bigger pockets. And so for me,"},{"speaker":"Unknown","startTime":379.95,"endTime":384.24,"body":"doing flips, or a lot of value"},{"speaker":"Unknown","startTime":384.24,"endTime":387.42,"body":"add stuff is just not in the"},{"speaker":"Unknown","startTime":384.24,"endTime":387.42,"body":"cards for the amount of time I"},{"speaker":"Unknown","startTime":387.42,"endTime":390.66,"body":"have to devote to real estate"},{"speaker":"Unknown","startTime":387.42,"endTime":390.66,"body":"right now. And so I try and buy"},{"speaker":"Unknown","startTime":390.69,"endTime":394.8,"body":"things that I can buy, give them"},{"speaker":"Unknown","startTime":390.69,"endTime":394.8,"body":"to a property manager and hold"},{"speaker":"Unknown","startTime":394.8,"endTime":398.7,"body":"on to them for 30 plus years is"},{"speaker":"Unknown","startTime":394.8,"endTime":398.7,"body":"my is pretty simple. I have"},{"speaker":"Unknown","startTime":398.7,"endTime":403.08,"body":"house hacked before I do have"},{"speaker":"Unknown","startTime":398.7,"endTime":403.08,"body":"one short term rental as well."},{"speaker":"Unknown","startTime":403.26,"endTime":408.33,"body":"Since I've been in Amsterdam,"},{"speaker":"Unknown","startTime":403.26,"endTime":408.33,"body":"it's gave me the impetus to"},{"speaker":"Unknown","startTime":408.33,"endTime":411.9,"body":"start looking at and investing"},{"speaker":"Unknown","startTime":408.33,"endTime":411.9,"body":"in syndication. So I've been"},{"speaker":"Unknown","startTime":411.93,"endTime":416.07,"body":"doing some more passive stuff as"},{"speaker":"Unknown","startTime":411.93,"endTime":416.07,"body":"well. Just because I you can"},{"speaker":"Unknown","startTime":416.1,"endTime":419.28,"body":"invest from abroad is actually"},{"speaker":"Unknown","startTime":416.1,"endTime":419.28,"body":"really not that complicated. But"},{"speaker":"Unknown","startTime":419.28,"endTime":421.02,"body":"once I moved over here, I was"},{"speaker":"Unknown","startTime":419.28,"endTime":421.02,"body":"like, Man, I should really"},{"speaker":"Unknown","startTime":421.02,"endTime":423.24,"body":"figure out how to do this a"},{"speaker":"Unknown","startTime":421.02,"endTime":423.24,"body":"little bit more passively. That"},{"speaker":"Unknown","startTime":423.24,"endTime":426.21,"body":"would be fun. And there's all"},{"speaker":"Unknown","startTime":423.24,"endTime":426.21,"body":"sorts of great operators out"},{"speaker":"Unknown","startTime":426.21,"endTime":429.06,"body":"there who are doing good deals"},{"speaker":"Unknown","startTime":426.21,"endTime":429.06,"body":"that you can put money into. So"},{"speaker":"Unknown","startTime":429.06,"endTime":431.07,"body":"I've been doing that as well for"},{"speaker":"Unknown","startTime":429.06,"endTime":431.07,"body":"the last couple of years."},{"speaker":"Unknown","startTime":431.76,"endTime":434.76,"body":"Okay, yeah, as an LP. Yeah,"},{"speaker":"Unknown","startTime":431.76,"endTime":434.76,"body":"exactly."},{"speaker":"Unknown","startTime":435.15,"endTime":437.34,"body":"I'm not finding the deals or"},{"speaker":"Unknown","startTime":435.15,"endTime":437.34,"body":"doing anything, I'm just"},{"speaker":"Unknown","startTime":437.46,"endTime":438.66,"body":"contributing cash."},{"speaker":"Unknown","startTime":439.59,"endTime":442.92,"body":"And I love that you said that"},{"speaker":"Unknown","startTime":439.59,"endTime":442.92,"body":"because personal finance is"},{"speaker":"Unknown","startTime":442.92,"endTime":447.42,"body":"personal. 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So the"},{"speaker":"Unknown","startTime":458.22,"endTime":461.73,"body":"goal isn't to retire, and then"},{"speaker":"Unknown","startTime":458.22,"endTime":461.73,"body":"just lay on a beach, you're"},{"speaker":"Unknown","startTime":461.73,"endTime":465.36,"body":"going to be hungover and"},{"speaker":"Unknown","startTime":461.73,"endTime":465.36,"body":"sunburned after two weeks. It's"},{"speaker":"Unknown","startTime":465.36,"endTime":470.07,"body":"to do whatever you want to do."},{"speaker":"Unknown","startTime":465.36,"endTime":470.07,"body":"And what fires you up in for"},{"speaker":"Unknown","startTime":470.07,"endTime":471.96,"body":"you. It's Doc and data."},{"speaker":"Unknown","startTime":472.56,"endTime":476.91,"body":"Yeah, I love doing this. It's"},{"speaker":"Unknown","startTime":472.56,"endTime":476.91,"body":"fun. I like working. Being on a"},{"speaker":"Unknown","startTime":476.91,"endTime":479.88,"body":"team and working at a software"},{"speaker":"Unknown","startTime":476.91,"endTime":479.88,"body":"company is fun for me before I"},{"speaker":"Unknown","startTime":479.88,"endTime":481.89,"body":"worked at bigger pockets, I"},{"speaker":"Unknown","startTime":479.88,"endTime":481.89,"body":"worked in software, and I've"},{"speaker":"Unknown","startTime":481.89,"endTime":484.95,"body":"always just really enjoyed it."},{"speaker":"Unknown","startTime":481.89,"endTime":484.95,"body":"It's a fast paced, fun"},{"speaker":"Unknown","startTime":484.95,"endTime":490.02,"body":"environment, you get to solve"},{"speaker":"Unknown","startTime":484.95,"endTime":490.02,"body":"problems and help people bigger"},{"speaker":"Unknown","startTime":490.02,"endTime":493.17,"body":"pockets has helped millions of"},{"speaker":"Unknown","startTime":490.02,"endTime":493.17,"body":"people understand personal"},{"speaker":"Unknown","startTime":493.17,"endTime":498.09,"body":"finance, try and pursue"},{"speaker":"Unknown","startTime":493.17,"endTime":498.09,"body":"financial freedom. And that is"},{"speaker":"Unknown","startTime":498.09,"endTime":501.15,"body":"very motivating to me. So I like"},{"speaker":"Unknown","startTime":498.09,"endTime":501.15,"body":"it and totally agree with what"},{"speaker":"Unknown","startTime":501.15,"endTime":506.13,"body":"you said that. I think a lot of"},{"speaker":"Unknown","startTime":501.15,"endTime":506.13,"body":"times in this industry, people"},{"speaker":"Unknown","startTime":506.13,"endTime":510.78,"body":"prescribe a certain type of"},{"speaker":"Unknown","startTime":506.13,"endTime":510.78,"body":"asset class a certain type of"},{"speaker":"Unknown","startTime":510.78,"endTime":515.4,"body":"path that they believe in, which"},{"speaker":"Unknown","startTime":510.78,"endTime":515.4,"body":"is great if you if that's what"},{"speaker":"Unknown","startTime":515.4,"endTime":518.58,"body":"you want to do, you should. But"},{"speaker":"Unknown","startTime":515.4,"endTime":518.58,"body":"for me, I'm doing something I"},{"speaker":"Unknown","startTime":518.58,"endTime":523.56,"body":"already like so I'm not trying"},{"speaker":"Unknown","startTime":518.58,"endTime":523.56,"body":"to quit. But I am. I would like"},{"speaker":"Unknown","startTime":523.56,"endTime":527.79,"body":"to be work optional in a couple"},{"speaker":"Unknown","startTime":523.56,"endTime":527.79,"body":"of years is my goal is to have"},{"speaker":"Unknown","startTime":527.79,"endTime":532.32,"body":"the option to not work. And I'm"},{"speaker":"Unknown","startTime":527.79,"endTime":532.32,"body":"well on track for that goal. So"},{"speaker":"Unknown","startTime":532.32,"endTime":532.98,"body":"that's exciting."},{"speaker":"Unknown","startTime":533.82,"endTime":537.27,"body":"Awesome. So let's kick off."},{"speaker":"Unknown","startTime":533.82,"endTime":537.27,"body":"Let's kick off the day that man,"},{"speaker":"Unknown","startTime":537.57,"endTime":542.07,"body":"what are some of the questions"},{"speaker":"Unknown","startTime":537.57,"endTime":542.07,"body":"because I know that you are both"},{"speaker":"Unknown","startTime":542.19,"endTime":546.48,"body":"flooded with questions"},{"speaker":"Unknown","startTime":542.19,"endTime":546.48,"body":"constantly. To say the least."},{"speaker":"Unknown","startTime":546.9,"endTime":550.17,"body":"And I know that this has been a"},{"speaker":"Unknown","startTime":546.9,"endTime":550.17,"body":"main focus for your show. So"},{"speaker":"Unknown","startTime":550.17,"endTime":552.0,"body":"what are some of the top"},{"speaker":"Unknown","startTime":550.17,"endTime":552.0,"body":"questions that you're getting"},{"speaker":"Unknown","startTime":552.0,"endTime":554.43,"body":"from people? I'm sure just"},{"speaker":"Unknown","startTime":552.0,"endTime":554.43,"body":"general market outlook if you"},{"speaker":"Unknown","startTime":554.43,"endTime":555.12,"body":"want to start there."},{"speaker":"Unknown","startTime":555.75,"endTime":559.08,"body":"Yeah, most people just want"},{"speaker":"Unknown","startTime":555.75,"endTime":559.08,"body":"enough the markets gonna crash"},{"speaker":"Unknown","startTime":559.08,"endTime":562.11,"body":"that actually yeah. The most"},{"speaker":"Unknown","startTime":559.08,"endTime":562.11,"body":"common question I've been"},{"speaker":"Unknown","startTime":562.11,"endTime":566.85,"body":"getting, man for four years, two"},{"speaker":"Unknown","startTime":562.11,"endTime":566.85,"body":"years. Yeah, for as long as I've"},{"speaker":"Unknown","startTime":566.85,"endTime":570.6,"body":"been doing this. And I've only"},{"speaker":"Unknown","startTime":566.85,"endTime":570.6,"body":"really been doing this publicly"},{"speaker":"Unknown","startTime":570.63,"endTime":574.98,"body":"for the last few years. But"},{"speaker":"Unknown","startTime":570.63,"endTime":574.98,"body":"since you know, the questions"},{"speaker":"Unknown","startTime":574.98,"endTime":578.49,"body":"just get more frequent and more"},{"speaker":"Unknown","startTime":574.98,"endTime":578.49,"body":"urgent, given the climate we're"},{"speaker":"Unknown","startTime":578.49,"endTime":583.11,"body":"in. And it's a good question,"},{"speaker":"Unknown","startTime":578.49,"endTime":583.11,"body":"because it is we're in a very"},{"speaker":"Unknown","startTime":583.11,"endTime":588.6,"body":"strange economic time, and I do"},{"speaker":"Unknown","startTime":583.11,"endTime":588.6,"body":"my best to answer that. And I"},{"speaker":"Unknown","startTime":588.6,"endTime":590.91,"body":"assume you want me to try and"},{"speaker":"Unknown","startTime":588.6,"endTime":590.91,"body":"answer that."},{"speaker":"Unknown","startTime":591.24,"endTime":594.93,"body":"Yeah. So what we'll try to do,"},{"speaker":"Unknown","startTime":591.24,"endTime":594.93,"body":"let's so what we're not going to"},{"speaker":"Unknown","startTime":594.93,"endTime":597.66,"body":"do is we're not going to"},{"speaker":"Unknown","startTime":594.93,"endTime":597.66,"body":"sacrifice leprechauns whip out a"},{"speaker":"Unknown","startTime":597.66,"endTime":600.96,"body":"Ouija board and a crystal ball"},{"speaker":"Unknown","startTime":597.66,"endTime":600.96,"body":"and tell you all what's going to"},{"speaker":"Unknown","startTime":600.96,"endTime":604.41,"body":"happen. What we can do is we can"},{"speaker":"Unknown","startTime":600.96,"endTime":604.41,"body":"look at historical trends of"},{"speaker":"Unknown","startTime":604.41,"endTime":607.35,"body":"data, we can look at current"},{"speaker":"Unknown","startTime":604.41,"endTime":607.35,"body":"data, and we can look at"},{"speaker":"Unknown","startTime":607.35,"endTime":609.99,"body":"forecasted data. And that's the"},{"speaker":"Unknown","startTime":607.35,"endTime":609.99,"body":"information that we're going to"},{"speaker":"Unknown","startTime":609.99,"endTime":613.92,"body":"give you guys on the show today."},{"speaker":"Unknown","startTime":609.99,"endTime":613.92,"body":"So let's speak to two different"},{"speaker":"Unknown","startTime":613.92,"endTime":616.47,"body":"people from two different"},{"speaker":"Unknown","startTime":613.92,"endTime":616.47,"body":"perspectives, because we got,"},{"speaker":"Unknown","startTime":616.92,"endTime":619.59,"body":"and we'll start at the ground"},{"speaker":"Unknown","startTime":616.92,"endTime":619.59,"body":"floor first, and then we'll work"},{"speaker":"Unknown","startTime":619.59,"endTime":625.2,"body":"our way up. So for a person,"},{"speaker":"Unknown","startTime":619.59,"endTime":625.2,"body":"that's a personal buyer, that is"},{"speaker":"Unknown","startTime":625.71,"endTime":628.41,"body":"just not even from an investment"},{"speaker":"Unknown","startTime":625.71,"endTime":628.41,"body":"standpoint, they're looking for"},{"speaker":"Unknown","startTime":628.41,"endTime":631.65,"body":"a primary residence, let's speak"},{"speaker":"Unknown","startTime":628.41,"endTime":631.65,"body":"to that person first. The one"},{"speaker":"Unknown","startTime":631.65,"endTime":635.97,"body":"that is like, hey, I want to"},{"speaker":"Unknown","startTime":631.65,"endTime":635.97,"body":"either buy my first deal, or I"},{"speaker":"Unknown","startTime":635.97,"endTime":639.39,"body":"want to buy a primary residence,"},{"speaker":"Unknown","startTime":635.97,"endTime":639.39,"body":"and I'm getting either priced"},{"speaker":"Unknown","startTime":639.39,"endTime":643.17,"body":"out of the market here, or I'm"},{"speaker":"Unknown","startTime":639.39,"endTime":643.17,"body":"sitting on cash, and I'm waiting"},{"speaker":"Unknown","startTime":643.17,"endTime":646.44,"body":"for a crash. What kind of data"},{"speaker":"Unknown","startTime":643.17,"endTime":646.44,"body":"are we seeing here? What are we"},{"speaker":"Unknown","startTime":646.44,"endTime":650.07,"body":"looking for? What can we tell"},{"speaker":"Unknown","startTime":646.44,"endTime":650.07,"body":"that person as best practice"},{"speaker":"Unknown","startTime":650.07,"endTime":653.07,"body":"based off of what we see in the"},{"speaker":"Unknown","startTime":650.07,"endTime":653.07,"body":"data? Specifically?"},{"speaker":"Unknown","startTime":654.18,"endTime":658.62,"body":"I think I personally, do ever"},{"speaker":"Unknown","startTime":654.18,"endTime":658.62,"body":"recommend that people wait for a"},{"speaker":"Unknown","startTime":658.62,"endTime":663.48,"body":"crash, because it's uncertain if"},{"speaker":"Unknown","startTime":658.62,"endTime":663.48,"body":"that will happen. And again, as"},{"speaker":"Unknown","startTime":663.48,"endTime":667.44,"body":"you said, we don't know I'm"},{"speaker":"Unknown","startTime":663.48,"endTime":667.44,"body":"just, but I'll just say that it"},{"speaker":"Unknown","startTime":667.44,"endTime":671.31,"body":"is uncertain if a crash will"},{"speaker":"Unknown","startTime":667.44,"endTime":671.31,"body":"happen. And if so, we definitely"},{"speaker":"Unknown","startTime":671.31,"endTime":674.13,"body":"don't know when it will happen."},{"speaker":"Unknown","startTime":671.31,"endTime":674.13,"body":"And we don't know how severe it"},{"speaker":"Unknown","startTime":674.13,"endTime":680.37,"body":"will be. And, to me, the more"},{"speaker":"Unknown","startTime":674.13,"endTime":680.37,"body":"important thing that's happening"},{"speaker":"Unknown","startTime":680.37,"endTime":683.49,"body":"right now is that interest rates"},{"speaker":"Unknown","startTime":680.37,"endTime":683.49,"body":"are rising. And if we're looking"},{"speaker":"Unknown","startTime":683.49,"endTime":687.03,"body":"at interest rates going up, that"},{"speaker":"Unknown","startTime":683.49,"endTime":687.03,"body":"to me is definitely going to"},{"speaker":"Unknown","startTime":687.03,"endTime":690.18,"body":"keep going for the next two or"},{"speaker":"Unknown","startTime":687.03,"endTime":690.18,"body":"three years. I personally agree,"},{"speaker":"Unknown","startTime":690.21,"endTime":692.52,"body":"or at least they're gonna stay"},{"speaker":"Unknown","startTime":690.21,"endTime":692.52,"body":"at least this high or probably a"},{"speaker":"Unknown","startTime":692.52,"endTime":695.19,"body":"bit higher, I don't think we're"},{"speaker":"Unknown","startTime":692.52,"endTime":695.19,"body":"getting to 10% mortgages or"},{"speaker":"Unknown","startTime":695.19,"endTime":698.52,"body":"anything like that. But I don't"},{"speaker":"Unknown","startTime":695.19,"endTime":698.52,"body":"think we're, it would be"},{"speaker":"Unknown","startTime":698.52,"endTime":701.73,"body":"unreasonable to see investor"},{"speaker":"Unknown","startTime":698.52,"endTime":701.73,"body":"mortgages, or receivable, or"},{"speaker":"Unknown","startTime":701.73,"endTime":704.34,"body":"we're talking about sorry,"},{"speaker":"Unknown","startTime":701.73,"endTime":704.34,"body":"single family owner occupant"},{"speaker":"Unknown","startTime":704.34,"endTime":708.9,"body":"mortgages, hit five and a half"},{"speaker":"Unknown","startTime":704.34,"endTime":708.9,"body":"or 6%. And if you were waiting,"},{"speaker":"Unknown","startTime":708.99,"endTime":713.64,"body":"you are just going to pay more"},{"speaker":"Unknown","startTime":708.99,"endTime":713.64,"body":"interest on your mortgage. And"},{"speaker":"Unknown","startTime":713.67,"endTime":717.0,"body":"it's true, if there is a crash,"},{"speaker":"Unknown","startTime":713.67,"endTime":717.0,"body":"then you might save some money,"},{"speaker":"Unknown","startTime":717.18,"endTime":720.21,"body":"but you will be paying, in many"},{"speaker":"Unknown","startTime":717.18,"endTime":720.21,"body":"cases, and I've done some"},{"speaker":"Unknown","startTime":720.21,"endTime":723.48,"body":"analysis to look at this. In"},{"speaker":"Unknown","startTime":720.21,"endTime":723.48,"body":"many cases, if there's a crash"},{"speaker":"Unknown","startTime":723.48,"endTime":727.02,"body":"of only three or 5%, for"},{"speaker":"Unknown","startTime":723.48,"endTime":727.02,"body":"example, which I should say it's"},{"speaker":"Unknown","startTime":727.02,"endTime":729.96,"body":"not really a crash is like a"},{"speaker":"Unknown","startTime":727.02,"endTime":729.96,"body":"correction as a normal market."},{"speaker":"Unknown","startTime":729.96,"endTime":733.35,"body":"So it'd be almost healthy. Yeah,"},{"speaker":"Unknown","startTime":729.96,"endTime":733.35,"body":"yeah, exactly. So if it goes"},{"speaker":"Unknown","startTime":733.35,"endTime":737.13,"body":"down three, or 5%, you're"},{"speaker":"Unknown","startTime":733.35,"endTime":737.13,"body":"actually better off buying now"},{"speaker":"Unknown","startTime":737.13,"endTime":740.97,"body":"with lower interest rates than"},{"speaker":"Unknown","startTime":737.13,"endTime":740.97,"body":"waiting for the market to go"},{"speaker":"Unknown","startTime":741.0,"endTime":744.57,"body":"down 5% and buying at a higher"},{"speaker":"Unknown","startTime":741.0,"endTime":744.57,"body":"interest rate. And I'll assume"},{"speaker":"Unknown","startTime":744.6,"endTime":747.21,"body":"it goes up a full point. So I"},{"speaker":"Unknown","startTime":744.6,"endTime":747.21,"body":"think that's something people"},{"speaker":"Unknown","startTime":747.21,"endTime":750.0,"body":"should just really think about"},{"speaker":"Unknown","startTime":747.21,"endTime":750.0,"body":"is that it's not all about the"},{"speaker":"Unknown","startTime":750.0,"endTime":753.66,"body":"purchase price. Because if"},{"speaker":"Unknown","startTime":750.0,"endTime":753.66,"body":"you're using debt, the cost of"},{"speaker":"Unknown","startTime":753.66,"endTime":757.11,"body":"that debt, which is reflected in"},{"speaker":"Unknown","startTime":753.66,"endTime":757.11,"body":"your interest rate is super"},{"speaker":"Unknown","startTime":757.11,"endTime":760.14,"body":"important. And that is something"},{"speaker":"Unknown","startTime":757.11,"endTime":760.14,"body":"I think people should think"},{"speaker":"Unknown","startTime":760.14,"endTime":766.53,"body":"about. And then maybe even more"},{"speaker":"Unknown","startTime":760.14,"endTime":766.53,"body":"importantly, is what I try to do"},{"speaker":"Unknown","startTime":766.56,"endTime":773.1,"body":"as a data analyst is caution"},{"speaker":"Unknown","startTime":766.56,"endTime":773.1,"body":"people from focusing too much on"},{"speaker":"Unknown","startTime":773.13,"endTime":779.04,"body":"short term trends and ignoring"},{"speaker":"Unknown","startTime":773.13,"endTime":779.04,"body":"long term trends. And to me, the"},{"speaker":"Unknown","startTime":780.06,"endTime":784.29,"body":"outlook for housing price"},{"speaker":"Unknown","startTime":780.06,"endTime":784.29,"body":"appreciation in the five to 10"},{"speaker":"Unknown","startTime":784.29,"endTime":788.52,"body":"year period is extremely strong,"},{"speaker":"Unknown","startTime":784.29,"endTime":788.52,"body":"and is not really in my mind,"},{"speaker":"Unknown","startTime":788.52,"endTime":790.23,"body":"it's not really much of a"},{"speaker":"Unknown","startTime":788.52,"endTime":790.23,"body":"question, I think it's going to"},{"speaker":"Unknown","startTime":790.23,"endTime":794.07,"body":"keep going up. So if you're"},{"speaker":"Unknown","startTime":790.23,"endTime":794.07,"body":"looking for a single family"},{"speaker":"Unknown","startTime":794.07,"endTime":796.92,"body":"home, you're trying to buy into"},{"speaker":"Unknown","startTime":794.07,"endTime":796.92,"body":"the market, if you're going to"},{"speaker":"Unknown","startTime":796.92,"endTime":800.52,"body":"stay in that home for at least"},{"speaker":"Unknown","startTime":796.92,"endTime":800.52,"body":"five years, I think you could"},{"speaker":"Unknown","startTime":800.52,"endTime":803.1,"body":"buy now you could buy in six"},{"speaker":"Unknown","startTime":800.52,"endTime":803.1,"body":"months, like it's probably not"},{"speaker":"Unknown","startTime":803.13,"endTime":806.22,"body":"even gonna matter all that much,"},{"speaker":"Unknown","startTime":803.13,"endTime":806.22,"body":"because housing prices five to"},{"speaker":"Unknown","startTime":806.22,"endTime":808.8,"body":"10 years from now, when you go"},{"speaker":"Unknown","startTime":806.22,"endTime":808.8,"body":"to sell that praying are going"},{"speaker":"Unknown","startTime":808.8,"endTime":812.25,"body":"to be up. And in that case, I"},{"speaker":"Unknown","startTime":808.8,"endTime":812.25,"body":"would personally advocate for"},{"speaker":"Unknown","startTime":812.25,"endTime":814.86,"body":"trying to get the lowest"},{"speaker":"Unknown","startTime":812.25,"endTime":814.86,"body":"interest rate possible. But"},{"speaker":"Unknown","startTime":815.25,"endTime":818.28,"body":"that's more of a personal"},{"speaker":"Unknown","startTime":815.25,"endTime":818.28,"body":"choice. So that's what I usually"},{"speaker":"Unknown","startTime":818.28,"endTime":822.21,"body":"tell people is to do that. And,"},{"speaker":"Unknown","startTime":818.28,"endTime":822.21,"body":"of course, all of this is to"},{"speaker":"Unknown","startTime":822.21,"endTime":825.06,"body":"say, I'm not saying just buy"},{"speaker":"Unknown","startTime":822.21,"endTime":825.06,"body":"anything, don't go out there and"},{"speaker":"Unknown","startTime":825.06,"endTime":828.0,"body":"just act emotionally and bid"},{"speaker":"Unknown","startTime":825.06,"endTime":828.0,"body":"over asking on something that's"},{"speaker":"Unknown","startTime":828.9,"endTime":832.8,"body":"not worthwhile. But if you can"},{"speaker":"Unknown","startTime":828.9,"endTime":832.8,"body":"find a deal that makes sense for"},{"speaker":"Unknown","startTime":832.8,"endTime":836.07,"body":"you, I don't think timing the"},{"speaker":"Unknown","startTime":832.8,"endTime":836.07,"body":"market really makes that much"},{"speaker":"Unknown","startTime":836.07,"endTime":837.96,"body":"sense. But if it's a good deal,"},{"speaker":"Unknown","startTime":836.07,"endTime":837.96,"body":"now, it's going to be a good"},{"speaker":"Unknown","startTime":837.96,"endTime":840.33,"body":"deal in six months, you know, if"},{"speaker":"Unknown","startTime":837.96,"endTime":840.33,"body":"it's a good deal, just go for"},{"speaker":"Unknown","startTime":840.33,"endTime":841.38,"body":"it. In my opinion."},{"speaker":"Unknown","startTime":841.68,"endTime":846.03,"body":"Yeah, time in the market is"},{"speaker":"Unknown","startTime":841.68,"endTime":846.03,"body":"better than timing the market"},{"speaker":"Unknown","startTime":846.18,"endTime":849.42,"body":"always. And that's in stocks."},{"speaker":"Unknown","startTime":846.18,"endTime":849.42,"body":"And that's in real estate. Can"},{"speaker":"Unknown","startTime":849.42,"endTime":853.2,"body":"you talk a little bit about the"},{"speaker":"Unknown","startTime":849.42,"endTime":853.2,"body":"economic levers that they're"},{"speaker":"Unknown","startTime":853.2,"endTime":857.37,"body":"pulling to do the interest"},{"speaker":"Unknown","startTime":853.2,"endTime":857.37,"body":"rates, because then raising the"},{"speaker":"Unknown","startTime":857.37,"endTime":861.27,"body":"interest rates is actually a"},{"speaker":"Unknown","startTime":857.37,"endTime":861.27,"body":"good thing. It is good people"},{"speaker":"Unknown","startTime":861.27,"endTime":864.51,"body":"see this as a negative thing."},{"speaker":"Unknown","startTime":861.27,"endTime":864.51,"body":"But it's part of a healthy"},{"speaker":"Unknown","startTime":864.54,"endTime":867.69,"body":"market cycle. And it's a part of"},{"speaker":"Unknown","startTime":864.54,"endTime":867.69,"body":"the economic machine working as"},{"speaker":"Unknown","startTime":867.69,"endTime":871.53,"body":"it's supposed to do, because"},{"speaker":"Unknown","startTime":867.69,"endTime":871.53,"body":"whenever you have a limited"},{"speaker":"Unknown","startTime":871.53,"endTime":875.4,"body":"supply, everyone's just gonna"},{"speaker":"Unknown","startTime":871.53,"endTime":875.4,"body":"It's like crabs in a bucket."},{"speaker":"Unknown","startTime":875.4,"endTime":877.74,"body":"Like they're just going to keep"},{"speaker":"Unknown","startTime":875.4,"endTime":877.74,"body":"going up and up. So they've got"},{"speaker":"Unknown","startTime":877.74,"endTime":880.11,"body":"to have some kind of levers. Can"},{"speaker":"Unknown","startTime":877.74,"endTime":880.11,"body":"you speak a little bit about"},{"speaker":"Unknown","startTime":880.11,"endTime":882.48,"body":"these levers that they're"},{"speaker":"Unknown","startTime":880.11,"endTime":882.48,"body":"pulling with the interest rates"},{"speaker":"Unknown","startTime":882.51,"endTime":885.51,"body":"and where we maybe see these"},{"speaker":"Unknown","startTime":882.51,"endTime":885.51,"body":"going? Because, yeah, I see the"},{"speaker":"Unknown","startTime":885.51,"endTime":888.96,"body":"same maybe six to 10%,"},{"speaker":"Unknown","startTime":885.51,"endTime":888.96,"body":"especially for the investor"},{"speaker":"Unknown","startTime":888.96,"endTime":890.64,"body":"loans over the next couple of"},{"speaker":"Unknown","startTime":888.96,"endTime":890.64,"body":"years."},{"speaker":"Unknown","startTime":891.54,"endTime":897.0,"body":"I so basically, interest rates"},{"speaker":"Unknown","startTime":891.54,"endTime":897.0,"body":"as the Fed controls them,"},{"speaker":"Unknown","startTime":897.45,"endTime":901.56,"body":"doesn't directly impact"},{"speaker":"Unknown","startTime":897.45,"endTime":901.56,"body":"mortgages. Is but has this, you"},{"speaker":"Unknown","startTime":901.56,"endTime":905.34,"body":"know, trickle effect where"},{"speaker":"Unknown","startTime":901.56,"endTime":905.34,"body":"eventually impacts mortgages."},{"speaker":"Unknown","startTime":905.61,"endTime":908.46,"body":"But they've been stimulating the"},{"speaker":"Unknown","startTime":905.61,"endTime":908.46,"body":"economy in two ways for the last"},{"speaker":"Unknown","startTime":908.46,"endTime":911.25,"body":"two years, and that's with"},{"speaker":"Unknown","startTime":908.46,"endTime":911.25,"body":"interest rates, their interest"},{"speaker":"Unknown","startTime":911.25,"endTime":915.03,"body":"rate, which is what they, their"},{"speaker":"Unknown","startTime":911.25,"endTime":915.03,"body":"target rate is about zero right"},{"speaker":"Unknown","startTime":915.03,"endTime":919.14,"body":"now, or it's now at point two"},{"speaker":"Unknown","startTime":915.03,"endTime":919.14,"body":"5%. And I've also been doing"},{"speaker":"Unknown","startTime":919.14,"endTime":921.87,"body":"quantitative easing, where they"},{"speaker":"Unknown","startTime":919.14,"endTime":921.87,"body":"buy bonds and mortgage backed"},{"speaker":"Unknown","startTime":921.87,"endTime":926.19,"body":"securities. Both of these are"},{"speaker":"Unknown","startTime":921.87,"endTime":926.19,"body":"really strong stimulants for the"},{"speaker":"Unknown","startTime":926.19,"endTime":929.37,"body":"economy. And people have"},{"speaker":"Unknown","startTime":926.19,"endTime":929.37,"body":"different opinions about this."},{"speaker":"Unknown","startTime":929.37,"endTime":933.69,"body":"But I personally believe that in"},{"speaker":"Unknown","startTime":929.37,"endTime":933.69,"body":"March of 2020, it was needed,"},{"speaker":"Unknown","startTime":933.75,"endTime":937.26,"body":"there was economic, there was a"},{"speaker":"Unknown","startTime":933.75,"endTime":937.26,"body":"need for this, they have allowed"},{"speaker":"Unknown","startTime":937.26,"endTime":941.76,"body":"this to go on for a very long"},{"speaker":"Unknown","startTime":937.26,"endTime":941.76,"body":"time. And hindsight, is 2020. So"},{"speaker":"Unknown","startTime":941.76,"endTime":945.99,"body":"it's easy to say this. Now,"},{"speaker":"Unknown","startTime":941.76,"endTime":945.99,"body":"looking back on this, it seems"},{"speaker":"Unknown","startTime":945.99,"endTime":948.15,"body":"like we've had too much"},{"speaker":"Unknown","startTime":945.99,"endTime":948.15,"body":"stimulus. And that is what's"},{"speaker":"Unknown","startTime":948.15,"endTime":953.04,"body":"causing all of this inflation."},{"speaker":"Unknown","startTime":948.15,"endTime":953.04,"body":"Inflation is basically defined"},{"speaker":"Unknown","startTime":953.04,"endTime":957.12,"body":"as too much money chasing too"},{"speaker":"Unknown","startTime":953.04,"endTime":957.12,"body":"few goods. And so we had all"},{"speaker":"Unknown","startTime":957.12,"endTime":959.64,"body":"this stimulus, which is"},{"speaker":"Unknown","startTime":957.12,"endTime":959.64,"body":"increasing the amount of money,"},{"speaker":"Unknown","startTime":959.79,"endTime":962.7,"body":"and we have supply chain issues,"},{"speaker":"Unknown","startTime":959.79,"endTime":962.7,"body":"which is decreasing the amount"},{"speaker":"Unknown","startTime":962.7,"endTime":966.93,"body":"of goods. So that is a perfect"},{"speaker":"Unknown","startTime":962.7,"endTime":966.93,"body":"storm for inflation. And as you"},{"speaker":"Unknown","startTime":966.93,"endTime":971.4,"body":"said, That's really bad. And so"},{"speaker":"Unknown","startTime":966.93,"endTime":971.4,"body":"the Fed needs to raise interest"},{"speaker":"Unknown","startTime":971.4,"endTime":974.16,"body":"rates, they have to do this"},{"speaker":"Unknown","startTime":971.4,"endTime":974.16,"body":"because that is the only way"},{"speaker":"Unknown","startTime":974.31,"endTime":978.33,"body":"only logical way to get"},{"speaker":"Unknown","startTime":974.31,"endTime":978.33,"body":"inflation under control right"},{"speaker":"Unknown","startTime":978.33,"endTime":982.35,"body":"now. And that is part of a"},{"speaker":"Unknown","startTime":978.33,"endTime":982.35,"body":"normal economic cycle. And yes,"},{"speaker":"Unknown","startTime":982.35,"endTime":986.85,"body":"that is going to that could"},{"speaker":"Unknown","startTime":982.35,"endTime":986.85,"body":"potentially decrease asset"},{"speaker":"Unknown","startTime":986.85,"endTime":991.2,"body":"values, it could increase"},{"speaker":"Unknown","startTime":986.85,"endTime":991.2,"body":"unemployment, both of which are"},{"speaker":"Unknown","startTime":991.5,"endTime":995.25,"body":"negative implications, no one"},{"speaker":"Unknown","startTime":991.5,"endTime":995.25,"body":"wants that to happen. But"},{"speaker":"Unknown","startTime":995.25,"endTime":999.33,"body":"runaway inflation is a really"},{"speaker":"Unknown","startTime":995.25,"endTime":999.33,"body":"bad problem for the economy. And"},{"speaker":"Unknown","startTime":999.54,"endTime":1005.12,"body":"it is, in my opinion, important"},{"speaker":"Unknown","startTime":999.54,"endTime":1005.12,"body":"that inflation gets down as soon"},{"speaker":"Unknown","startTime":1005.12,"endTime":1007.52,"body":"as possible. That's just my"},{"speaker":"Unknown","startTime":1005.12,"endTime":1007.52,"body":"opinion, other people think"},{"speaker":"Unknown","startTime":1007.52,"endTime":1011.0,"body":"differently about this, but"},{"speaker":"Unknown","startTime":1007.52,"endTime":1011.0,"body":"that's how I see it. And I think"},{"speaker":"Unknown","startTime":1011.0,"endTime":1015.59,"body":"that rising interest rates,"},{"speaker":"Unknown","startTime":1011.0,"endTime":1015.59,"body":"actually has benefits for people"},{"speaker":"Unknown","startTime":1015.59,"endTime":1020.42,"body":"across all walks of life, not"},{"speaker":"Unknown","startTime":1015.59,"endTime":1020.42,"body":"just investors, if you could get"},{"speaker":"Unknown","startTime":1020.42,"endTime":1024.08,"body":"back to a place where normal"},{"speaker":"Unknown","startTime":1020.42,"endTime":1024.08,"body":"people could put money in a"},{"speaker":"Unknown","startTime":1024.08,"endTime":1027.32,"body":"savings account and could earn"},{"speaker":"Unknown","startTime":1024.08,"endTime":1027.32,"body":"three or 4% and can save for"},{"speaker":"Unknown","startTime":1027.32,"endTime":1031.46,"body":"retirement, there's there are"},{"speaker":"Unknown","startTime":1027.32,"endTime":1031.46,"body":"benefits to it as well. It's not"},{"speaker":"Unknown","startTime":1031.46,"endTime":1034.94,"body":"just negative. So I think that"},{"speaker":"Unknown","startTime":1031.46,"endTime":1034.94,"body":"those are important factors. And"},{"speaker":"Unknown","startTime":1034.94,"endTime":1039.32,"body":"then the other thing is, if your"},{"speaker":"Unknown","startTime":1034.94,"endTime":1039.32,"body":"interest rate is always at zero,"},{"speaker":"Unknown","startTime":1039.35,"endTime":1042.11,"body":"then next time there is an"},{"speaker":"Unknown","startTime":1039.35,"endTime":1042.11,"body":"economic downturn, the Fed has"},{"speaker":"Unknown","startTime":1042.11,"endTime":1045.44,"body":"nothing to do to stimulate the"},{"speaker":"Unknown","startTime":1042.11,"endTime":1045.44,"body":"economy to help it. And so that"},{"speaker":"Unknown","startTime":1045.44,"endTime":1047.96,"body":"is another reason why they need"},{"speaker":"Unknown","startTime":1045.44,"endTime":1047.96,"body":"to raise interest rates. It's"},{"speaker":"Unknown","startTime":1047.96,"endTime":1051.95,"body":"not just inflation. But they"},{"speaker":"Unknown","startTime":1047.96,"endTime":1051.95,"body":"want to be prepared in case that"},{"speaker":"Unknown","startTime":1051.95,"endTime":1056.09,"body":"there is another economic"},{"speaker":"Unknown","startTime":1051.95,"endTime":1056.09,"body":"situation that needs stimulus"},{"speaker":"Unknown","startTime":1056.09,"endTime":1059.75,"body":"that they have some ammunition"},{"speaker":"Unknown","startTime":1056.09,"endTime":1059.75,"body":"with which to stimulate the"},{"speaker":"Unknown","startTime":1059.75,"endTime":1062.03,"body":"economy. And if their interest"},{"speaker":"Unknown","startTime":1059.75,"endTime":1062.03,"body":"rates are at zero, they've"},{"speaker":"Unknown","startTime":1062.03,"endTime":1066.17,"body":"already played their best card."},{"speaker":"Unknown","startTime":1062.03,"endTime":1066.17,"body":"And so they are trying to"},{"speaker":"Unknown","startTime":1066.17,"endTime":1070.13,"body":"restock right now, so that they"},{"speaker":"Unknown","startTime":1066.17,"endTime":1070.13,"body":"have more cards to play in the"},{"speaker":"Unknown","startTime":1070.13,"endTime":1072.8,"body":"case that they need them because"},{"speaker":"Unknown","startTime":1070.13,"endTime":1072.8,"body":"frankly, we don't need stimulus"},{"speaker":"Unknown","startTime":1072.8,"endTime":1076.4,"body":"right now. The economy is"},{"speaker":"Unknown","startTime":1072.8,"endTime":1076.4,"body":"growing, we are at near we're"},{"speaker":"Unknown","startTime":1076.4,"endTime":1080.33,"body":"basically at full employment,"},{"speaker":"Unknown","startTime":1076.4,"endTime":1080.33,"body":"that we do not need stimulus. So"},{"speaker":"Unknown","startTime":1080.48,"endTime":1083.78,"body":"the fact that they are scaling"},{"speaker":"Unknown","startTime":1080.48,"endTime":1083.78,"body":"back on that is the only logical"},{"speaker":"Unknown","startTime":1083.78,"endTime":1084.92,"body":"thing to do in my mind."},{"speaker":"Unknown","startTime":1085.82,"endTime":1089.54,"body":"Yeah, it makes a lot of sense"},{"speaker":"Unknown","startTime":1085.82,"endTime":1089.54,"body":"for them to be able to do this."},{"speaker":"Unknown","startTime":1089.78,"endTime":1092.51,"body":"And then what you're saying it"},{"speaker":"Unknown","startTime":1089.78,"endTime":1092.51,"body":"makes a lot of sense. Because if"},{"speaker":"Unknown","startTime":1092.51,"endTime":1095.54,"body":"we ever did get into another"},{"speaker":"Unknown","startTime":1092.51,"endTime":1095.54,"body":"black swan event, that would"},{"speaker":"Unknown","startTime":1095.54,"endTime":1099.71,"body":"happen, then if the interest"},{"speaker":"Unknown","startTime":1095.54,"endTime":1099.71,"body":"rates are already low, then what"},{"speaker":"Unknown","startTime":1099.71,"endTime":1102.23,"body":"the heck are we like, there's"},{"speaker":"Unknown","startTime":1099.71,"endTime":1102.23,"body":"nothing that they can pull what"},{"speaker":"Unknown","startTime":1102.23,"endTime":1105.14,"body":"we're going to do negative 5%"},{"speaker":"Unknown","startTime":1102.23,"endTime":1105.14,"body":"interest rate here will pay you"},{"speaker":"Unknown","startTime":1105.14,"endTime":1107.69,"body":"to borrow money. It's not going"},{"speaker":"Unknown","startTime":1105.14,"endTime":1107.69,"body":"to work."},{"speaker":"Unknown","startTime":1107.93,"endTime":1111.89,"body":"They did that in Europe, and"},{"speaker":"Unknown","startTime":1107.93,"endTime":1111.89,"body":"after that financial crisis. And"},{"speaker":"Unknown","startTime":1111.89,"endTime":1115.46,"body":"it didn't work at all. They went"},{"speaker":"Unknown","startTime":1111.89,"endTime":1115.46,"body":"into a second recession in 2011."},{"speaker":"Unknown","startTime":1115.46,"endTime":1117.77,"body":"When they tried to raise"},{"speaker":"Unknown","startTime":1115.46,"endTime":1117.77,"body":"interest rates out of that, I"},{"speaker":"Unknown","startTime":1117.77,"endTime":1121.91,"body":"get why they did it was this"},{"speaker":"Unknown","startTime":1117.77,"endTime":1121.91,"body":"unprecedented thing. And it it"},{"speaker":"Unknown","startTime":1121.91,"endTime":1124.34,"body":"sort of makes sense. And again,"},{"speaker":"Unknown","startTime":1121.91,"endTime":1124.34,"body":"everything is easier to look at"},{"speaker":"Unknown","startTime":1124.34,"endTime":1127.7,"body":"in retrospect, but that didn't"},{"speaker":"Unknown","startTime":1124.34,"endTime":1127.7,"body":"work well. And so again, like,"},{"speaker":"Unknown","startTime":1127.76,"endTime":1131.99,"body":"yeah, we get we were talking"},{"speaker":"Unknown","startTime":1127.76,"endTime":1131.99,"body":"about rising interest rates in"},{"speaker":"Unknown","startTime":1131.99,"endTime":1136.37,"body":"the housing market, like a 5%."},{"speaker":"Unknown","startTime":1131.99,"endTime":1136.37,"body":"Mortgage is crazy. Like, before"},{"speaker":"Unknown","startTime":1136.37,"endTime":1141.26,"body":"2008. There was never a time in"},{"speaker":"Unknown","startTime":1136.37,"endTime":1141.26,"body":"the US that I know of that"},{"speaker":"Unknown","startTime":1141.32,"endTime":1145.25,"body":"mortgage rates were under 5%"},{"speaker":"Unknown","startTime":1141.32,"endTime":1145.25,"body":"ever. So the fact that we're now"},{"speaker":"Unknown","startTime":1145.25,"endTime":1148.34,"body":"paying 5% Like people are like,"},{"speaker":"Unknown","startTime":1145.25,"endTime":1148.34,"body":"Oh, my God is so crazy. It's so"},{"speaker":"Unknown","startTime":1148.34,"endTime":1152.24,"body":"expensive. In historical"},{"speaker":"Unknown","startTime":1148.34,"endTime":1152.24,"body":"context, it's not. And yes, it"},{"speaker":"Unknown","startTime":1152.24,"endTime":1155.93,"body":"does have an impact on housing"},{"speaker":"Unknown","startTime":1152.24,"endTime":1155.93,"body":"valuations, like going from"},{"speaker":"Unknown","startTime":1155.93,"endTime":1160.13,"body":"three to 5% does have that"},{"speaker":"Unknown","startTime":1155.93,"endTime":1160.13,"body":"impact, that the cost to borrow,"},{"speaker":"Unknown","startTime":1160.13,"endTime":1162.05,"body":"relatively speaking is still"},{"speaker":"Unknown","startTime":1160.13,"endTime":1162.05,"body":"very low."},{"speaker":"Unknown","startTime":1162.98,"endTime":1166.07,"body":"Yeah, because that's just a"},{"speaker":"Unknown","startTime":1162.98,"endTime":1166.07,"body":"recency bias that everyone has."},{"speaker":"Unknown","startTime":1166.25,"endTime":1170.78,"body":"We have a recency bias that"},{"speaker":"Unknown","startTime":1166.25,"endTime":1170.78,"body":"we're like, oh, 4% 3% I got this"},{"speaker":"Unknown","startTime":1170.78,"endTime":1174.77,"body":"last house that I'm in right now"},{"speaker":"Unknown","startTime":1170.78,"endTime":1174.77,"body":"at 2.5%. Wow. Yeah, I know. But"},{"speaker":"Unknown","startTime":1174.77,"endTime":1178.61,"body":"it's gonna be difficult to ever"},{"speaker":"Unknown","startTime":1174.77,"endTime":1178.61,"body":"do a refi. Right, can pull"},{"speaker":"Unknown","startTime":1178.73,"endTime":1182.96,"body":"massive levels of equity out and"},{"speaker":"Unknown","startTime":1178.73,"endTime":1182.96,"body":"be able to deploy that. So"},{"speaker":"Unknown","startTime":1182.99,"endTime":1188.3,"body":"before you alluded to long term"},{"speaker":"Unknown","startTime":1182.99,"endTime":1188.3,"body":"trends in the market, and right"},{"speaker":"Unknown","startTime":1188.3,"endTime":1194.9,"body":"now, we are seeing the one of"},{"speaker":"Unknown","startTime":1188.3,"endTime":1194.9,"body":"the probably the one of the"},{"speaker":"Unknown","startTime":1194.93,"endTime":1200.33,"body":"longest bull markets in real"},{"speaker":"Unknown","startTime":1194.93,"endTime":1200.33,"body":"estate ever. Correct? Yep. Yeah,"},{"speaker":"Unknown","startTime":1200.36,"endTime":1204.86,"body":"so let's hit on what we see in"},{"speaker":"Unknown","startTime":1200.36,"endTime":1204.86,"body":"the long term trends in the"},{"speaker":"Unknown","startTime":1204.86,"endTime":1209.27,"body":"data. And then we can maybe try"},{"speaker":"Unknown","startTime":1204.86,"endTime":1209.27,"body":"to poke holes and see what would"},{"speaker":"Unknown","startTime":1209.75,"endTime":1213.92,"body":"cause in a black slide, what"},{"speaker":"Unknown","startTime":1209.75,"endTime":1213.92,"body":"Black Swan event what even occur"},{"speaker":"Unknown","startTime":1214.22,"endTime":1217.46,"body":"to crash the market, because for"},{"speaker":"Unknown","startTime":1214.22,"endTime":1217.46,"body":"me, I can't even I can't even"},{"speaker":"Unknown","startTime":1217.46,"endTime":1223.61,"body":"see it. Because we're so low on"},{"speaker":"Unknown","startTime":1217.46,"endTime":1223.61,"body":"inventory. And we're not even"},{"speaker":"Unknown","startTime":1223.64,"endTime":1226.88,"body":"building single family homes as"},{"speaker":"Unknown","startTime":1223.64,"endTime":1226.88,"body":"much anymore. We're building"},{"speaker":"Unknown","startTime":1226.88,"endTime":1232.01,"body":"multifamily. And it's just I"},{"speaker":"Unknown","startTime":1226.88,"endTime":1232.01,"body":"don't see how the supply and the"},{"speaker":"Unknown","startTime":1232.01,"endTime":1234.89,"body":"demand is going to be able to"},{"speaker":"Unknown","startTime":1232.01,"endTime":1234.89,"body":"take I think people are hoping"},{"speaker":"Unknown","startTime":1234.89,"endTime":1237.38,"body":"and praying that the"},{"speaker":"Unknown","startTime":1234.89,"endTime":1237.38,"body":"recreational people on the"},{"speaker":"Unknown","startTime":1237.38,"endTime":1240.29,"body":"sidelines that are trying to"},{"speaker":"Unknown","startTime":1237.38,"endTime":1240.29,"body":"just buy a house that aren't"},{"speaker":"Unknown","startTime":1240.29,"endTime":1243.89,"body":"investors, they're praying up to"},{"speaker":"Unknown","startTime":1240.29,"endTime":1243.89,"body":"the sky to say, Oh, can't wait"},{"speaker":"Unknown","startTime":1243.89,"endTime":1248.3,"body":"for another 2008. But I just"},{"speaker":"Unknown","startTime":1243.89,"endTime":1248.3,"body":"don't see that happening at all."},{"speaker":"Unknown","startTime":1248.9,"endTime":1249.8,"body":"Can you speak on that?"},{"speaker":"Unknown","startTime":1250.22,"endTime":1254.18,"body":"Sure. Yeah. I generally think"},{"speaker":"Unknown","startTime":1250.22,"endTime":1254.18,"body":"that the, the market will"},{"speaker":"Unknown","startTime":1254.18,"endTime":1258.53,"body":"flatten or go down like in the"},{"speaker":"Unknown","startTime":1254.18,"endTime":1258.53,"body":"next two years, like, again, a"},{"speaker":"Unknown","startTime":1258.53,"endTime":1263.75,"body":"couple of percentage points. I"},{"speaker":"Unknown","startTime":1258.53,"endTime":1263.75,"body":"do not see a crash scenario,"},{"speaker":"Unknown","startTime":1263.75,"endTime":1266.72,"body":"like we have in 2008. And I've"},{"speaker":"Unknown","startTime":1263.75,"endTime":1266.72,"body":"talked about this a lot"},{"speaker":"Unknown","startTime":1266.72,"endTime":1270.74,"body":"recently, because I've dug into"},{"speaker":"Unknown","startTime":1266.72,"endTime":1270.74,"body":"it. And really like when you"},{"speaker":"Unknown","startTime":1270.74,"endTime":1276.5,"body":"look historically, the financial"},{"speaker":"Unknown","startTime":1270.74,"endTime":1276.5,"body":"crisis in 2007 2008 was by far"},{"speaker":"Unknown","startTime":1276.5,"endTime":1280.1,"body":"the biggest retraction in"},{"speaker":"Unknown","startTime":1276.5,"endTime":1280.1,"body":"housing market prices in the US"},{"speaker":"Unknown","startTime":1280.13,"endTime":1282.62,"body":"that I have data from that"},{"speaker":"Unknown","startTime":1280.13,"endTime":1282.62,"body":"happened in the 1800s. I don't"},{"speaker":"Unknown","startTime":1282.62,"endTime":1287.06,"body":"know. But going back in the last"},{"speaker":"Unknown","startTime":1282.62,"endTime":1287.06,"body":"60 years, where we have reliable"},{"speaker":"Unknown","startTime":1287.06,"endTime":1290.45,"body":"government data that's been"},{"speaker":"Unknown","startTime":1287.06,"endTime":1290.45,"body":"collected in the same way. It's"},{"speaker":"Unknown","startTime":1290.45,"endTime":1294.11,"body":"never happened. Normally, when"},{"speaker":"Unknown","startTime":1290.45,"endTime":1294.11,"body":"the housing market corrects, and"},{"speaker":"Unknown","startTime":1294.11,"endTime":1297.32,"body":"it does happen every couple of"},{"speaker":"Unknown","startTime":1294.11,"endTime":1297.32,"body":"years. It goes down somewhere"},{"speaker":"Unknown","startTime":1297.32,"endTime":1301.85,"body":"between two and 8% per year,"},{"speaker":"Unknown","startTime":1297.32,"endTime":1301.85,"body":"does it? It happens for a year"},{"speaker":"Unknown","startTime":1301.85,"endTime":1305.3,"body":"or two. It's not like the seven"},{"speaker":"Unknown","startTime":1301.85,"endTime":1305.3,"body":"year thing where it went down"},{"speaker":"Unknown","startTime":1305.3,"endTime":1309.35,"body":"30%, which is what happened, and"},{"speaker":"Unknown","startTime":1305.3,"endTime":1309.35,"body":"it's crazy. And that's because"},{"speaker":"Unknown","startTime":1309.56,"endTime":1312.74,"body":"of the fundamentals of the"},{"speaker":"Unknown","startTime":1309.56,"endTime":1312.74,"body":"market were unhinged at that"},{"speaker":"Unknown","startTime":1312.74,"endTime":1315.56,"body":"point. They were doing these"},{"speaker":"Unknown","startTime":1312.74,"endTime":1315.56,"body":"what are they called? Like Nina"},{"speaker":"Unknown","startTime":1315.56,"endTime":1316.43,"body":"loans? No."},{"speaker":"Unknown","startTime":1317.09,"endTime":1319.58,"body":"What was the names of loans? No,"},{"speaker":"Unknown","startTime":1317.09,"endTime":1319.58,"body":"yeah. Oh, no."},{"speaker":"Unknown","startTime":1320.45,"endTime":1324.71,"body":"Yeah, no income, no job. Yeah,"},{"speaker":"Unknown","startTime":1320.45,"endTime":1324.71,"body":"it's, that's just unreasonable."},{"speaker":"Unknown","startTime":1324.83,"endTime":1329.57,"body":"They're giving away money. And"},{"speaker":"Unknown","startTime":1324.83,"endTime":1329.57,"body":"people had no equity in their"},{"speaker":"Unknown","startTime":1329.57,"endTime":1333.86,"body":"home. So when the price of"},{"speaker":"Unknown","startTime":1329.57,"endTime":1333.86,"body":"assets went down, they were all"},{"speaker":"Unknown","startTime":1333.86,"endTime":1336.5,"body":"underwater. And that's what"},{"speaker":"Unknown","startTime":1333.86,"endTime":1336.5,"body":"created the foreclosure crisis."},{"speaker":"Unknown","startTime":1336.5,"endTime":1339.89,"body":"And it created this whole spiral"},{"speaker":"Unknown","startTime":1336.5,"endTime":1339.89,"body":"effect. Right now, people have"},{"speaker":"Unknown","startTime":1339.92,"endTime":1343.04,"body":"tons of equity in their home,"},{"speaker":"Unknown","startTime":1339.92,"endTime":1343.04,"body":"people have so much equity in"},{"speaker":"Unknown","startTime":1343.04,"endTime":1346.16,"body":"their home, they have more"},{"speaker":"Unknown","startTime":1343.04,"endTime":1346.16,"body":"equity in the home effort. So"},{"speaker":"Unknown","startTime":1346.34,"endTime":1350.03,"body":"even if prices went down, 10% No"},{"speaker":"Unknown","startTime":1346.34,"endTime":1350.03,"body":"one's getting foreclosed on,"},{"speaker":"Unknown","startTime":1350.18,"endTime":1353.66,"body":"like people are still going. If"},{"speaker":"Unknown","startTime":1350.18,"endTime":1353.66,"body":"you couldn't pay your mortgage,"},{"speaker":"Unknown","startTime":1353.66,"endTime":1357.44,"body":"you could still sell your house"},{"speaker":"Unknown","startTime":1353.66,"endTime":1357.44,"body":"at a profit. So to me, there is"},{"speaker":"Unknown","startTime":1357.44,"endTime":1362.48,"body":"no risk of these underlying"},{"speaker":"Unknown","startTime":1357.44,"endTime":1362.48,"body":"issues with lending. That"},{"speaker":"Unknown","startTime":1362.51,"endTime":1366.53,"body":"happened to just ain't happening"},{"speaker":"Unknown","startTime":1362.51,"endTime":1366.53,"body":"again. That being said, the"},{"speaker":"Unknown","startTime":1366.56,"endTime":1369.86,"body":"market needs to cool like that"},{"speaker":"Unknown","startTime":1366.56,"endTime":1369.86,"body":"that needs to happen. And it"},{"speaker":"Unknown","startTime":1369.86,"endTime":1374.54,"body":"likely will. And I do think it"},{"speaker":"Unknown","startTime":1369.86,"endTime":1374.54,"body":"will become big, it will happen"},{"speaker":"Unknown","startTime":1374.54,"endTime":1378.92,"body":"because of rising interest rates"},{"speaker":"Unknown","startTime":1374.54,"endTime":1378.92,"body":"have like long been correlated"},{"speaker":"Unknown","startTime":1378.92,"endTime":1381.62,"body":"with negative housing prices."},{"speaker":"Unknown","startTime":1378.92,"endTime":1381.62,"body":"And I think there is some"},{"speaker":"Unknown","startTime":1381.62,"endTime":1385.19,"body":"confusion about that, because"},{"speaker":"Unknown","startTime":1381.62,"endTime":1385.19,"body":"they are correlated. But really"},{"speaker":"Unknown","startTime":1385.19,"endTime":1389.6,"body":"what how is it what rising"},{"speaker":"Unknown","startTime":1385.19,"endTime":1389.6,"body":"interest rates does is decrease"},{"speaker":"Unknown","startTime":1389.72,"endTime":1393.56,"body":"demand, it puts downward"},{"speaker":"Unknown","startTime":1389.72,"endTime":1393.56,"body":"pressure on the housing market."},{"speaker":"Unknown","startTime":1393.83,"endTime":1395.96,"body":"But there's this whole other"},{"speaker":"Unknown","startTime":1393.83,"endTime":1395.96,"body":"side of the equation that you"},{"speaker":"Unknown","startTime":1395.96,"endTime":1400.28,"body":"alluded to, which is supply and"},{"speaker":"Unknown","startTime":1395.96,"endTime":1400.28,"body":"interest rates can impact"},{"speaker":"Unknown","startTime":1400.28,"endTime":1405.29,"body":"supply. But in this market, we"},{"speaker":"Unknown","startTime":1400.28,"endTime":1405.29,"body":"are still even despite rising"},{"speaker":"Unknown","startTime":1405.29,"endTime":1408.86,"body":"interest rates, we have the"},{"speaker":"Unknown","startTime":1405.29,"endTime":1408.86,"body":"lowest amount of inventory ever"},{"speaker":"Unknown","startTime":1408.89,"endTime":1411.23,"body":"recorded. That was March, can"},{"speaker":"Unknown","startTime":1408.89,"endTime":1411.23,"body":"you put"},{"speaker":"Unknown","startTime":1411.23,"endTime":1413.6,"body":"some color? Can you put some"},{"speaker":"Unknown","startTime":1411.23,"endTime":1413.6,"body":"color to that? Do you have the"},{"speaker":"Unknown","startTime":1413.6,"endTime":1417.8,"body":"data on the inventory now based"},{"speaker":"Unknown","startTime":1413.6,"endTime":1417.8,"body":"off of what it was before? Yeah."},{"speaker":"Unknown","startTime":1418.1,"endTime":1418.61,"body":"Oh, yeah."},{"speaker":"Unknown","startTime":1419.0,"endTime":1423.44,"body":"Back in the early 2000s 10s."},{"speaker":"Unknown","startTime":1419.0,"endTime":1423.44,"body":"Like, we used to have about 2"},{"speaker":"Unknown","startTime":1423.44,"endTime":1426.92,"body":"million houses on the market at"},{"speaker":"Unknown","startTime":1423.44,"endTime":1426.92,"body":"any given point. And when I say"},{"speaker":"Unknown","startTime":1426.95,"endTime":1429.41,"body":"inventory, the way it's"},{"speaker":"Unknown","startTime":1426.95,"endTime":1429.41,"body":"measured, or the data I'm citing"},{"speaker":"Unknown","startTime":1429.44,"endTime":1432.56,"body":"is like, how many houses are for"},{"speaker":"Unknown","startTime":1429.44,"endTime":1432.56,"body":"sale at the last day of the"},{"speaker":"Unknown","startTime":1432.56,"endTime":1436.7,"body":"month. So like last day of"},{"speaker":"Unknown","startTime":1432.56,"endTime":1436.7,"body":"March, in 2012, I don't know the"},{"speaker":"Unknown","startTime":1436.7,"endTime":1439.1,"body":"exact numbers were somewhere"},{"speaker":"Unknown","startTime":1436.7,"endTime":1439.1,"body":"around like 1.8 million, 2"},{"speaker":"Unknown","startTime":1439.1,"endTime":1442.88,"body":"million, something like that pre"},{"speaker":"Unknown","startTime":1439.1,"endTime":1442.88,"body":"pandemic, we were at about 1.5"},{"speaker":"Unknown","startTime":1442.88,"endTime":1446.12,"body":"ish million on a seasonally"},{"speaker":"Unknown","startTime":1442.88,"endTime":1446.12,"body":"adjusted basis, something like"},{"speaker":"Unknown","startTime":1446.12,"endTime":1451.97,"body":"that, we were at 560,000. Now,"},{"speaker":"Unknown","startTime":1446.12,"endTime":1451.97,"body":"we're at 1/3 to one quarter of"},{"speaker":"Unknown","startTime":1452.0,"endTime":1455.12,"body":"the amount of inventory on the"},{"speaker":"Unknown","startTime":1452.0,"endTime":1455.12,"body":"market that we used to be at."},{"speaker":"Unknown","startTime":1455.48,"endTime":1460.1,"body":"And so until that changes, the"},{"speaker":"Unknown","startTime":1455.48,"endTime":1460.1,"body":"housing market cannot reverse it"},{"speaker":"Unknown","startTime":1460.1,"endTime":1464.09,"body":"can't because the only way that"},{"speaker":"Unknown","startTime":1460.1,"endTime":1464.09,"body":"prices go down is when houses"},{"speaker":"Unknown","startTime":1464.09,"endTime":1467.78,"body":"sit on the market longer when"},{"speaker":"Unknown","startTime":1464.09,"endTime":1467.78,"body":"inventory builds up. And there"},{"speaker":"Unknown","startTime":1467.78,"endTime":1470.84,"body":"is equilibrium between supply"},{"speaker":"Unknown","startTime":1467.78,"endTime":1470.84,"body":"and demand. But right now there"},{"speaker":"Unknown","startTime":1470.84,"endTime":1475.07,"body":"is no equilibrium demand is way,"},{"speaker":"Unknown","startTime":1470.84,"endTime":1475.07,"body":"way too strong for the amount of"},{"speaker":"Unknown","startTime":1475.07,"endTime":1478.64,"body":"supply that there is. And so"},{"speaker":"Unknown","startTime":1475.07,"endTime":1478.64,"body":"even though rising interest"},{"speaker":"Unknown","startTime":1478.64,"endTime":1482.36,"body":"rates will decrease demand. The"},{"speaker":"Unknown","startTime":1478.64,"endTime":1482.36,"body":"cold question is will it"},{"speaker":"Unknown","startTime":1482.36,"endTime":1486.05,"body":"decrease demand so much that all"},{"speaker":"Unknown","startTime":1482.36,"endTime":1486.05,"body":"of a sudden we're seeing"},{"speaker":"Unknown","startTime":1486.05,"endTime":1489.26,"body":"inventory and days on market"},{"speaker":"Unknown","startTime":1486.05,"endTime":1489.26,"body":"start to go up and so far we"},{"speaker":"Unknown","startTime":1489.26,"endTime":1492.62,"body":"haven't and that can change and"},{"speaker":"Unknown","startTime":1489.26,"endTime":1492.62,"body":"I expect we will start to inch"},{"speaker":"Unknown","startTime":1492.62,"endTime":1495.35,"body":"up. But I think that's the real"},{"speaker":"Unknown","startTime":1492.62,"endTime":1495.35,"body":"key is that there's not going to"},{"speaker":"Unknown","startTime":1495.35,"endTime":1498.92,"body":"be this cliff that you fall off"},{"speaker":"Unknown","startTime":1495.35,"endTime":1498.92,"body":"of because interest rates are"},{"speaker":"Unknown","startTime":1498.92,"endTime":1503.48,"body":"going to go up in In, in little"},{"speaker":"Unknown","startTime":1498.92,"endTime":1503.48,"body":"steps, and demand is gonna go"},{"speaker":"Unknown","startTime":1503.48,"endTime":1506.15,"body":"down in little steps. It's not"},{"speaker":"Unknown","startTime":1503.48,"endTime":1506.15,"body":"like all of a sudden we're gonna"},{"speaker":"Unknown","startTime":1506.15,"endTime":1509.12,"body":"say like, all these housing,"},{"speaker":"Unknown","startTime":1506.15,"endTime":1509.12,"body":"people are going to be like, No,"},{"speaker":"Unknown","startTime":1509.15,"endTime":1512.6,"body":"I don't want it, we're gonna see"},{"speaker":"Unknown","startTime":1509.15,"endTime":1512.6,"body":"inventory go spike, at least I"},{"speaker":"Unknown","startTime":1512.6,"endTime":1515.66,"body":"don't think that's what's going"},{"speaker":"Unknown","startTime":1512.6,"endTime":1515.66,"body":"to happen. And so, to me, if"},{"speaker":"Unknown","startTime":1515.66,"endTime":1518.78,"body":"you're listening to this, and"},{"speaker":"Unknown","startTime":1515.66,"endTime":1518.78,"body":"you want to forecast what is"},{"speaker":"Unknown","startTime":1518.78,"endTime":1521.45,"body":"going to happen with housing"},{"speaker":"Unknown","startTime":1518.78,"endTime":1521.45,"body":"prices, keep an eye on inventory"},{"speaker":"Unknown","startTime":1521.45,"endTime":1525.08,"body":"and days on market. If those"},{"speaker":"Unknown","startTime":1521.45,"endTime":1525.08,"body":"start to approach where we were"},{"speaker":"Unknown","startTime":1525.08,"endTime":1528.41,"body":"pre pandemic, or exceed where we"},{"speaker":"Unknown","startTime":1525.08,"endTime":1528.41,"body":"were pre pandemic, that's"},{"speaker":"Unknown","startTime":1528.41,"endTime":1532.16,"body":"probably when they will see the"},{"speaker":"Unknown","startTime":1528.41,"endTime":1532.16,"body":"market go flat or negative. But"},{"speaker":"Unknown","startTime":1532.82,"endTime":1535.67,"body":"we there's a lot of demand that"},{"speaker":"Unknown","startTime":1532.82,"endTime":1535.67,"body":"needs to fall off before we even"},{"speaker":"Unknown","startTime":1535.67,"endTime":1536.57,"body":"approach that point,"},{"speaker":"Unknown","startTime":1537.74,"endTime":1540.89,"body":"is exactly, and let's hit a"},{"speaker":"Unknown","startTime":1537.74,"endTime":1540.89,"body":"little bit about it. Another"},{"speaker":"Unknown","startTime":1540.89,"endTime":1543.5,"body":"driver behind all of this,"},{"speaker":"Unknown","startTime":1540.89,"endTime":1543.5,"body":"especially in some of your"},{"speaker":"Unknown","startTime":1543.5,"endTime":1547.16,"body":"tertiary and ancillary markets"},{"speaker":"Unknown","startTime":1543.5,"endTime":1547.16,"body":"here, hit me with some"},{"speaker":"Unknown","startTime":1547.16,"endTime":1551.27,"body":"migrational data, me with some"},{"speaker":"Unknown","startTime":1547.16,"endTime":1551.27,"body":"data that you've got your New"},{"speaker":"Unknown","startTime":1551.27,"endTime":1555.68,"body":"Yorkers, your Californians,"},{"speaker":"Unknown","startTime":1551.27,"endTime":1555.68,"body":"their the mass exodus, is this"},{"speaker":"Unknown","startTime":1555.68,"endTime":1559.13,"body":"something that's going to still"},{"speaker":"Unknown","startTime":1555.68,"endTime":1559.13,"body":"be sustainable with the Exodus?"},{"speaker":"Unknown","startTime":1559.16,"endTime":1561.56,"body":"Or do we see that kind of"},{"speaker":"Unknown","startTime":1559.16,"endTime":1561.56,"body":"flattening off here? Because"},{"speaker":"Unknown","startTime":1561.8,"endTime":1565.16,"body":"that was such a problem in the"},{"speaker":"Unknown","startTime":1561.8,"endTime":1565.16,"body":"tertiary markets like, like"},{"speaker":"Unknown","startTime":1565.16,"endTime":1569.48,"body":"Phoenix, Arizona, Texas,"},{"speaker":"Unknown","startTime":1565.16,"endTime":1569.48,"body":"Georgia, we're getting slammed"},{"speaker":"Unknown","startTime":1569.51,"endTime":1573.53,"body":"by Florida, get hit us with some"},{"speaker":"Unknown","startTime":1569.51,"endTime":1573.53,"body":"data here and about what we're"},{"speaker":"Unknown","startTime":1573.53,"endTime":1576.71,"body":"seeing right now. And then what"},{"speaker":"Unknown","startTime":1573.53,"endTime":1576.71,"body":"we can maybe forecast? Is this"},{"speaker":"Unknown","startTime":1576.71,"endTime":1578.84,"body":"slowing down? Or is it staying"},{"speaker":"Unknown","startTime":1576.71,"endTime":1578.84,"body":"pretty consistent?"},{"speaker":"Unknown","startTime":1579.98,"endTime":1584.33,"body":"I do think that it is slowing"},{"speaker":"Unknown","startTime":1579.98,"endTime":1584.33,"body":"down. There is some data, Redfin"},{"speaker":"Unknown","startTime":1584.33,"endTime":1587.69,"body":"puts out data about this that"},{"speaker":"Unknown","startTime":1584.33,"endTime":1587.69,"body":"shows that relocation"},{"speaker":"Unknown","startTime":1587.93,"endTime":1591.56,"body":"information, like people who are"},{"speaker":"Unknown","startTime":1587.93,"endTime":1591.56,"body":"looking to relocate, dropped,"},{"speaker":"Unknown","startTime":1591.74,"endTime":1595.25,"body":"like before the pandemic, it was"},{"speaker":"Unknown","startTime":1591.74,"endTime":1595.25,"body":"like, they track it in this way,"},{"speaker":"Unknown","startTime":1595.25,"endTime":1598.43,"body":"where it's like the percentage"},{"speaker":"Unknown","startTime":1595.25,"endTime":1598.43,"body":"of people looking on Redfin, who"},{"speaker":"Unknown","startTime":1598.43,"endTime":1601.04,"body":"are looking in a different"},{"speaker":"Unknown","startTime":1598.43,"endTime":1601.04,"body":"market than the one there are"},{"speaker":"Unknown","startTime":1601.04,"endTime":1604.4,"body":"now. So it's not like perfect,"},{"speaker":"Unknown","startTime":1601.04,"endTime":1604.4,"body":"it's really hard to get perfect"},{"speaker":"Unknown","startTime":1604.4,"endTime":1607.28,"body":"data on that. Sure. I think it's"},{"speaker":"Unknown","startTime":1604.4,"endTime":1607.28,"body":"a pretty good indicator, at"},{"speaker":"Unknown","startTime":1607.28,"endTime":1610.97,"body":"least used to be about 25% of"},{"speaker":"Unknown","startTime":1607.28,"endTime":1610.97,"body":"people were looking at a new"},{"speaker":"Unknown","startTime":1610.97,"endTime":1615.65,"body":"market. In the pandemic, it went"},{"speaker":"Unknown","startTime":1610.97,"endTime":1615.65,"body":"up to about 32%, which is"},{"speaker":"Unknown","startTime":1615.65,"endTime":1618.86,"body":"pretty, pretty significant"},{"speaker":"Unknown","startTime":1615.65,"endTime":1618.86,"body":"increase. And now it's back down"},{"speaker":"Unknown","startTime":1618.86,"endTime":1621.89,"body":"to about like 30%. So it is"},{"speaker":"Unknown","startTime":1618.86,"endTime":1621.89,"body":"starting to come back down. But"},{"speaker":"Unknown","startTime":1621.89,"endTime":1626.18,"body":"it's still well above where we"},{"speaker":"Unknown","startTime":1621.89,"endTime":1626.18,"body":"were pre pandemic. So my just"},{"speaker":"Unknown","startTime":1626.18,"endTime":1628.88,"body":"personal feeling about this is"},{"speaker":"Unknown","startTime":1626.18,"endTime":1628.88,"body":"that it will probably start to"},{"speaker":"Unknown","startTime":1628.88,"endTime":1634.28,"body":"level out, I think, you know, we"},{"speaker":"Unknown","startTime":1628.88,"endTime":1634.28,"body":"see, the pandemic changed a lot"},{"speaker":"Unknown","startTime":1634.28,"endTime":1637.67,"body":"for a lot of people, we see"},{"speaker":"Unknown","startTime":1634.28,"endTime":1637.67,"body":"people moving cities, and we see"},{"speaker":"Unknown","startTime":1637.67,"endTime":1641.39,"body":"a lot of people changing jobs"},{"speaker":"Unknown","startTime":1637.67,"endTime":1641.39,"body":"like this great, reshuffling the"},{"speaker":"Unknown","startTime":1641.39,"endTime":1645.08,"body":"great resignation that's going"},{"speaker":"Unknown","startTime":1641.39,"endTime":1645.08,"body":"on as well. And I do think we're"},{"speaker":"Unknown","startTime":1645.08,"endTime":1647.42,"body":"not out of the woods there. And"},{"speaker":"Unknown","startTime":1645.08,"endTime":1647.42,"body":"I think we're still going to see"},{"speaker":"Unknown","startTime":1647.42,"endTime":1651.2,"body":"some reshuffling of how people"},{"speaker":"Unknown","startTime":1647.42,"endTime":1651.2,"body":"where people want to live, what"},{"speaker":"Unknown","startTime":1651.2,"endTime":1654.89,"body":"kind of jobs that they want. But"},{"speaker":"Unknown","startTime":1651.2,"endTime":1654.89,"body":"eventually, a couple of years"},{"speaker":"Unknown","startTime":1654.89,"endTime":1658.22,"body":"they'd have I kind of think it"},{"speaker":"Unknown","startTime":1654.89,"endTime":1658.22,"body":"has to settle back down. But I"},{"speaker":"Unknown","startTime":1658.22,"endTime":1664.31,"body":"think that, generally speaking,"},{"speaker":"Unknown","startTime":1658.22,"endTime":1664.31,"body":"the South East has been really"},{"speaker":"Unknown","startTime":1664.31,"endTime":1668.18,"body":"popular because it's it was"},{"speaker":"Unknown","startTime":1664.31,"endTime":1668.18,"body":"relatively inexpensive. And the"},{"speaker":"Unknown","startTime":1668.18,"endTime":1672.02,"body":"question in my mind is like,"},{"speaker":"Unknown","startTime":1668.18,"endTime":1672.02,"body":"it's not relatively inexpensive"},{"speaker":"Unknown","startTime":1672.02,"endTime":1675.86,"body":"anymore. It's pretty expensive"},{"speaker":"Unknown","startTime":1672.02,"endTime":1675.86,"body":"now. And yeah, I just want I"},{"speaker":"Unknown","startTime":1675.86,"endTime":1679.46,"body":"wonder, just out loud. I don't"},{"speaker":"Unknown","startTime":1675.86,"endTime":1679.46,"body":"have data about this. But the"},{"speaker":"Unknown","startTime":1679.46,"endTime":1682.91,"body":"question is, like, is there"},{"speaker":"Unknown","startTime":1679.46,"endTime":1682.91,"body":"going to be a new migration"},{"speaker":"Unknown","startTime":1682.91,"endTime":1687.47,"body":"destination based on where if"},{"speaker":"Unknown","startTime":1682.91,"endTime":1687.47,"body":"people are motivated by"},{"speaker":"Unknown","startTime":1687.59,"endTime":1691.16,"body":"inexpensive housing, good"},{"speaker":"Unknown","startTime":1687.59,"endTime":1691.16,"body":"quality of life is are they"},{"speaker":"Unknown","startTime":1691.16,"endTime":1694.61,"body":"going to turn away from these"},{"speaker":"Unknown","startTime":1691.16,"endTime":1694.61,"body":"places, Lana's seen insane"},{"speaker":"Unknown","startTime":1694.64,"endTime":1699.38,"body":"appreciation looks like crazy."},{"speaker":"Unknown","startTime":1694.64,"endTime":1699.38,"body":"So the Midwest is relatively"},{"speaker":"Unknown","startTime":1699.38,"endTime":1702.26,"body":"inexpensive. Are people going to"},{"speaker":"Unknown","startTime":1699.38,"endTime":1702.26,"body":"start moving there? I don't"},{"speaker":"Unknown","startTime":1702.26,"endTime":1704.6,"body":"know. But it's, I think it's"},{"speaker":"Unknown","startTime":1702.26,"endTime":1704.6,"body":"something definitely to keep an"},{"speaker":"Unknown","startTime":1704.6,"endTime":1705.26,"body":"eye out for."},{"speaker":"Unknown","startTime":1706.13,"endTime":1711.44,"body":"Yeah, it's been a wild ride in"},{"speaker":"Unknown","startTime":1706.13,"endTime":1711.44,"body":"Atlanta, because I'm in the"},{"speaker":"Unknown","startTime":1711.44,"endTime":1714.53,"body":"tertiary markets of Atlanta and"},{"speaker":"Unknown","startTime":1711.44,"endTime":1714.53,"body":"the path of progress. And it's"},{"speaker":"Unknown","startTime":1714.53,"endTime":1718.22,"body":"been fun, I'm not gonna lie as"},{"speaker":"Unknown","startTime":1714.53,"endTime":1718.22,"body":"an asset owner as a real estate"},{"speaker":"Unknown","startTime":1718.22,"endTime":1721.76,"body":"owner, because that's what we're"},{"speaker":"Unknown","startTime":1718.22,"endTime":1721.76,"body":"doing. So before you own real"},{"speaker":"Unknown","startTime":1721.76,"endTime":1725.9,"body":"estate, to capture what's called"},{"speaker":"Unknown","startTime":1721.76,"endTime":1725.9,"body":"appreciation, right? That's"},{"speaker":"Unknown","startTime":1725.9,"endTime":1730.16,"body":"where your home appreciates,"},{"speaker":"Unknown","startTime":1725.9,"endTime":1730.16,"body":"like two to 3% each year. Now"},{"speaker":"Unknown","startTime":1730.16,"endTime":1734.24,"body":"it's more so how do I capture"},{"speaker":"Unknown","startTime":1730.16,"endTime":1734.24,"body":"the appreciation in the"},{"speaker":"Unknown","startTime":1734.24,"endTime":1738.86,"body":"inflation? Because the way that"},{"speaker":"Unknown","startTime":1734.24,"endTime":1738.86,"body":"the homes are appreciating, you"},{"speaker":"Unknown","startTime":1738.86,"endTime":1741.41,"body":"can even call that 100%"},{"speaker":"Unknown","startTime":1738.86,"endTime":1741.41,"body":"appreciation anymore? Because"},{"speaker":"Unknown","startTime":1741.41,"endTime":1747.41,"body":"now you're like, it's five 10% a"},{"speaker":"Unknown","startTime":1741.41,"endTime":1747.41,"body":"month. And now, it's just"},{"speaker":"Unknown","startTime":1747.41,"endTime":1752.63,"body":"bananas. How it's going. So"},{"speaker":"Unknown","startTime":1747.41,"endTime":1752.63,"body":"let's take a small pivot here."},{"speaker":"Unknown","startTime":1753.05,"endTime":1757.13,"body":"Let's go into investor language."},{"speaker":"Unknown","startTime":1753.05,"endTime":1757.13,"body":"Let's get let's talk to the"},{"speaker":"Unknown","startTime":1757.13,"endTime":1761.63,"body":"investors here. Guys. Got you. I"},{"speaker":"Unknown","startTime":1757.13,"endTime":1761.63,"body":"got you. You're you're sitting,"},{"speaker":"Unknown","startTime":1761.72,"endTime":1764.57,"body":"you're already buzzing off your"},{"speaker":"Unknown","startTime":1761.72,"endTime":1764.57,"body":"coffee. We're warmed up shops"},{"speaker":"Unknown","startTime":1764.57,"endTime":1769.43,"body":"are warm. Where do you see the"},{"speaker":"Unknown","startTime":1764.57,"endTime":1769.43,"body":"best opportunities for"},{"speaker":"Unknown","startTime":1769.43,"endTime":1772.88,"body":"investments right now in the"},{"speaker":"Unknown","startTime":1769.43,"endTime":1772.88,"body":"real estate market? This could"},{"speaker":"Unknown","startTime":1772.88,"endTime":1778.01,"body":"be market or this could be class"},{"speaker":"Unknown","startTime":1772.88,"endTime":1778.01,"body":"like buy and hold long term. It"},{"speaker":"Unknown","startTime":1778.01,"endTime":1780.74,"body":"could be short term rentals,"},{"speaker":"Unknown","startTime":1778.01,"endTime":1780.74,"body":"wherever you want to take it."},{"speaker":"Unknown","startTime":1780.77,"endTime":1783.59,"body":"I'm just curious to hear from"},{"speaker":"Unknown","startTime":1780.77,"endTime":1783.59,"body":"your because you receive all"},{"speaker":"Unknown","startTime":1783.59,"endTime":1786.05,"body":"this data. I'm curious to see"},{"speaker":"Unknown","startTime":1783.59,"endTime":1786.05,"body":"what's peeking your interest."},{"speaker":"Unknown","startTime":1786.8,"endTime":1791.81,"body":"Yeah, I personally believe I'm"},{"speaker":"Unknown","startTime":1786.8,"endTime":1791.81,"body":"primarily a residential real"},{"speaker":"Unknown","startTime":1791.81,"endTime":1795.92,"body":"estate investor. So I'm probably"},{"speaker":"Unknown","startTime":1791.81,"endTime":1795.92,"body":"not the best person to speak on"},{"speaker":"Unknown","startTime":1796.43,"endTime":1799.7,"body":"commercial retail office. That"},{"speaker":"Unknown","startTime":1796.43,"endTime":1799.7,"body":"kind of stuff will stick there"},{"speaker":"Unknown","startTime":1799.7,"endTime":1803.6,"body":"late. It's not really my game."},{"speaker":"Unknown","startTime":1799.7,"endTime":1803.6,"body":"But in terms of residential, I"},{"speaker":"Unknown","startTime":1803.6,"endTime":1808.58,"body":"just think that the area is"},{"speaker":"Unknown","startTime":1803.6,"endTime":1808.58,"body":"value add any type of asset"},{"speaker":"Unknown","startTime":1808.58,"endTime":1811.91,"body":"class where you're buying"},{"speaker":"Unknown","startTime":1808.58,"endTime":1811.91,"body":"distressed assets and can"},{"speaker":"Unknown","startTime":1812.57,"endTime":1816.47,"body":"renovate them, remodel them"},{"speaker":"Unknown","startTime":1812.57,"endTime":1816.47,"body":"repurpose them is good. And I"},{"speaker":"Unknown","startTime":1816.47,"endTime":1821.33,"body":"think construction costs have"},{"speaker":"Unknown","startTime":1816.47,"endTime":1821.33,"body":"this double edged sword where"},{"speaker":"Unknown","startTime":1821.9,"endTime":1824.96,"body":"construction costs have gone up"},{"speaker":"Unknown","startTime":1821.9,"endTime":1824.96,"body":"so much that people are shying"},{"speaker":"Unknown","startTime":1824.96,"endTime":1828.92,"body":"away from value add, I think."},{"speaker":"Unknown","startTime":1824.96,"endTime":1828.92,"body":"And that leaves more opportunity"},{"speaker":"Unknown","startTime":1828.95,"endTime":1831.44,"body":"and short you need to be able to"},{"speaker":"Unknown","startTime":1828.95,"endTime":1831.44,"body":"underwrite your deals and"},{"speaker":"Unknown","startTime":1831.44,"endTime":1835.7,"body":"understand costs are likely to"},{"speaker":"Unknown","startTime":1831.44,"endTime":1835.7,"body":"be and you probably want to pad"},{"speaker":"Unknown","startTime":1835.7,"endTime":1840.71,"body":"those in today's day and age."},{"speaker":"Unknown","startTime":1835.7,"endTime":1840.71,"body":"But I think that's the best area"},{"speaker":"Unknown","startTime":1840.71,"endTime":1844.76,"body":"of opportunity, because deals on"},{"speaker":"Unknown","startTime":1840.71,"endTime":1844.76,"body":"the MLS, for example, are pretty"},{"speaker":"Unknown","startTime":1844.76,"endTime":1848.09,"body":"hard to come by. It's possible"},{"speaker":"Unknown","startTime":1844.76,"endTime":1848.09,"body":"that they're hard to come by in"},{"speaker":"Unknown","startTime":1848.09,"endTime":1852.5,"body":"most markets. And I think you"},{"speaker":"Unknown","startTime":1848.09,"endTime":1852.5,"body":"have to make your own deals and"},{"speaker":"Unknown","startTime":1852.5,"endTime":1854.51,"body":"make your own value in this"},{"speaker":"Unknown","startTime":1852.5,"endTime":1854.51,"body":"market."},{"speaker":"Unknown","startTime":1855.35,"endTime":1859.55,"body":"Do we have any markets that"},{"speaker":"Unknown","startTime":1855.35,"endTime":1859.55,"body":"you're seeing that are very"},{"speaker":"Unknown","startTime":1859.7,"endTime":1862.79,"body":"attractive right now or"},{"speaker":"Unknown","startTime":1859.7,"endTime":1862.79,"body":"advantageous to take advantage"},{"speaker":"Unknown","startTime":1862.79,"endTime":1863.18,"body":"of here?"},{"speaker":"Unknown","startTime":1864.5,"endTime":1869.09,"body":"I think it depends on what you"},{"speaker":"Unknown","startTime":1864.5,"endTime":1869.09,"body":"look for, actually the most"},{"speaker":"Unknown","startTime":1869.09,"endTime":1872.45,"body":"recent episode of our podcast on"},{"speaker":"Unknown","startTime":1869.09,"endTime":1872.45,"body":"the market, me and three other"},{"speaker":"Unknown","startTime":1872.99,"endTime":1875.36,"body":"very experienced real estate"},{"speaker":"Unknown","startTime":1872.99,"endTime":1875.36,"body":"investors each pick our favorite"},{"speaker":"Unknown","startTime":1875.36,"endTime":1880.04,"body":"two markets and cite why. So if"},{"speaker":"Unknown","startTime":1875.36,"endTime":1880.04,"body":"you want to listen to that, you"},{"speaker":"Unknown","startTime":1880.04,"endTime":1885.2,"body":"can get a couple of Kenyans"},{"speaker":"Unknown","startTime":1880.04,"endTime":1885.2,"body":"about that. But let's find your"},{"speaker":"Unknown","startTime":1885.2,"endTime":1891.44,"body":"opinion, Tampa, and San Antonio,"},{"speaker":"Unknown","startTime":1885.2,"endTime":1891.44,"body":"and loved ones I like it depends"},{"speaker":"Unknown","startTime":1891.44,"endTime":1896.21,"body":"what you want. Some people are"},{"speaker":"Unknown","startTime":1891.44,"endTime":1896.21,"body":"pure appreciation, investors,"},{"speaker":"Unknown","startTime":1896.24,"endTime":1899.24,"body":"they just want to be in a hot"},{"speaker":"Unknown","startTime":1896.24,"endTime":1899.24,"body":"area, find a good location, hold"},{"speaker":"Unknown","startTime":1899.24,"endTime":1903.5,"body":"on, and they'll be fine breaking"},{"speaker":"Unknown","startTime":1899.24,"endTime":1903.5,"body":"even. And they'll be fine. Maybe"},{"speaker":"Unknown","startTime":1903.5,"endTime":1907.34,"body":"just getting a little cash or"},{"speaker":"Unknown","startTime":1903.5,"endTime":1907.34,"body":"even negative cash flow. And to"},{"speaker":"Unknown","startTime":1907.34,"endTime":1913.73,"body":"me, if you're in for that game,"},{"speaker":"Unknown","startTime":1907.34,"endTime":1913.73,"body":"Austin, like every big tech"},{"speaker":"Unknown","startTime":1913.73,"endTime":1916.88,"body":"companies move in Austin. Prices"},{"speaker":"Unknown","startTime":1913.73,"endTime":1916.88,"body":"have gone up like crazy, but"},{"speaker":"Unknown","startTime":1916.94,"endTime":1920.39,"body":"it's the new San Francisco"},{"speaker":"Unknown","startTime":1916.94,"endTime":1920.39,"body":"prices. Maybe they'll fight in"},{"speaker":"Unknown","startTime":1920.39,"endTime":1922.7,"body":"the next couple of years. But"},{"speaker":"Unknown","startTime":1920.39,"endTime":1922.7,"body":"they're going up in the long"},{"speaker":"Unknown","startTime":1922.7,"endTime":1925.79,"body":"run. In my mind. I just went. I"},{"speaker":"Unknown","startTime":1922.7,"endTime":1925.79,"body":"just went there. I wanted to see"},{"speaker":"Unknown","startTime":1925.79,"endTime":1928.55,"body":"for myself. I drove around for a"},{"speaker":"Unknown","startTime":1925.79,"endTime":1928.55,"body":"few days. It's crazy. What's"},{"speaker":"Unknown","startTime":1928.55,"endTime":1929.24,"body":"going on there."},{"speaker":"Unknown","startTime":1929.39,"endTime":1933.38,"body":"Love there, too. Yeah. All"},{"speaker":"Unknown","startTime":1929.39,"endTime":1933.38,"body":"right. Yeah, we went over there."},{"speaker":"Unknown","startTime":1933.38,"endTime":1936.5,"body":"And we were hanging out with the"},{"speaker":"Unknown","startTime":1933.38,"endTime":1936.5,"body":"abundance guys. And it was a"},{"speaker":"Unknown","startTime":1936.86,"endTime":1939.71,"body":"wild man. Yeah, it's, yeah, it's"},{"speaker":"Unknown","startTime":1936.86,"endTime":1939.71,"body":"different."},{"speaker":"Unknown","startTime":1940.46,"endTime":1944.75,"body":"It's a fun city. I like hanging"},{"speaker":"Unknown","startTime":1940.46,"endTime":1944.75,"body":"out there. Great barbecue. And I"},{"speaker":"Unknown","startTime":1944.75,"endTime":1947.84,"body":"had a good time. But yeah, so if"},{"speaker":"Unknown","startTime":1944.75,"endTime":1947.84,"body":"you're like looking for long"},{"speaker":"Unknown","startTime":1947.84,"endTime":1951.14,"body":"term appreciation, it's hard to"},{"speaker":"Unknown","startTime":1947.84,"endTime":1951.14,"body":"beat a city like that, in my"},{"speaker":"Unknown","startTime":1951.14,"endTime":1955.19,"body":"mind. If you're looking for cash"},{"speaker":"Unknown","startTime":1951.14,"endTime":1955.19,"body":"flow, the Midwest is like really"},{"speaker":"Unknown","startTime":1955.19,"endTime":1957.35,"body":"the best place to find cash flow"},{"speaker":"Unknown","startTime":1955.19,"endTime":1957.35,"body":"right now, especially if you"},{"speaker":"Unknown","startTime":1957.35,"endTime":1960.29,"body":"want non competitive bidding"},{"speaker":"Unknown","startTime":1957.35,"endTime":1960.29,"body":"process like pretty good. Like"},{"speaker":"Unknown","startTime":1960.29,"endTime":1964.31,"body":"you want to go to big cities"},{"speaker":"Unknown","startTime":1960.29,"endTime":1964.31,"body":"like Chicago, strong economic"},{"speaker":"Unknown","startTime":1964.31,"endTime":1967.79,"body":"cities like Chicago, easier to"},{"speaker":"Unknown","startTime":1964.31,"endTime":1967.79,"body":"find cashflow than you would"},{"speaker":"Unknown","startTime":1967.79,"endTime":1972.77,"body":"think Indianapolis, those kinds"},{"speaker":"Unknown","startTime":1967.79,"endTime":1972.77,"body":"of places are pretty solid. And"},{"speaker":"Unknown","startTime":1972.77,"endTime":1975.8,"body":"then I like Tampa because I"},{"speaker":"Unknown","startTime":1972.77,"endTime":1975.8,"body":"think it's a good hybrid, which"},{"speaker":"Unknown","startTime":1975.8,"endTime":1979.64,"body":"is what I personally look for. I"},{"speaker":"Unknown","startTime":1975.8,"endTime":1979.64,"body":"am not a pure cashflow investor."},{"speaker":"Unknown","startTime":1979.64,"endTime":1983.39,"body":"Like I said earlier, I'm not"},{"speaker":"Unknown","startTime":1979.64,"endTime":1983.39,"body":"trying to retire right now. So I"},{"speaker":"Unknown","startTime":1983.39,"endTime":1986.84,"body":"don't care as much about like"},{"speaker":"Unknown","startTime":1983.39,"endTime":1986.84,"body":"finding this number. I investor"},{"speaker":"Unknown","startTime":1986.84,"endTime":1991.07,"body":"IRR. I just want the most return"},{"speaker":"Unknown","startTime":1986.84,"endTime":1991.07,"body":"possible. And I like a city like"},{"speaker":"Unknown","startTime":1991.07,"endTime":1994.46,"body":"Tampa because it gives you some"},{"speaker":"Unknown","startTime":1991.07,"endTime":1994.46,"body":"cash flow, good long term"},{"speaker":"Unknown","startTime":1995.03,"endTime":1997.82,"body":"appreciation prospects. And I"},{"speaker":"Unknown","startTime":1995.03,"endTime":1997.82,"body":"think it's like a good hybrid,"},{"speaker":"Unknown","startTime":1997.85,"endTime":2001.84,"body":"basically not going too far in"},{"speaker":"Unknown","startTime":1997.85,"endTime":2001.84,"body":"one direction where you have a"},{"speaker":"Unknown","startTime":2001.84,"endTime":2004.57,"body":"lot of cash flow. But the"},{"speaker":"Unknown","startTime":2001.84,"endTime":2004.57,"body":"appreciation prospects are bad."},{"speaker":"Unknown","startTime":2004.75,"endTime":2006.97,"body":"Not too far in the other"},{"speaker":"Unknown","startTime":2004.75,"endTime":2006.97,"body":"direction with appreciation"},{"speaker":"Unknown","startTime":2006.97,"endTime":2009.94,"body":"prospects are great, but the"},{"speaker":"Unknown","startTime":2006.97,"endTime":2009.94,"body":"cash flow is garbage. I like"},{"speaker":"Unknown","startTime":2009.94,"endTime":2011.5,"body":"finding those ones that are in"},{"speaker":"Unknown","startTime":2009.94,"endTime":2011.5,"body":"the middle."},{"speaker":"Unknown","startTime":2012.31,"endTime":2015.76,"body":"Yeah, and in today's environment"},{"speaker":"Unknown","startTime":2012.31,"endTime":2015.76,"body":"and ecosystem is if you're not"},{"speaker":"Unknown","startTime":2015.76,"endTime":2020.89,"body":"looking for both of those, you"},{"speaker":"Unknown","startTime":2015.76,"endTime":2020.89,"body":"can easily find both. I know"},{"speaker":"Unknown","startTime":2020.89,"endTime":2023.59,"body":"people I know somebody that's"},{"speaker":"Unknown","startTime":2020.89,"endTime":2023.59,"body":"maybe that's maybe listen to"},{"speaker":"Unknown","startTime":2023.59,"endTime":2027.1,"body":"this, that's not really an"},{"speaker":"Unknown","startTime":2023.59,"endTime":2027.1,"body":"investor, but you can find both,"},{"speaker":"Unknown","startTime":2027.16,"endTime":2030.58,"body":"especially when you're looking"},{"speaker":"Unknown","startTime":2027.16,"endTime":2030.58,"body":"for the value add. You can find"},{"speaker":"Unknown","startTime":2030.58,"endTime":2035.29,"body":"cash flow and appreciation. But"},{"speaker":"Unknown","startTime":2030.58,"endTime":2035.29,"body":"yeah, okay, cool. So that's"},{"speaker":"Unknown","startTime":2035.29,"endTime":2037.81,"body":"great to hear. So yeah, Tampa"},{"speaker":"Unknown","startTime":2035.29,"endTime":2037.81,"body":"off here I hear has been"},{"speaker":"Unknown","startTime":2037.81,"endTime":2040.72,"body":"booming. Yeah. And like you said"},{"speaker":"Unknown","startTime":2037.81,"endTime":2040.72,"body":"Atlanta has been going crazy. I"},{"speaker":"Unknown","startTime":2040.72,"endTime":2043.84,"body":"see a lot of the guys by and"},{"speaker":"Unknown","startTime":2040.72,"endTime":2043.84,"body":"still in the southeast. A lot of"},{"speaker":"Unknown","startTime":2043.96,"endTime":2048.73,"body":"Birmingham, say a lot of"},{"speaker":"Unknown","startTime":2043.96,"endTime":2048.73,"body":"Alabama. I see a lot of Midwest,"},{"speaker":"Unknown","startTime":2048.82,"endTime":2054.52,"body":"Kansas City has been bought up a"},{"speaker":"Unknown","startTime":2048.82,"endTime":2054.52,"body":"lot. And yeah, I see so crazy."},{"speaker":"Unknown","startTime":2054.58,"endTime":2057.67,"body":"Yeah, I still see that quarter"},{"speaker":"Unknown","startTime":2054.58,"endTime":2057.67,"body":"going. I still see the"},{"speaker":"Unknown","startTime":2057.67,"endTime":2061.42,"body":"southeast. And yeah, like you"},{"speaker":"Unknown","startTime":2057.67,"endTime":2061.42,"body":"said, San Antonio, the tertiary"},{"speaker":"Unknown","startTime":2061.42,"endTime":2064.93,"body":"markets in Texas are going"},{"speaker":"Unknown","startTime":2061.42,"endTime":2064.93,"body":"crazy. But yeah, it's just all"},{"speaker":"Unknown","startTime":2064.96,"endTime":2068.56,"body":"it's just all a game of figuring"},{"speaker":"Unknown","startTime":2064.96,"endTime":2068.56,"body":"out, you know, where people are"},{"speaker":"Unknown","startTime":2068.56,"endTime":2072.4,"body":"moving to where the jobs are"},{"speaker":"Unknown","startTime":2068.56,"endTime":2072.4,"body":"moving to. And then you just"},{"speaker":"Unknown","startTime":2072.4,"endTime":2074.89,"body":"plant your flag there, like you"},{"speaker":"Unknown","startTime":2072.4,"endTime":2074.89,"body":"said, and then just find some of"},{"speaker":"Unknown","startTime":2074.89,"endTime":2078.19,"body":"the value add. That's where you"},{"speaker":"Unknown","startTime":2074.89,"endTime":2078.19,"body":"create your cash flow. We buy"},{"speaker":"Unknown","startTime":2078.19,"endTime":2082.78,"body":"for appreciation and we create"},{"speaker":"Unknown","startTime":2078.19,"endTime":2082.78,"body":"cash flow. So I've got a"},{"speaker":"Unknown","startTime":2082.78,"endTime":2086.65,"body":"question for you that I can let"},{"speaker":"Unknown","startTime":2082.78,"endTime":2086.65,"body":"you run with because I want to"},{"speaker":"Unknown","startTime":2086.65,"endTime":2090.43,"body":"be able to let you steer a bit"},{"speaker":"Unknown","startTime":2086.65,"endTime":2090.43,"body":"here. Because you get a lot you"},{"speaker":"Unknown","startTime":2090.43,"endTime":2094.24,"body":"get a lot of information. So"},{"speaker":"Unknown","startTime":2090.43,"endTime":2094.24,"body":"it's like sometimes you would be"},{"speaker":"Unknown","startTime":2094.24,"endTime":2097.57,"body":"able to get it a bit better than"},{"speaker":"Unknown","startTime":2094.24,"endTime":2097.57,"body":"me. So for Mark for you. My"},{"speaker":"Unknown","startTime":2097.57,"endTime":2101.41,"body":"question is, out of all the data"},{"speaker":"Unknown","startTime":2097.57,"endTime":2101.41,"body":"that You're getting in, you're"},{"speaker":"Unknown","startTime":2101.44,"endTime":2103.93,"body":"looking at and you're"},{"speaker":"Unknown","startTime":2101.44,"endTime":2103.93,"body":"researching for your shows, and"},{"speaker":"Unknown","startTime":2103.93,"endTime":2107.14,"body":"you're researching for your"},{"speaker":"Unknown","startTime":2103.93,"endTime":2107.14,"body":"position. What is some of the"},{"speaker":"Unknown","startTime":2107.14,"endTime":2109.9,"body":"most interesting data that"},{"speaker":"Unknown","startTime":2107.14,"endTime":2109.9,"body":"you're seeing in real estate in"},{"speaker":"Unknown","startTime":2109.9,"endTime":2112.93,"body":"general? It could be good, bad,"},{"speaker":"Unknown","startTime":2109.9,"endTime":2112.93,"body":"ugly, just what are you what's,"},{"speaker":"Unknown","startTime":2112.96,"endTime":2115.78,"body":"what's data sets are really"},{"speaker":"Unknown","startTime":2112.96,"endTime":2115.78,"body":"firing you up, you're like,"},{"speaker":"Unknown","startTime":2115.78,"endTime":2118.48,"body":"Whoa, this is interesting. Let"},{"speaker":"Unknown","startTime":2115.78,"endTime":2118.48,"body":"me look for it."},{"speaker":"Unknown","startTime":2118.99,"endTime":2124.0,"body":"I think there's a few things. So"},{"speaker":"Unknown","startTime":2118.99,"endTime":2124.0,"body":"this is boring. You asked about"},{"speaker":"Unknown","startTime":2124.0,"endTime":2127.03,"body":"long term trends easier and"},{"speaker":"Unknown","startTime":2124.0,"endTime":2127.03,"body":"earlier. And I wanted to get"},{"speaker":"Unknown","startTime":2127.03,"endTime":2131.2,"body":"back to this. And one of the"},{"speaker":"Unknown","startTime":2127.03,"endTime":2131.2,"body":"data sets that I think is the"},{"speaker":"Unknown","startTime":2131.2,"endTime":2133.51,"body":"most compelling and we already"},{"speaker":"Unknown","startTime":2131.2,"endTime":2133.51,"body":"talked about this is just"},{"speaker":"Unknown","startTime":2133.57,"endTime":2136.87,"body":"interest rates in general. I"},{"speaker":"Unknown","startTime":2133.57,"endTime":2136.87,"body":"think, even though that they are"},{"speaker":"Unknown","startTime":2136.87,"endTime":2140.53,"body":"rising, we have been in this 15"},{"speaker":"Unknown","startTime":2136.87,"endTime":2140.53,"body":"year period of easy money,"},{"speaker":"Unknown","startTime":2140.62,"endTime":2143.29,"body":"interest rates are low. And even"},{"speaker":"Unknown","startTime":2140.62,"endTime":2143.29,"body":"though they're going down, I"},{"speaker":"Unknown","startTime":2143.29,"endTime":2146.59,"body":"don't think we're going to back"},{"speaker":"Unknown","startTime":2143.29,"endTime":2146.59,"body":"to a policy where we're going to"},{"speaker":"Unknown","startTime":2146.59,"endTime":2149.89,"body":"see really high interest rates"},{"speaker":"Unknown","startTime":2146.59,"endTime":2149.89,"body":"and the 90s, we had interest"},{"speaker":"Unknown","startTime":2149.89,"endTime":2153.91,"body":"rates by the Fed at 789 percent"},{"speaker":"Unknown","startTime":2149.89,"endTime":2153.91,"body":"before that it was in the double"},{"speaker":"Unknown","startTime":2153.91,"endTime":2158.05,"body":"digits. And I think that to me,"},{"speaker":"Unknown","startTime":2153.91,"endTime":2158.05,"body":"even though the Fed is raising"},{"speaker":"Unknown","startTime":2158.08,"endTime":2165.52,"body":"policy, it is it raising rates,"},{"speaker":"Unknown","startTime":2158.08,"endTime":2165.52,"body":"it is really, the long term"},{"speaker":"Unknown","startTime":2165.55,"endTime":2169.84,"body":"prospects of real estate remain"},{"speaker":"Unknown","startTime":2165.55,"endTime":2169.84,"body":"high as long as the Fed is"},{"speaker":"Unknown","startTime":2169.84,"endTime":2173.77,"body":"trying to keep interest rates"},{"speaker":"Unknown","startTime":2169.84,"endTime":2173.77,"body":"relatively low. And so that's"},{"speaker":"Unknown","startTime":2173.77,"endTime":2176.98,"body":"something just in the long term"},{"speaker":"Unknown","startTime":2173.77,"endTime":2176.98,"body":"thing that I think is really"},{"speaker":"Unknown","startTime":2176.98,"endTime":2181.96,"body":"important. In terms of immediate"},{"speaker":"Unknown","startTime":2176.98,"endTime":2181.96,"body":"data. I think affordability data"},{"speaker":"Unknown","startTime":2182.23,"endTime":2187.12,"body":"is something that I pay a lot of"},{"speaker":"Unknown","startTime":2182.23,"endTime":2187.12,"body":"attention to, because we are"},{"speaker":"Unknown","startTime":2187.12,"endTime":2192.4,"body":"reaching a point in the United"},{"speaker":"Unknown","startTime":2187.12,"endTime":2192.4,"body":"States where housing is becoming"},{"speaker":"Unknown","startTime":2192.49,"endTime":2197.08,"body":"really unaffordable for people."},{"speaker":"Unknown","startTime":2192.49,"endTime":2197.08,"body":"And a lot of people blame real"},{"speaker":"Unknown","startTime":2197.08,"endTime":2201.25,"body":"estate investors for that I"},{"speaker":"Unknown","startTime":2197.08,"endTime":2201.25,"body":"personally, I'm sure investors"},{"speaker":"Unknown","startTime":2201.25,"endTime":2205.12,"body":"do play some role in that 80% of"},{"speaker":"Unknown","startTime":2201.25,"endTime":2205.12,"body":"home purchases are still by"},{"speaker":"Unknown","startTime":2205.12,"endTime":2208.63,"body":"primary homebuyers. And I do"},{"speaker":"Unknown","startTime":2205.12,"endTime":2208.63,"body":"think that it is really"},{"speaker":"Unknown","startTime":2208.63,"endTime":2214.48,"body":"important, though, to invest in"},{"speaker":"Unknown","startTime":2208.63,"endTime":2214.48,"body":"places where average people can"},{"speaker":"Unknown","startTime":2214.48,"endTime":2218.32,"body":"afford the rent, that you're"},{"speaker":"Unknown","startTime":2214.48,"endTime":2218.32,"body":"trying to give and can afford"},{"speaker":"Unknown","startTime":2218.32,"endTime":2222.34,"body":"homes, because I look at some of"},{"speaker":"Unknown","startTime":2218.32,"endTime":2222.34,"body":"these houses. And if there is a"},{"speaker":"Unknown","startTime":2222.34,"endTime":2225.46,"body":"correction, I think the places"},{"speaker":"Unknown","startTime":2222.34,"endTime":2225.46,"body":"that have become extremely"},{"speaker":"Unknown","startTime":2225.46,"endTime":2228.13,"body":"unaffordable are the ones that"},{"speaker":"Unknown","startTime":2225.46,"endTime":2228.13,"body":"are probably going to have the"},{"speaker":"Unknown","startTime":2228.13,"endTime":2231.19,"body":"biggest dip. And again, I'm not"},{"speaker":"Unknown","startTime":2228.13,"endTime":2231.19,"body":"a crash guy, I don't think we're"},{"speaker":"Unknown","startTime":2231.19,"endTime":2235.75,"body":"gonna have this huge crash. But"},{"speaker":"Unknown","startTime":2231.19,"endTime":2235.75,"body":"I do think that affordability is"},{"speaker":"Unknown","startTime":2235.75,"endTime":2239.17,"body":"going to be the biggest"},{"speaker":"Unknown","startTime":2235.75,"endTime":2239.17,"body":"challenge for investors and for"},{"speaker":"Unknown","startTime":2239.35,"endTime":2243.28,"body":"American society in some respect"},{"speaker":"Unknown","startTime":2239.35,"endTime":2243.28,"body":"over the next few years, because"},{"speaker":"Unknown","startTime":2243.94,"endTime":2248.2,"body":"the course we're on is not"},{"speaker":"Unknown","startTime":2243.94,"endTime":2248.2,"body":"sustainable. And so something I"},{"speaker":"Unknown","startTime":2248.2,"endTime":2251.2,"body":"look into, and I think, I don't"},{"speaker":"Unknown","startTime":2248.2,"endTime":2251.2,"body":"know what's going to happen"},{"speaker":"Unknown","startTime":2251.2,"endTime":2255.04,"body":"there. I think something needs"},{"speaker":"Unknown","startTime":2251.2,"endTime":2255.04,"body":"to change, because people can't"},{"speaker":"Unknown","startTime":2255.04,"endTime":2258.4,"body":"be spending 50% of their income"},{"speaker":"Unknown","startTime":2255.04,"endTime":2258.4,"body":"on rent. At the same time."},{"speaker":"Unknown","startTime":2259.63,"endTime":2263.32,"body":"There's not enough housing"},{"speaker":"Unknown","startTime":2259.63,"endTime":2263.32,"body":"units, so rents gonna go up. So"},{"speaker":"Unknown","startTime":2263.35,"endTime":2266.08,"body":"something has to happen. And I"},{"speaker":"Unknown","startTime":2263.35,"endTime":2266.08,"body":"don't know what happens there."},{"speaker":"Unknown","startTime":2266.08,"endTime":2269.44,"body":"But I recommend people if"},{"speaker":"Unknown","startTime":2266.08,"endTime":2269.44,"body":"they're investing look at"},{"speaker":"Unknown","startTime":2269.44,"endTime":2273.52,"body":"affordability in your area. I"},{"speaker":"Unknown","startTime":2269.44,"endTime":2273.52,"body":"personally think can safe"},{"speaker":"Unknown","startTime":2273.91,"endTime":2278.14,"body":"investments or investments into"},{"speaker":"Unknown","startTime":2273.91,"endTime":2278.14,"body":"places where the rent to income"},{"speaker":"Unknown","startTime":2278.14,"endTime":2282.19,"body":"ratio is not too far above 30%."},{"speaker":"Unknown","startTime":2278.14,"endTime":2282.19,"body":"People are not rent burdened,"},{"speaker":"Unknown","startTime":2282.34,"endTime":2284.74,"body":"they're not going to be"},{"speaker":"Unknown","startTime":2282.34,"endTime":2284.74,"body":"struggling to pay rent, like you"},{"speaker":"Unknown","startTime":2284.74,"endTime":2287.08,"body":"can make cash flow, they can"},{"speaker":"Unknown","startTime":2284.74,"endTime":2287.08,"body":"live a good life. To me, that's"},{"speaker":"Unknown","startTime":2287.08,"endTime":2290.38,"body":"a win win, win. That's what I"},{"speaker":"Unknown","startTime":2287.08,"endTime":2290.38,"body":"personally look at. And there's"},{"speaker":"Unknown","startTime":2290.83,"endTime":2293.08,"body":"some really interesting data"},{"speaker":"Unknown","startTime":2290.83,"endTime":2293.08,"body":"from Nir, there's a couple of"},{"speaker":"Unknown","startTime":2293.08,"endTime":2295.51,"body":"different sources if you just"},{"speaker":"Unknown","startTime":2293.08,"endTime":2295.51,"body":"Google like housing"},{"speaker":"Unknown","startTime":2295.51,"endTime":2297.37,"body":"affordability data that you can"},{"speaker":"Unknown","startTime":2295.51,"endTime":2297.37,"body":"check out."},{"speaker":"Unknown","startTime":2299.05,"endTime":2302.17,"body":"Yeah, and that's not even"},{"speaker":"Unknown","startTime":2299.05,"endTime":2302.17,"body":"economically, that's also"},{"speaker":"Unknown","startTime":2302.29,"endTime":2307.0,"body":"morally because, yeah, we all"},{"speaker":"Unknown","startTime":2302.29,"endTime":2307.0,"body":"want to make a profit, we all"},{"speaker":"Unknown","startTime":2307.0,"endTime":2309.82,"body":"want to we want to be good in"},{"speaker":"Unknown","startTime":2307.0,"endTime":2309.82,"body":"the game. But at the end of the"},{"speaker":"Unknown","startTime":2309.82,"endTime":2314.32,"body":"day, we also don't, the people"},{"speaker":"Unknown","startTime":2309.82,"endTime":2314.32,"body":"that are listening to this show,"},{"speaker":"Unknown","startTime":2314.32,"endTime":2317.05,"body":"we're not the scumbag landlords"},{"speaker":"Unknown","startTime":2314.32,"endTime":2317.05,"body":"that are trying to scrape every"},{"speaker":"Unknown","startTime":2317.05,"endTime":2320.98,"body":"single last dollar. Like for me,"},{"speaker":"Unknown","startTime":2317.05,"endTime":2320.98,"body":"personally, I keep B class"},{"speaker":"Unknown","startTime":2320.98,"endTime":2326.89,"body":"houses, and I keep my rent below"},{"speaker":"Unknown","startTime":2320.98,"endTime":2326.89,"body":"market to a degree. But as I've"},{"speaker":"Unknown","startTime":2326.89,"endTime":2329.59,"body":"got long term tenants that I'm"},{"speaker":"Unknown","startTime":2326.89,"endTime":2329.59,"body":"about to raise the rent on them,"},{"speaker":"Unknown","startTime":2329.59,"endTime":2333.67,"body":"but I'm not going to, I'm not"},{"speaker":"Unknown","startTime":2329.59,"endTime":2333.67,"body":"going to take them from $1,600"},{"speaker":"Unknown","startTime":2333.67,"endTime":2337.9,"body":"to $2,400. I'm just, I'm not"},{"speaker":"Unknown","startTime":2333.67,"endTime":2337.9,"body":"gonna do it. They're great"},{"speaker":"Unknown","startTime":2337.9,"endTime":2340.57,"body":"tenants. They're great people,"},{"speaker":"Unknown","startTime":2337.9,"endTime":2340.57,"body":"and I'm gonna make sure I'm"},{"speaker":"Unknown","startTime":2340.57,"endTime":2343.9,"body":"gonna literally work with them."},{"speaker":"Unknown","startTime":2340.57,"endTime":2343.9,"body":"And I know that in this guest,"},{"speaker":"Unknown","startTime":2344.41,"endTime":2346.87,"body":"guess what, guys, that's what"},{"speaker":"Unknown","startTime":2344.41,"endTime":2346.87,"body":"happens when you screen the hell"},{"speaker":"Unknown","startTime":2346.87,"endTime":2349.93,"body":"out of your tenants. You and you"},{"speaker":"Unknown","startTime":2346.87,"endTime":2349.93,"body":"have relationships with them. I"},{"speaker":"Unknown","startTime":2349.93,"endTime":2352.84,"body":"know some of y'all may not know"},{"speaker":"Unknown","startTime":2349.93,"endTime":2352.84,"body":"him at all. But like, for me, I"},{"speaker":"Unknown","startTime":2352.84,"endTime":2355.63,"body":"screen my tenants to the tee."},{"speaker":"Unknown","startTime":2352.84,"endTime":2355.63,"body":"And they're good tenants."},{"speaker":"Unknown","startTime":2355.63,"endTime":2358.27,"body":"They've been with me for years."},{"speaker":"Unknown","startTime":2355.63,"endTime":2358.27,"body":"I can have that conversation be"},{"speaker":"Unknown","startTime":2358.27,"endTime":2361.48,"body":"like, hey, look, property taxes"},{"speaker":"Unknown","startTime":2358.27,"endTime":2361.48,"body":"are going up rents going up."},{"speaker":"Unknown","startTime":2362.14,"endTime":2365.29,"body":"Let's work something out here."},{"speaker":"Unknown","startTime":2362.14,"endTime":2365.29,"body":"And then we can work something"},{"speaker":"Unknown","startTime":2365.29,"endTime":2370.12,"body":"out. My My people are engineers"},{"speaker":"Unknown","startTime":2365.29,"endTime":2370.12,"body":"at Lockheed Martin. That's it."},{"speaker":"Unknown","startTime":2370.27,"endTime":2372.58,"body":"So they're there. They're good"},{"speaker":"Unknown","startTime":2370.27,"endTime":2372.58,"body":"people. Good to see you again,"},{"speaker":"Unknown","startTime":2372.58,"endTime":2372.88,"body":"buddy."},{"speaker":"Unknown","startTime":2372.97,"endTime":2376.39,"body":"Yeah, sorry about that for"},{"speaker":"Unknown","startTime":2372.97,"endTime":2376.39,"body":"people. My apartment is very hot"},{"speaker":"Unknown","startTime":2376.42,"endTime":2381.22,"body":"and buy like a fancy DSLR camera"},{"speaker":"Unknown","startTime":2376.42,"endTime":2381.22,"body":"and it overheated. So now I went"},{"speaker":"Unknown","startTime":2381.22,"endTime":2381.88,"body":"to the webcam."},{"speaker":"Unknown","startTime":2382.54,"endTime":2384.82,"body":"It's all good people. Listen,"},{"speaker":"Unknown","startTime":2382.54,"endTime":2384.82,"body":"I've just been looking at like"},{"speaker":"Unknown","startTime":2384.82,"endTime":2389.53,"body":"this screen while I'm talking"},{"speaker":"Unknown","startTime":2384.82,"endTime":2389.53,"body":"about Hey, me and Dave are"},{"speaker":"Unknown","startTime":2389.53,"endTime":2394.57,"body":"professionals. We're gonna get"},{"speaker":"Unknown","startTime":2389.53,"endTime":2394.57,"body":"rolling. Yeah with it. Yeah, but"},{"speaker":"Unknown","startTime":2394.6,"endTime":2397.96,"body":"I love that. I love looking at"},{"speaker":"Unknown","startTime":2394.6,"endTime":2397.96,"body":"the affordability. So when"},{"speaker":"Unknown","startTime":2397.96,"endTime":2401.2,"body":"you're looking for that, so Did"},{"speaker":"Unknown","startTime":2397.96,"endTime":2401.2,"body":"you say and you're looking at"},{"speaker":"Unknown","startTime":2401.2,"endTime":2403.3,"body":"income to rent ratio?"},{"speaker":"Unknown","startTime":2403.78,"endTime":2407.41,"body":"Yeah, most budgeting experts"},{"speaker":"Unknown","startTime":2403.78,"endTime":2407.41,"body":"recommend that people don't"},{"speaker":"Unknown","startTime":2407.41,"endTime":2410.68,"body":"spend more than 30% on their"},{"speaker":"Unknown","startTime":2407.41,"endTime":2410.68,"body":"house, their income on housing."},{"speaker":"Unknown","startTime":2410.68,"endTime":2413.44,"body":"So I like to look at that in the"},{"speaker":"Unknown","startTime":2410.68,"endTime":2413.44,"body":"neighborhood. If you look at a"},{"speaker":"Unknown","startTime":2413.44,"endTime":2418.93,"body":"place where people are spending"},{"speaker":"Unknown","startTime":2413.44,"endTime":2418.93,"body":"50% of income on housing, that's"},{"speaker":"Unknown","startTime":2418.93,"endTime":2421.54,"body":"unsustainable in my mind, it's"},{"speaker":"Unknown","startTime":2418.93,"endTime":2421.54,"body":"not good for the tenants, it's"},{"speaker":"Unknown","startTime":2421.54,"endTime":2424.39,"body":"not good for you, they're going"},{"speaker":"Unknown","startTime":2421.54,"endTime":2424.39,"body":"to be rent burned, and they're"},{"speaker":"Unknown","startTime":2424.39,"endTime":2426.1,"body":"going to be struggling to make"},{"speaker":"Unknown","startTime":2424.39,"endTime":2426.1,"body":"rent every month."},{"speaker":"Unknown","startTime":2426.28,"endTime":2430.12,"body":"So gonna be fun scenario, just"},{"speaker":"Unknown","startTime":2426.28,"endTime":2430.12,"body":"know. So when No,"},{"speaker":"Unknown","startTime":2430.15,"endTime":2435.94,"body":"I personally just wanted buy"},{"speaker":"Unknown","startTime":2430.15,"endTime":2435.94,"body":"real estate in places where"},{"speaker":"Unknown","startTime":2435.94,"endTime":2439.12,"body":"people want to rent, and they"},{"speaker":"Unknown","startTime":2435.94,"endTime":2439.12,"body":"can afford that rent, that's a"},{"speaker":"Unknown","startTime":2439.12,"endTime":2442.81,"body":"win win situation, they want to"},{"speaker":"Unknown","startTime":2439.12,"endTime":2442.81,"body":"rent in this neighborhood, they"},{"speaker":"Unknown","startTime":2442.81,"endTime":2445.27,"body":"want a nice house, and I can"},{"speaker":"Unknown","startTime":2442.81,"endTime":2445.27,"body":"provide that product to them."},{"speaker":"Unknown","startTime":2445.87,"endTime":2449.05,"body":"That's, to me, the, like you"},{"speaker":"Unknown","startTime":2445.87,"endTime":2449.05,"body":"said, the moral and the"},{"speaker":"Unknown","startTime":2449.05,"endTime":2452.53,"body":"responsible way to invest in"},{"speaker":"Unknown","startTime":2449.05,"endTime":2452.53,"body":"real estate, and a profitable"},{"speaker":"Unknown","startTime":2452.53,"endTime":2453.94,"body":"way to do it, because you're"},{"speaker":"Unknown","startTime":2452.53,"endTime":2453.94,"body":"gonna have people who are,"},{"speaker":"Unknown","startTime":2454.15,"endTime":2456.19,"body":"that's what it all comes down"},{"speaker":"Unknown","startTime":2454.15,"endTime":2456.19,"body":"to. It's like a win win"},{"speaker":"Unknown","startTime":2456.19,"endTime":2461.89,"body":"situation. So if I see a market"},{"speaker":"Unknown","startTime":2456.19,"endTime":2461.89,"body":"where it's under, if it's 20%,"},{"speaker":"Unknown","startTime":2461.92,"endTime":2465.1,"body":"to me, that's an indicator that"},{"speaker":"Unknown","startTime":2461.92,"endTime":2465.1,"body":"rent might actually go up. So I"},{"speaker":"Unknown","startTime":2465.1,"endTime":2469.39,"body":"think that's a there's room for"},{"speaker":"Unknown","startTime":2465.1,"endTime":2469.39,"body":"rent to go up, people could bid"},{"speaker":"Unknown","startTime":2469.42,"endTime":2472.36,"body":"up the price of a great"},{"speaker":"Unknown","startTime":2469.42,"endTime":2472.36,"body":"apartment, because they're only"},{"speaker":"Unknown","startTime":2472.36,"endTime":2475.15,"body":"paying 20%, they could probably"},{"speaker":"Unknown","startTime":2472.36,"endTime":2475.15,"body":"afford a little bit more if you"},{"speaker":"Unknown","startTime":2475.15,"endTime":2479.23,"body":"have a great product. And so I"},{"speaker":"Unknown","startTime":2475.15,"endTime":2479.23,"body":"think that's a really nice"},{"speaker":"Unknown","startTime":2479.23,"endTime":2484.24,"body":"indicator. If you find something"},{"speaker":"Unknown","startTime":2479.23,"endTime":2484.24,"body":"when rent is undervalued, then"},{"speaker":"Unknown","startTime":2484.27,"endTime":2486.4,"body":"you might have some room to grow"},{"speaker":"Unknown","startTime":2484.27,"endTime":2486.4,"body":"in the future."},{"speaker":"Unknown","startTime":2487.12,"endTime":2489.28,"body":"Do you have any markets off the"},{"speaker":"Unknown","startTime":2487.12,"endTime":2489.28,"body":"top of your head that you're"},{"speaker":"Unknown","startTime":2489.28,"endTime":2490.21,"body":"seeing for this?"},{"speaker":"Unknown","startTime":2491.05,"endTime":2493.93,"body":"I actually don't I know that"},{"speaker":"Unknown","startTime":2491.05,"endTime":2493.93,"body":"like New Orleans is like the"},{"speaker":"Unknown","startTime":2493.93,"endTime":2498.91,"body":"opposite 50%, which is"},{"speaker":"Unknown","startTime":2493.93,"endTime":2498.91,"body":"ridiculous. I don't know any of"},{"speaker":"Unknown","startTime":2498.91,"endTime":2501.7,"body":"them that are really low off the"},{"speaker":"Unknown","startTime":2498.91,"endTime":2501.7,"body":"top of my head. I'll next time"},{"speaker":"Unknown","startTime":2501.7,"endTime":2503.41,"body":"we do this. I'll bring that data"},{"speaker":"Unknown","startTime":2503.95,"endTime":2509.71,"body":"there. But I guess my next"},{"speaker":"Unknown","startTime":2503.95,"endTime":2509.71,"body":"question would be you may not"},{"speaker":"Unknown","startTime":2509.71,"endTime":2512.11,"body":"have as much information on"},{"speaker":"Unknown","startTime":2509.71,"endTime":2512.11,"body":"this. But I'm curious to see"},{"speaker":"Unknown","startTime":2512.11,"endTime":2517.72,"body":"about the cost of supplies and"},{"speaker":"Unknown","startTime":2512.11,"endTime":2517.72,"body":"construction, because we're"},{"speaker":"Unknown","startTime":2517.72,"endTime":2521.14,"body":"talking about value add. I'm"},{"speaker":"Unknown","startTime":2517.72,"endTime":2521.14,"body":"curious to see where that goes."},{"speaker":"Unknown","startTime":2521.14,"endTime":2524.92,"body":"Because what I think will happen"},{"speaker":"Unknown","startTime":2521.14,"endTime":2524.92,"body":"because I talked to obviously,"},{"speaker":"Unknown","startTime":2524.92,"endTime":2528.28,"body":"my bulk portion of my week is"},{"speaker":"Unknown","startTime":2524.92,"endTime":2528.28,"body":"spent talking to seven figure"},{"speaker":"Unknown","startTime":2528.28,"endTime":2533.47,"body":"and eight figure investors who"},{"speaker":"Unknown","startTime":2528.28,"endTime":2533.47,"body":"are majority in real estate. And"},{"speaker":"Unknown","startTime":2533.86,"endTime":2538.03,"body":"I see the interest rates causing"},{"speaker":"Unknown","startTime":2533.86,"endTime":2538.03,"body":"causing a flattening of the"},{"speaker":"Unknown","startTime":2538.03,"endTime":2542.86,"body":"market, like you said, and maybe"},{"speaker":"Unknown","startTime":2538.03,"endTime":2542.86,"body":"we'll drill dip down two to 3%"},{"speaker":"Unknown","startTime":2542.86,"endTime":2546.28,"body":"by seeing more of a cooling off"},{"speaker":"Unknown","startTime":2542.86,"endTime":2546.28,"body":"than anything than a crash more"},{"speaker":"Unknown","startTime":2546.28,"endTime":2553.42,"body":"cool than a crash. But the"},{"speaker":"Unknown","startTime":2546.28,"endTime":2553.42,"body":"construction prices are scary to"},{"speaker":"Unknown","startTime":2553.42,"endTime":2557.65,"body":"me because I have a lot of"},{"speaker":"Unknown","startTime":2553.42,"endTime":2557.65,"body":"friends that are super, super"},{"speaker":"Unknown","startTime":2557.65,"endTime":2562.63,"body":"over over project on their value"},{"speaker":"Unknown","startTime":2557.65,"endTime":2562.63,"body":"ads right now with their flips,"},{"speaker":"Unknown","startTime":2562.99,"endTime":2566.47,"body":"are with their apartment"},{"speaker":"Unknown","startTime":2562.99,"endTime":2566.47,"body":"complexes, the price of"},{"speaker":"Unknown","startTime":2566.47,"endTime":2570.13,"body":"construction is going absolutely"},{"speaker":"Unknown","startTime":2566.47,"endTime":2570.13,"body":"crazy. And it's going up and up"},{"speaker":"Unknown","startTime":2570.13,"endTime":2573.85,"body":"and up of construction, labor"},{"speaker":"Unknown","startTime":2570.13,"endTime":2573.85,"body":"and goods. Do you see anything"},{"speaker":"Unknown","startTime":2573.85,"endTime":2576.25,"body":"with this? I don't even know if"},{"speaker":"Unknown","startTime":2573.85,"endTime":2576.25,"body":"this is data that you're looking"},{"speaker":"Unknown","startTime":2576.25,"endTime":2577.84,"body":"at. But I'm curious."},{"speaker":"Unknown","startTime":2578.23,"endTime":2583.72,"body":"I know about it. James Daenerys,"},{"speaker":"Unknown","startTime":2578.23,"endTime":2583.72,"body":"who's a big flipper and"},{"speaker":"Unknown","startTime":2583.75,"endTime":2587.8,"body":"Seattle's a panelist on our on"},{"speaker":"Unknown","startTime":2583.75,"endTime":2587.8,"body":"the new show, he was saying that"},{"speaker":"Unknown","startTime":2587.8,"endTime":2590.11,"body":"his construction costs he"},{"speaker":"Unknown","startTime":2587.8,"endTime":2590.11,"body":"estimates have gone up about"},{"speaker":"Unknown","startTime":2590.11,"endTime":2593.8,"body":"25%, which is crazy. I don't do"},{"speaker":"Unknown","startTime":2590.11,"endTime":2593.8,"body":"a lot of value add personally"},{"speaker":"Unknown","startTime":2593.8,"endTime":2596.95,"body":"right now I invest in"},{"speaker":"Unknown","startTime":2593.8,"endTime":2596.95,"body":"syndications that are doing"},{"speaker":"Unknown","startTime":2596.95,"endTime":2602.08,"body":"that. But I think it's a big"},{"speaker":"Unknown","startTime":2596.95,"endTime":2602.08,"body":"problem. I do think that"},{"speaker":"Unknown","startTime":2602.08,"endTime":2605.02,"body":"inflation in materials is going"},{"speaker":"Unknown","startTime":2602.08,"endTime":2605.02,"body":"to start to go down a little"},{"speaker":"Unknown","startTime":2605.02,"endTime":2609.64,"body":"bit. Because it's a whole other"},{"speaker":"Unknown","startTime":2605.02,"endTime":2609.64,"body":"question we probably don't have"},{"speaker":"Unknown","startTime":2609.64,"endTime":2612.37,"body":"time for but I just think it's"},{"speaker":"Unknown","startTime":2609.64,"endTime":2612.37,"body":"going to start going down"},{"speaker":"Unknown","startTime":2612.37,"endTime":2617.5,"body":"relatively, I do think inflation"},{"speaker":"Unknown","startTime":2612.37,"endTime":2617.5,"body":"will peak in the next few"},{"speaker":"Unknown","startTime":2617.5,"endTime":2620.68,"body":"months. That's not saying we're"},{"speaker":"Unknown","startTime":2617.5,"endTime":2620.68,"body":"gonna get back to 2% this year,"},{"speaker":"Unknown","startTime":2620.68,"endTime":2624.82,"body":"but I think we'll hit peak"},{"speaker":"Unknown","startTime":2620.68,"endTime":2624.82,"body":"inflation sometime in the fall."},{"speaker":"Unknown","startTime":2625.12,"endTime":2629.71,"body":"But that being said, I worry"},{"speaker":"Unknown","startTime":2625.12,"endTime":2629.71,"body":"about this because like we were"},{"speaker":"Unknown","startTime":2629.71,"endTime":2633.07,"body":"saying there's just a shortage"},{"speaker":"Unknown","startTime":2629.71,"endTime":2633.07,"body":"of housing units in the United"},{"speaker":"Unknown","startTime":2633.07,"endTime":2635.26,"body":"States. And we need"},{"speaker":"Unknown","startTime":2633.07,"endTime":2635.26,"body":"construction. And if housing"},{"speaker":"Unknown","startTime":2635.26,"endTime":2640.57,"body":"prices flatten, and construction"},{"speaker":"Unknown","startTime":2635.26,"endTime":2640.57,"body":"taxes go up, that just squeezes"},{"speaker":"Unknown","startTime":2640.57,"endTime":2642.97,"body":"the margin for builders, and"},{"speaker":"Unknown","startTime":2640.57,"endTime":2642.97,"body":"they're not going to build"},{"speaker":"Unknown","startTime":2643.03,"endTime":2645.94,"body":"they're not going to build and"},{"speaker":"Unknown","startTime":2643.03,"endTime":2645.94,"body":"they're not much risk. Yeah,"},{"speaker":"Unknown","startTime":2645.97,"endTime":2648.91,"body":"that they're trying to right"},{"speaker":"Unknown","startTime":2645.97,"endTime":2648.91,"body":"now. But they can't complete"},{"speaker":"Unknown","startTime":2648.91,"endTime":2651.55,"body":"houses. It's crazy, because"},{"speaker":"Unknown","startTime":2648.91,"endTime":2651.55,"body":"there's not enough materials in"},{"speaker":"Unknown","startTime":2651.55,"endTime":2651.64,"body":"the"},{"speaker":"Unknown","startTime":2652.09,"endTime":2656.71,"body":"the permit process is a freaking"},{"speaker":"Unknown","startTime":2652.09,"endTime":2656.71,"body":"nightmare. I've got a lot of"},{"speaker":"Unknown","startTime":2656.71,"endTime":2660.82,"body":"friends that construction and"},{"speaker":"Unknown","startTime":2656.71,"endTime":2660.82,"body":"the the local and the state and"},{"speaker":"Unknown","startTime":2660.82,"endTime":2664.06,"body":"the county permits are a"},{"speaker":"Unknown","startTime":2660.82,"endTime":2664.06,"body":"nightmare to build."},{"speaker":"Unknown","startTime":2664.66,"endTime":2668.47,"body":"Yep, absolutely. But they're"},{"speaker":"Unknown","startTime":2664.66,"endTime":2668.47,"body":"like permits are going up or"},{"speaker":"Unknown","startTime":2668.47,"endTime":2674.77,"body":"you're we're approaching back to"},{"speaker":"Unknown","startTime":2668.47,"endTime":2674.77,"body":"it's 1.8 million units on an"},{"speaker":"Unknown","startTime":2674.77,"endTime":2679.51,"body":"annualized basis, which is where"},{"speaker":"Unknown","startTime":2674.77,"endTime":2679.51,"body":"we were in 2004 2005, which"},{"speaker":"Unknown","startTime":2679.51,"endTime":2683.68,"body":"might scare some people, but"},{"speaker":"Unknown","startTime":2679.51,"endTime":2683.68,"body":"remember that from 2008 to about"},{"speaker":"Unknown","startTime":2683.68,"endTime":2688.75,"body":"2000 And you know, 1516 we're"},{"speaker":"Unknown","startTime":2683.68,"endTime":2688.75,"body":"under building. A lot of people"},{"speaker":"Unknown","startTime":2688.75,"endTime":2693.28,"body":"believe that we need more houses"},{"speaker":"Unknown","startTime":2688.75,"endTime":2693.28,"body":"and this rate of construction is"},{"speaker":"Unknown","startTime":2693.28,"endTime":2698.62,"body":"good. If people aren't willing"},{"speaker":"Unknown","startTime":2693.28,"endTime":2698.62,"body":"to pay for new construction"},{"speaker":"Unknown","startTime":2698.62,"endTime":2701.59,"body":"because they're generally more"},{"speaker":"Unknown","startTime":2698.62,"endTime":2701.59,"body":"are expensive than existing"},{"speaker":"Unknown","startTime":2701.59,"endTime":2704.53,"body":"homes, that's going to that"},{"speaker":"Unknown","startTime":2701.59,"endTime":2704.53,"body":"could create a problem in the"},{"speaker":"Unknown","startTime":2704.53,"endTime":2706.96,"body":"housing market in my mind,"},{"speaker":"Unknown","startTime":2704.53,"endTime":2706.96,"body":"because we'll have new"},{"speaker":"Unknown","startTime":2706.96,"endTime":2711.64,"body":"construction coming online at"},{"speaker":"Unknown","startTime":2706.96,"endTime":2711.64,"body":"inflated prices and to get to"},{"speaker":"Unknown","startTime":2711.64,"endTime":2716.02,"body":"get their money out. A lot of"},{"speaker":"Unknown","startTime":2711.64,"endTime":2716.02,"body":"builders need prices to keep"},{"speaker":"Unknown","startTime":2716.02,"endTime":2718.03,"body":"going up. And I'm not sure"},{"speaker":"Unknown","startTime":2716.02,"endTime":2718.03,"body":"they're going to go up at the"},{"speaker":"Unknown","startTime":2718.03,"endTime":2721.0,"body":"rate that construction costs are"},{"speaker":"Unknown","startTime":2718.03,"endTime":2721.0,"body":"going up. And so that would"},{"speaker":"Unknown","startTime":2721.0,"endTime":2723.49,"body":"squeeze margins and maybe a"},{"speaker":"Unknown","startTime":2721.0,"endTime":2723.49,"body":"couple builders are going to be"},{"speaker":"Unknown","startTime":2723.49,"endTime":2729.07,"body":"overextended right now. And I"},{"speaker":"Unknown","startTime":2723.49,"endTime":2729.07,"body":"will probably prevent, or"},{"speaker":"Unknown","startTime":2729.07,"endTime":2732.43,"body":"dissuade them from building more"},{"speaker":"Unknown","startTime":2729.07,"endTime":2732.43,"body":"which could you know, look for"},{"speaker":"Unknown","startTime":2732.43,"endTime":2734.68,"body":"long term for the housing"},{"speaker":"Unknown","startTime":2732.43,"endTime":2734.68,"body":"market? That's not good in my"},{"speaker":"Unknown","startTime":2734.68,"endTime":2734.92,"body":"mind."},{"speaker":"Unknown","startTime":2734.95,"endTime":2739.9,"body":"Yeah. And follow like further"},{"speaker":"Unknown","startTime":2734.95,"endTime":2739.9,"body":"exasperate the problem is"},{"speaker":"Unknown","startTime":2739.9,"endTime":2744.46,"body":"pouring gasoline on the fire?"},{"speaker":"Unknown","startTime":2739.9,"endTime":2744.46,"body":"Cool. Yeah. Yep. At the end of"},{"speaker":"Unknown","startTime":2744.46,"endTime":2747.25,"body":"the day, in this game, it's"},{"speaker":"Unknown","startTime":2744.46,"endTime":2747.25,"body":"about resources. It's about"},{"speaker":"Unknown","startTime":2747.25,"endTime":2751.63,"body":"resourcefulness, not resources."},{"speaker":"Unknown","startTime":2747.25,"endTime":2751.63,"body":"So all we can do is just look at"},{"speaker":"Unknown","startTime":2751.63,"endTime":2755.32,"body":"the data that's presented,"},{"speaker":"Unknown","startTime":2751.63,"endTime":2755.32,"body":"forecast the best that we can"},{"speaker":"Unknown","startTime":2755.86,"endTime":2760.21,"body":"and operate within our margins."},{"speaker":"Unknown","startTime":2755.86,"endTime":2760.21,"body":"And then also big margins. And"},{"speaker":"Unknown","startTime":2760.21,"endTime":2764.2,"body":"so if you're doing a value, add"},{"speaker":"Unknown","startTime":2760.21,"endTime":2764.2,"body":"maybe a just an extra 25%"},{"speaker":"Unknown","startTime":2764.2,"endTime":2770.32,"body":"cushion, to have an inflation"},{"speaker":"Unknown","startTime":2764.2,"endTime":2770.32,"body":"cap on there. We have to"},{"speaker":"Unknown","startTime":2770.32,"endTime":2772.87,"body":"underwrite the deals"},{"speaker":"Unknown","startTime":2770.32,"endTime":2772.87,"body":"differently, people, we just, I"},{"speaker":"Unknown","startTime":2772.87,"endTime":2777.13,"body":"know we already are. But we just"},{"speaker":"Unknown","startTime":2772.87,"endTime":2777.13,"body":"need to be careful with this and"},{"speaker":"Unknown","startTime":2777.13,"endTime":2780.94,"body":"keep going to treading lightly"},{"speaker":"Unknown","startTime":2777.13,"endTime":2780.94,"body":"because that controls how we"},{"speaker":"Unknown","startTime":2781.06,"endTime":2784.42,"body":"acquire the deals and purchase"},{"speaker":"Unknown","startTime":2781.06,"endTime":2784.42,"body":"deals that acquires your buyer"},{"speaker":"Unknown","startTime":2784.45,"endTime":2788.71,"body":"that that influences your buyer"},{"speaker":"Unknown","startTime":2784.45,"endTime":2788.71,"body":"price. So as we finish up here,"},{"speaker":"Unknown","startTime":2789.52,"endTime":2793.51,"body":"maybe one last piece of advice"},{"speaker":"Unknown","startTime":2789.52,"endTime":2793.51,"body":"for people that are looking for"},{"speaker":"Unknown","startTime":2793.84,"endTime":2797.44,"body":"their next investment property"},{"speaker":"Unknown","startTime":2793.84,"endTime":2797.44,"body":"that you can give just in"},{"speaker":"Unknown","startTime":2797.44,"endTime":2799.45,"body":"general, to close us out."},{"speaker":"Unknown","startTime":2799.96,"endTime":2804.58,"body":"I guess my last piece of advice"},{"speaker":"Unknown","startTime":2799.96,"endTime":2804.58,"body":"would be similar to what you"},{"speaker":"Unknown","startTime":2804.58,"endTime":2808.27,"body":"just said, figure out what your"},{"speaker":"Unknown","startTime":2804.58,"endTime":2808.27,"body":"Buy Box is and understand what"},{"speaker":"Unknown","startTime":2808.27,"endTime":2812.08,"body":"you're looking for out of real"},{"speaker":"Unknown","startTime":2808.27,"endTime":2812.08,"body":"estate investing, and then don't"},{"speaker":"Unknown","startTime":2812.08,"endTime":2815.83,"body":"worry too much about the market."},{"speaker":"Unknown","startTime":2812.08,"endTime":2815.83,"body":"If you're like me, it sounds"},{"speaker":"Unknown","startTime":2815.83,"endTime":2818.5,"body":"like you employ a similar"},{"speaker":"Unknown","startTime":2815.83,"endTime":2818.5,"body":"strategy. But if you're in this"},{"speaker":"Unknown","startTime":2818.5,"endTime":2823.24,"body":"for the long run, and the"},{"speaker":"Unknown","startTime":2818.5,"endTime":2823.24,"body":"housing market, it always it's"},{"speaker":"Unknown","startTime":2823.24,"endTime":2828.43,"body":"always kept pace with inflation."},{"speaker":"Unknown","startTime":2823.24,"endTime":2828.43,"body":"And given some of the fiscal"},{"speaker":"Unknown","startTime":2828.43,"endTime":2833.14,"body":"policy in the US some of the"},{"speaker":"Unknown","startTime":2828.43,"endTime":2833.14,"body":"construction trends, I don't"},{"speaker":"Unknown","startTime":2833.14,"endTime":2835.33,"body":"really try and think about"},{"speaker":"Unknown","startTime":2833.14,"endTime":2835.33,"body":"things more than 10 years out."},{"speaker":"Unknown","startTime":2835.33,"endTime":2837.91,"body":"But for the in the five to 10"},{"speaker":"Unknown","startTime":2835.33,"endTime":2837.91,"body":"year timeline, I feel very"},{"speaker":"Unknown","startTime":2837.91,"endTime":2841.39,"body":"confident that things are going"},{"speaker":"Unknown","startTime":2837.91,"endTime":2841.39,"body":"to be good for people who are"},{"speaker":"Unknown","startTime":2841.39,"endTime":2844.57,"body":"holding real estate. And so as"},{"speaker":"Unknown","startTime":2841.39,"endTime":2844.57,"body":"long as you can find deals, that"},{"speaker":"Unknown","startTime":2844.57,"endTime":2847.75,"body":"makes sense, and you're not"},{"speaker":"Unknown","startTime":2844.57,"endTime":2847.75,"body":"going to be exposing yourself to"},{"speaker":"Unknown","startTime":2847.75,"endTime":2851.14,"body":"excessive risk, like it's always"},{"speaker":"Unknown","startTime":2847.75,"endTime":2851.14,"body":"a good time to buy if you can"},{"speaker":"Unknown","startTime":2851.14,"endTime":2851.89,"body":"find a good deal."},{"speaker":"Unknown","startTime":2852.94,"endTime":2856.42,"body":"You know, so at the end of the"},{"speaker":"Unknown","startTime":2852.94,"endTime":2856.42,"body":"day, everyone remember, I don't"},{"speaker":"Unknown","startTime":2856.42,"endTime":2859.09,"body":"think there's many people in the"},{"speaker":"Unknown","startTime":2856.42,"endTime":2859.09,"body":"retirement home that would ever"},{"speaker":"Unknown","startTime":2859.09,"endTime":2863.5,"body":"say that they regretted buying"},{"speaker":"Unknown","startTime":2859.09,"endTime":2863.5,"body":"real estate and traveling. Yeah,"},{"speaker":"Unknown","startTime":2864.19,"endTime":2866.83,"body":"there's just not, they all say I"},{"speaker":"Unknown","startTime":2864.19,"endTime":2866.83,"body":"wish I would have traveled more,"},{"speaker":"Unknown","startTime":2866.83,"endTime":2870.88,"body":"and I wish I would have bought"},{"speaker":"Unknown","startTime":2866.83,"endTime":2870.88,"body":"more real estate. And when they"},{"speaker":"Unknown","startTime":2870.88,"endTime":2874.06,"body":"were in our shoes, it was the"},{"speaker":"Unknown","startTime":2870.88,"endTime":2874.06,"body":"same thing. They're like, how am"},{"speaker":"Unknown","startTime":2874.06,"endTime":2877.93,"body":"I gonna make this happen? So"},{"speaker":"Unknown","startTime":2874.06,"endTime":2877.93,"body":"let's make it happen. So let's"},{"speaker":"Unknown","startTime":2877.93,"endTime":2882.55,"body":"do one last final plug for your"},{"speaker":"Unknown","startTime":2877.93,"endTime":2882.55,"body":"new show, Dave? Who is your"},{"speaker":"Unknown","startTime":2882.55,"endTime":2887.11,"body":"listener? Who would get the most"},{"speaker":"Unknown","startTime":2882.55,"endTime":2887.11,"body":"value out of this plug for your"},{"speaker":"Unknown","startTime":2887.11,"endTime":2887.59,"body":"new show?"},{"speaker":"Unknown","startTime":2888.1,"endTime":2891.73,"body":"Yeah, I think anyone who is"},{"speaker":"Unknown","startTime":2888.1,"endTime":2891.73,"body":"remotely involved in the real"},{"speaker":"Unknown","startTime":2891.73,"endTime":2895.66,"body":"estate world or just wants to"},{"speaker":"Unknown","startTime":2891.73,"endTime":2895.66,"body":"improve their financial position"},{"speaker":"Unknown","startTime":2895.66,"endTime":2898.33,"body":"would benefit from the show."},{"speaker":"Unknown","startTime":2895.66,"endTime":2898.33,"body":"There are a lot of other shows"},{"speaker":"Unknown","startTime":2898.36,"endTime":2902.23,"body":"out here that talked about the"},{"speaker":"Unknown","startTime":2898.36,"endTime":2902.23,"body":"nitty gritty how to invest in"},{"speaker":"Unknown","startTime":2902.23,"endTime":2905.14,"body":"real estate, what you should do"},{"speaker":"Unknown","startTime":2902.23,"endTime":2905.14,"body":"for particular deal, we're"},{"speaker":"Unknown","startTime":2905.14,"endTime":2907.78,"body":"taking a high level approach"},{"speaker":"Unknown","startTime":2905.14,"endTime":2907.78,"body":"where you were talking about"},{"speaker":"Unknown","startTime":2907.78,"endTime":2912.43,"body":"strategy. And if you're, what"},{"speaker":"Unknown","startTime":2907.78,"endTime":2912.43,"body":"type of asset classes you should"},{"speaker":"Unknown","startTime":2912.43,"endTime":2916.93,"body":"be buying, and we use data and"},{"speaker":"Unknown","startTime":2912.43,"endTime":2916.93,"body":"information and have a whole"},{"speaker":"Unknown","startTime":2916.93,"endTime":2920.56,"body":"group of very experienced real"},{"speaker":"Unknown","startTime":2916.93,"endTime":2920.56,"body":"estate investors who you know,"},{"speaker":"Unknown","startTime":2920.77,"endTime":2926.71,"body":"probably 50 years, 60 years"},{"speaker":"Unknown","startTime":2920.77,"endTime":2926.71,"body":"combined on every show, talking"},{"speaker":"Unknown","startTime":2926.71,"endTime":2929.8,"body":"about their experience, how"},{"speaker":"Unknown","startTime":2926.71,"endTime":2929.8,"body":"they're adapting to new changing"},{"speaker":"Unknown","startTime":2929.8,"endTime":2934.09,"body":"market conditions. So if you're"},{"speaker":"Unknown","startTime":2929.8,"endTime":2934.09,"body":"a real estate agent, your real"},{"speaker":"Unknown","startTime":2934.09,"endTime":2936.73,"body":"estate investor, I think it's it"},{"speaker":"Unknown","startTime":2934.09,"endTime":2936.73,"body":"really honestly works for"},{"speaker":"Unknown","startTime":2936.73,"endTime":2940.18,"body":"everyone. And we try and make it"},{"speaker":"Unknown","startTime":2936.73,"endTime":2940.18,"body":"really fun. We play games, we"},{"speaker":"Unknown","startTime":2940.18,"endTime":2944.53,"body":"joke around a lot. It's not like"},{"speaker":"Unknown","startTime":2940.18,"endTime":2944.53,"body":"this super dense, data driven"},{"speaker":"Unknown","startTime":2944.53,"endTime":2948.43,"body":"show. It's fun and light"},{"speaker":"Unknown","startTime":2944.53,"endTime":2948.43,"body":"hearted, but we give some really"},{"speaker":"Unknown","startTime":2948.43,"endTime":2951.13,"body":"practical advice that I think"},{"speaker":"Unknown","startTime":2948.43,"endTime":2951.13,"body":"almost anyone would benefit"},{"speaker":"Unknown","startTime":2951.13,"endTime":2951.4,"body":"from."},{"speaker":"Unknown","startTime":2952.33,"endTime":2955.57,"body":"Well, and we will obviously"},{"speaker":"Unknown","startTime":2952.33,"endTime":2955.57,"body":"include that in the show notes."},{"speaker":"Unknown","startTime":2955.57,"endTime":2958.78,"body":"And then I think that show won't"},{"speaker":"Unknown","startTime":2955.57,"endTime":2958.78,"body":"have that much problem finding"},{"speaker":"Unknown","startTime":2958.78,"endTime":2961.27,"body":"it outside of the show notes."},{"speaker":"Unknown","startTime":2958.78,"endTime":2961.27,"body":"It's gonna be around it's bigger"},{"speaker":"Unknown","startTime":2961.27,"endTime":2965.41,"body":"pockets. People like they're"},{"speaker":"Unknown","startTime":2961.27,"endTime":2965.41,"body":"gonna put. Yeah, yeah, we'll"},{"speaker":"Unknown","startTime":2965.41,"endTime":2968.65,"body":"find it. We'll have the tall"},{"speaker":"Unknown","startTime":2965.41,"endTime":2968.65,"body":"bearded guy coming on here in a"},{"speaker":"Unknown","startTime":2968.65,"endTime":2973.81,"body":"little while. After his kind of"},{"speaker":"Unknown","startTime":2968.65,"endTime":2973.81,"body":"Exodus, but yeah, man. Yeah,"},{"speaker":"Unknown","startTime":2973.81,"endTime":2976.33,"body":"it's been. It's been awesome,"},{"speaker":"Unknown","startTime":2973.81,"endTime":2976.33,"body":"man. This is this has been"},{"speaker":"Unknown","startTime":2976.33,"endTime":2980.02,"body":"fantastic. Thank you for coming"},{"speaker":"Unknown","startTime":2976.33,"endTime":2980.02,"body":"on. Thank you for having me."},{"speaker":"Unknown","startTime":2980.38,"endTime":2983.53,"body":"Yeah. And I will come see up"},{"speaker":"Unknown","startTime":2980.38,"endTime":2983.53,"body":"when we're in Amsterdam. We'll"},{"speaker":"Unknown","startTime":2983.53,"endTime":2986.53,"body":"give you a ring and then we'll"},{"speaker":"Unknown","startTime":2983.53,"endTime":2986.53,"body":"get out there brother. All"},{"speaker":"Unknown","startTime":2986.53,"endTime":2993.79,"body":"right. Thanks, man. Dave Meyer,"},{"speaker":"Unknown","startTime":2986.53,"endTime":2993.79,"body":"not Dave Sonya. With bigger"},{"speaker":"Unknown","startTime":2993.79,"endTime":2998.5,"body":"pockets, the VP of data"},{"speaker":"Unknown","startTime":2993.79,"endTime":2998.5,"body":"analytics and the host of the"},{"speaker":"Unknown","startTime":2998.56,"endTime":3000.63,"body":"action Academy podcast started"},{"speaker":"Unknown","startTime":2998.56,"endTime":3000.63,"body":"off."},{"speaker":"Unknown","startTime":3001.47,"endTime":3005.61,"body":"You've been listening to the"},{"speaker":"Unknown","startTime":3001.47,"endTime":3005.61,"body":"action Academy podcast helping"},{"speaker":"Unknown","startTime":3005.61,"endTime":3010.47,"body":"you to choose what you want with"},{"speaker":"Unknown","startTime":3005.61,"endTime":3010.47,"body":"who you want. When you want."},{"speaker":"Unknown","startTime":3010.47,"endTime":3012.72,"body":"You've been given the gift of"},{"speaker":"Unknown","startTime":3010.47,"endTime":3012.72,"body":"freedom. Don't turn your back on"},{"speaker":"Unknown","startTime":3012.72,"endTime":3016.68,"body":"that. We hope you've enjoyed the"},{"speaker":"Unknown","startTime":3012.72,"endTime":3016.68,"body":"show. And we hope you've gotten"},{"speaker":"Unknown","startTime":3016.68,"endTime":3020.22,"body":"some practical and useful"},{"speaker":"Unknown","startTime":3016.68,"endTime":3020.22,"body":"information make sure to like"},{"speaker":"Unknown","startTime":3020.25,"endTime":3023.31,"body":"rate and review the show. We'll"},{"speaker":"Unknown","startTime":3020.25,"endTime":3023.31,"body":"be back soon. But in the"},{"speaker":"Unknown","startTime":3023.31,"endTime":3026.64,"body":"meantime, look up with us on"},{"speaker":"Unknown","startTime":3023.31,"endTime":3026.64,"body":"social media. Remember,"},{"speaker":"Unknown","startTime":3026.67,"endTime":3031.29,"body":"financial independence is"},{"speaker":"Unknown","startTime":3026.67,"endTime":3031.29,"body":"freedom. Red flags of freedom"},{"speaker":"Unknown","startTime":3031.29,"endTime":3031.89,"body":"fly"}]}