July 2022 Monthly Market Update

Hello everybody. This is the July, 2022 monthly market update, where I’m gonna be going over some collection of news articles that I thought were relevant for investors out there. And if you guys are interested in getting to know us and our community a little bit better, join our group at simplepassivecashflow.com/club.

There we’ll be sending out invites. We’ve got a mixer in Los Angeles, second week of July and then third week of July Arizona. So if you guys want to be invited to those events and not have FOMO, because they’re at home wondering if you’re the only accredited investor out there investing in real estate all by yourself, you guys can join up with those groups.

So check out my book the journey in simple passive cash flow, which you guys can access. That’s the little hint by listening to these videos. You guys get the little hints here, there, which is to get the free audio version at simplepassivecashflow.com/book. And you guys also can check out these recordings.

We keep ’em at simplepassivecashflow.com/investorletter. So if you wanna go back to all the past months reports and see what I’m saying and catch me if I’m lying or saying that it’s a good market or bad market, or not, you guys can go back to those archives. But first thing, I think everybody’s talking about interest rates creeping up, but this kind of was a nice chart that I found where it showed the points in the timeline when the Fed increased the rates quite a bit.

And how long of an increase was it before they backtracked and where they realize, oh shoot, we manipulated the interest rates too high, and the economy’s getting crappy. We better stop doing that. So again, a lot of this, if you guys are listening in the podcast form, which that’s our main channel, but we also put this up on the YouTube channel and to make it confusing, there’s actually two YouTube channels there’s the simple passive cash flow channel and then there’s the rich uncle channel, which is more geared towards non-accredited investors out there where the accredited investors should check out more simple, passive cash flow stuff. But what we’re looking at here is, there’s been 1, 2, 3, 4 times in history, not including now from 1990 to 2022.

So the last 30 years where there’s been periods where the Fed has increased rates gradually. Right now we’re in a bit of an incline right now. Nobody knows how long it’s going to go. But what I’m personally looking at is is unemployment gonna start creeping up? Because right now, every lot of the metrics are looking really good.

And, I follow ITR economics, they’re an unbiased type of data source I look at and a lot of things are looking good. I don’t know where a lot of people are getting this, all this doom and gloom type of stuff. And when you’ll get the doom and gloom people, a lot of ’em are broke, which is why, they’re always just looking for excuses not to do anything.

This time it’s unique. The reason why they’re increasing interest rates is because inflation is so high, which means if you don’t do anything and just play, oh, there’s doom and gloom. I’m just gonna sit on my butt and not do anything and just sit on cash. You will lose nine, 10% of your money every single year.

But yeah, if you, this is sort, we wanna keep this interactive folks. So if you guys have any questions or comments, please type it into the chat below. But yeah. Article here from Wallet hub best and worst places to raise a family. Now, I always look at these there’s so many of these types of like top 10 places and sometimes they don’t mean very much just on, if you’re looking to move the top 10 places, Fremont, California, Overland park, Kansas Irvine, California, Plano, Texas, Columbia, Maryland, San Diego, California. Seattle Washington, Santa Jose Manon, Scottsdale Arizona. So may or may not be the most, may not be the best places to invest, but supposedly there’s the best places to have a family. Honolulu is out there at 34, but if you’re like me, you wanna know where the worst places are, cuz you like to tease those places. Some of those are like Detroit, Cleveland, Memphis, Birmingham center, Bernardino, California, Newark umlet billPort Jackson, Mississippi, and Augusta, Georgia.

Billionaire Sam Zel, who is a real estate guru out there. He says I’ve stayed away from Bitcoin at all costs Sam whose net worth has estimated 5.8 billion reiterated that his anti Bitcoin stands Thursday, inter interview with CNBC. And I quote, he says I basically stayed away from Bitcoin at all costs. I think that’s when it’s all said and done. Any kind of currency without the backing of a government is in some fashion, unlikely to work.

I think Warren buffet or his other buddy Munger said they would never invest in companies like Apple and tech companies, but they eventually took up a big holding. I’m not a big fan of actually I do like how these cryptocurrencies Bitcoin, Etherium, in, for the most part, because they’re more of the blue chip type of cryptos are here to stay.

But I don’t invest with, especially now with all the turmoil, with all these big companies, which are like the brokerages are going under. And I think I actually have a long video on this, like crypto, winter. It’ll probably be released next week. YouTube got angry at us cuz we didn’t use free music.

So we have to rework that. We’ll probably get it out later on this week for you guys on the rich channel. Wall Street journal reports that bidding wars overheated the home buyer market. Now they’re coming for renters. So bidding wars have been long stable house housing markets where buyers compete with offers above the seller listings price.

Now with the home buyer pricing, going back in the favor, the buyers. Now that they’re also saying that an increased number of white collar professionals, some who recently sold houses are reluctant to buy because of record high home prices. Rising mortgage rates which ultimately is affordability.

They’re renting instead, and this is driving up the demands. It’s good if you’re a landlord on the right side of this, the median US asking rent price has to $2,000 for the first time in may. If there’s one thing I’m going to do if I would like to gamble on something is like rents don’t really go down for long periods of time. Now, once a long period of time, I don’t know, like one to three years or greater, a big range, but it’s just true. In my opinion, it’s just not something that really goes down. John Burns real estate consulting. They’re talking about the man shifting from owning to renting.

I still rent folks. It’s cool. I’m not a loser because I don’t own my own house. I invest it instead and they make a lot more at the end of the day, paying rent. Yes, it is technically like throwing money down the tube. But if you have your money sitting in your home equity, doing nothing that is even worse.

So you gotta look holistically. So if they break down the difference, the cost of owning versus renting, single family homes, and a little over a year ago, the monthly cost of owning and renting were virtually identical. And it’s, that’s what we call in the engineering world. The crossover play. We love the crossover.

Hey Lloyd. Yeah, let me know when you wanna speak to the LA group. To do it, especially if it’s virtual, I like that visual stuff, so I can not travel and be away and let me sleep on my own bed. That was the thing I was traveling a lot for when I did work. And this sucks, some people get off on getting all these freaking fire points and having high status and like, all right, that’s cool.

But each their own, I just don’t think that’s all. Oh, I think that’s a little overrated. Again, each their own. I don’t wanna offend anybody out there, but that’s just not my thing. I prefer to stay at home. So they’re also saying Raleigh Durham, Nashville, Denver, Tampa and Phoenix have all witnessed the biggest disparity in increasing home ownership versus rental costs.

Again, you guys can take a look at all these charts on the YouTube channel. If you really wanna geek out on the numbers. Matthew says it’s a long term game. Don’t worry about the short term GDP numbers. I guess while we are talking about GDP numbers, last quarter, like a recession, is defined as two quarters in a role where you have negative GDP growth.

Last quarter was negative 1.5, which sounds not the greatest. And typically we’re tracking upon two to 3% is what the Fed would like. But the year prior in 2021 like we hit 20 something percent. So yeah yeah, relative speaking, that was a horrible quarter. But to me, it’s just like a lot of pent up demand flushing through the system.

And I would actually expect, the 20% is ridiculous. It’s also ridiculous to shut down a country for about a quarter two. But I just think overall, you can look at it from like a one year trend line. You’re still doing pretty dang good. I don’t know where this Dodo is going.

I’m cautious. Don’t get me wrong and then buying off good debt, service, risk coverage ratios. But, I don’t know. I just think people really like doom, gloom, and fear point. I heard that friend means that one fear point, I like that. Sorry, junior. Sorry, you’re offended. I try not to offend people.

The joint center for housing studies at Harvard says that record breaking home prices and rents like to cool as interest rates climb. Thank you, Harvard for pointing out something super obvious, but if this is new to you guys, so what’s happening is the interest rates climb because again, the fed is using interest rates to cool off inflation, which is pretty high right now.

The interest rates are important because that impacts how much people can borrow or in other words, affordability. So people can’t afford that mortgage that they couldn’t afford in the first place they sure can’t afford now with the interest rates going up, which is why we don’t know if there’s less, more supply, less demand.

We don’t know what the prices are a composite of that and we do know it is like the prices aren’t going up at the same rate that once was in the past year or two. And nor would I say that those two increases from the last few years were sustainable again. And this is where a lot of people are like, oh my God, it’s slowing growth.

The world is over. And it’s saying oh, it’s still growing guys. Just because it’s not going up 20% or rent isn’t going up 20%, like in 2021 doesn’t mean the world’s coming to end. So with interest rates rising on top of the double digit home prices, the income and savings needed to qualify for a home loan have skyrocketed, which is, really wordy way of saying that affordability is taking a hit.

Potential home buyers saw monthly mortgage payments on the median price, US home rise by more than $600 over the past year. That’s on the monthly payments. $600 for most people is a big chunk for sure. Last takeaway from this article, these joint centers for housing studies. If you guys are always looking for good stuff to read, that’s not just like your Yahoo, finance and CNBC stuff. These are actually pretty good, insightful articles. Sometimes they don’t tell us anything. And that’s why I try to throw some of this stuff out.

But they’re saying renters were particularly burned in the first year of the pandemic, job and income losses early in the pandemic, increased affordability challenges for millions of households who are already struggling. And this is talking about how the pandemic wasn’t really fair, right? The higher end, the people in the B+, A+ housing live and work from home.

They order Uber eats and they continue to work at their computers where the people who are on the lower end, your class, C class B housing, your renters, your workforce housing, or your workforce that live in workforce housing. Are there the correct workers out there? And sometimes their jobs were cut off because of that pandemic shutdown.

John Burns reports that in the first three weeks of may 30 year mortgages hovered around. 5.25 and ease just above 5%. By month end, as for sale demand weekend, single family rentals are conform. These are, these would be good for you guys to take a look at again. We post that at simplepassivecashflow.com/investor letter.

John Burns. Yeah. These things are kind of meat to go over in the video and the podcast version. So we’ll skip ahead to a real page. They’re talking about the US apartment market showing no signs of slowing down yet. This is where I’d like to separate like the residential housing world, which is based on comparable sales, which is based on not investor sentiment, but just regular average people who need a house to live in it.

Affordability, interest rates are a big thing to them. Whereas this is more on the commercial side. Not seeing a quite slow down yet. In fact, we’re actually, as of right now in July, 2022, I would say that we are still in a micro bubble where we’re in a buyer’s market. You’re probably wondering what the heck is lane saying it’s a buyer’s market.

Yes. Because a lot of the institutions, the guys who really move the markets that are buying a big. Apartments and commercial assets, they pulled out about a month ago and just did nothing and just waited to see the situation, which greatly takes out a lot of the demand and the supply demand dynamic.

Therefore there’s more, a little more supply than demand out there than there is normally, which creates a buyer’s market. So there’s a little bit of a buying opportunity right now. And. But, that’s typical, right? Like when things are uncertain and people are what do we do here?

That’s the time to be buying. Of course every deal is pretty typical or every deal is individual. And I’m just speaking in generalities. But now that’s why I think if you’re out there looking for more of these commercial larger deals that institutions might be looking after 200 or 500 units.

There might be an opportunity before those bigger players come back and they’ll come back in because they have to buy, and this should make people sick to their stomach. These large institutions and others get most of their money when they deploy capital. So they gotta come back in, pay for their own salaries at some point.

Which I would probably say maybe next year’s kind of, when this little micro bubble will close up or next month and this micro bubble will close up and it gets. To normal. So markets with the steepest replacement rents as of may, Le reading off from the top Miami New York for Ladale Tampa, Orlando, San Diego, west Palm beach, Nashville, Seattle, New York, New Jersey among individual Metro areas, Florida remains home to some of the largest rent increases. Among the 50 size Metro areas, the smallest increases Jerry came in the Midwest and the Northeast.

No surprise cuz who wants to live there. Sorry, junior, if you’re offended by that, just joking. He identified himself as the Canary and the coalmine offended person, but, Midwest and Northeast, nobody wants to live there apparently anymore because they’re all moving away because maybe it’s too cold. Whatever it is, that’s what the numbers show. Most of the people are moving down to the south. The Sunbelt states multi-housing news. Out of state rental applications rose 42% during the pandemic since the TransUnion, which means that people are moving out of state, Texas had the largest increase in new residents between 2020 and 2021 with more than 310,000 residents while New York saw the highest decrease. Losing about the same, more people were leaving California, the rust belt and Northeast, and heading to the Sunbelt and Rocky mountain regions. Wow.

Didn’t I say that last time? The top 10 multifamily markets by sales volume in 2021. Just reading ’em off from the top to the bottom, Dallas Fort Worth, Atlanta, Phoenix, Houston, Denver, Miami, Washington, DC, Orlando, Tampa, Petersburg, Tampa St. Petersburg Raleigh. Now I would, I just wanna point out just because there’s a lot of like sales volume, does it really mean too much?

Because like some of these are much larger markets than others. And just because things are being transacted there doesn’t, to me doesn’t really mean anything. But I think it’s just like for people looking for anomalies in the data, this would be one of those to put on your radar.

But at these 10, none of these really surprise me. These are, you always see these ones up there now, top multi-family markets for construction activities. So these are. Be where you’re gonna see the most units come online. And at first gut reaction, you would think that this might be bad I don’t know.

From one point of view, you could think of this as a bad idea, because if you have an apartment in say Dallas, which is number one, that’s more competition coming online. But on the other hand, why the heck are these super smart development companies building stuff over there in the first place?

If they’re the demand. Take it for what you guys want. But here’s the list. And from the most to the least Dallas, Austin, Phoenix, Washington, DC, Miami, New York, Los Angeles, Atlanta, Seattle, Denver,

And it’s the same, same information, but from the real page, most apartments under construction. Phoenix Austin, New York, Dallas, Washington, DC, New York, Atlanta, Los Angeles, Seattle, Denver. That’s pretty much the same thing. That’s what meta-analysis is: you compare two or more articles, which we just did.

So commercial property executives talking about five states that are corporate relocation, magnet nets. What’s making these people relocate there? Maybe there’s a more influx of headquarters. I know a lot of ’em are going to Texas every day. But yeah. Number one, Texas. Number two, Florida.

Number three, Arizona. No surprise there. Just to name a few. So Texas is Tesla digital Realty, Oracle ACOM with pat K. We have a lot of engineers in our group, so I. Most of ’em have worked for AECOM at some point in their life, Florida companies like blockchain.com, block tower capital, the Walt Disney companies, SkyWater technologies and Arizona companies like send, do so move and align technology.

I don’t know what these companies are, but I know Arizona has a lot of the growth of the semiconductor front. They don’t want those, People out of the east to take our, they took our lunch with the whole semiconductors back in the day, but now we’re gonna try and eat them at their own game or that was once our game with the semiconductors out there with Intel.

If you guys are all interested in that, just like YouTube, TSMC, Intel, and the Mac articles, those videos will come. But other states are Georgia and Tennessee,like 1.2, five battery giga factory set to rise near Phoenix. California. And I put this one in here just to note that tech companies aren’t completely abandoning all their office space folks. It is coming back, who knows it’s gonna be the same as before, but I think companies are starting to realize that the need for a physical presence is real.

CNBC business. There’s an article on is it time to prepare for a recession? So they’re saying the economies are close to entering recession. Perhaps as soon as this year to avoid taking too much of a financial hit, Americans will need to prepare, where do they go, okay. What would they say here?

They’re saying that there’s some economic headwinds with war, Ukraine, COVID lockdowns and China reply resulting in supply shocks that boosted inflation and slow growth. A key part of the inflation problem is linked to the massive 3.9 trillion in fiscal stimulus ejected into the economy in 2020 and 2021.

That’s why everybody’s stock market stuff blew up the last couple years and why you’re starting to give it back now. And you’re saying for the average ER, it’s hard to find a place to hide. Recessions are usually accompanied by outright bear markets with stocks following by well over 20%. And when fed now hiking rates aggressively, the bond market is no safe Haven equities and bond markets are riskier.

Usually, what can Americans do for a CMBC business? One answer may be due to nothing and just try to write out the volatility without trying to time the market. That was probably written by some financial planner who says, oh, it goes up and down. You might as well just stay where you’re at. And I can keep my assets of the management fee with you.

They also say consumers might consider coming back on non-essential spending, especially avoiding Spying on big ticket items. Yeah. A crappy, but here’s my take off the top of my head. I would like, I would, is this the right term monetize? My helos, if you guys, he have helos, I would get that into cash and put it into like life insurance.

That way you can control it. So when, if they ever do pull those home equity lines of credit, you’re not at the bank’s mercy to arbitrarily, just randomly do that stuff. I would also say, this is why you invest in cash flow, right? The people who got hurt back in 2007 and eight were the idiots who were betting on appreciation.

And when things went down they couldn’t pay their debt service. So what that’s, what it comes down to, it’s not a loan to value things. It’s a debt to service, coverage ratio. And especially with things like your guys’ homes that don’t make any money, it’s not how much equity or loan the value has. What’s your debt service coverage ratio?

You’re probably saying you’re being a smartass lane. My house doesn’t have any debt service coverage ratio. It doesn’t make any money. That’s exactly why you shouldn’t have it in the first place, in my opinion, unless your net worth is two to three times greater than what your house.

So you have a $500,000 house. I don’t think you should buy a house until your network is one, 1.5 at least. That’s why they call me a rich uncle. And I’m like a cranky uncle in a way. And that’s, you can hear more of that on that YouTube channel, Fannie MA’s article here, they’re talking about rising rates, persistent inflation and further soft economic outlook.

What the last article was saying. They’re saying expectations that the full year 2022 real GDP world will be at a reduced rate of 1.3%. So positive. But they’re reducing their initial guidance, a little less than 1%. But that’s technically not a recession, right?

Recession is two negative quarters in a row. But here’s the thing, right? Like when nobody knows when this recession is gonna end. No, I actually quite frankly think we’re in a relative recession right now, but the hard thing is you can’t time the market, like when this thing goes, unless you’re in playing in the game and the hard thing with real estate, it’s you can’t just come back in.

You can’t time the market. So as soon as you think it’s coming back, if you’ve already lost it already, Wealth management.com. They’re talking about rising interest rates. Aren’t stopping apartment investors from cutting deals, fed plans to continue to raise interest rates, to help stem inflation. And that’s changing the math for apartment investors, looking to make deals. Other factors, rising rents are still going up.

And are offsetting the interest rates. One thing that I’ll say that’s not in here, that’s hurting cash flow now is because the property values are going up, the property taxes are going up and that’s can take a huge chunk out of, not a huge chunk, but like 10 to 20% of like your cash flow on the property taxes in the end.

That’s good. I, because you’re. Property is going up in value and you don’t get to realize that until the end. But that’s the big thing there. Oh I’m glad you did this, Matt. Cuz I’m gonna troll you right here. So this is probably one of the biggest mistakes I see investors make is that you have maybe $200,000 equity in your house. And you think of it in terms of like how most people think of it, where you’re borrowing it like 2.7%, which is a great interest rate, but that’s not how sophisticated investors stink at things.

They don’t really, yeah. Interest rate is important, but they don’t care about interest rate. They care about your net worth and what’s happened to your net worth. So the important thing is to like what you can do with that $200,000 equity and put it elsewhere. You could probably buy like three other or four other houses with.

I think the biggest thing is if you can get into the value add game, I think there’s a lot of like lower networked investors doing that, buy rent, rehab, birth strategy, but for a lot of in credit investors, that’s just a waste of time, especially if you make, multiple six figures doing that type of stuff.

And you’re working with little pull down contractors who just are like one day from stealing your money. Take a look. What I would say is look at, simple, passive, casual.com/ro OE return on equity, download the spreadsheet and just follow the numbers right after a certain time, when your equity goes up, your return on equity goes down and it, after time, it you’re probably making like less than double digits at that point need to do one or three things, do a Helo.

Buy more assets with that Helo or do a refinance buy more assets with that, that, or sell the asset and give you that up into more and more assets, essentially relenting yourself back up to that, 80% loan to value that you started and just keeping that value high, what do I know?

I know I have 8,000 properties but Fortune magazine says the cooling housing market enters into the great DEC acceleration, inventory levels are rising again. I think the nice thing, the cool thing about here is this kind of cyclical too, which we definitely see inventory coming down.

Cooling housing prices enter the great DEC acceleration. So they always come up with these little marketable terms to sell headlines. The great deceleration or the other one I heard was, I can’t even remember it, it’s that kind of stuff. That’s all, it’s simple folks, right?

Like inflation is high because they pumped a lot of fake money into the economy the last two, three years because of the pandemic, who knows what else they’re hiding. But that’s what happened. And like the stock market is high because of that. And because they pumped a lot, this money in there, inflation is.

So inflation, they need to keep that between two to 3%. And that’s what the Fed is mandated to do so that they can keep the highs relatively moderate. And, but more importantly, keep the lows, not as low and which is why they are increasing the interest rates to get some dry powder there now.

But they don’t wanna do it too much to crater the economy in which, so they have to look at things like unemployment because it is a It’s a it’s a sensitive game, right? It’s complicated. First the federal reserve has moved into inflation. Fighting mode, says fortune uh, second, the overheated 2022 spring market has pushed us over the edge into what housing economists calls, an overvalued housing market. Yeah, I would probably say things are a little bit overheated, here’s my, here’s my crystal ball.

I don’t really care. To me it’s like the NBA finals. I don’t care if the golden state warriors are in. And I don’t know who else, who did they play? I guess they heat. I think they played the heat. I don’t care if the Lakers aren’t playing, but that’s how I look at the residential housing market.

Like I don’t really give a. Where it goes. But if I were to guess, I think that there will be some softening, but, prices might go down 5%, but I don’t think if you’re a person out there, you can time it, unless you like, you’re real. You’re like a realtor. It’s just gonna keep going up and on factor this we’re in a Fiat currency world.

It’s all fake money at this. And as long as the Fed can keep inflation under control, meaning it can keep going like this forever. Zillow says that the most popular markets of early 20, 22 pricey suburbs topless were Woodenville, Washington, Burke, Virginia Highlands ranch, west chase, Florida, which is Tampa, Seattle, Los Angeles, Atlanta. Los Angeles, San Louis, and Denver. I don’t know if that’s useful for people, that’s, I guess those are great places to live.

I don’t know if there are great places to invest, real page reports, neighborhood level, resident retention levels. So retention levels are when. Tenants are turned, not turned over, but they renew their contracts to stay. And it could be for a variety of reasons, but seemingly if they are staying as renters, this may be a sign that they’re not able to step up to home ownership, or they’re not economically mobile.

Obviously the best retention rates, as they’re saying here is class B and C, because those are your less economically mobile people. Like we had. I would say a couple of nicer class, B plus type of assets, and a lot of the people there, they jumped ship because interest rates were really low a couple years ago and they moved up, which kind of sucked for us.

It’s kinda if you have a good employee and then they leave you because they’re good, it makes you sad. It’s the same feeling that class B and the C are the type of residents that do stay, some save all their lives, actually some markets with the best retention. Indianapolis Cleveland Milwaukee, New York, Miami San Diego, Riverside, Boston, and wealth management.com. In this article, I’ll just summarize basically class a. Apartments are going up and price higher where the class C the lower end stuff isn’t as much. And this is obvious why, right? Cuz the higher end stuff, they’re a little bit less price sensitive where the class C stuff people, they are more value driven.

And also I think coming out of the pandemic, as I said earlier in the show, people who are class, a type of tenants, had a much easier time. Time through the pandemic economically, where a lot of the class C workforce housing folks had a tough time. And we had some folks, sometimes we’ll get to work with the church and they’ll come in and they’ll sit down with the people and help ’em, do job applications and stuff like that.

Or, the people from like the mall will come in, put up flyers and it’s just, I don’t know. They. It’s tough. Like I say money doesn’t make, is not everything, but it sure makes life a lot easier. Multi-housing news reports that New York says no to a good cause. Eviction bill.

So this is a landmark type of article and this, I would say, look. Bills like this to set precedence. And so basically what happened was that New York state ended its legislative session without taking action on the proposed good cause eviction bill, a decision that was cheered by multifamily industry representatives.

We say it amounts to another form of rent control and will hinder rather than create affordable housing. And, so basically it’s It’s not rent control happening the opposite of that, and this kind of bounces back and forth. We, I think the last landmark type of article we had that maybe happened several months ago in California, where they had, they started to allow in single family home zoned areas they allow multi-family zone areas, which, It’s essentially a democratic Republican argument where, you know, like the affluent areas don’t want multifamily in their backyard.

But the prices get so expensive, like expensive. What are you gonna do? So these states are like New York and California, and Oregon and Washington are typically more. They deal with the stuff first, right? Like them, they’re on the forefront and they pin away set precedents for the states to come after.

But if you’re somebody who’s against rent control, this was a good one for you guys. I just think that eventually things typically go in the favor of rent control and that type of stuff. New York to transform distressed hotels into affordable housing. This law allows for class B hotels to use certificates of occupancy to operate as residential spaces. Add more flexible rules for converting underutilized hotel space into affordable housing.

Type any questions you guys have into the chat. But if you guys haven’t joined our group, you can go to simplepassivecashflow.com/club. And if you guys are an accredited investor and really tired of just screwing around with all these non-accredited investors out there and you wanna find a close knit, private group, check out our family office ohana mastermind, which is our inner circle at simplepassivecashflow.com/journey. Pretty much everybody’s accredited these days. It’s actually 90 members now. This is outdated, but we just have to come to the events and talk to the other FOOM members. I would say it’s hard for me to go over it.

We’ll hit you guys hopefully I think junior was offended earlier. We made amends. I should probably watch myself in my jokes before we need to meet in person, which I think we will. I think I saw your name on the list for Los Angeles, so we will meet in person and then we can offend each other.

But if not no questions. We will see you guys. Thanks, Andrew. Thanks for your comments and then Matthew, no hard feelings. You get that VA loan. That’s good for you. That’s why you do all that service, but yeah. Matt says I’m offended by people being offended by jokes.

Thanks for leaving those comments. It makes me not quiver, walking around, watching myself behind my back. Someone’s gonna shank me or something, but we’ll see you guys next time and stay calm, cash flow on.