1 00:00:00,125 --> 00:00:01,209 My first ever 2 00:00:01,209 --> 00:00:02,377 visit to New York. 3 00:00:02,460 --> 00:00:03,003 First time 4 00:00:03,044 --> 00:00:04,212 was ever in New York. 5 00:00:04,295 --> 00:00:05,171 I went with Ashley. 6 00:00:05,171 --> 00:00:05,463 She's like, 7 00:00:05,463 --> 00:00:05,922 you've never been in 8 00:00:05,922 --> 00:00:06,381 New York? 9 00:00:06,423 --> 00:00:06,756 I was like, 10 00:00:06,756 --> 00:00:07,549 I've never been in New York. 11 00:00:07,632 --> 00:00:09,050 She took me to New York 12 00:00:09,134 --> 00:00:09,509 and she's like, 13 00:00:09,509 --> 00:00:10,093 what do you want to do? 14 00:00:10,093 --> 00:00:10,552 I'm like, 15 00:00:10,635 --> 00:00:11,052 I want to go 16 00:00:11,052 --> 00:00:11,886 see The Colbert Report. 17 00:00:11,970 --> 00:00:13,513 So she literally like, 18 00:00:13,513 --> 00:00:14,347 we stood outside, 19 00:00:14,347 --> 00:00:15,056 got tickets, 20 00:00:15,098 --> 00:00:15,598 went into the 21 00:00:15,598 --> 00:00:16,641 Colbert Report. 22 00:00:16,725 --> 00:00:17,684 We gave them 23 00:00:17,684 --> 00:00:18,268 because I was playing 24 00:00:18,268 --> 00:00:19,144 the NHL at the time. 25 00:00:19,144 --> 00:00:19,853 We gave 26 00:00:19,936 --> 00:00:20,895 like a them a jersey. 27 00:00:20,979 --> 00:00:21,521 Like, oh, here, 28 00:00:21,521 --> 00:00:21,896 like you could 29 00:00:21,896 --> 00:00:22,397 have a jersey. 30 00:00:22,397 --> 00:00:23,231 And he gave me like a 31 00:00:23,314 --> 00:00:24,524 big swag bag and everything. 32 00:00:24,524 --> 00:00:24,941 It was like 33 00:00:24,941 --> 00:00:26,401 one of the best night ever. 34 00:00:26,484 --> 00:00:27,318 But anyway, 35 00:00:27,402 --> 00:00:28,278 he was my favorite show. 36 00:00:35,910 --> 00:00:37,037 Welcome to Drink 37 00:00:37,120 --> 00:00:38,538 real estate. 38 00:00:38,621 --> 00:00:39,372 Grab a drink 39 00:00:39,456 --> 00:00:41,624 and enjoy the show. 40 00:00:41,708 --> 00:00:42,167 Hey there. 41 00:00:42,208 --> 00:00:43,209 Welcome to episode 42 00:00:43,209 --> 00:00:44,753 104 of Drunk Real Estate. 43 00:00:44,794 --> 00:00:45,712 I am Kyle Wilson, 44 00:00:45,712 --> 00:00:46,963 Ashley Wilson husband. 45 00:00:47,047 --> 00:00:47,797 We got the whole gang 46 00:00:47,797 --> 00:00:49,090 together. Mauricio. You're. 47 00:00:49,132 --> 00:00:50,383 You're members 48 00:00:50,383 --> 00:00:51,092 looking a lot better. 49 00:00:51,134 --> 00:00:51,885 You figured your ... 50 00:00:51,885 --> 00:00:52,343 out over there. 51 00:00:52,343 --> 00:00:53,303 It looks. It looks good. 52 00:00:53,386 --> 00:00:54,012 I plugged him, 53 00:00:54,012 --> 00:00:55,055 I plugged in my laptop. 54 00:00:55,055 --> 00:00:55,513 For some reason, 55 00:00:55,513 --> 00:00:56,181 when you put plot 56 00:00:56,181 --> 00:00:56,890 power into it, 57 00:00:56,890 --> 00:00:59,267 it makes it better. 58 00:00:59,350 --> 00:00:59,851 I think he was 59 00:00:59,851 --> 00:01:01,311 being sarcastic. 60 00:01:01,394 --> 00:01:02,437 No, I literally like it. 61 00:01:02,520 --> 00:01:03,313 I think I think he's 62 00:01:03,396 --> 00:01:04,397 I think that's actually 63 00:01:04,397 --> 00:01:05,023 what solved it. 64 00:01:05,023 --> 00:01:06,191 He plugged in his laptop, 65 00:01:06,191 --> 00:01:07,025 plugged in my laptop 66 00:01:07,067 --> 00:01:09,194 is now what? 67 00:01:09,277 --> 00:01:10,653 Mauricio still on location 68 00:01:10,653 --> 00:01:12,030 at the Goat Ranch 69 00:01:12,113 --> 00:01:13,323 using Starlink 70 00:01:13,364 --> 00:01:14,699 on his little mini laptop. 71 00:01:14,699 --> 00:01:16,409 But you, you still found 72 00:01:16,409 --> 00:01:16,910 you had to drive 73 00:01:16,910 --> 00:01:17,660 the six miles 74 00:01:17,660 --> 00:01:18,578 down the winding road 75 00:01:18,578 --> 00:01:19,412 and you found some wine. 76 00:01:19,412 --> 00:01:20,663 I'm guessing I did. 77 00:01:20,663 --> 00:01:21,414 I actually have no. 78 00:01:21,414 --> 00:01:22,123 Dude, I'm up here 79 00:01:22,123 --> 00:01:22,707 in the middle of nowhere. 80 00:01:22,707 --> 00:01:23,041 I gotta 81 00:01:23,124 --> 00:01:24,709 I gotta stock up for the 82 00:01:24,709 --> 00:01:25,668 for the month or whatever. 83 00:01:25,752 --> 00:01:26,294 I'm actually still 84 00:01:26,294 --> 00:01:27,212 drinking the Sonoma. 85 00:01:27,212 --> 00:01:28,421 But you know why? 86 00:01:28,505 --> 00:01:28,963 I mean, it's actually, 87 00:01:28,963 --> 00:01:30,006 I like I like Sonoma color. 88 00:01:30,006 --> 00:01:30,632 It's it's a nice, 89 00:01:30,632 --> 00:01:31,091 refreshing drink, 90 00:01:31,091 --> 00:01:32,467 but it's a screw screw cap. 91 00:01:32,467 --> 00:01:33,093 But I can't find 92 00:01:33,093 --> 00:01:34,094 my bottle opener. 93 00:01:34,094 --> 00:01:34,636 So I'm like, let's 94 00:01:34,636 --> 00:01:35,929 go with this one. 95 00:01:36,012 --> 00:01:36,846 And, yeah. 96 00:01:36,846 --> 00:01:38,014 Enjoying a nice, 97 00:01:38,098 --> 00:01:38,723 nice Tuesday 98 00:01:38,723 --> 00:01:40,100 afternoon here at the ranch. 99 00:01:40,183 --> 00:01:42,102 Nice J what's going on, man? 100 00:01:42,185 --> 00:01:42,727 I'm good. 101 00:01:42,769 --> 00:01:44,145 It's been a crazy 102 00:01:44,145 --> 00:01:44,854 couple weeks. 103 00:01:44,854 --> 00:01:46,314 We finished our race 104 00:01:46,314 --> 00:01:48,525 for our latest investment 105 00:01:48,525 --> 00:01:49,692 today. Literally. 106 00:01:49,692 --> 00:01:51,820 So, so gradually. 107 00:01:51,861 --> 00:01:52,904 Agents, 108 00:01:52,987 --> 00:01:54,322 phase one of the race, 109 00:01:54,405 --> 00:01:55,281 we hit our target. 110 00:01:55,281 --> 00:01:57,325 And so this is this is, 111 00:01:57,408 --> 00:01:59,577 my celebration night and, 112 00:01:59,661 --> 00:02:01,246 going to sleep in tomorrow. 113 00:02:01,329 --> 00:02:02,330 So if you're celebrating, 114 00:02:02,330 --> 00:02:03,873 you must be drinking, right? 115 00:02:03,957 --> 00:02:05,041 I yeah, I'm 116 00:02:05,041 --> 00:02:06,417 going with coffee. 117 00:02:06,501 --> 00:02:08,086 So my wife went. 118 00:02:08,086 --> 00:02:09,087 She got me a coffee 119 00:02:09,087 --> 00:02:10,421 at racetrac, 120 00:02:10,505 --> 00:02:12,757 our local, like, 7-Eleven. 121 00:02:12,757 --> 00:02:14,259 And I'm throwing in 122 00:02:15,426 --> 00:02:16,386 a bunch of Kahlua 123 00:02:16,386 --> 00:02:17,720 into this thing. 124 00:02:17,804 --> 00:02:18,763 Did you just equate 125 00:02:18,763 --> 00:02:19,389 what you're drinking 126 00:02:19,430 --> 00:02:21,224 to 7-Eleven coffee 127 00:02:21,307 --> 00:02:21,933 like that? 128 00:02:21,933 --> 00:02:23,226 That's the level 129 00:02:23,226 --> 00:02:24,561 that you're at right now. 130 00:02:24,644 --> 00:02:25,603 What do you mean? 131 00:02:25,687 --> 00:02:25,937 What's wrong? 132 00:02:25,979 --> 00:02:27,063 7-Eleven coffee. 133 00:02:27,147 --> 00:02:28,106 7-Eleven coffee. 134 00:02:28,106 --> 00:02:28,648 You mean the stuff 135 00:02:28,648 --> 00:02:28,898 that, like, 136 00:02:28,898 --> 00:02:29,691 they brew a pot, 137 00:02:29,691 --> 00:02:31,234 and then it just sits there 138 00:02:31,317 --> 00:02:32,861 for 3 or 4 hours, 139 00:02:32,861 --> 00:02:34,028 and I don't know, about 711, 140 00:02:34,028 --> 00:02:34,904 but it racetrac 141 00:02:34,904 --> 00:02:35,405 they actually 142 00:02:35,405 --> 00:02:36,614 have the grounds. 143 00:02:36,614 --> 00:02:37,448 And you hit a button 144 00:02:37,448 --> 00:02:38,783 and the grounds come down, 145 00:02:38,783 --> 00:02:40,034 they grind them right there 146 00:02:40,034 --> 00:02:41,369 and they pour over. 147 00:02:41,452 --> 00:02:42,370 So it's like 148 00:02:42,453 --> 00:02:43,580 completely fresh. 149 00:02:43,663 --> 00:02:43,913 Yeah. 150 00:02:43,913 --> 00:02:44,998 I mean race, 151 00:02:45,081 --> 00:02:45,582 if it's called 152 00:02:45,582 --> 00:02:46,416 race track coffee, 153 00:02:46,416 --> 00:02:47,625 it must be good. Yeah. 154 00:02:47,709 --> 00:02:48,459 But you know, what's 155 00:02:48,459 --> 00:02:48,835 really good 156 00:02:48,835 --> 00:02:50,503 about all the mold 157 00:02:50,587 --> 00:02:51,254 in that coffee 158 00:02:51,254 --> 00:02:52,005 filter is really, 159 00:02:52,005 --> 00:02:53,173 really good for you. 160 00:02:53,256 --> 00:02:54,257 Yeah, I'm sure it's great. 161 00:02:54,257 --> 00:02:55,175 It's awesome. 162 00:02:55,258 --> 00:02:57,010 AJ, what's up, 163 00:02:57,010 --> 00:02:58,428 my sober friend? 164 00:02:58,511 --> 00:03:01,431 You silver sober? 165 00:03:01,681 --> 00:03:03,141 Sober with a car. Sober? 166 00:03:03,141 --> 00:03:04,100 Yeah. I was like, silver. 167 00:03:04,184 --> 00:03:04,517 Are you 168 00:03:04,601 --> 00:03:05,602 saying I'm going gray. 169 00:03:05,602 --> 00:03:06,519 What's up with that? 170 00:03:06,603 --> 00:03:07,937 Yeah. Like it's good, right? 171 00:03:07,937 --> 00:03:08,563 It's the 172 00:03:08,605 --> 00:03:09,647 black collared shirt 173 00:03:09,731 --> 00:03:11,482 I like I like your look. 174 00:03:11,566 --> 00:03:11,858 Thank you. 175 00:03:11,858 --> 00:03:13,234 Jason Pepper 176 00:03:13,318 --> 00:03:14,235 I had to 177 00:03:14,319 --> 00:03:14,736 my beard 178 00:03:14,736 --> 00:03:15,695 was getting a little long. 179 00:03:15,695 --> 00:03:16,446 I had to shave it off 180 00:03:16,446 --> 00:03:16,946 because it was. 181 00:03:16,946 --> 00:03:17,864 It was definitely 182 00:03:17,864 --> 00:03:18,907 getting salt and pepper. 183 00:03:18,907 --> 00:03:20,283 As you get longer, like 184 00:03:20,366 --> 00:03:20,825 the gray 185 00:03:20,825 --> 00:03:21,910 just starts to come out 186 00:03:21,910 --> 00:03:22,869 and I don't have a knife. 187 00:03:22,869 --> 00:03:24,162 Way more evident. 188 00:03:24,245 --> 00:03:25,830 Yours. Yours actually. 189 00:03:25,830 --> 00:03:25,997 Like, 190 00:03:25,997 --> 00:03:27,582 at least it's a uniform gray 191 00:03:27,582 --> 00:03:28,875 where it's kind of like 192 00:03:28,958 --> 00:03:30,460 nice, like mine. 193 00:03:30,460 --> 00:03:31,961 It's just like random gray, 194 00:03:31,961 --> 00:03:33,630 like one here, one there. 195 00:03:33,630 --> 00:03:34,380 And it just looks 196 00:03:34,380 --> 00:03:35,340 it starts to look awful. 197 00:03:35,340 --> 00:03:36,883 So I've realized that 198 00:03:36,966 --> 00:03:38,259 I can't grow it a long beard 199 00:03:38,259 --> 00:03:39,219 for at least a little while 200 00:03:39,219 --> 00:03:39,636 until I get a 201 00:03:39,636 --> 00:03:41,346 little bit more gray. 202 00:03:42,347 --> 00:03:44,933 I'm going back with the 203 00:03:44,933 --> 00:03:45,975 Chalamet 204 00:03:46,059 --> 00:03:48,645 Chalamet, small batch. 205 00:03:48,728 --> 00:03:49,395 I just noticed 206 00:03:49,395 --> 00:03:51,022 this is actually a blend 207 00:03:51,105 --> 00:03:51,814 of a 15 208 00:03:51,814 --> 00:03:52,732 and an eight year old, 209 00:03:52,732 --> 00:03:53,650 but even an eight year 210 00:03:53,650 --> 00:03:54,442 old would be good 211 00:03:54,525 --> 00:03:54,943 to talking about 212 00:03:54,943 --> 00:03:55,735 whiskey, right? 213 00:03:55,818 --> 00:03:56,986 Well, yeah, it's bourbon. 214 00:03:56,986 --> 00:03:58,780 So bourbon is 215 00:03:58,863 --> 00:03:59,072 when you 216 00:03:59,072 --> 00:03:59,322 talk about 217 00:03:59,322 --> 00:04:00,114 an eight year old, 218 00:04:00,114 --> 00:04:01,032 I just wanted to make sure 219 00:04:01,032 --> 00:04:01,991 you talked about the drink. 220 00:04:02,075 --> 00:04:02,951 Yes. Yeah. 221 00:04:02,992 --> 00:04:05,161 I'm, I don't, I don't 222 00:04:05,203 --> 00:04:05,745 I don't even know how 223 00:04:05,745 --> 00:04:06,579 to make a joke for that. 224 00:04:06,579 --> 00:04:07,080 I have an eight year 225 00:04:07,080 --> 00:04:07,538 old daughter. 226 00:04:07,538 --> 00:04:10,208 So, Yeah. 227 00:04:10,208 --> 00:04:10,583 You guys ready 228 00:04:10,583 --> 00:04:11,167 to get into this? 229 00:04:11,167 --> 00:04:13,378 Then we got, 230 00:04:13,461 --> 00:04:14,295 We've been into it 231 00:04:14,295 --> 00:04:15,338 for the last 30 minutes, 232 00:04:15,338 --> 00:04:16,422 so let's get this through. 233 00:04:16,422 --> 00:04:17,382 We we just 234 00:04:17,382 --> 00:04:19,175 we had a 20 minute preamble 235 00:04:19,175 --> 00:04:20,635 where we all argued 236 00:04:20,635 --> 00:04:22,637 about Stephen Colbert, 237 00:04:22,720 --> 00:04:23,680 and The Colbert Show 238 00:04:23,680 --> 00:04:24,847 getting canceled. 239 00:04:24,931 --> 00:04:25,807 So that was a fun one, 240 00:04:25,807 --> 00:04:26,224 to the point 241 00:04:26,224 --> 00:04:27,433 where Mauricio had to leave, 242 00:04:27,433 --> 00:04:29,227 come back when we were done. 243 00:04:29,310 --> 00:04:30,311 He's not Mr. 244 00:04:30,311 --> 00:04:31,479 Trump derangement syndrome. 245 00:04:31,479 --> 00:04:32,397 I just leave 246 00:04:32,480 --> 00:04:34,440 for political discussions. 247 00:04:34,524 --> 00:04:35,233 But we will 248 00:04:35,233 --> 00:04:36,192 save you guys from that, 249 00:04:36,192 --> 00:04:37,235 because this podcast 250 00:04:37,235 --> 00:04:38,695 is called Drunk Real Estate. 251 00:04:38,695 --> 00:04:39,404 Even though we get off 252 00:04:39,404 --> 00:04:41,447 topic every once in a while. 253 00:04:41,531 --> 00:04:42,824 So we are going to do 254 00:04:42,824 --> 00:04:43,658 both tonight. 255 00:04:43,658 --> 00:04:44,951 We're going to talk drunk 256 00:04:44,951 --> 00:04:46,369 and we only have one topic 257 00:04:46,369 --> 00:04:47,704 and it is real estate. 258 00:04:48,705 --> 00:04:49,455 This topic. 259 00:04:49,455 --> 00:04:50,957 So the topic came about 260 00:04:51,040 --> 00:04:52,417 when it was first 261 00:04:52,417 --> 00:04:55,086 announced that, 262 00:04:55,211 --> 00:04:56,796 the governor of Florida, 263 00:04:56,796 --> 00:04:58,006 Ron DeSantis, 264 00:04:58,089 --> 00:04:59,257 was considering getting rid 265 00:04:59,257 --> 00:04:59,757 of property 266 00:04:59,757 --> 00:05:00,717 taxes in Florida, 267 00:05:00,717 --> 00:05:01,175 which I thought 268 00:05:01,175 --> 00:05:01,843 was ridiculous. 269 00:05:01,843 --> 00:05:02,343 And I didn't think 270 00:05:02,343 --> 00:05:04,429 it was worth talking about. 271 00:05:04,512 --> 00:05:06,973 Until Mauricio, 272 00:05:07,056 --> 00:05:07,515 because I thought 273 00:05:07,515 --> 00:05:08,266 we were all going to agree. 274 00:05:08,266 --> 00:05:08,683 Honestly, 275 00:05:08,683 --> 00:05:09,267 I thought we were just 276 00:05:09,267 --> 00:05:09,559 he was just 277 00:05:09,559 --> 00:05:09,892 going to be like, 278 00:05:09,892 --> 00:05:10,601 this is ridiculous. 279 00:05:10,601 --> 00:05:11,644 There's there's no reason 280 00:05:11,644 --> 00:05:12,186 that we should talk 281 00:05:12,186 --> 00:05:12,729 about this. 282 00:05:12,812 --> 00:05:13,688 And so Mauricio 283 00:05:13,730 --> 00:05:14,272 actually took 284 00:05:14,272 --> 00:05:14,981 the other side of it 285 00:05:14,981 --> 00:05:15,398 and said, hey, 286 00:05:15,398 --> 00:05:16,566 there should be no property 287 00:05:16,566 --> 00:05:17,525 taxes. 288 00:05:17,608 --> 00:05:18,401 We should have an 289 00:05:18,401 --> 00:05:21,112 alternate system now. 290 00:05:21,404 --> 00:05:21,696 Go ahead, 291 00:05:21,696 --> 00:05:23,031 go ahead, go ahead. 292 00:05:23,114 --> 00:05:23,740 We should have an 293 00:05:23,740 --> 00:05:24,866 alternate system 294 00:05:24,866 --> 00:05:26,951 to the traditional yearly 295 00:05:26,951 --> 00:05:28,369 property taxes 296 00:05:28,453 --> 00:05:29,871 where this is 297 00:05:29,871 --> 00:05:30,872 how I interpreted it. 298 00:05:30,872 --> 00:05:31,164 And then I'll 299 00:05:31,164 --> 00:05:31,956 let you take off 300 00:05:31,956 --> 00:05:34,208 and expand on what, 301 00:05:34,292 --> 00:05:35,084 what you said. 302 00:05:35,168 --> 00:05:36,169 You basically think 303 00:05:36,169 --> 00:05:37,670 there should be a higher 304 00:05:37,754 --> 00:05:38,671 one time 305 00:05:38,713 --> 00:05:39,672 transfer tax 306 00:05:39,672 --> 00:05:41,257 when you purchase it, 307 00:05:41,341 --> 00:05:42,050 and that could be 308 00:05:42,050 --> 00:05:43,301 spread out over, 309 00:05:43,384 --> 00:05:43,634 I don't know 310 00:05:43,634 --> 00:05:44,052 what'd you say, 311 00:05:44,052 --> 00:05:45,136 eight years or something. 312 00:05:45,219 --> 00:05:46,346 And that would be in place 313 00:05:46,346 --> 00:05:48,014 of a yearly property tax. 314 00:05:48,097 --> 00:05:50,350 So that just got me 315 00:05:50,350 --> 00:05:50,808 think, well, 316 00:05:50,808 --> 00:05:51,809 maybe this is an 317 00:05:51,809 --> 00:05:52,810 interesting discussion. 318 00:05:52,810 --> 00:05:54,062 If we don't all agree 319 00:05:54,062 --> 00:05:55,480 that getting rid of property 320 00:05:55,480 --> 00:05:57,315 taxes is just a nonstarter. 321 00:05:57,398 --> 00:05:57,940 I just thought 322 00:05:57,940 --> 00:05:58,608 this is a really 323 00:05:58,691 --> 00:05:59,317 interesting 324 00:05:59,317 --> 00:06:00,026 thought experiment 325 00:06:00,026 --> 00:06:00,526 because I actually, 326 00:06:00,526 --> 00:06:01,069 I honestly 327 00:06:01,069 --> 00:06:01,652 just heard about 328 00:06:01,652 --> 00:06:02,362 this last week 329 00:06:02,362 --> 00:06:02,737 and I thought it 330 00:06:02,737 --> 00:06:03,279 was a new thing. 331 00:06:03,279 --> 00:06:04,155 And I just realized 332 00:06:04,155 --> 00:06:05,114 as I was just digging 333 00:06:05,114 --> 00:06:05,448 a little bit 334 00:06:05,448 --> 00:06:06,282 into it, that actually, 335 00:06:06,282 --> 00:06:06,908 this is something Ron 336 00:06:06,908 --> 00:06:08,451 DeSantis floated out 337 00:06:08,451 --> 00:06:08,951 a couple months 338 00:06:08,951 --> 00:06:09,786 ago, back in May, 339 00:06:09,786 --> 00:06:10,328 when, you know, 340 00:06:10,328 --> 00:06:10,495 they're in 341 00:06:10,495 --> 00:06:11,412 the middle of that 342 00:06:11,412 --> 00:06:11,746 and they just 343 00:06:11,746 --> 00:06:12,497 literally passed 344 00:06:12,580 --> 00:06:13,331 their new bill. 345 00:06:13,331 --> 00:06:13,956 And it's not part 346 00:06:13,956 --> 00:06:14,415 of the new bill. 347 00:06:14,415 --> 00:06:14,916 But he was kind of 348 00:06:14,916 --> 00:06:16,459 floating these ideas. 349 00:06:16,542 --> 00:06:17,418 And a lot of the stuff 350 00:06:17,418 --> 00:06:18,211 he was talking about 351 00:06:18,211 --> 00:06:19,212 made a ton of sense. 352 00:06:19,212 --> 00:06:19,712 And so it just 353 00:06:19,712 --> 00:06:20,838 got me thinking. 354 00:06:20,922 --> 00:06:21,881 His end result, 355 00:06:21,881 --> 00:06:22,965 I don't think, works. 356 00:06:22,965 --> 00:06:23,841 That's why I never came out 357 00:06:23,841 --> 00:06:24,092 and said 358 00:06:24,092 --> 00:06:24,467 we shouldn't 359 00:06:24,467 --> 00:06:25,259 have property tax. 360 00:06:25,343 --> 00:06:26,386 That's not that thing. 361 00:06:26,469 --> 00:06:27,762 But but let me just tell you 362 00:06:27,762 --> 00:06:29,389 what his, his rationale was. 363 00:06:29,389 --> 00:06:29,889 And then I 364 00:06:29,889 --> 00:06:30,473 this is the part 365 00:06:30,473 --> 00:06:32,308 I think makes total sense 366 00:06:32,392 --> 00:06:32,767 when you just 367 00:06:32,767 --> 00:06:33,643 think through it. 368 00:06:33,726 --> 00:06:34,894 And then I 369 00:06:34,977 --> 00:06:35,853 thought the solution 370 00:06:35,853 --> 00:06:37,188 that I kind of proposed, 371 00:06:37,188 --> 00:06:38,147 which is not get rid 372 00:06:38,147 --> 00:06:39,065 of property taxes, 373 00:06:39,065 --> 00:06:39,941 but was just 374 00:06:40,024 --> 00:06:40,483 made a little bit 375 00:06:40,483 --> 00:06:40,983 more sense. 376 00:06:40,983 --> 00:06:41,776 And so 377 00:06:41,859 --> 00:06:43,027 here's his main point, 378 00:06:43,027 --> 00:06:43,694 which I think makes 379 00:06:43,778 --> 00:06:44,362 no sense. 380 00:06:44,445 --> 00:06:47,156 He thinks it's ridiculous. 381 00:06:47,323 --> 00:06:47,824 We're talking about 382 00:06:47,824 --> 00:06:48,366 homestead here. 383 00:06:48,366 --> 00:06:48,991 We're talking about people's 384 00:06:48,991 --> 00:06:49,242 homes. 385 00:06:49,242 --> 00:06:49,575 We're not talking 386 00:06:49,575 --> 00:06:50,493 about investment properties. 387 00:06:50,493 --> 00:06:50,910 We're not talking 388 00:06:50,910 --> 00:06:51,702 about your second, 389 00:06:51,702 --> 00:06:52,203 you know, rent 390 00:06:52,203 --> 00:06:53,121 or your vacation home 391 00:06:53,121 --> 00:06:53,413 or whatever. 392 00:06:53,413 --> 00:06:53,830 We're talking about 393 00:06:53,830 --> 00:06:55,331 your primary residence, 394 00:06:55,415 --> 00:06:58,167 where people own their home 395 00:06:58,459 --> 00:06:59,168 outright, right? 396 00:06:59,168 --> 00:07:00,378 They pay down their mortgage 397 00:07:00,378 --> 00:07:01,879 over 15, 30 years. 398 00:07:01,963 --> 00:07:02,797 They're retired. 399 00:07:02,797 --> 00:07:04,090 They're on fixed income. 400 00:07:04,173 --> 00:07:05,091 This really affects 401 00:07:05,091 --> 00:07:06,217 a lot of the lower 402 00:07:06,217 --> 00:07:06,676 middle class 403 00:07:06,676 --> 00:07:07,677 and lower income. 404 00:07:07,760 --> 00:07:08,594 And I've got a great example 405 00:07:08,594 --> 00:07:09,095 because I think that's 406 00:07:09,095 --> 00:07:09,887 what happened to the house 407 00:07:09,887 --> 00:07:11,180 that I bought. 408 00:07:11,264 --> 00:07:11,973 And you paid off 409 00:07:11,973 --> 00:07:12,765 the entire house, 410 00:07:12,765 --> 00:07:14,058 and yet you still have 411 00:07:14,058 --> 00:07:15,101 this obligation 412 00:07:15,101 --> 00:07:15,726 to pay property 413 00:07:15,726 --> 00:07:17,895 taxes 30 years later. Right. 414 00:07:17,979 --> 00:07:20,356 And property taxes have 415 00:07:20,356 --> 00:07:23,776 two very unique features 416 00:07:23,860 --> 00:07:24,735 that I don't know. 417 00:07:24,735 --> 00:07:25,778 You correct me if I'm wrong. 418 00:07:25,778 --> 00:07:25,987 I don't know 419 00:07:25,987 --> 00:07:27,113 if there's any other 420 00:07:27,196 --> 00:07:28,197 product or service 421 00:07:28,197 --> 00:07:28,781 that has this 422 00:07:28,781 --> 00:07:29,407 type of feature, 423 00:07:29,407 --> 00:07:30,700 which is number one. 424 00:07:30,783 --> 00:07:32,535 It's it's a tax that you pay 425 00:07:32,535 --> 00:07:33,661 when you buy the property 426 00:07:33,661 --> 00:07:35,079 that's paid in perpetuity. 427 00:07:35,079 --> 00:07:35,580 It's paid 428 00:07:35,580 --> 00:07:36,998 every single year, 429 00:07:37,081 --> 00:07:37,415 no matter 430 00:07:37,415 --> 00:07:39,125 how long you own it for. 431 00:07:39,125 --> 00:07:40,418 You pay that property tax 432 00:07:40,418 --> 00:07:41,085 every single year. 433 00:07:41,085 --> 00:07:42,003 Number one. 434 00:07:42,086 --> 00:07:42,879 And number two, 435 00:07:42,879 --> 00:07:43,588 not only do you pay 436 00:07:43,588 --> 00:07:44,172 the property tax 437 00:07:44,172 --> 00:07:44,839 every year, it's 438 00:07:44,839 --> 00:07:45,882 not actually based 439 00:07:45,882 --> 00:07:46,966 on the price. 440 00:07:47,049 --> 00:07:47,884 The tax percentage 441 00:07:47,884 --> 00:07:48,384 is not based on 442 00:07:48,384 --> 00:07:49,510 the price of acquisition. 443 00:07:49,510 --> 00:07:50,219 But it's it's 444 00:07:50,219 --> 00:07:51,971 based on a recurring, 445 00:07:52,054 --> 00:07:52,847 reassessment of 446 00:07:52,847 --> 00:07:53,806 the property. 447 00:07:53,890 --> 00:07:55,057 Probably not as high as fair 448 00:07:55,057 --> 00:07:55,975 market value of whatever, 449 00:07:55,975 --> 00:07:56,559 but it continues 450 00:07:56,559 --> 00:07:57,435 to go up and up. 451 00:07:57,518 --> 00:07:58,186 And so you have 452 00:07:58,186 --> 00:07:58,895 these scenarios 453 00:07:58,895 --> 00:07:59,645 where these, these, 454 00:07:59,645 --> 00:08:01,063 these fixed income folks. 455 00:08:01,063 --> 00:08:01,439 And obviously 456 00:08:01,439 --> 00:08:02,482 Florida has a lot of elderly 457 00:08:02,482 --> 00:08:04,275 and fixed income folks, 458 00:08:04,358 --> 00:08:04,901 you know, 459 00:08:04,984 --> 00:08:06,360 they bought their property, 460 00:08:06,360 --> 00:08:07,820 you know, 20 years ago, 461 00:08:07,862 --> 00:08:08,821 30 years ago. 462 00:08:08,821 --> 00:08:09,322 And thinking about 463 00:08:09,322 --> 00:08:10,114 this made me old. 464 00:08:10,114 --> 00:08:10,865 Two guys 465 00:08:10,948 --> 00:08:11,699 30 years ago 466 00:08:11,699 --> 00:08:13,326 now is 1995, right? 467 00:08:13,326 --> 00:08:13,910 So we're not talking 468 00:08:13,910 --> 00:08:14,702 about the 60s 469 00:08:14,702 --> 00:08:16,454 or the 70s like 1995 is. 470 00:08:16,454 --> 00:08:17,747 30 years ago, 471 00:08:17,830 --> 00:08:18,748 you bought your home 472 00:08:18,748 --> 00:08:19,373 for like a couple 473 00:08:19,373 --> 00:08:19,957 hundred grand 474 00:08:19,957 --> 00:08:20,875 or maybe 150 475 00:08:20,875 --> 00:08:21,626 grand or whatever. 476 00:08:21,626 --> 00:08:22,710 And you pay that 477 00:08:22,793 --> 00:08:23,503 here in California, 478 00:08:23,503 --> 00:08:24,545 we pay 1% property tax. 479 00:08:24,545 --> 00:08:24,879 You're paying 480 00:08:24,879 --> 00:08:27,340 1% of $150,000, 481 00:08:27,340 --> 00:08:27,715 which is like 482 00:08:27,715 --> 00:08:29,467 1500 bucks a year. 483 00:08:29,550 --> 00:08:31,177 And then 30 years from now, 484 00:08:31,177 --> 00:08:31,844 that property is 485 00:08:31,844 --> 00:08:32,720 now skyrocketed 486 00:08:32,720 --> 00:08:33,346 because inflation's 487 00:08:33,346 --> 00:08:33,554 going 488 00:08:33,554 --> 00:08:34,347 getting out of control. 489 00:08:34,347 --> 00:08:35,056 And that property 490 00:08:35,097 --> 00:08:36,224 has increased not in value 491 00:08:36,224 --> 00:08:37,141 but of nominal terms. 492 00:08:37,141 --> 00:08:37,600 Now worth 493 00:08:37,683 --> 00:08:39,101 a couple million dollars. 494 00:08:39,185 --> 00:08:40,144 And now I've paid off 495 00:08:40,144 --> 00:08:40,603 my home. 496 00:08:40,603 --> 00:08:41,562 I'm on a fixed income. 497 00:08:41,562 --> 00:08:43,356 I make 30 40,000. 498 00:08:43,356 --> 00:08:44,190 I'm Social security, 499 00:08:44,190 --> 00:08:45,107 I'm pension or whatever. 500 00:08:45,107 --> 00:08:46,025 I've paid off my home, 501 00:08:46,108 --> 00:08:47,401 which I bought for 150 to 502 00:08:47,443 --> 00:08:48,361 do on a grand, 503 00:08:48,444 --> 00:08:49,445 and I've got to pay property 504 00:08:49,445 --> 00:08:50,279 taxes on a $2 505 00:08:50,279 --> 00:08:51,072 million property, 506 00:08:51,072 --> 00:08:51,697 because again, 507 00:08:51,697 --> 00:08:52,365 I'm paying property 508 00:08:52,365 --> 00:08:53,658 as it goes up and up and up. 509 00:08:53,741 --> 00:08:54,700 So that's kind of 510 00:08:54,700 --> 00:08:55,826 what happened to my neighbor 511 00:08:55,826 --> 00:08:56,702 in ten years. 512 00:08:56,702 --> 00:08:57,411 Mauricio, 513 00:08:57,495 --> 00:08:58,246 my neighbor, 514 00:08:58,246 --> 00:08:59,038 bought a property 515 00:08:59,038 --> 00:09:01,707 next to us in 2009. 516 00:09:01,791 --> 00:09:03,793 It was their dream home. 517 00:09:03,876 --> 00:09:05,253 They bought it during. 518 00:09:05,253 --> 00:09:06,546 Prices were really recessed 519 00:09:06,546 --> 00:09:09,215 and it was like $200,000. 520 00:09:09,298 --> 00:09:11,926 Within ten years 521 00:09:12,009 --> 00:09:12,885 their property 522 00:09:12,885 --> 00:09:15,221 tax had gone up so much. 523 00:09:15,304 --> 00:09:16,764 He's talking to me 524 00:09:16,847 --> 00:09:18,432 basically crying. 525 00:09:18,516 --> 00:09:20,393 We have to sell our property 526 00:09:20,476 --> 00:09:21,727 because I can't afford 527 00:09:21,727 --> 00:09:23,563 the property taxes anymore. 528 00:09:23,563 --> 00:09:24,522 But presumably 529 00:09:24,522 --> 00:09:25,523 if they're if they're 530 00:09:25,523 --> 00:09:27,358 if their property taxes 531 00:09:27,358 --> 00:09:27,858 went up, it's 532 00:09:27,858 --> 00:09:28,693 because the value 533 00:09:28,693 --> 00:09:29,694 of the property went up. 534 00:09:29,694 --> 00:09:30,486 And I'm not saying this 535 00:09:30,486 --> 00:09:32,363 is there's no judgment here. 536 00:09:32,446 --> 00:09:33,781 But presumably 537 00:09:33,864 --> 00:09:34,657 if that happened, 538 00:09:34,657 --> 00:09:35,992 they've got a lot of equity 539 00:09:36,075 --> 00:09:36,659 in their house 540 00:09:36,659 --> 00:09:37,827 because the value went up 541 00:09:37,910 --> 00:09:38,578 that they could 542 00:09:38,578 --> 00:09:39,662 potentially tap 543 00:09:39,662 --> 00:09:40,997 and pay the property taxes, 544 00:09:40,997 --> 00:09:41,664 but then they'd have to 545 00:09:41,664 --> 00:09:42,707 pay dad, 546 00:09:42,790 --> 00:09:43,833 because I got 547 00:09:43,916 --> 00:09:45,418 to pay down the lady 548 00:09:45,418 --> 00:09:45,835 I bought this 549 00:09:45,835 --> 00:09:46,502 house from here 550 00:09:46,502 --> 00:09:47,587 was on a reverse mortgage 551 00:09:47,587 --> 00:09:48,129 because she didn't 552 00:09:48,129 --> 00:09:49,046 have enough money. 553 00:09:49,130 --> 00:09:49,547 First of all, it's 554 00:09:49,547 --> 00:09:50,172 a it's a place. 555 00:09:50,256 --> 00:09:50,923 There's a lot of upkeep 556 00:09:50,923 --> 00:09:51,465 in this place too. 557 00:09:51,465 --> 00:09:52,300 But between the 558 00:09:52,300 --> 00:09:52,925 and she was like, 559 00:09:52,925 --> 00:09:54,427 she's in her 80s probably, 560 00:09:54,510 --> 00:09:55,761 and bought this property 30, 561 00:09:55,761 --> 00:09:56,554 40 years ago 562 00:09:56,554 --> 00:09:57,013 and literally 563 00:09:57,013 --> 00:09:58,055 was probably worth 564 00:09:58,055 --> 00:09:59,265 less than a hundred grand. 565 00:09:59,348 --> 00:10:00,641 And she had to start 566 00:10:00,641 --> 00:10:01,726 doing a reverse mortgage 567 00:10:01,726 --> 00:10:02,560 because she's like, I can't, 568 00:10:02,560 --> 00:10:03,102 I can't afford 569 00:10:03,102 --> 00:10:03,477 all this stuff. 570 00:10:03,477 --> 00:10:03,769 I'm like, 571 00:10:03,769 --> 00:10:04,312 she basically got 572 00:10:04,312 --> 00:10:04,854 a reverse mortgage 573 00:10:04,854 --> 00:10:05,271 from the bank 574 00:10:05,271 --> 00:10:06,063 and racked up 575 00:10:06,063 --> 00:10:08,149 $600,000 in debt 576 00:10:08,232 --> 00:10:08,649 just to 577 00:10:08,649 --> 00:10:09,275 to maintain 578 00:10:09,275 --> 00:10:10,276 the property, to live 579 00:10:10,276 --> 00:10:10,776 and just to kind 580 00:10:10,776 --> 00:10:11,485 of to survive. 581 00:10:11,485 --> 00:10:12,278 And so 582 00:10:12,361 --> 00:10:13,821 it just made me realize, 583 00:10:13,904 --> 00:10:14,113 you know, 584 00:10:14,113 --> 00:10:15,114 like if you back, obviously, 585 00:10:15,114 --> 00:10:16,741 if you buy a car, which is, 586 00:10:16,824 --> 00:10:17,283 you know, 587 00:10:17,366 --> 00:10:18,075 a substantial it's 588 00:10:18,075 --> 00:10:19,118 not it's something more 589 00:10:19,118 --> 00:10:20,536 than your usual everyday, 590 00:10:20,620 --> 00:10:21,037 purchase it. 591 00:10:21,037 --> 00:10:22,038 But when you buy a vehicle, 592 00:10:22,121 --> 00:10:22,580 even if it's 593 00:10:22,580 --> 00:10:23,831 $100,000 vehicle, 594 00:10:25,124 --> 00:10:25,666 if you're buying a 595 00:10:25,666 --> 00:10:26,584 vehicle and you're paying, 596 00:10:26,584 --> 00:10:27,627 you're sorry, you just. 597 00:10:27,627 --> 00:10:28,919 You just broke up there. 598 00:10:29,003 --> 00:10:29,795 Yo, I'm so sorry. 599 00:10:29,795 --> 00:10:30,463 Sorry. Yeah. I'm sorry. 600 00:10:30,463 --> 00:10:31,005 I apologize 601 00:10:31,005 --> 00:10:31,672 for this, darling. 602 00:10:31,672 --> 00:10:32,256 So if you buy a 603 00:10:32,256 --> 00:10:34,175 even $100,000 car, 604 00:10:34,175 --> 00:10:35,593 which probably just Adrian 605 00:10:35,676 --> 00:10:36,719 in this room does that. 606 00:10:36,802 --> 00:10:37,303 But when you buy 607 00:10:37,303 --> 00:10:38,596 a $100,000 car, 608 00:10:38,638 --> 00:10:39,805 you're paying 8% 609 00:10:39,805 --> 00:10:40,890 sales tax or whatever, 610 00:10:40,890 --> 00:10:41,974 and you pay it once, 611 00:10:41,974 --> 00:10:42,433 and you pay it 612 00:10:42,433 --> 00:10:43,643 at the, at the at the, 613 00:10:43,643 --> 00:10:44,560 at the point of sale. 614 00:10:44,644 --> 00:10:46,646 And so my thought was, 615 00:10:46,729 --> 00:10:47,688 I think one of the reasons 616 00:10:47,688 --> 00:10:48,272 that doesn't work 617 00:10:48,272 --> 00:10:49,440 in property 618 00:10:49,440 --> 00:10:50,191 is because obviously 619 00:10:50,191 --> 00:10:51,442 8% of 1 million 620 00:10:51,442 --> 00:10:52,193 or 2 million, 621 00:10:52,276 --> 00:10:53,194 that's that's a big number. 622 00:10:53,194 --> 00:10:53,986 And so now it's like, 623 00:10:54,070 --> 00:10:54,737 I'm not expecting 624 00:10:54,737 --> 00:10:55,613 people to pay. 625 00:10:55,696 --> 00:10:56,030 Let's just 626 00:10:56,113 --> 00:10:56,989 for math purposes, to say 627 00:10:56,989 --> 00:10:57,823 it's a 10% 628 00:10:57,823 --> 00:10:59,033 sales tax or whatever, 629 00:10:59,116 --> 00:11:00,618 and you're buying a $2 630 00:11:00,618 --> 00:11:01,243 million home 631 00:11:01,243 --> 00:11:02,328 or $1 million home, 632 00:11:02,411 --> 00:11:03,371 that's $100,000. 633 00:11:03,371 --> 00:11:03,913 That's a lot. 634 00:11:03,913 --> 00:11:05,247 So my idea was, hey, 635 00:11:05,331 --> 00:11:07,667 why don't you pay that tax 636 00:11:07,667 --> 00:11:08,501 or you get 637 00:11:08,584 --> 00:11:09,585 assessed that tax 638 00:11:09,585 --> 00:11:10,169 at purchase? 639 00:11:10,169 --> 00:11:11,420 So it's 8% of whatever 640 00:11:11,420 --> 00:11:12,505 the purchase price was. 641 00:11:12,588 --> 00:11:13,631 But it's saying paying it 642 00:11:13,631 --> 00:11:14,173 all upfront. 643 00:11:14,173 --> 00:11:15,257 You paid over 644 00:11:15,341 --> 00:11:16,467 eight years or ten years 645 00:11:16,467 --> 00:11:17,802 or whatever the term was. 646 00:11:17,885 --> 00:11:18,469 And so that way 647 00:11:18,469 --> 00:11:19,178 you're basically paying 648 00:11:19,178 --> 00:11:20,596 about 1% per year. 649 00:11:20,596 --> 00:11:21,931 But it's only because you're 650 00:11:22,014 --> 00:11:22,598 you don't want to pay it 651 00:11:22,598 --> 00:11:23,015 all advance. 652 00:11:23,015 --> 00:11:23,349 So you're kind 653 00:11:23,349 --> 00:11:24,183 of amortizing it 654 00:11:24,183 --> 00:11:25,142 over the next eight years. 655 00:11:25,142 --> 00:11:26,310 And so after eight years 656 00:11:26,310 --> 00:11:27,144 you're done. 657 00:11:27,228 --> 00:11:28,312 And if you sell the property 658 00:11:28,312 --> 00:11:29,021 before eight years, 659 00:11:29,021 --> 00:11:29,605 then you got to pay 660 00:11:29,605 --> 00:11:30,398 the rest of your tax 661 00:11:30,398 --> 00:11:31,065 that you owed, you know, 662 00:11:31,065 --> 00:11:32,108 when you purchased it. 663 00:11:32,191 --> 00:11:32,775 I thought that 664 00:11:32,775 --> 00:11:33,651 made a ton of sense 665 00:11:33,651 --> 00:11:35,194 from a, from a, 666 00:11:35,277 --> 00:11:36,570 you know, from a fairness 667 00:11:36,570 --> 00:11:38,114 standpoint from, from, 668 00:11:38,114 --> 00:11:38,739 especially for the, 669 00:11:38,739 --> 00:11:39,657 for the fixed income people. 670 00:11:39,699 --> 00:11:40,825 Now of course, 671 00:11:40,825 --> 00:11:41,075 that's going 672 00:11:41,075 --> 00:11:41,951 to reduce revenues. 673 00:11:41,951 --> 00:11:42,493 And Kyle, 674 00:11:42,493 --> 00:11:43,202 you mentioned the thing. 675 00:11:43,202 --> 00:11:43,577 Well are you going 676 00:11:43,577 --> 00:11:44,203 to pay for roads. 677 00:11:44,203 --> 00:11:45,121 Yeah of course. 678 00:11:45,204 --> 00:11:46,080 And I'm not saying 679 00:11:46,080 --> 00:11:46,372 that that's. 680 00:11:46,372 --> 00:11:46,956 Well so let me, 681 00:11:46,956 --> 00:11:48,124 let me don't make my points 682 00:11:48,124 --> 00:11:48,457 for me. 683 00:11:48,457 --> 00:11:49,959 You don't don't be rabbit me 684 00:11:49,959 --> 00:11:50,960 where are you going to say 685 00:11:51,043 --> 00:11:51,460 oh, like 686 00:11:51,460 --> 00:11:51,752 I know 687 00:11:51,752 --> 00:11:52,336 you're going to pay this. 688 00:11:52,336 --> 00:11:52,586 No, 689 00:11:52,628 --> 00:11:54,380 it just wasn't a good point. 690 00:11:54,463 --> 00:11:55,631 Well, let me make my point 691 00:11:55,631 --> 00:11:56,298 and then I'll let 692 00:11:56,298 --> 00:11:57,133 I'll let Jake, 693 00:11:57,133 --> 00:11:57,591 because I think 694 00:11:57,591 --> 00:11:58,426 Jake is going to 695 00:11:58,509 --> 00:11:59,510 do the counterpoint 696 00:11:59,510 --> 00:12:00,636 for investors. 697 00:12:00,636 --> 00:12:01,303 I'm going to do it 698 00:12:01,303 --> 00:12:03,013 from a personal standpoint. 699 00:12:03,097 --> 00:12:04,223 So we did go back 700 00:12:04,223 --> 00:12:04,932 and forth on this 701 00:12:04,932 --> 00:12:06,308 on the on the chat 702 00:12:06,392 --> 00:12:08,477 and immediately I thought, 703 00:12:08,477 --> 00:12:11,105 this is a stupid idea. 704 00:12:11,188 --> 00:12:12,022 But but 705 00:12:12,022 --> 00:12:12,857 then you thought about it 706 00:12:12,857 --> 00:12:14,066 and realized you were right. 707 00:12:14,150 --> 00:12:15,151 Then I well, 708 00:12:15,234 --> 00:12:16,277 I went through it and I 709 00:12:16,360 --> 00:12:17,653 but what I did realize 710 00:12:17,653 --> 00:12:18,779 actually, is 711 00:12:18,863 --> 00:12:19,989 it's very different 712 00:12:19,989 --> 00:12:21,073 from state to state 713 00:12:21,073 --> 00:12:22,366 property taxes. 714 00:12:22,450 --> 00:12:23,075 And I didn't 715 00:12:23,075 --> 00:12:24,618 realize how different. 716 00:12:24,702 --> 00:12:26,203 So I was thinking of it. 717 00:12:26,203 --> 00:12:27,037 This is being done 718 00:12:27,037 --> 00:12:27,830 based on the States 719 00:12:27,830 --> 00:12:28,664 that I, 720 00:12:28,748 --> 00:12:30,916 I have experience with. 721 00:12:30,916 --> 00:12:32,251 So I live in Pennsylvania 722 00:12:32,334 --> 00:12:34,170 and when I pay property tax, 723 00:12:34,253 --> 00:12:34,962 my property 724 00:12:34,962 --> 00:12:35,588 tax goes 725 00:12:35,588 --> 00:12:36,547 to the school district. 726 00:12:36,547 --> 00:12:37,965 It goes to the township 727 00:12:37,965 --> 00:12:38,549 and then it goes 728 00:12:38,549 --> 00:12:39,383 to the county. 729 00:12:39,467 --> 00:12:40,718 My property 730 00:12:40,718 --> 00:12:42,428 tax goes directly 731 00:12:42,428 --> 00:12:44,346 to my school district. 732 00:12:44,430 --> 00:12:47,141 And that's like 80% 733 00:12:47,308 --> 00:12:48,559 of their total revenue 734 00:12:48,559 --> 00:12:49,393 for the school district 735 00:12:49,393 --> 00:12:50,311 comes directly 736 00:12:50,311 --> 00:12:52,313 from my property taxes. 737 00:12:52,396 --> 00:12:54,732 And so basically but 738 00:12:54,732 --> 00:12:55,691 what I realized 739 00:12:55,691 --> 00:12:57,943 is a state like Vermont, 740 00:12:58,027 --> 00:12:59,445 Vermont actually, 741 00:12:59,528 --> 00:13:00,946 your property taxes 742 00:13:00,946 --> 00:13:01,989 go to the state first 743 00:13:01,989 --> 00:13:03,991 and the state disperses it 744 00:13:04,074 --> 00:13:04,867 to the schools. 745 00:13:04,867 --> 00:13:05,868 So what actually, 746 00:13:05,951 --> 00:13:06,994 as far as 747 00:13:07,077 --> 00:13:08,412 considering school systems 748 00:13:08,412 --> 00:13:09,121 and the 749 00:13:09,205 --> 00:13:10,956 equity in school systems 750 00:13:11,040 --> 00:13:11,916 and like, 751 00:13:11,999 --> 00:13:12,792 sorry, equality 752 00:13:12,792 --> 00:13:13,292 or like whatever 753 00:13:13,292 --> 00:13:13,876 you want to call it 754 00:13:13,876 --> 00:13:15,002 between schools. 755 00:13:15,085 --> 00:13:15,628 Like that's 756 00:13:15,628 --> 00:13:16,128 actually a much 757 00:13:16,128 --> 00:13:16,754 better system 758 00:13:16,754 --> 00:13:17,630 because what happens in 759 00:13:17,630 --> 00:13:18,839 Pennsylvania 760 00:13:18,923 --> 00:13:20,174 is someone like me, 761 00:13:20,174 --> 00:13:20,758 I'm like, 762 00:13:20,841 --> 00:13:21,467 I want my kids 763 00:13:21,467 --> 00:13:22,301 to go to the best school 764 00:13:22,301 --> 00:13:23,427 this school. 765 00:13:23,511 --> 00:13:24,762 So I literally just moved 766 00:13:24,762 --> 00:13:25,721 to the school district. 767 00:13:25,721 --> 00:13:27,473 That makes the most money. 768 00:13:27,556 --> 00:13:28,057 And it 769 00:13:28,057 --> 00:13:29,266 it creates this inequality 770 00:13:29,266 --> 00:13:30,392 between schools. 771 00:13:30,476 --> 00:13:31,602 And that's an issue. 772 00:13:32,812 --> 00:13:34,480 So immediately that 773 00:13:34,522 --> 00:13:35,981 was like, first of all, 774 00:13:36,065 --> 00:13:37,691 the schools, 775 00:13:37,775 --> 00:13:38,818 the way my property 776 00:13:38,818 --> 00:13:40,236 tax is determined 777 00:13:40,236 --> 00:13:41,904 is this school 778 00:13:41,987 --> 00:13:42,696 that's a budget 779 00:13:42,696 --> 00:13:43,239 for their year 780 00:13:43,239 --> 00:13:43,864 and what they need, 781 00:13:43,864 --> 00:13:44,949 the amount of money. 782 00:13:45,032 --> 00:13:45,658 And then that's 783 00:13:45,658 --> 00:13:46,492 how they determine 784 00:13:46,492 --> 00:13:47,743 how much tax 785 00:13:47,827 --> 00:13:48,577 they're going to tax. 786 00:13:48,577 --> 00:13:49,995 The, the the people. 787 00:13:49,995 --> 00:13:50,871 So it's not like 788 00:13:50,955 --> 00:13:52,373 hey, if my property goes up 789 00:13:52,373 --> 00:13:53,249 from 1 million 790 00:13:53,249 --> 00:13:54,333 to $2 million, 791 00:13:54,416 --> 00:13:55,543 that my property tax 792 00:13:55,543 --> 00:13:56,919 is going to go from 16,000 793 00:13:56,919 --> 00:13:58,420 to 32,000, 794 00:13:58,504 --> 00:13:59,505 that's not the way it works. 795 00:13:59,505 --> 00:14:00,464 The way it works 796 00:14:00,548 --> 00:14:01,549 is that the school 797 00:14:01,549 --> 00:14:02,716 has a budget. 798 00:14:02,800 --> 00:14:04,093 And then they say, hey, 799 00:14:04,093 --> 00:14:05,845 our budget went up 800 00:14:05,928 --> 00:14:08,639 5% over the last two years. 801 00:14:09,056 --> 00:14:10,182 We have to increase 802 00:14:10,182 --> 00:14:11,559 how many tax dollars we come 803 00:14:11,559 --> 00:14:13,102 in, come in to pay 804 00:14:13,102 --> 00:14:14,270 for our budget. 805 00:14:14,353 --> 00:14:14,937 This is what 806 00:14:14,937 --> 00:14:15,938 the millage rate. 807 00:14:16,021 --> 00:14:17,356 This is the percentage 808 00:14:17,439 --> 00:14:19,191 that each person has to pay 809 00:14:19,275 --> 00:14:19,650 based 810 00:14:19,650 --> 00:14:20,317 on the value of 811 00:14:20,317 --> 00:14:20,985 their property. 812 00:14:20,985 --> 00:14:22,361 So we see massive 813 00:14:22,361 --> 00:14:23,237 spikes in property 814 00:14:23,237 --> 00:14:24,029 values, 815 00:14:24,113 --> 00:14:25,614 the actual percentage 816 00:14:25,698 --> 00:14:26,574 or the millage rate 817 00:14:26,574 --> 00:14:27,408 that they talk about 818 00:14:27,408 --> 00:14:28,117 goes down. 819 00:14:28,117 --> 00:14:29,660 And we've seen that in Texas 820 00:14:29,743 --> 00:14:30,536 when we were started 821 00:14:30,536 --> 00:14:32,872 buying multifamily in 2019. 822 00:14:32,955 --> 00:14:34,415 And as these property 823 00:14:34,415 --> 00:14:35,416 values went way up, 824 00:14:35,416 --> 00:14:36,709 our millage came came 825 00:14:36,709 --> 00:14:37,293 down, down, 826 00:14:37,293 --> 00:14:38,252 down, down, down. 827 00:14:38,335 --> 00:14:38,794 And so we're 828 00:14:38,794 --> 00:14:39,628 actually percentage 829 00:14:39,628 --> 00:14:40,170 that we're paying. 830 00:14:40,170 --> 00:14:40,504 So that's 831 00:14:40,504 --> 00:14:41,255 what I was saying is 832 00:14:41,255 --> 00:14:42,423 like it's not like 833 00:14:42,506 --> 00:14:43,591 when you use this argument 834 00:14:43,591 --> 00:14:43,883 and it's the 835 00:14:43,883 --> 00:14:44,842 California argument, 836 00:14:44,842 --> 00:14:45,342 obviously from 837 00:14:45,342 --> 00:14:46,427 the California guy 838 00:14:46,510 --> 00:14:46,969 where you have 839 00:14:46,969 --> 00:14:47,887 all these people who bought 840 00:14:47,887 --> 00:14:48,554 these properties 841 00:14:48,554 --> 00:14:49,305 for peanuts, 842 00:14:49,305 --> 00:14:50,055 and then they saw them 843 00:14:50,055 --> 00:14:50,639 go way up 844 00:14:50,639 --> 00:14:51,140 and the property 845 00:14:51,140 --> 00:14:52,099 taxes went way up 846 00:14:52,182 --> 00:14:53,434 because California treats it 847 00:14:53,434 --> 00:14:54,268 a little bit different, 848 00:14:54,351 --> 00:14:55,603 but it's not 849 00:14:55,686 --> 00:14:56,979 across state to state. 850 00:14:56,979 --> 00:14:57,771 And then I'll finish 851 00:14:57,771 --> 00:14:58,647 just my my point 852 00:14:58,647 --> 00:14:59,690 that you were saying 853 00:14:59,773 --> 00:15:01,609 the other 80% of our taxes 854 00:15:01,609 --> 00:15:02,610 go to our schools, 855 00:15:02,693 --> 00:15:04,111 but the other percentage 856 00:15:04,111 --> 00:15:05,237 for the township 857 00:15:05,321 --> 00:15:06,405 that goes directly 858 00:15:06,405 --> 00:15:07,698 towards municipal 859 00:15:07,698 --> 00:15:10,159 like this is funding for, 860 00:15:10,242 --> 00:15:11,285 your public safety, 861 00:15:11,285 --> 00:15:12,578 your planning and zoning, 862 00:15:12,578 --> 00:15:13,287 your parks, 863 00:15:13,287 --> 00:15:13,871 your, 864 00:15:13,954 --> 00:15:15,915 your roads, facilities, 865 00:15:15,998 --> 00:15:17,124 stuff like that. 866 00:15:17,207 --> 00:15:18,667 They need that every year. 867 00:15:18,667 --> 00:15:19,543 They have a budget 868 00:15:19,543 --> 00:15:20,502 every year. 869 00:15:20,586 --> 00:15:22,463 And if you somehow 870 00:15:22,546 --> 00:15:23,213 all of a sudden 871 00:15:23,213 --> 00:15:24,632 we have a real big slowdown 872 00:15:24,632 --> 00:15:25,215 and we don't have 873 00:15:25,215 --> 00:15:26,467 transactions happening 874 00:15:26,467 --> 00:15:27,760 where people are buying 875 00:15:27,760 --> 00:15:29,053 and selling houses. 876 00:15:29,136 --> 00:15:29,595 And it's 877 00:15:29,595 --> 00:15:31,305 very low for a few years. 878 00:15:31,388 --> 00:15:31,931 How are they going 879 00:15:31,931 --> 00:15:32,640 to budget for that 880 00:15:32,640 --> 00:15:33,098 all of a sudden? 881 00:15:33,098 --> 00:15:33,641 Their budgets 882 00:15:33,641 --> 00:15:34,099 just going to go 883 00:15:34,099 --> 00:15:34,934 out the window 884 00:15:35,017 --> 00:15:35,517 because there's 885 00:15:35,517 --> 00:15:36,852 no transactions. 886 00:15:36,936 --> 00:15:37,853 Why are you allocating? 887 00:15:37,895 --> 00:15:38,103 I mean, 888 00:15:38,187 --> 00:15:38,896 there's nothing that says 889 00:15:38,896 --> 00:15:39,855 you have to allocate 890 00:15:39,855 --> 00:15:40,731 that the money comes from 891 00:15:40,731 --> 00:15:41,148 real estate, 892 00:15:41,148 --> 00:15:42,024 has to go to schools. 893 00:15:42,024 --> 00:15:43,400 Why not eliminate 894 00:15:43,484 --> 00:15:44,693 the connection altogether? 895 00:15:44,735 --> 00:15:46,070 Why don't you give 100% 896 00:15:46,070 --> 00:15:46,820 of your sales tax, 897 00:15:46,820 --> 00:15:47,029 go to 898 00:15:47,112 --> 00:15:48,614 goes to schools instead? 899 00:15:48,697 --> 00:15:49,114 That will solve 900 00:15:49,114 --> 00:15:50,282 the problem there. 901 00:15:50,366 --> 00:15:51,492 The problem is 902 00:15:51,492 --> 00:15:52,409 you don't really own it. 903 00:15:52,409 --> 00:15:52,993 Essentially, 904 00:15:52,993 --> 00:15:54,286 you don't own property. 905 00:15:54,328 --> 00:15:56,205 No one owns any property. 906 00:15:56,246 --> 00:15:57,289 No one does. 907 00:15:57,373 --> 00:15:58,582 We all lease it. 908 00:15:58,666 --> 00:15:59,500 I look at it, 909 00:15:59,583 --> 00:16:00,626 I look at it differently. 910 00:16:00,626 --> 00:16:01,835 That property tax 911 00:16:01,835 --> 00:16:04,421 is the one way that you pay 912 00:16:04,505 --> 00:16:05,839 for the use 913 00:16:05,839 --> 00:16:06,966 of your property. 914 00:16:06,966 --> 00:16:07,758 So I have to pay 915 00:16:07,758 --> 00:16:08,384 for the roads. 916 00:16:08,384 --> 00:16:08,842 I have to pay 917 00:16:08,842 --> 00:16:09,468 for the police. 918 00:16:09,468 --> 00:16:10,386 I have to pay 919 00:16:10,386 --> 00:16:11,762 for the schools that I use. 920 00:16:11,762 --> 00:16:12,346 I have to pay 921 00:16:12,346 --> 00:16:13,222 for all those things. 922 00:16:13,305 --> 00:16:13,764 And those are 923 00:16:13,764 --> 00:16:14,807 yearly expenses. 924 00:16:14,807 --> 00:16:16,183 Those are the upkeep. 925 00:16:16,266 --> 00:16:16,725 Why does it have 926 00:16:16,725 --> 00:16:17,393 to be property? 927 00:16:17,476 --> 00:16:17,893 What are you doing 928 00:16:17,893 --> 00:16:18,978 with my sales tax money? 929 00:16:19,061 --> 00:16:19,687 What are you doing 930 00:16:19,770 --> 00:16:22,022 with my gas tax? Be used. 931 00:16:22,106 --> 00:16:23,023 What about a super 932 00:16:23,023 --> 00:16:24,525 small state like Delaware? 933 00:16:24,525 --> 00:16:25,275 Delaware is right 934 00:16:25,275 --> 00:16:26,527 next to Pennsylvania. 935 00:16:26,610 --> 00:16:28,362 In in Delaware, 936 00:16:28,445 --> 00:16:29,655 there's a ton of people 937 00:16:29,655 --> 00:16:29,947 who live 938 00:16:29,989 --> 00:16:31,365 by me in Pennsylvania 939 00:16:31,448 --> 00:16:33,075 and then commute to Delaware 940 00:16:33,158 --> 00:16:34,326 and work in Delaware 941 00:16:34,326 --> 00:16:35,619 and then come right back. 942 00:16:35,703 --> 00:16:36,370 They're probably 943 00:16:36,370 --> 00:16:37,246 not spending 944 00:16:37,329 --> 00:16:37,788 they're spending 945 00:16:37,788 --> 00:16:38,455 most of their money 946 00:16:38,455 --> 00:16:39,248 in Pennsylvania, 947 00:16:39,248 --> 00:16:39,999 but they're coming 948 00:16:39,999 --> 00:16:40,833 into Delaware, 949 00:16:40,916 --> 00:16:41,583 they're commuting, 950 00:16:41,583 --> 00:16:42,042 and they're coming 951 00:16:42,042 --> 00:16:42,584 right back. 952 00:16:42,668 --> 00:16:44,294 So what happens to Delaware 953 00:16:44,294 --> 00:16:44,795 when all of a sudden 954 00:16:44,795 --> 00:16:45,421 they don't have the 955 00:16:45,504 --> 00:16:46,714 same kind of sales? 956 00:16:46,797 --> 00:16:47,214 Like, that's 957 00:16:47,214 --> 00:16:47,923 why each state 958 00:16:47,923 --> 00:16:48,799 has a different system. 959 00:16:48,799 --> 00:16:49,967 That's why Florida, 960 00:16:50,050 --> 00:16:51,218 Texas, Texas 961 00:16:51,218 --> 00:16:52,553 doesn't need to have 962 00:16:52,636 --> 00:16:53,804 income tax 963 00:16:53,887 --> 00:16:54,847 because they get it 964 00:16:54,847 --> 00:16:55,764 through property tax. 965 00:16:55,764 --> 00:16:56,557 They get it through oil 966 00:16:56,557 --> 00:16:58,183 and gas taxes on those. 967 00:16:58,183 --> 00:16:58,726 They get it through 968 00:16:58,726 --> 00:16:59,560 other places. 969 00:16:59,560 --> 00:17:00,102 Each state 970 00:17:00,102 --> 00:17:00,894 has a different system 971 00:17:00,894 --> 00:17:01,854 based on their size, 972 00:17:01,854 --> 00:17:02,688 based on their needs, 973 00:17:02,688 --> 00:17:03,188 based on their 974 00:17:03,188 --> 00:17:04,231 different things. 975 00:17:04,314 --> 00:17:05,065 And that's 976 00:17:05,065 --> 00:17:06,400 how the system has evolved. 977 00:17:06,400 --> 00:17:07,026 And you can't just 978 00:17:07,026 --> 00:17:07,568 all of a sudden 979 00:17:07,568 --> 00:17:08,235 get rid of one 980 00:17:08,235 --> 00:17:09,194 part of the system 981 00:17:09,194 --> 00:17:09,862 and then expect 982 00:17:09,862 --> 00:17:10,779 every single state 983 00:17:10,779 --> 00:17:11,947 to be able to conform to it. 984 00:17:12,031 --> 00:17:13,657 But there's a dual 985 00:17:13,657 --> 00:17:14,533 tax problem 986 00:17:14,575 --> 00:17:15,325 at the end of the day 987 00:17:15,325 --> 00:17:16,326 in the United States, 988 00:17:16,368 --> 00:17:16,952 real estate 989 00:17:16,952 --> 00:17:17,745 taxes, by the way, 990 00:17:17,745 --> 00:17:18,620 that's not like new. 991 00:17:18,704 --> 00:17:19,663 This is like 992 00:17:19,747 --> 00:17:20,414 the oldest thing 993 00:17:20,414 --> 00:17:21,331 ever, right. 994 00:17:21,415 --> 00:17:22,875 So the only problem 995 00:17:22,875 --> 00:17:23,500 that I have 996 00:17:23,500 --> 00:17:25,544 with the real estate tax 997 00:17:25,627 --> 00:17:26,378 is the fact 998 00:17:26,378 --> 00:17:27,379 that we have real 999 00:17:27,379 --> 00:17:28,088 estate taxes. 1000 00:17:28,088 --> 00:17:28,672 So you didn't 1001 00:17:28,672 --> 00:17:30,424 have income taxes 1002 00:17:30,507 --> 00:17:31,050 like that 1003 00:17:31,050 --> 00:17:32,885 was the whole point of it. 1004 00:17:32,968 --> 00:17:34,636 So when we look at 1005 00:17:34,636 --> 00:17:35,804 what's happened 1006 00:17:35,804 --> 00:17:37,848 is instead of saying, 1007 00:17:37,931 --> 00:17:39,183 oh, we are going 1008 00:17:39,183 --> 00:17:40,934 to take out one 1009 00:17:41,018 --> 00:17:42,895 right and do another, 1010 00:17:42,978 --> 00:17:45,522 they've just continually 1011 00:17:45,606 --> 00:17:46,440 added on 1012 00:17:46,523 --> 00:17:47,649 and it's hard to even, 1013 00:17:47,649 --> 00:17:48,776 I think for a lot of us 1014 00:17:48,776 --> 00:17:50,402 to understand 1015 00:17:50,486 --> 00:17:53,155 the absolute change in 1016 00:17:53,155 --> 00:17:54,573 not only the tax code, 1017 00:17:54,656 --> 00:17:55,991 but how large it is. 1018 00:17:55,991 --> 00:17:56,533 And so like 1019 00:17:56,533 --> 00:17:58,243 I have a visual here 1020 00:17:58,243 --> 00:17:59,203 so we can see how 1021 00:17:59,203 --> 00:18:00,537 much it's changed. 1022 00:18:00,621 --> 00:18:01,497 So when we're talking 1023 00:18:01,497 --> 00:18:02,664 about your real estate, 1024 00:18:02,664 --> 00:18:03,040 you're talking 1025 00:18:03,040 --> 00:18:03,582 about everything 1026 00:18:03,582 --> 00:18:05,292 you buy your income. 1027 00:18:05,375 --> 00:18:06,710 I mean it goes on and on 1028 00:18:06,710 --> 00:18:07,294 and on. 1029 00:18:07,377 --> 00:18:07,961 It is 1030 00:18:07,961 --> 00:18:10,923 mass of the tax changes 1031 00:18:11,006 --> 00:18:13,342 in literally the last 1032 00:18:13,425 --> 00:18:14,676 hundred years 1033 00:18:14,676 --> 00:18:16,595 on an American system. 1034 00:18:16,678 --> 00:18:18,138 American citizen 1035 00:18:18,222 --> 00:18:20,724 is so, so big that 1036 00:18:20,808 --> 00:18:21,725 this is where these 1037 00:18:21,725 --> 00:18:22,059 I think 1038 00:18:22,059 --> 00:18:23,644 these problems become. 1039 00:18:23,644 --> 00:18:24,853 People start to go, 1040 00:18:24,937 --> 00:18:26,688 what am I getting for this? 1041 00:18:26,772 --> 00:18:27,606 Right. 1042 00:18:27,689 --> 00:18:29,983 And I'm being taxed 1043 00:18:30,067 --> 00:18:32,236 astronomical amounts. 1044 00:18:32,319 --> 00:18:34,613 So when we had a very stable 1045 00:18:34,613 --> 00:18:35,280 tax system 1046 00:18:35,280 --> 00:18:36,073 like real estate 1047 00:18:36,073 --> 00:18:38,117 taxes, right. 1048 00:18:38,200 --> 00:18:39,535 That was very 1049 00:18:39,535 --> 00:18:41,036 much state centric 1050 00:18:41,036 --> 00:18:41,912 and that was part 1051 00:18:41,912 --> 00:18:44,081 of the independence. Okay. 1052 00:18:44,081 --> 00:18:45,290 So there was way more 1053 00:18:45,290 --> 00:18:46,875 independent states 1054 00:18:46,875 --> 00:18:48,085 were more sovereign, 1055 00:18:48,168 --> 00:18:49,503 and we funded things 1056 00:18:49,503 --> 00:18:50,671 locally. 1057 00:18:50,754 --> 00:18:52,798 That makes perfect sense. 1058 00:18:52,881 --> 00:18:53,799 Your property 1059 00:18:53,799 --> 00:18:55,092 is a local part 1060 00:18:55,092 --> 00:18:57,136 and entity of a local thing. 1061 00:18:57,219 --> 00:18:58,345 We do all this stuff. 1062 00:18:58,345 --> 00:18:59,763 What the change 1063 00:18:59,763 --> 00:19:00,597 in the tax system 1064 00:19:00,597 --> 00:19:01,223 was, the change 1065 00:19:01,223 --> 00:19:02,891 in the federal tax system. 1066 00:19:02,975 --> 00:19:03,684 All of a sudden, 1067 00:19:03,684 --> 00:19:04,768 then when you're paying 1068 00:19:04,768 --> 00:19:05,561 huge amounts 1069 00:19:05,561 --> 00:19:07,187 of your property to taxes, 1070 00:19:07,271 --> 00:19:07,980 then you're paying 1071 00:19:07,980 --> 00:19:10,315 income sales tax, gas tax, 1072 00:19:10,399 --> 00:19:10,774 and you're 1073 00:19:10,816 --> 00:19:11,775 putting everything else. 1074 00:19:11,775 --> 00:19:14,444 So from 1920 it went from, 1075 00:19:14,528 --> 00:19:17,322 5% to upwards 1076 00:19:17,406 --> 00:19:20,117 of over 30%, on average, 1077 00:19:20,284 --> 00:19:22,119 50% of the United States 1078 00:19:22,119 --> 00:19:24,454 doesn't pay federal taxes. 1079 00:19:24,538 --> 00:19:26,123 That's an average. 1080 00:19:26,206 --> 00:19:28,000 And so I think that that's 1081 00:19:28,000 --> 00:19:29,293 where I start to go, 1082 00:19:29,376 --> 00:19:30,085 hold on here. 1083 00:19:30,085 --> 00:19:31,336 I don't own my property. 1084 00:19:31,336 --> 00:19:32,629 I don't own anything, 1085 00:19:32,713 --> 00:19:33,589 but I 1086 00:19:33,672 --> 00:19:34,756 so I kind of agree 1087 00:19:34,756 --> 00:19:35,924 with both. 1088 00:19:36,008 --> 00:19:37,176 Kyle, I agree with you. 1089 00:19:37,176 --> 00:19:38,552 I like the localized 1090 00:19:38,552 --> 00:19:39,428 nature of the tax 1091 00:19:39,428 --> 00:19:40,262 or everything else, 1092 00:19:40,345 --> 00:19:41,680 but all of a sudden 1093 00:19:41,680 --> 00:19:42,389 you're taking it 1094 00:19:42,389 --> 00:19:43,182 from all sides. 1095 00:19:43,182 --> 00:19:43,557 That's 1096 00:19:43,557 --> 00:19:44,474 where the issue comes in. 1097 00:19:44,474 --> 00:19:46,727 Yeah, I mean, I sorry, Jay, 1098 00:19:46,810 --> 00:19:47,686 I'll just make a quick one 1099 00:19:47,686 --> 00:19:48,604 and then I know you got, 1100 00:19:48,604 --> 00:19:49,730 you got a good point 1101 00:19:49,730 --> 00:19:51,064 about investors I think. 1102 00:19:51,148 --> 00:19:52,566 But I look at it 1103 00:19:52,566 --> 00:19:54,109 more like a membership fee 1104 00:19:54,193 --> 00:19:55,360 like you have to 1105 00:19:55,444 --> 00:19:57,446 there's certain services 1106 00:19:57,529 --> 00:19:58,864 being an American citizen, 1107 00:19:58,864 --> 00:19:59,698 living and choosing 1108 00:19:59,698 --> 00:20:00,908 to living in a state, 1109 00:20:00,991 --> 00:20:01,658 choosing to live 1110 00:20:01,658 --> 00:20:02,284 in a township, 1111 00:20:02,284 --> 00:20:02,951 to choosing to 1112 00:20:02,951 --> 00:20:03,619 live in a county. 1113 00:20:03,619 --> 00:20:04,411 There's certain things 1114 00:20:04,411 --> 00:20:05,078 that you enjoy 1115 00:20:05,078 --> 00:20:06,079 by living there, 1116 00:20:06,163 --> 00:20:06,914 and somehow 1117 00:20:06,914 --> 00:20:07,456 you have to pay 1118 00:20:07,456 --> 00:20:08,123 for those things. 1119 00:20:08,123 --> 00:20:10,334 And I look at property tax 1120 00:20:10,417 --> 00:20:11,460 as your membership fee 1121 00:20:11,460 --> 00:20:12,002 and you could say, 1122 00:20:12,002 --> 00:20:13,003 okay, people renting, 1123 00:20:13,003 --> 00:20:13,629 they don't have to pay it. 1124 00:20:13,629 --> 00:20:14,087 Well, 1125 00:20:14,171 --> 00:20:15,214 the owner has to pay it. 1126 00:20:15,214 --> 00:20:16,173 And they pass those 1127 00:20:16,173 --> 00:20:17,299 those costs 1128 00:20:17,382 --> 00:20:18,300 down to the person 1129 00:20:18,300 --> 00:20:18,842 who's renting. 1130 00:20:18,842 --> 00:20:19,426 I look at it 1131 00:20:19,426 --> 00:20:20,928 more as a membership fee 1132 00:20:21,011 --> 00:20:21,720 that I'm paying 1133 00:20:21,720 --> 00:20:22,721 for living exactly 1134 00:20:22,721 --> 00:20:23,805 where I have to live 1135 00:20:23,805 --> 00:20:24,556 right now 1136 00:20:24,640 --> 00:20:26,558 before I jump into the point 1137 00:20:26,558 --> 00:20:27,100 you were making. 1138 00:20:27,100 --> 00:20:27,976 Kyle, 1139 00:20:28,060 --> 00:20:28,602 here's my 1140 00:20:28,685 --> 00:20:30,229 general issue with this. 1141 00:20:31,188 --> 00:20:32,022 I'm a free market 1142 00:20:32,022 --> 00:20:33,315 kind of guy. 1143 00:20:33,398 --> 00:20:34,942 But I also recognize 1144 00:20:34,942 --> 00:20:35,776 that taxes 1145 00:20:35,776 --> 00:20:37,152 are a necessary evil. 1146 00:20:37,152 --> 00:20:37,986 I don't like taxes. 1147 00:20:37,986 --> 00:20:39,071 None of us like taxes. 1148 00:20:39,071 --> 00:20:41,323 But we all recognize that, 1149 00:20:41,406 --> 00:20:43,951 realistically speaking, the, 1150 00:20:44,034 --> 00:20:46,328 libertarian utopia of we 1151 00:20:46,328 --> 00:20:47,371 we all contribute 1152 00:20:47,371 --> 00:20:47,955 to the roads 1153 00:20:47,955 --> 00:20:49,331 and the bridges and, 1154 00:20:49,414 --> 00:20:50,499 and the infrastructure 1155 00:20:50,582 --> 00:20:52,459 is not reality. 1156 00:20:52,542 --> 00:20:54,503 But when it comes to taxes, 1157 00:20:54,586 --> 00:20:55,337 I think we need 1158 00:20:55,337 --> 00:20:56,046 to do our best 1159 00:20:56,046 --> 00:20:56,755 to ensure 1160 00:20:56,755 --> 00:20:57,464 that taxes 1161 00:20:57,464 --> 00:20:59,758 don't change the supply 1162 00:20:59,758 --> 00:21:00,884 and demand characteristics 1163 00:21:00,884 --> 00:21:01,343 of the market. 1164 00:21:01,343 --> 00:21:01,760 Basically, 1165 00:21:01,760 --> 00:21:02,844 we want taxes 1166 00:21:02,928 --> 00:21:03,845 to kind of exist 1167 00:21:03,845 --> 00:21:05,264 as quietly 1168 00:21:05,264 --> 00:21:07,182 and subtly as possible, 1169 00:21:07,266 --> 00:21:08,183 so as they're not 1170 00:21:08,183 --> 00:21:09,518 creating inefficiencies 1171 00:21:09,518 --> 00:21:10,060 in the market. 1172 00:21:10,060 --> 00:21:11,395 And, to give 1173 00:21:11,436 --> 00:21:12,604 Donald Trump props, 1174 00:21:12,688 --> 00:21:13,939 he came out today 1175 00:21:13,939 --> 00:21:14,648 or yesterday 1176 00:21:14,648 --> 00:21:16,358 and made a proposal 1177 00:21:16,441 --> 00:21:18,110 that would get rid of the, 1178 00:21:18,193 --> 00:21:19,653 the capital gains tax 1179 00:21:19,736 --> 00:21:21,488 on, single family housing. 1180 00:21:21,488 --> 00:21:22,489 Actually, Jay, 1181 00:21:22,531 --> 00:21:22,990 I do have to 1182 00:21:22,990 --> 00:21:23,782 correct you on that. 1183 00:21:23,782 --> 00:21:25,617 And I think the reason that 1184 00:21:25,659 --> 00:21:26,576 it's coming up is Trump. 1185 00:21:26,660 --> 00:21:27,494 It was Marjorie 1186 00:21:27,494 --> 00:21:28,704 Taylor Greene 1187 00:21:28,787 --> 00:21:30,372 who actually proposed that. 1188 00:21:30,455 --> 00:21:31,832 And I would have to say 1189 00:21:31,832 --> 00:21:32,791 this is the first time 1190 00:21:32,791 --> 00:21:33,583 I've ever agree 1191 00:21:33,583 --> 00:21:34,543 with Marjorie Taylor 1192 00:21:34,543 --> 00:21:35,919 Greene on something, 1193 00:21:35,919 --> 00:21:37,170 but that was that. 1194 00:21:37,170 --> 00:21:39,214 That law has been in place 1195 00:21:39,214 --> 00:21:40,632 since 1997, 1196 00:21:40,716 --> 00:21:41,550 and to the point 1197 00:21:41,550 --> 00:21:42,759 that AJ and Mauricio 1198 00:21:42,759 --> 00:21:43,510 have made 1199 00:21:43,593 --> 00:21:44,720 the property 1200 00:21:44,720 --> 00:21:45,512 values have changed 1201 00:21:45,512 --> 00:21:47,806 drastically since 1997. 1202 00:21:47,889 --> 00:21:49,391 So. So she proposed it. 1203 00:21:49,391 --> 00:21:50,684 But but Trump 1204 00:21:50,767 --> 00:21:51,601 called on and said, yeah, 1205 00:21:51,601 --> 00:21:52,394 I like this idea 1206 00:21:52,394 --> 00:21:53,603 and I do like this idea 1207 00:21:53,603 --> 00:21:54,438 where right now 1208 00:21:54,521 --> 00:21:55,230 you exclude the 1209 00:21:55,230 --> 00:21:56,189 first 250,000 1210 00:21:56,189 --> 00:21:57,649 or 500,000 1211 00:21:57,649 --> 00:21:58,734 and MTG 1212 00:21:58,734 --> 00:22:00,068 and Trump are saying 1213 00:22:00,152 --> 00:22:01,153 exclude it all. 1214 00:22:01,236 --> 00:22:02,529 And I love that because it 1215 00:22:02,529 --> 00:22:04,239 then makes the market 1216 00:22:04,239 --> 00:22:04,781 more efficient. 1217 00:22:04,781 --> 00:22:06,033 People don't say, 1218 00:22:06,116 --> 00:22:06,700 I'm not going 1219 00:22:06,700 --> 00:22:07,492 to sell my house 1220 00:22:07,492 --> 00:22:08,493 because I have to do this 1221 00:22:08,493 --> 00:22:09,578 math, this calculus 1222 00:22:09,578 --> 00:22:10,662 in my head of 1223 00:22:10,662 --> 00:22:12,039 is it worth taking the money 1224 00:22:12,039 --> 00:22:13,040 and paying the taxes 1225 00:22:13,040 --> 00:22:13,957 and buying another house 1226 00:22:13,957 --> 00:22:14,583 or not paying? 1227 00:22:14,666 --> 00:22:15,459 And it just 1228 00:22:15,459 --> 00:22:16,084 it changes 1229 00:22:16,084 --> 00:22:17,085 the market dynamics. 1230 00:22:17,127 --> 00:22:18,045 We see the same thing 1231 00:22:18,045 --> 00:22:19,296 with low interest rates. 1232 00:22:19,379 --> 00:22:20,088 And I'm not saying 1233 00:22:20,088 --> 00:22:20,756 this is good or bad. 1234 00:22:20,756 --> 00:22:22,132 Again, no judgment here. 1235 00:22:22,132 --> 00:22:22,841 But we see the same thing 1236 00:22:22,841 --> 00:22:23,592 with low interest rates. 1237 00:22:23,592 --> 00:22:25,344 If you have a 3% 1238 00:22:25,427 --> 00:22:26,553 30 year fixed loan 1239 00:22:26,553 --> 00:22:27,763 that you got during Covid, 1240 00:22:27,846 --> 00:22:28,805 you're not selling 1241 00:22:28,805 --> 00:22:30,015 your house anytime soon 1242 00:22:30,015 --> 00:22:30,432 unless you 1243 00:22:30,432 --> 00:22:31,725 absolutely have to. 1244 00:22:31,808 --> 00:22:32,559 And what we're seeing 1245 00:22:32,559 --> 00:22:34,770 is that's kind of just 1246 00:22:34,853 --> 00:22:35,854 tamped down 1247 00:22:35,937 --> 00:22:36,938 on transactions 1248 00:22:36,938 --> 00:22:37,606 over the last couple 1249 00:22:37,606 --> 00:22:38,106 of years. 1250 00:22:38,190 --> 00:22:39,858 It's destroyed the 1251 00:22:39,941 --> 00:22:40,692 the transaction 1252 00:22:40,692 --> 00:22:41,943 volume in the market. 1253 00:22:42,027 --> 00:22:43,070 And it's it's 1254 00:22:43,070 --> 00:22:43,987 really knocked 1255 00:22:43,987 --> 00:22:45,072 supply and demand 1256 00:22:45,072 --> 00:22:46,698 out of whack since Covid. 1257 00:22:46,782 --> 00:22:47,616 We run the same 1258 00:22:47,616 --> 00:22:49,117 risk of that here. 1259 00:22:49,201 --> 00:22:51,578 If you are paying an 8% tax, 1260 00:22:51,578 --> 00:22:52,579 whether it's all at once 1261 00:22:52,579 --> 00:22:53,789 or over eight years, 1262 00:22:53,872 --> 00:22:54,373 you now 1263 00:22:54,373 --> 00:22:55,457 have to do the calculus 1264 00:22:55,457 --> 00:22:56,416 in your head. 1265 00:22:56,500 --> 00:22:58,960 Do I want to sell my house 1266 00:22:59,044 --> 00:23:00,128 in the first eight years? 1267 00:23:00,128 --> 00:23:01,338 Because then I'm 1268 00:23:01,421 --> 00:23:02,672 if I buy a new house, I'm 1269 00:23:02,672 --> 00:23:04,132 double paying that tax. 1270 00:23:04,216 --> 00:23:04,883 If I buy, 1271 00:23:04,883 --> 00:23:05,634 if I sell my house 1272 00:23:05,634 --> 00:23:06,968 in exactly eight years. 1273 00:23:07,010 --> 00:23:07,844 Well, wait a second. 1274 00:23:07,844 --> 00:23:09,179 I'm just getting into the 1275 00:23:09,221 --> 00:23:10,263 free portion of this. 1276 00:23:10,263 --> 00:23:12,015 I can amortize this 1277 00:23:12,015 --> 00:23:12,516 this cost 1278 00:23:12,516 --> 00:23:13,100 over a longer 1279 00:23:13,100 --> 00:23:13,934 period of time. 1280 00:23:14,017 --> 00:23:15,560 So there's more incentive 1281 00:23:15,560 --> 00:23:16,186 to say 1282 00:23:16,186 --> 00:23:17,896 I just paid an 8% premium 1283 00:23:17,896 --> 00:23:19,439 on my premium on my house. 1284 00:23:19,439 --> 00:23:21,483 Why should I ever sell? 1285 00:23:21,566 --> 00:23:23,652 And just like a 3% mortgage, 1286 00:23:23,735 --> 00:23:24,277 people are going 1287 00:23:24,277 --> 00:23:25,153 to be incentivized 1288 00:23:25,153 --> 00:23:25,695 to stay in 1289 00:23:25,695 --> 00:23:26,530 their house longer 1290 00:23:26,530 --> 00:23:27,155 and never sell 1291 00:23:27,155 --> 00:23:27,739 because they don't 1292 00:23:27,739 --> 00:23:28,240 want to sell 1293 00:23:28,240 --> 00:23:29,199 and then have to pay another 1294 00:23:29,199 --> 00:23:30,242 8% premium 1295 00:23:30,325 --> 00:23:30,909 when they buy 1296 00:23:30,909 --> 00:23:31,868 the next house. 1297 00:23:31,952 --> 00:23:32,577 And so 1298 00:23:32,619 --> 00:23:33,286 my biggest 1299 00:23:33,286 --> 00:23:34,454 concern about this 1300 00:23:34,538 --> 00:23:35,247 is that it's 1301 00:23:35,247 --> 00:23:36,748 going to mess up the supply 1302 00:23:36,748 --> 00:23:37,124 and demand 1303 00:23:37,124 --> 00:23:37,958 characteristics 1304 00:23:37,958 --> 00:23:38,667 in the market, 1305 00:23:38,667 --> 00:23:39,584 and it's going to change 1306 00:23:39,584 --> 00:23:40,919 people's behaviors 1307 00:23:41,002 --> 00:23:41,586 in a way 1308 00:23:41,586 --> 00:23:43,004 that that makes the market 1309 00:23:43,004 --> 00:23:44,506 a whole lot less efficient 1310 00:23:44,506 --> 00:23:45,298 than it should be. 1311 00:23:45,382 --> 00:23:45,757 Again, 1312 00:23:45,757 --> 00:23:46,800 the same exact way that 1313 00:23:46,883 --> 00:23:48,260 that we saw with, 1314 00:23:48,343 --> 00:23:49,010 that we saw 1315 00:23:49,010 --> 00:23:50,387 with lower interest rates 1316 00:23:50,470 --> 00:23:51,096 in the same way 1317 00:23:51,096 --> 00:23:51,638 we see to a 1318 00:23:51,638 --> 00:23:52,806 much lesser degree 1319 00:23:52,889 --> 00:23:53,306 with that 1320 00:23:53,306 --> 00:23:54,641 whole capital gains tax 1321 00:23:54,641 --> 00:23:55,851 on, on the sale of, 1322 00:23:55,934 --> 00:23:56,935 of single family 1323 00:23:56,935 --> 00:23:58,395 houses ratio. 1324 00:23:58,478 --> 00:23:59,020 That's the 1325 00:23:59,020 --> 00:23:59,938 compelling arguments 1326 00:23:59,938 --> 00:24:00,730 against you. 1327 00:24:00,814 --> 00:24:01,022 Yeah. 1328 00:24:01,022 --> 00:24:01,273 I mean, you're 1329 00:24:01,273 --> 00:24:02,065 calling it a premium, 1330 00:24:02,065 --> 00:24:02,649 but I mean, it's really 1331 00:24:02,649 --> 00:24:03,567 a it's attach 1332 00:24:03,567 --> 00:24:04,276 rates like a sale. 1333 00:24:04,359 --> 00:24:04,693 What it is, 1334 00:24:04,693 --> 00:24:05,444 is it a sales tax? 1335 00:24:05,444 --> 00:24:06,194 What I'm proposing is 1336 00:24:06,194 --> 00:24:06,570 just like 1337 00:24:06,570 --> 00:24:06,903 you're gonna have 1338 00:24:06,903 --> 00:24:07,571 a sales tax 1339 00:24:07,571 --> 00:24:08,071 when you 1340 00:24:08,155 --> 00:24:09,489 when you buy the car, 1341 00:24:09,573 --> 00:24:09,865 you know, 1342 00:24:09,865 --> 00:24:10,240 you're going to 1343 00:24:10,240 --> 00:24:10,907 pay a sales tax 1344 00:24:10,907 --> 00:24:11,324 when you 1345 00:24:11,408 --> 00:24:11,950 you don't have to 1346 00:24:11,992 --> 00:24:12,576 you don't have time 1347 00:24:12,576 --> 00:24:12,826 or time 1348 00:24:12,826 --> 00:24:13,660 you could pay to close 1349 00:24:13,660 --> 00:24:14,411 if you wanted to. 1350 00:24:14,494 --> 00:24:14,870 It's almost like 1351 00:24:14,870 --> 00:24:15,412 you're getting a loan. 1352 00:24:15,412 --> 00:24:16,163 It's just it's a hard 1353 00:24:16,246 --> 00:24:17,539 pill to swallow 1354 00:24:17,622 --> 00:24:19,332 to pay the 8% all at once 1355 00:24:19,332 --> 00:24:20,500 because it's such a large, 1356 00:24:20,584 --> 00:24:22,502 a large, a large, thing. 1357 00:24:22,586 --> 00:24:22,878 But, 1358 00:24:23,920 --> 00:24:24,504 yeah, I mean, 1359 00:24:24,588 --> 00:24:25,046 then maybe 1360 00:24:25,046 --> 00:24:25,672 that's the argument 1361 00:24:25,672 --> 00:24:26,548 that DeSantis is making, 1362 00:24:26,548 --> 00:24:26,882 which is like, 1363 00:24:26,882 --> 00:24:27,507 yeah, you're right. 1364 00:24:27,507 --> 00:24:27,924 So let's 1365 00:24:28,008 --> 00:24:29,050 then we should not have 1366 00:24:29,050 --> 00:24:29,801 any taxes on the, 1367 00:24:29,801 --> 00:24:31,595 on the properties, tax. 1368 00:24:31,636 --> 00:24:33,096 Like there's just no other 1369 00:24:33,096 --> 00:24:34,264 there's no other asset class 1370 00:24:34,264 --> 00:24:35,182 that we do this one. Right? 1371 00:24:35,182 --> 00:24:35,474 I mean, there's 1372 00:24:35,474 --> 00:24:36,099 no other asset 1373 00:24:36,099 --> 00:24:37,309 class that you pay 1374 00:24:37,392 --> 00:24:38,226 instead of paying taxes 1375 00:24:38,226 --> 00:24:39,436 at the transaction point 1376 00:24:39,436 --> 00:24:40,061 that you pay it 1377 00:24:40,061 --> 00:24:40,812 in perpetuity. 1378 00:24:40,812 --> 00:24:42,481 My problem is market value. 1379 00:24:42,564 --> 00:24:43,231 When you look at 1380 00:24:43,231 --> 00:24:44,065 the market value, 1381 00:24:44,149 --> 00:24:46,776 this happened after 2008. 1382 00:24:46,860 --> 00:24:47,944 Market values 1383 00:24:47,944 --> 00:24:49,154 dropped by 60% 1384 00:24:49,154 --> 00:24:50,780 by tax system. 1385 00:24:50,864 --> 00:24:51,615 But this was just 1386 00:24:51,615 --> 00:24:52,240 I know that 1387 00:24:52,324 --> 00:24:52,949 this wouldn't cheat. 1388 00:24:52,949 --> 00:24:53,700 You would always at the 1389 00:24:53,783 --> 00:24:54,826 at the point of 1390 00:24:54,910 --> 00:24:56,286 close to eight 1391 00:24:56,369 --> 00:24:57,329 what have you paid for. 1392 00:24:57,329 --> 00:24:58,246 And that's 1393 00:24:58,330 --> 00:24:58,997 that's your price. 1394 00:24:58,997 --> 00:24:59,581 Whether you're 1395 00:24:59,581 --> 00:25:00,624 making that decision 1396 00:25:00,624 --> 00:25:01,875 at that time I can 1397 00:25:01,958 --> 00:25:02,584 I that's why I 1398 00:25:02,626 --> 00:25:03,418 agree with that. 1399 00:25:03,502 --> 00:25:04,878 The idea that I'm buying 1400 00:25:04,878 --> 00:25:05,504 and I don't know 1401 00:25:05,504 --> 00:25:06,755 what the market will do. 1402 00:25:06,838 --> 00:25:07,964 So I have no idea 1403 00:25:07,964 --> 00:25:09,257 where my taxes will go, 1404 00:25:09,257 --> 00:25:10,509 but they'll go up. 1405 00:25:10,592 --> 00:25:12,344 And if the values go down, 1406 00:25:12,344 --> 00:25:13,136 they're not going to lower 1407 00:25:13,136 --> 00:25:14,262 my taxes. 1408 00:25:14,346 --> 00:25:14,846 We have this in 1409 00:25:14,846 --> 00:25:16,014 commercial real estate. 1410 00:25:16,097 --> 00:25:16,598 We're sitting here 1411 00:25:16,598 --> 00:25:17,349 going out. 1412 00:25:17,349 --> 00:25:18,642 The taxes are based 1413 00:25:18,642 --> 00:25:19,893 upon value, 1414 00:25:19,976 --> 00:25:21,478 but the assets value 1415 00:25:21,478 --> 00:25:22,938 is based upon income. 1416 00:25:23,021 --> 00:25:23,647 But that's not how 1417 00:25:23,647 --> 00:25:24,773 the taxes work. 1418 00:25:24,856 --> 00:25:25,815 So now all of a sudden 1419 00:25:25,815 --> 00:25:26,942 you're saying the assets 1420 00:25:26,942 --> 00:25:27,734 worth 5 million, 1421 00:25:27,734 --> 00:25:28,735 but it's worth three 1422 00:25:28,735 --> 00:25:29,694 on the marketplace. 1423 00:25:29,778 --> 00:25:31,613 But I'm be taxed at five. 1424 00:25:31,696 --> 00:25:33,406 So now my income is all 1425 00:25:33,406 --> 00:25:34,157 screwed up 1426 00:25:34,241 --> 00:25:35,992 because the tax obligation 1427 00:25:35,992 --> 00:25:37,077 has nothing 1428 00:25:37,077 --> 00:25:38,495 to do with the reality. 1429 00:25:38,578 --> 00:25:40,038 Not only income cap rates 1430 00:25:40,038 --> 00:25:40,539 like we're 1431 00:25:40,580 --> 00:25:41,915 we're going through it 1432 00:25:41,915 --> 00:25:42,374 right now. 1433 00:25:42,374 --> 00:25:44,167 Texas is having 1434 00:25:44,167 --> 00:25:45,335 huge property. 1435 00:25:45,335 --> 00:25:47,963 We just settled our property 1436 00:25:48,046 --> 00:25:48,880 tax protest 1437 00:25:48,880 --> 00:25:51,550 on one property from 2023. 1438 00:25:52,259 --> 00:25:54,886 And what's it's so backed up 1439 00:25:54,886 --> 00:25:56,304 because properties 1440 00:25:56,388 --> 00:25:57,222 property values 1441 00:25:57,222 --> 00:25:58,014 have come down right. 1442 00:25:58,014 --> 00:25:58,723 And what they 1443 00:25:58,723 --> 00:26:00,100 how they evaluate these 1444 00:26:00,100 --> 00:26:01,393 these property taxes 1445 00:26:01,476 --> 00:26:02,477 is they obviously look 1446 00:26:02,477 --> 00:26:04,062 at comparable values. 1447 00:26:04,145 --> 00:26:05,772 And it's almost like 1448 00:26:05,772 --> 00:26:08,233 people are delaying because 1449 00:26:08,316 --> 00:26:09,359 the only properties 1450 00:26:09,359 --> 00:26:10,485 that are transacting 1451 00:26:10,485 --> 00:26:10,902 right now 1452 00:26:10,902 --> 00:26:11,820 aren't the flagship 1453 00:26:11,820 --> 00:26:12,737 properties. 1454 00:26:12,821 --> 00:26:13,863 They're the properties 1455 00:26:13,863 --> 00:26:14,990 that are in distress. 1456 00:26:15,073 --> 00:26:15,782 So properties 1457 00:26:15,782 --> 00:26:16,825 that are in distress. 1458 00:26:16,908 --> 00:26:17,701 What is going to happen 1459 00:26:17,701 --> 00:26:18,368 to the values? 1460 00:26:18,368 --> 00:26:20,954 Well, a property in our area 1461 00:26:20,954 --> 00:26:21,580 that's three, 1462 00:26:21,621 --> 00:26:21,871 you know, 1463 00:26:21,871 --> 00:26:22,747 comparable size 1464 00:26:22,747 --> 00:26:23,790 two hours, 300 1465 00:26:23,790 --> 00:26:24,624 something units 1466 00:26:24,624 --> 00:26:25,584 just like ours. 1467 00:26:25,667 --> 00:26:27,961 And that's in distress. 1468 00:26:27,961 --> 00:26:28,503 If a bunch 1469 00:26:28,503 --> 00:26:29,838 of those transact, 1470 00:26:29,921 --> 00:26:30,755 then we're going to go 1471 00:26:30,755 --> 00:26:31,840 into the taxing authority 1472 00:26:31,840 --> 00:26:32,841 and be like, hey, look, 1473 00:26:32,924 --> 00:26:33,341 look at these 1474 00:26:33,341 --> 00:26:34,342 comparable sales 1475 00:26:34,342 --> 00:26:35,260 that just happened here. 1476 00:26:35,260 --> 00:26:36,011 That's the value 1477 00:26:36,011 --> 00:26:36,678 of our property. 1478 00:26:36,678 --> 00:26:37,345 It's not the value 1479 00:26:37,345 --> 00:26:38,305 that you have. 1480 00:26:38,388 --> 00:26:39,014 It's value 1481 00:26:39,014 --> 00:26:40,265 not it's the value 1482 00:26:40,265 --> 00:26:40,682 of these 1483 00:26:40,682 --> 00:26:42,142 distressed properties. 1484 00:26:42,225 --> 00:26:44,144 And so we're having to like 1485 00:26:44,227 --> 00:26:44,978 and obviously 1486 00:26:44,978 --> 00:26:45,979 the taxing authority is like 1487 00:26:45,979 --> 00:26:47,063 well no like that's 1488 00:26:47,063 --> 00:26:47,981 these are distressed. 1489 00:26:47,981 --> 00:26:48,356 And you're like 1490 00:26:48,356 --> 00:26:49,316 well that's comparables. 1491 00:26:49,316 --> 00:26:49,816 These are the only 1492 00:26:49,816 --> 00:26:50,525 comparable sales 1493 00:26:50,525 --> 00:26:51,234 we have 1494 00:26:51,318 --> 00:26:52,319 in the last six months, 1495 00:26:52,319 --> 00:26:53,278 in the last year, 1496 00:26:53,278 --> 00:26:53,987 are all these ones 1497 00:26:53,987 --> 00:26:54,195 that you're 1498 00:26:54,195 --> 00:26:55,238 calling distressed. 1499 00:26:55,322 --> 00:26:56,573 And so it's 1500 00:26:56,656 --> 00:26:57,824 it's a huge fight 1501 00:26:57,824 --> 00:26:58,742 that is happening 1502 00:26:58,742 --> 00:26:59,909 in some of these states 1503 00:26:59,993 --> 00:27:02,203 because the values have gone 1504 00:27:02,287 --> 00:27:04,623 down 20% on some of these. 1505 00:27:04,706 --> 00:27:05,874 And the taxing authorities 1506 00:27:05,874 --> 00:27:06,416 don't want to, 1507 00:27:06,499 --> 00:27:06,791 you know, 1508 00:27:06,791 --> 00:27:07,834 cut their revenue down 1509 00:27:07,834 --> 00:27:08,501 by 20%. 1510 00:27:08,501 --> 00:27:09,836 The taxes are going up, 1511 00:27:09,919 --> 00:27:11,171 their values are dropping, 1512 00:27:11,171 --> 00:27:12,464 and we're getting taxing. 1513 00:27:12,547 --> 00:27:13,632 So that happened to us. 1514 00:27:13,715 --> 00:27:14,591 We have properties 1515 00:27:14,591 --> 00:27:15,008 that I'm like 1516 00:27:15,008 --> 00:27:16,176 the values down to 1517 00:27:16,176 --> 00:27:16,843 3 million. 1518 00:27:16,843 --> 00:27:17,510 And you just gave me 1519 00:27:17,510 --> 00:27:18,762 a tax increase 1520 00:27:18,845 --> 00:27:19,846 like that 1521 00:27:19,846 --> 00:27:21,306 kills the property owner 1522 00:27:21,389 --> 00:27:22,390 because the income 1523 00:27:22,390 --> 00:27:23,475 is dropping. 1524 00:27:23,558 --> 00:27:24,225 And all of a sudden 1525 00:27:24,225 --> 00:27:24,517 you're going, 1526 00:27:24,517 --> 00:27:26,728 the government is killing 1527 00:27:26,811 --> 00:27:27,729 our business 1528 00:27:27,729 --> 00:27:29,230 because it's saying 1529 00:27:29,314 --> 00:27:30,815 that something is happening 1530 00:27:30,815 --> 00:27:32,359 that isn't even happening. 1531 00:27:32,442 --> 00:27:33,068 And it's a way 1532 00:27:33,068 --> 00:27:33,902 that they can use 1533 00:27:33,902 --> 00:27:36,029 to get more money. 1534 00:27:36,112 --> 00:27:37,113 They just make it up. 1535 00:27:37,197 --> 00:27:38,073 We had to fight 1536 00:27:38,073 --> 00:27:39,074 this legal battle 1537 00:27:39,157 --> 00:27:40,533 with the state of Idaho, 1538 00:27:40,533 --> 00:27:41,701 and we had to get passed 1539 00:27:41,701 --> 00:27:42,452 and both the Congress 1540 00:27:42,452 --> 00:27:43,244 and the Senate 1541 00:27:43,328 --> 00:27:43,995 to have a way 1542 00:27:43,995 --> 00:27:46,164 to enforce appraisers, 1543 00:27:46,247 --> 00:27:47,499 because when the appraisers 1544 00:27:47,499 --> 00:27:48,583 put a property, 1545 00:27:48,667 --> 00:27:49,876 a value on a property 1546 00:27:49,959 --> 00:27:51,336 and they say it's the value, 1547 00:27:51,419 --> 00:27:53,797 there was no way for you to 1548 00:27:53,797 --> 00:27:54,923 when you went and argued it, 1549 00:27:55,006 --> 00:27:55,840 something like, okay, 1550 00:27:55,840 --> 00:27:56,633 even if we're wrong, 1551 00:27:56,633 --> 00:27:57,592 what do you do? 1552 00:27:57,676 --> 00:27:58,510 Like there was 1553 00:27:58,510 --> 00:27:59,719 there's no mechanics. 1554 00:27:59,719 --> 00:28:00,553 And the government doesn't 1555 00:28:00,553 --> 00:28:02,472 build in mechanics 1556 00:28:02,472 --> 00:28:04,140 to make it easy 1557 00:28:04,224 --> 00:28:05,141 for you to adjust. 1558 00:28:05,141 --> 00:28:06,768 Tax base was downwards. 1559 00:28:06,851 --> 00:28:08,520 And so it's completely 1560 00:28:08,520 --> 00:28:11,189 artificially skewed 1561 00:28:11,272 --> 00:28:12,982 to government entities. 1562 00:28:13,066 --> 00:28:15,527 And then they every year 1563 00:28:15,610 --> 00:28:16,486 they'll reassess 1564 00:28:16,486 --> 00:28:17,153 that thing up. 1565 00:28:17,153 --> 00:28:17,862 And then all of a sudden 1566 00:28:17,862 --> 00:28:18,822 when it goes down 1567 00:28:18,905 --> 00:28:19,531 oh for sure 1568 00:28:19,572 --> 00:28:21,157 they gave us a 10% increase 1569 00:28:21,157 --> 00:28:22,033 in the one property. 1570 00:28:22,075 --> 00:28:22,742 Everything that's 1571 00:28:22,742 --> 00:28:23,410 going on a commercial. 1572 00:28:23,410 --> 00:28:24,744 They gave us a 10% increase. 1573 00:28:24,744 --> 00:28:25,537 So we fought it. 1574 00:28:25,537 --> 00:28:26,079 And obviously 1575 00:28:26,079 --> 00:28:26,538 like you're 1576 00:28:26,538 --> 00:28:27,956 seeing decreases 1577 00:28:27,956 --> 00:28:28,748 of what they give 1578 00:28:28,748 --> 00:28:29,624 you in your taxes 1579 00:28:29,624 --> 00:28:31,000 of like 20, 30% 1580 00:28:31,000 --> 00:28:31,793 in some cases 1581 00:28:31,793 --> 00:28:33,253 because they have to relent 1582 00:28:33,253 --> 00:28:33,795 and say like, 1583 00:28:33,795 --> 00:28:34,546 hey, like I can't. 1584 00:28:34,546 --> 00:28:35,839 This is not the value. 1585 00:28:35,922 --> 00:28:38,049 And but it's 1586 00:28:38,133 --> 00:28:39,134 and that's in Texas 1587 00:28:39,134 --> 00:28:39,926 where Texas it's 1588 00:28:40,009 --> 00:28:41,636 it's like standard practice 1589 00:28:41,636 --> 00:28:43,096 to fight your your taxes 1590 00:28:43,096 --> 00:28:44,013 because Texas 1591 00:28:44,097 --> 00:28:45,932 is in a disclosure state. 1592 00:28:46,015 --> 00:28:46,599 Texas is a 1593 00:28:46,599 --> 00:28:48,143 non-disclosure state. 1594 00:28:48,226 --> 00:28:49,644 So basically the way the 1595 00:28:49,728 --> 00:28:50,019 the way 1596 00:28:50,019 --> 00:28:50,562 the taxing 1597 00:28:50,562 --> 00:28:51,396 authority is like, hey, 1598 00:28:51,396 --> 00:28:52,272 we don't know what 1599 00:28:52,272 --> 00:28:53,106 these transactions 1600 00:28:53,106 --> 00:28:53,857 are going for. 1601 00:28:53,940 --> 00:28:55,316 We're going to tax high, 1602 00:28:55,400 --> 00:28:55,900 and we're going to 1603 00:28:55,900 --> 00:28:57,235 make you prove 1604 00:28:57,318 --> 00:28:57,861 that you're 1605 00:28:57,944 --> 00:28:59,446 that your value is lower. 1606 00:28:59,446 --> 00:29:00,655 So Texas has become 1607 00:29:00,655 --> 00:29:02,031 like a very 1608 00:29:02,115 --> 00:29:03,074 litigious state 1609 00:29:03,074 --> 00:29:03,533 as far as 1610 00:29:03,533 --> 00:29:04,325 taxes are concerned. 1611 00:29:04,325 --> 00:29:05,410 But I can't even imagine 1612 00:29:05,410 --> 00:29:06,828 some of these other states 1613 00:29:06,911 --> 00:29:07,996 that are like, 1614 00:29:07,996 --> 00:29:08,705 not really 1615 00:29:08,705 --> 00:29:10,415 used to having to, 1616 00:29:10,498 --> 00:29:10,874 you know, 1617 00:29:10,874 --> 00:29:11,666 litigate these, 1618 00:29:11,666 --> 00:29:13,585 these taxes every year. 1619 00:29:13,668 --> 00:29:15,003 That's like states and Idaho 1620 00:29:15,003 --> 00:29:15,962 and other ones out West. 1621 00:29:16,004 --> 00:29:16,337 If you 1622 00:29:16,337 --> 00:29:17,380 if you see a value 1623 00:29:17,380 --> 00:29:18,673 decrease in 20%, 1624 00:29:18,673 --> 00:29:19,382 like you're going 1625 00:29:19,382 --> 00:29:20,592 to get your next tax bill 1626 00:29:20,592 --> 00:29:21,009 and they're going to 1627 00:29:21,009 --> 00:29:21,301 say, hey, 1628 00:29:21,301 --> 00:29:23,011 your value went up 5% 1629 00:29:23,011 --> 00:29:23,261 and you're 1630 00:29:23,261 --> 00:29:24,137 looking at all the sales. 1631 00:29:24,137 --> 00:29:24,596 You're like, 1632 00:29:24,679 --> 00:29:25,930 my value went down 20 1633 00:29:25,972 --> 00:29:26,389 and I 1634 00:29:26,389 --> 00:29:27,223 don't have three 1635 00:29:27,223 --> 00:29:28,266 years to do it. 1636 00:29:28,266 --> 00:29:29,142 That's the problem. 1637 00:29:29,225 --> 00:29:30,101 You pay them 1638 00:29:30,101 --> 00:29:30,894 the increase tax 1639 00:29:30,894 --> 00:29:31,436 for the years 1640 00:29:31,436 --> 00:29:32,479 until it's resolved. 1641 00:29:32,562 --> 00:29:33,396 So it's better 1642 00:29:33,396 --> 00:29:33,813 and you better 1643 00:29:33,813 --> 00:29:34,481 have the reserves 1644 00:29:34,481 --> 00:29:35,023 to cover that 1645 00:29:35,023 --> 00:29:35,899 or have the reserves 1646 00:29:35,899 --> 00:29:37,192 or you think 1647 00:29:37,275 --> 00:29:38,193 you better have the reserves 1648 00:29:38,193 --> 00:29:39,736 to cover the overpayment 1649 00:29:39,736 --> 00:29:40,361 in taxes. 1650 00:29:40,361 --> 00:29:41,321 You better have the reserves 1651 00:29:41,321 --> 00:29:43,364 to cover your escrows 1652 00:29:43,364 --> 00:29:44,324 for your, 1653 00:29:44,407 --> 00:29:46,451 your interest rate caps. 1654 00:29:46,534 --> 00:29:47,202 And you better 1655 00:29:47,202 --> 00:29:47,952 have you better 1656 00:29:47,952 --> 00:29:48,912 have the reserves to pay 1657 00:29:48,912 --> 00:29:49,704 for your insurance 1658 00:29:49,704 --> 00:29:50,955 on those values. 1659 00:29:51,039 --> 00:29:52,040 And like, we're, 1660 00:29:52,123 --> 00:29:52,332 we're 1661 00:29:52,415 --> 00:29:53,708 we're having to set aside 1662 00:29:53,708 --> 00:29:54,876 million dollars 1663 00:29:54,959 --> 00:29:55,585 for all those 1664 00:29:55,585 --> 00:29:56,836 different things and then, 1665 00:29:56,920 --> 00:29:57,212 you know, 1666 00:29:57,212 --> 00:29:58,087 like then you're like, okay, 1667 00:29:58,087 --> 00:29:58,880 well investors 1668 00:29:58,880 --> 00:29:59,547 why aren't they getting 1669 00:29:59,547 --> 00:30:00,256 they're hitting 1670 00:30:00,256 --> 00:30:00,965 their preferred terms. 1671 00:30:00,965 --> 00:30:01,758 Why are they getting there. 1672 00:30:01,841 --> 00:30:02,383 Well, 1673 00:30:02,467 --> 00:30:03,009 because we're 1674 00:30:03,009 --> 00:30:03,885 having to set aside 1675 00:30:03,885 --> 00:30:05,053 all this money for them. 1676 00:30:05,053 --> 00:30:06,763 It's we're don't even know 1677 00:30:06,846 --> 00:30:07,138 it. 1678 00:30:07,222 --> 00:30:07,806 Let's get back on 1679 00:30:07,806 --> 00:30:08,348 topic though, 1680 00:30:08,348 --> 00:30:09,057 because we're talking about 1681 00:30:09,057 --> 00:30:09,641 you guys got off 1682 00:30:09,641 --> 00:30:10,809 on your commercial. 1683 00:30:10,892 --> 00:30:11,893 You're a little commercial. 1684 00:30:11,935 --> 00:30:12,769 Oh, sorry. 1685 00:30:12,852 --> 00:30:13,311 Did we 1686 00:30:13,394 --> 00:30:14,020 talk too much 1687 00:30:14,020 --> 00:30:15,188 about actionable stuff 1688 00:30:15,188 --> 00:30:15,772 that's happening 1689 00:30:15,772 --> 00:30:16,940 in real estate market? 1690 00:30:17,023 --> 00:30:17,649 My mistake. 1691 00:30:17,649 --> 00:30:18,024 I want to 1692 00:30:18,107 --> 00:30:18,733 let's go back 1693 00:30:18,733 --> 00:30:21,402 to your fantasy scenario. 1694 00:30:21,486 --> 00:30:21,694 Let's 1695 00:30:21,694 --> 00:30:22,153 go back to your 1696 00:30:22,153 --> 00:30:23,154 fantasy scenario, 1697 00:30:23,154 --> 00:30:23,863 which, by the way, 1698 00:30:23,863 --> 00:30:25,323 I did want to point out, 1699 00:30:25,406 --> 00:30:26,366 as much as I act like 1700 00:30:26,366 --> 00:30:27,826 your scenario is crazy, 1701 00:30:27,826 --> 00:30:30,119 Canada does charge tax. 1702 00:30:31,412 --> 00:30:32,288 So it's like it's not 1703 00:30:32,288 --> 00:30:33,122 like any other state. 1704 00:30:33,122 --> 00:30:34,123 Now Canada 1705 00:30:34,123 --> 00:30:36,000 only does it on new sales 1706 00:30:36,084 --> 00:30:37,585 or significant. 1707 00:30:37,669 --> 00:30:38,253 So what is the what 1708 00:30:38,336 --> 00:30:38,711 can you do? 1709 00:30:38,711 --> 00:30:39,420 I didn't know that. What is. 1710 00:30:39,420 --> 00:30:40,171 So what is Canada 1711 00:30:40,171 --> 00:30:41,631 do then for home sales. 1712 00:30:41,714 --> 00:30:42,632 So so 1713 00:30:42,632 --> 00:30:43,967 Canada it's more complicated 1714 00:30:43,967 --> 00:30:44,551 because you know 1715 00:30:44,551 --> 00:30:45,009 they're it's 1716 00:30:45,009 --> 00:30:45,760 well it's the same. 1717 00:30:45,760 --> 00:30:46,511 Each state 1718 00:30:46,511 --> 00:30:47,470 has their own tax 1719 00:30:47,470 --> 00:30:48,596 and each in each 1720 00:30:48,596 --> 00:30:50,056 province has their own tax. 1721 00:30:50,139 --> 00:30:51,558 But 1722 00:30:51,641 --> 00:30:53,518 Canada designates new 1723 00:30:53,601 --> 00:30:54,727 and resale homes 1724 00:30:54,727 --> 00:30:55,520 as different things. 1725 00:30:55,520 --> 00:30:56,354 If you are selling 1726 00:30:56,354 --> 00:30:57,981 a new construction home 1727 00:30:58,064 --> 00:31:00,775 you are subject to tax, 1728 00:31:01,359 --> 00:31:02,193 at the same rate. 1729 00:31:02,193 --> 00:31:03,278 To your point, eyes, 1730 00:31:03,278 --> 00:31:05,071 normal sales taxes. 1731 00:31:05,154 --> 00:31:06,072 In addition to that, 1732 00:31:06,155 --> 00:31:06,698 in addition 1733 00:31:06,698 --> 00:31:07,657 to an 1734 00:31:07,740 --> 00:31:09,200 annual 1 or 2% 1735 00:31:09,200 --> 00:31:10,326 or this in lieu of yes, 1736 00:31:10,410 --> 00:31:11,202 in addition 1737 00:31:11,202 --> 00:31:12,537 to there's a lot of that. 1738 00:31:12,620 --> 00:31:13,621 I mean, I guess I'm 1739 00:31:13,705 --> 00:31:14,497 I'm just saying 1740 00:31:14,497 --> 00:31:15,123 it's not crazy. 1741 00:31:15,123 --> 00:31:15,915 Your idea of 1742 00:31:15,915 --> 00:31:17,333 of implementing a, 1743 00:31:17,417 --> 00:31:17,709 you know, 1744 00:31:17,709 --> 00:31:18,459 I guess we have it. 1745 00:31:18,459 --> 00:31:19,627 Every state has some sort of 1746 00:31:19,669 --> 00:31:20,712 I shouldn't say every state. 1747 00:31:20,795 --> 00:31:21,504 Texas doesn't. 1748 00:31:21,546 --> 00:31:22,255 But like, how do you 1749 00:31:22,255 --> 00:31:23,006 I mean, I guess 1750 00:31:23,089 --> 00:31:23,548 I just going 1751 00:31:23,548 --> 00:31:24,716 to bring it back to the, 1752 00:31:24,799 --> 00:31:26,175 to the mythical caller. 1753 00:31:26,175 --> 00:31:26,843 I mean, again, 1754 00:31:26,926 --> 00:31:27,927 DeSantis is from Florida, 1755 00:31:27,927 --> 00:31:29,053 so he's got a lot of older 1756 00:31:29,053 --> 00:31:31,139 folks in his, in his state. 1757 00:31:31,222 --> 00:31:31,556 But like 1758 00:31:31,556 --> 00:31:32,849 you're talking to the fixed 1759 00:31:32,849 --> 00:31:33,766 income person, right? 1760 00:31:33,808 --> 00:31:35,226 They're making $30,000 1761 00:31:35,226 --> 00:31:36,352 a year, $40,000 1762 00:31:36,352 --> 00:31:37,145 a year on their fixed 1763 00:31:37,145 --> 00:31:38,855 pension, Social Security, 1764 00:31:38,938 --> 00:31:40,106 whatever it is. 1765 00:31:40,189 --> 00:31:40,982 And to your point, 1766 00:31:40,982 --> 00:31:41,524 they moved into 1767 00:31:41,524 --> 00:31:42,317 a neighborhood. 1768 00:31:42,400 --> 00:31:43,151 They bought a house 1769 00:31:43,151 --> 00:31:44,110 for a couple hundred grand. 1770 00:31:44,110 --> 00:31:44,569 They are paying 1771 00:31:44,569 --> 00:31:45,194 for the roads 1772 00:31:45,194 --> 00:31:46,529 at the time of sale. 1773 00:31:46,613 --> 00:31:47,238 And now fast 1774 00:31:47,238 --> 00:31:48,531 forward 30 years. 1775 00:31:48,615 --> 00:31:49,699 They can't afford 1776 00:31:49,782 --> 00:31:50,533 to pay the taxes 1777 00:31:50,533 --> 00:31:51,117 because the taxes 1778 00:31:51,117 --> 00:31:51,618 for some reason 1779 00:31:51,618 --> 00:31:52,327 have been going up 1780 00:31:52,327 --> 00:31:53,328 as the property value, 1781 00:31:53,328 --> 00:31:53,953 which is just 1782 00:31:54,037 --> 00:31:54,787 they're not selling. 1783 00:31:54,787 --> 00:31:56,039 So it's not like 1784 00:31:56,122 --> 00:31:56,706 they're getting it. 1785 00:31:56,706 --> 00:31:58,207 I mean, to your point, 1786 00:31:58,291 --> 00:31:59,125 Jay, they could, 1787 00:31:59,208 --> 00:32:00,084 I guess, refinance 1788 00:32:00,084 --> 00:32:01,753 or get some cash for it, 1789 00:32:01,753 --> 00:32:02,378 but the whole point is 1790 00:32:02,378 --> 00:32:02,670 that they didn't 1791 00:32:02,670 --> 00:32:03,254 wanna have any debt. 1792 00:32:03,254 --> 00:32:04,005 They wanted to be like, hey, 1793 00:32:04,005 --> 00:32:04,380 I'm going to pay 1794 00:32:04,380 --> 00:32:05,214 off my home, 1795 00:32:05,298 --> 00:32:05,882 and then I can 1796 00:32:05,882 --> 00:32:06,299 just, you know, 1797 00:32:06,299 --> 00:32:06,883 I just need enough 1798 00:32:06,883 --> 00:32:08,051 money to to live. 1799 00:32:08,092 --> 00:32:09,677 So what do you tell 1800 00:32:09,677 --> 00:32:10,386 that person then? 1801 00:32:10,386 --> 00:32:10,929 Like, just, hey, 1802 00:32:10,929 --> 00:32:11,763 you got to move. Sorry. 1803 00:32:11,763 --> 00:32:12,221 Tough ... 1804 00:32:12,221 --> 00:32:14,390 You got to go move to to, 1805 00:32:14,474 --> 00:32:15,475 Arkansas. 1806 00:32:15,558 --> 00:32:16,768 No offense, I agree. 1807 00:32:16,768 --> 00:32:17,143 I think 1808 00:32:17,226 --> 00:32:17,727 I think that's 1809 00:32:17,727 --> 00:32:18,561 a big problem. 1810 00:32:18,561 --> 00:32:19,938 I it's 1811 00:32:20,021 --> 00:32:20,813 and it's going to become 1812 00:32:20,813 --> 00:32:21,898 a bigger problem 1813 00:32:21,898 --> 00:32:23,191 with the baby boomers. 1814 00:32:23,274 --> 00:32:24,776 But we still have to solve 1815 00:32:24,776 --> 00:32:25,944 the problem of 1816 00:32:25,944 --> 00:32:26,861 where does the money 1817 00:32:26,861 --> 00:32:27,403 come from. 1818 00:32:27,403 --> 00:32:28,071 And yeah, 1819 00:32:28,154 --> 00:32:29,656 we've got that utopia 1820 00:32:29,656 --> 00:32:31,449 of let's spend less money 1821 00:32:31,449 --> 00:32:32,617 and let's balance the budget 1822 00:32:32,617 --> 00:32:34,118 without property taxes, 1823 00:32:34,202 --> 00:32:34,827 blah, blah, blah, blah. 1824 00:32:34,911 --> 00:32:36,788 38% of Florida's 1825 00:32:36,788 --> 00:32:37,497 income 1826 00:32:37,497 --> 00:32:38,831 comes from property tax. 1827 00:32:38,831 --> 00:32:39,457 So I don't know 1828 00:32:39,457 --> 00:32:40,458 where they were next. 1829 00:32:40,541 --> 00:32:41,501 I heard it was one fifth, 1830 00:32:41,501 --> 00:32:42,585 but yeah, it's it's 1831 00:32:42,627 --> 00:32:44,087 like 20% of the it's 1832 00:32:44,087 --> 00:32:44,504 what I heard. 1833 00:32:44,504 --> 00:32:45,129 But yeah, 1834 00:32:45,129 --> 00:32:45,880 just to put things 1835 00:32:45,880 --> 00:32:47,048 into perspective in Florida, 1836 00:32:47,048 --> 00:32:47,674 let's say 1837 00:32:47,674 --> 00:32:48,508 we wanted to collect 1838 00:32:48,508 --> 00:32:49,509 the same amount of tax. 1839 00:32:49,509 --> 00:32:50,343 And we took all of 1840 00:32:50,343 --> 00:32:51,594 the property tax 1841 00:32:51,678 --> 00:32:52,345 and we moved it 1842 00:32:52,345 --> 00:32:53,388 over into sales tax. 1843 00:32:53,388 --> 00:32:54,847 So we wanted to offset 1844 00:32:54,931 --> 00:32:55,890 no property tax. 1845 00:32:55,890 --> 00:32:56,933 What which is what 1846 00:32:56,933 --> 00:32:59,102 the state legislature is. 1847 00:32:59,185 --> 00:32:59,477 Yeah. 1848 00:32:59,477 --> 00:33:00,645 And I'm not proposing that. 1849 00:33:00,645 --> 00:33:01,562 I'm not proposing that. 1850 00:33:01,604 --> 00:33:02,313 Just to be clear. 1851 00:33:02,355 --> 00:33:02,855 Well, 1852 00:33:02,939 --> 00:33:03,856 but but DeSantis 1853 00:33:03,856 --> 00:33:04,482 is proposing 1854 00:33:04,482 --> 00:33:05,566 that and the Florida state 1855 00:33:05,566 --> 00:33:06,734 legislature is I'm 1856 00:33:06,734 --> 00:33:08,027 not I'm not proposing that. 1857 00:33:08,111 --> 00:33:09,362 I'm not proposing that. 1858 00:33:09,445 --> 00:33:10,029 I know that, 1859 00:33:10,113 --> 00:33:11,781 but it's the starting point. 1860 00:33:11,864 --> 00:33:13,116 So in Florida, 1861 00:33:13,116 --> 00:33:14,117 if we did do that, 1862 00:33:14,117 --> 00:33:14,951 I think there's something 1863 00:33:14,951 --> 00:33:16,285 like 30, 1864 00:33:16,369 --> 00:33:18,913 43 billion in property taxes 1865 00:33:18,913 --> 00:33:20,123 collected every year, 36 1866 00:33:20,123 --> 00:33:21,749 billion in sales taxes. 1867 00:33:21,833 --> 00:33:23,001 So basically, 1868 00:33:23,001 --> 00:33:24,544 we would have to increase 1869 00:33:24,544 --> 00:33:25,628 sales taxes 1870 00:33:25,712 --> 00:33:26,671 by about 1871 00:33:26,754 --> 00:33:28,172 one point double 1872 00:33:28,172 --> 00:33:30,133 plus another 10%. 1873 00:33:30,216 --> 00:33:31,092 So basically 1874 00:33:31,092 --> 00:33:32,719 we're taking sales tax from 1875 00:33:32,719 --> 00:33:33,302 I think it's 1876 00:33:33,302 --> 00:33:34,846 dropping to 5.5%, 1877 00:33:34,846 --> 00:33:37,140 but at 6% where it is today 1878 00:33:37,223 --> 00:33:38,558 and raising it 1879 00:33:38,558 --> 00:33:40,309 up to 13 or 14%. 1880 00:33:40,393 --> 00:33:41,019 And so we can get 1881 00:33:41,019 --> 00:33:42,103 rid of property taxes 1882 00:33:42,103 --> 00:33:42,854 if we raise sales 1883 00:33:42,854 --> 00:33:44,147 tax to 14%. 1884 00:33:44,230 --> 00:33:44,939 But then there's 1885 00:33:44,939 --> 00:33:46,149 the second order effects. 1886 00:33:46,149 --> 00:33:48,359 You raise sales tax to 14%. 1887 00:33:48,443 --> 00:33:49,694 And now you're going 1888 00:33:49,694 --> 00:33:50,737 to slow the economy down 1889 00:33:50,737 --> 00:33:51,320 because people aren't 1890 00:33:51,320 --> 00:33:52,405 going to consume as much. 1891 00:33:52,405 --> 00:33:53,156 They're not going to buy 1892 00:33:53,156 --> 00:33:53,531 as much. 1893 00:33:53,531 --> 00:33:53,865 People aren't 1894 00:33:53,865 --> 00:33:54,532 going to go out 1895 00:33:54,615 --> 00:33:55,950 and buy a new car. 1896 00:33:55,950 --> 00:33:57,076 They're not going to go out 1897 00:33:57,160 --> 00:33:58,870 and buy a gold 1898 00:33:58,870 --> 00:33:59,829 watch, a Rolex, 1899 00:33:59,829 --> 00:34:00,913 because I mean, 1900 00:34:00,913 --> 00:34:01,205 I guess 1901 00:34:01,205 --> 00:34:01,956 by the by 1902 00:34:01,956 --> 00:34:02,999 by the same argument, 1903 00:34:02,999 --> 00:34:04,834 though, people's net income 1904 00:34:04,834 --> 00:34:05,710 should go up, right? 1905 00:34:05,710 --> 00:34:07,086 Because they're not paying 1906 00:34:07,086 --> 00:34:08,546 as much in property tax 1907 00:34:08,629 --> 00:34:09,756 or even renters. 1908 00:34:09,756 --> 00:34:10,298 The people who 1909 00:34:10,339 --> 00:34:11,299 they're renting from 1910 00:34:11,299 --> 00:34:12,425 is aren't paying as much 1911 00:34:12,425 --> 00:34:13,593 so they can lower the rents. 1912 00:34:13,593 --> 00:34:14,969 And so theoretically, 1913 00:34:15,053 --> 00:34:16,596 by the free market argument, 1914 00:34:16,679 --> 00:34:17,055 they're going to 1915 00:34:17,055 --> 00:34:17,764 have more money 1916 00:34:17,764 --> 00:34:18,181 to spend 1917 00:34:18,181 --> 00:34:19,057 at lower rates, 1918 00:34:19,057 --> 00:34:20,850 substantially 1919 00:34:20,892 --> 00:34:22,018 if we didn't have to pay. 1920 00:34:22,101 --> 00:34:23,519 Taxes are massive. 1921 00:34:24,479 --> 00:34:24,812 Yeah. 1922 00:34:24,896 --> 00:34:26,397 And so, yeah, again, I 1923 00:34:26,397 --> 00:34:26,773 think there are a 1924 00:34:26,773 --> 00:34:27,940 lot of second and third 1925 00:34:27,940 --> 00:34:29,108 order effects in there. 1926 00:34:29,192 --> 00:34:29,317 You're 1927 00:34:29,317 --> 00:34:30,401 picking on the sales tax. 1928 00:34:30,401 --> 00:34:31,027 But you know, again, 1929 00:34:31,027 --> 00:34:31,903 not to California's 1930 00:34:31,903 --> 00:34:32,695 obviously the extreme, 1931 00:34:32,695 --> 00:34:34,447 but like we pay a 10% 1932 00:34:34,447 --> 00:34:35,323 gasoline tax. 1933 00:34:35,323 --> 00:34:36,449 How much is your gasoline 1934 00:34:36,491 --> 00:34:36,991 I think you could 1935 00:34:36,991 --> 00:34:37,700 bump it up to 1936 00:34:37,742 --> 00:34:38,785 for whatever you're paying 1937 00:34:38,785 --> 00:34:40,661 4% bump it up to 6%. 1938 00:34:40,745 --> 00:34:41,829 You could tax this. 1939 00:34:41,829 --> 00:34:42,538 You could tax that. 1940 00:34:42,538 --> 00:34:42,830 I mean, 1941 00:34:42,914 --> 00:34:43,331 you could have 1942 00:34:43,331 --> 00:34:43,956 an income tax. 1943 00:34:43,956 --> 00:34:44,665 You don't have an income. 1944 00:34:44,749 --> 00:34:45,249 You have an income 1945 00:34:45,249 --> 00:34:47,376 tax of 2% or 3%. 1946 00:34:47,460 --> 00:34:48,836 I mean there's that's 1947 00:34:48,920 --> 00:34:49,712 another thing. Yeah. 1948 00:34:49,712 --> 00:34:50,505 So so this is 1949 00:34:50,505 --> 00:34:51,798 this is national 1950 00:34:51,881 --> 00:34:52,924 or state averages 1951 00:34:52,924 --> 00:34:54,342 across the nation. 1952 00:34:54,425 --> 00:34:56,302 Looks like a 2020 chart. 1953 00:34:56,385 --> 00:34:56,761 For those 1954 00:34:56,761 --> 00:34:58,471 that are are listening 1955 00:34:58,471 --> 00:34:59,138 and not watching, 1956 00:34:59,138 --> 00:35:01,808 basically 32%, 1957 00:35:02,058 --> 00:35:04,727 of all taxes come from, 1958 00:35:04,811 --> 00:35:05,895 state and local taxes 1959 00:35:05,895 --> 00:35:06,729 come from property 1960 00:35:06,729 --> 00:35:09,607 tax, 23 or 24% come from, 1961 00:35:10,358 --> 00:35:11,317 sales tax. 1962 00:35:11,400 --> 00:35:13,569 So basically property tax, 1963 00:35:13,653 --> 00:35:14,487 sales taxes would 1964 00:35:14,487 --> 00:35:15,530 have to go up about 1965 00:35:17,115 --> 00:35:20,535 2.4% in 1 or 2.4 times 1966 00:35:20,785 --> 00:35:22,453 to cover property taxes, 1967 00:35:22,453 --> 00:35:23,371 but then you could take it 1968 00:35:23,371 --> 00:35:24,455 from higher 1969 00:35:24,455 --> 00:35:25,164 income tax, 1970 00:35:25,164 --> 00:35:26,040 state income taxes, 1971 00:35:26,040 --> 00:35:26,749 you can take it from higher 1972 00:35:26,749 --> 00:35:28,042 corporate income taxes. 1973 00:35:28,126 --> 00:35:28,835 And then there's things 1974 00:35:28,835 --> 00:35:29,919 like the gasoline tax 1975 00:35:29,919 --> 00:35:31,087 and all the other taxes. 1976 00:35:31,170 --> 00:35:32,171 So there are a lot of places 1977 00:35:32,171 --> 00:35:32,797 for it to come from. 1978 00:35:32,797 --> 00:35:34,173 But let's keep in mind 1979 00:35:34,257 --> 00:35:35,466 property tax across 1980 00:35:35,466 --> 00:35:36,759 the country accounts 1981 00:35:36,759 --> 00:35:38,469 for almost a third 1982 00:35:38,469 --> 00:35:39,053 of all state 1983 00:35:39,053 --> 00:35:40,012 and local taxes. 1984 00:35:40,096 --> 00:35:41,139 So other taxes 1985 00:35:41,139 --> 00:35:41,848 are going to have to go up 1986 00:35:41,848 --> 00:35:42,348 considerably. 1987 00:35:42,348 --> 00:35:43,891 It's not a small percentage 1988 00:35:43,891 --> 00:35:45,017 of the total tax per pack. 1989 00:35:45,017 --> 00:35:45,309 Well, 1990 00:35:45,393 --> 00:35:45,977 but I think 1991 00:35:46,018 --> 00:35:47,145 this is one of the problems 1992 00:35:47,145 --> 00:35:47,895 that we have. 1993 00:35:47,979 --> 00:35:49,355 Do you look at these taxes 1994 00:35:49,355 --> 00:35:50,773 when we go okay, 1995 00:35:50,857 --> 00:35:51,274 I think 1996 00:35:51,357 --> 00:35:52,024 first of all there's 1997 00:35:52,024 --> 00:35:52,400 this idea 1998 00:35:52,441 --> 00:35:53,442 what we just can't do 1999 00:35:53,442 --> 00:35:54,694 without them. 2000 00:35:54,777 --> 00:35:55,987 And then there's 2001 00:35:55,987 --> 00:35:56,863 this other idea, 2002 00:35:56,863 --> 00:35:57,196 like where 2003 00:35:57,196 --> 00:35:58,614 we, the United States, 2004 00:35:58,614 --> 00:35:59,115 for almost 2005 00:35:59,115 --> 00:36:00,658 its entire history, 2006 00:36:00,741 --> 00:36:03,452 we did not have the vast 2007 00:36:03,536 --> 00:36:04,871 majority of the taxes 2008 00:36:04,871 --> 00:36:05,872 that we have 2009 00:36:05,955 --> 00:36:08,124 in the last 50 years. 2010 00:36:08,124 --> 00:36:09,000 We have 2011 00:36:09,083 --> 00:36:11,502 doubled our taxation like 2012 00:36:12,962 --> 00:36:13,880 we are 2013 00:36:13,921 --> 00:36:15,464 taxing because we can. 2014 00:36:15,464 --> 00:36:16,591 They find new places, 2015 00:36:16,632 --> 00:36:17,842 attack, tax. 2016 00:36:17,842 --> 00:36:18,801 It trickles down. 2017 00:36:18,885 --> 00:36:19,385 Think about 2018 00:36:19,427 --> 00:36:20,678 is that really true? 2019 00:36:20,761 --> 00:36:21,345 Because you showed 2020 00:36:21,345 --> 00:36:22,555 a chart earlier 2021 00:36:22,638 --> 00:36:23,764 that basically showed 2022 00:36:23,764 --> 00:36:25,391 that the bulk of growth 2023 00:36:25,391 --> 00:36:26,475 in taxes 2024 00:36:26,559 --> 00:36:29,020 was from 1920 to 1960, 2025 00:36:29,103 --> 00:36:30,521 and it's basically plateaued 2026 00:36:30,521 --> 00:36:31,522 after the last few years. 2027 00:36:31,606 --> 00:36:32,899 No, it's it's spike. 2028 00:36:32,940 --> 00:36:34,275 Even in the last four years, 2029 00:36:34,275 --> 00:36:34,817 it's gone up 2030 00:36:34,817 --> 00:36:36,736 two, three percentage points 2031 00:36:36,819 --> 00:36:38,362 in the last four years. 2032 00:36:38,446 --> 00:36:39,363 That and that's on 2033 00:36:39,363 --> 00:36:40,573 that's the average 2034 00:36:40,573 --> 00:36:41,365 on the individual. 2035 00:36:41,365 --> 00:36:41,866 Once again, 2036 00:36:41,866 --> 00:36:43,117 50% of the United States 2037 00:36:43,117 --> 00:36:43,826 doesn't even pay 2038 00:36:43,826 --> 00:36:44,619 federal taxes. 2039 00:36:44,619 --> 00:36:46,913 Yeah, but but if you know, 2040 00:36:46,996 --> 00:36:48,080 if taxes double 2041 00:36:48,080 --> 00:36:48,915 but the cost of 2042 00:36:48,915 --> 00:36:50,333 everything has doubled, 2043 00:36:50,416 --> 00:36:51,709 then that makes sense. 2044 00:36:51,709 --> 00:36:52,919 The problem isn't the taxes. 2045 00:36:52,919 --> 00:36:53,502 The problem 2046 00:36:53,502 --> 00:36:54,420 is that the cost 2047 00:36:54,420 --> 00:36:55,880 of everything doubled. 2048 00:36:55,880 --> 00:36:57,173 So like it's no hold on. 2049 00:36:57,173 --> 00:36:58,090 But when you say 2050 00:36:58,090 --> 00:36:59,800 when you are taxing 2051 00:36:59,884 --> 00:37:01,177 goods services 2052 00:37:01,260 --> 00:37:02,511 when you're taxing income, 2053 00:37:02,511 --> 00:37:03,179 why do you think 2054 00:37:03,262 --> 00:37:04,931 the taxes that I have to pay 2055 00:37:04,931 --> 00:37:06,015 employees, that 2056 00:37:06,015 --> 00:37:06,474 I have to pay 2057 00:37:06,474 --> 00:37:07,600 on my products, 2058 00:37:07,683 --> 00:37:08,768 the taxes that I have to pay 2059 00:37:08,768 --> 00:37:09,310 on the gas 2060 00:37:09,310 --> 00:37:10,353 to get my product? 2061 00:37:10,353 --> 00:37:11,479 Why do you think 2062 00:37:11,562 --> 00:37:12,313 costs go up? 2063 00:37:12,396 --> 00:37:13,773 This idea that oh products 2064 00:37:13,773 --> 00:37:15,233 go up or tax, 2065 00:37:15,316 --> 00:37:17,026 that's not it's all cost. 2066 00:37:17,026 --> 00:37:18,945 We all have to pay cost. 2067 00:37:19,028 --> 00:37:20,947 The point is like that 2068 00:37:20,947 --> 00:37:23,282 cost structure that we have 2069 00:37:23,366 --> 00:37:24,700 and that tax basis 2070 00:37:24,700 --> 00:37:26,285 when you're doubling 2071 00:37:26,369 --> 00:37:27,745 the taxes, 2072 00:37:27,828 --> 00:37:28,579 I don't think 2073 00:37:28,579 --> 00:37:29,413 there's any person 2074 00:37:29,413 --> 00:37:29,914 that would think 2075 00:37:29,914 --> 00:37:30,873 we get double. 2076 00:37:30,957 --> 00:37:31,540 If I'm reading 2077 00:37:31,540 --> 00:37:32,625 between the lines here, 2078 00:37:32,708 --> 00:37:34,126 I don't think your problem 2079 00:37:34,126 --> 00:37:35,169 is the tax system. 2080 00:37:35,169 --> 00:37:36,170 I think your problem 2081 00:37:36,170 --> 00:37:37,255 is government spending, 2082 00:37:37,255 --> 00:37:38,965 because those taxes 2083 00:37:39,048 --> 00:37:40,091 have increased this much 2084 00:37:40,091 --> 00:37:42,301 because of how much money 2085 00:37:42,301 --> 00:37:42,969 is required 2086 00:37:42,969 --> 00:37:43,970 to run these governments 2087 00:37:43,970 --> 00:37:45,263 local, state, 2088 00:37:45,263 --> 00:37:46,597 and even federal. 2089 00:37:46,681 --> 00:37:47,682 And they've 2090 00:37:47,682 --> 00:37:48,975 found different ways. 2091 00:37:48,975 --> 00:37:49,642 It doesn't matter. 2092 00:37:49,684 --> 00:37:50,184 Like there's 2093 00:37:50,184 --> 00:37:50,893 there's a million ways 2094 00:37:50,893 --> 00:37:51,852 to skin a cat. Right. 2095 00:37:51,936 --> 00:37:53,187 And if you look at a state 2096 00:37:53,271 --> 00:37:54,146 like Florida has 2097 00:37:54,146 --> 00:37:55,106 no income tax, 2098 00:37:55,106 --> 00:37:56,565 but they have to offset that 2099 00:37:56,649 --> 00:37:57,817 their expenses some way. 2100 00:37:57,817 --> 00:37:58,359 So they, 2101 00:37:58,401 --> 00:37:59,443 you know, they pay property 2102 00:37:59,443 --> 00:38:00,486 taxes and sales tax. 2103 00:38:00,486 --> 00:38:01,821 The taxes that we pay 2104 00:38:01,821 --> 00:38:03,739 are to justify the spending. 2105 00:38:03,739 --> 00:38:05,032 And this is the problem 2106 00:38:05,116 --> 00:38:05,950 that we don't need 2107 00:38:05,950 --> 00:38:06,659 the taxes, 2108 00:38:06,659 --> 00:38:08,452 the problem is they spent 2109 00:38:08,536 --> 00:38:09,245 and now they've got 2110 00:38:09,245 --> 00:38:11,247 to figure out ways to get it 2111 00:38:11,330 --> 00:38:12,415 because they spent it. 2112 00:38:12,498 --> 00:38:13,791 And most of the stuff 2113 00:38:13,791 --> 00:38:15,668 they spend on are not 2114 00:38:15,751 --> 00:38:16,002 we don't 2115 00:38:16,002 --> 00:38:16,836 get it in the future. 2116 00:38:16,919 --> 00:38:17,962 So what we're doing 2117 00:38:17,962 --> 00:38:19,463 now is we're increasing 2118 00:38:19,505 --> 00:38:21,132 tax load property, 2119 00:38:21,132 --> 00:38:22,508 every other kind of tax 2120 00:38:22,591 --> 00:38:24,010 to pay for spending 2121 00:38:24,010 --> 00:38:25,052 that's already happened, 2122 00:38:25,052 --> 00:38:26,971 that we get nothing from 2123 00:38:27,054 --> 00:38:28,848 that system. 2124 00:38:28,931 --> 00:38:30,182 Right is not sustainable. 2125 00:38:30,182 --> 00:38:30,850 So you can't get 2126 00:38:30,850 --> 00:38:32,310 rid of property taxes. 2127 00:38:32,393 --> 00:38:33,060 We now have to 2128 00:38:33,060 --> 00:38:34,145 have income taxes. 2129 00:38:34,145 --> 00:38:35,271 We have to have sales tax. 2130 00:38:35,354 --> 00:38:35,813 We got 2131 00:38:35,896 --> 00:38:36,605 you get taxed 2132 00:38:36,605 --> 00:38:37,356 on your income. 2133 00:38:37,356 --> 00:38:40,026 How many times like it's. 2134 00:38:40,026 --> 00:38:41,444 And not only now we need 2135 00:38:41,444 --> 00:38:42,945 now we need tariffs. 2136 00:38:43,029 --> 00:38:43,571 So like we're 2137 00:38:43,654 --> 00:38:44,488 we're coming up 2138 00:38:44,572 --> 00:38:45,197 with just 2139 00:38:45,197 --> 00:38:46,115 more different ways 2140 00:38:46,115 --> 00:38:46,532 that we can. 2141 00:38:46,532 --> 00:38:48,159 And we used to have tariffs 2142 00:38:48,159 --> 00:38:50,119 to avoid doing the sales 2143 00:38:50,119 --> 00:38:51,162 tax those point tariff. 2144 00:38:51,203 --> 00:38:51,996 And now we have the moral. 2145 00:38:51,996 --> 00:38:52,663 That's your point. 2146 00:38:52,663 --> 00:38:54,081 So now we need them all. 2147 00:38:54,165 --> 00:38:54,957 We can't get rid 2148 00:38:54,957 --> 00:38:55,875 of any of them 2149 00:38:55,875 --> 00:38:56,751 because we spend 2150 00:38:56,751 --> 00:38:57,960 too much money. Right. 2151 00:38:57,960 --> 00:38:58,669 But one of the things 2152 00:38:58,669 --> 00:38:59,211 I would point out, 2153 00:38:59,211 --> 00:38:59,795 your graph 2154 00:38:59,879 --> 00:39:00,504 who I know, 2155 00:39:00,504 --> 00:39:01,213 who put up the graph 2156 00:39:01,213 --> 00:39:01,630 that showed that 2157 00:39:01,630 --> 00:39:03,090 32% of our revenue 2158 00:39:03,090 --> 00:39:04,258 came from again, 2159 00:39:04,258 --> 00:39:05,217 I'm not proposing 2160 00:39:05,217 --> 00:39:05,801 getting rid 2161 00:39:05,801 --> 00:39:06,594 of the property tax. 2162 00:39:06,594 --> 00:39:06,886 I'm just 2163 00:39:06,927 --> 00:39:08,054 proposing the change 2164 00:39:08,054 --> 00:39:09,055 in how you do it. 2165 00:39:09,138 --> 00:39:11,098 I would argue that 2166 00:39:11,182 --> 00:39:12,099 you may not lose 2167 00:39:12,099 --> 00:39:12,892 that many taxes 2168 00:39:12,892 --> 00:39:13,517 by changing this 2169 00:39:13,517 --> 00:39:14,226 because, you know, 2170 00:39:14,226 --> 00:39:15,061 you guys know this 2171 00:39:15,061 --> 00:39:15,811 better than anyone. 2172 00:39:15,811 --> 00:39:17,271 The average 2173 00:39:17,355 --> 00:39:17,980 it's granted it's 2174 00:39:17,980 --> 00:39:18,314 a mortgage, 2175 00:39:18,314 --> 00:39:19,398 but the average mortgage, 2176 00:39:19,482 --> 00:39:19,899 even though 2177 00:39:19,899 --> 00:39:20,858 people get 30 year mortgage, 2178 00:39:20,858 --> 00:39:21,484 the average mortgage 2179 00:39:21,484 --> 00:39:22,693 is like 7 or 8 years, right? 2180 00:39:22,693 --> 00:39:24,779 So maybe you incorporate 2181 00:39:24,779 --> 00:39:25,112 some thing 2182 00:39:25,112 --> 00:39:26,405 of a mortgage thing as well. 2183 00:39:26,405 --> 00:39:27,990 But it 2184 00:39:28,074 --> 00:39:28,991 if every year, 2185 00:39:28,991 --> 00:39:30,117 if every eight years 2186 00:39:30,117 --> 00:39:31,035 you're moving, 2187 00:39:31,118 --> 00:39:31,535 then you're 2188 00:39:31,535 --> 00:39:31,994 going to be paying 2189 00:39:31,994 --> 00:39:32,620 basically the same 2190 00:39:32,620 --> 00:39:33,245 amount of tax 2191 00:39:33,245 --> 00:39:33,746 because you're 2192 00:39:33,788 --> 00:39:34,622 paying the 8% now 2193 00:39:34,622 --> 00:39:34,789 and you're 2194 00:39:34,789 --> 00:39:35,831 paying the 8% later. 2195 00:39:35,831 --> 00:39:36,374 Which is it 2196 00:39:36,457 --> 00:39:37,708 for the record, Mauricio, 2197 00:39:37,708 --> 00:39:38,793 what you're 2198 00:39:38,876 --> 00:39:39,251 what you're 2199 00:39:39,251 --> 00:39:40,961 proposing already exists. 2200 00:39:40,961 --> 00:39:42,296 Like we already have 2201 00:39:42,380 --> 00:39:43,506 many states, 2202 00:39:43,589 --> 00:39:45,049 if not most states 2203 00:39:45,132 --> 00:39:46,467 have transfer taxes. 2204 00:39:46,550 --> 00:39:47,385 And so all you're saying 2205 00:39:47,385 --> 00:39:48,302 is getting get rid 2206 00:39:48,302 --> 00:39:49,387 of property taxes 2207 00:39:49,387 --> 00:39:50,054 and increase 2208 00:39:50,054 --> 00:39:51,097 the transfer taxes. 2209 00:39:51,097 --> 00:39:52,014 Well yeah. 2210 00:39:52,056 --> 00:39:52,932 Well yes or no 2211 00:39:52,932 --> 00:39:53,808 I mean that's right. 2212 00:39:53,808 --> 00:39:54,642 You're in Pennsylvania 2213 00:39:54,642 --> 00:39:55,142 and Pennsylvania 2214 00:39:55,142 --> 00:39:55,851 is a very unique. 2215 00:39:55,851 --> 00:39:56,769 They have like a 4% 2216 00:39:56,769 --> 00:39:57,395 transfer tax. 2217 00:39:57,395 --> 00:39:57,978 It's ridiculous. 2218 00:39:58,062 --> 00:39:58,729 I'm in California. 2219 00:39:58,729 --> 00:39:59,563 We have 1 in 1 2220 00:39:59,563 --> 00:40:00,523 one on either side. 2221 00:40:00,606 --> 00:40:01,524 The seller pays one. 2222 00:40:01,524 --> 00:40:02,775 The other is 2223 00:40:02,858 --> 00:40:03,651 there's their state 2224 00:40:03,651 --> 00:40:04,402 their state and fed. 2225 00:40:04,443 --> 00:40:04,985 I mean I 2226 00:40:05,069 --> 00:40:05,736 you know, as an asset 2227 00:40:05,736 --> 00:40:06,278 protection guy 2228 00:40:06,278 --> 00:40:07,196 trying to transfer, 2229 00:40:07,238 --> 00:40:07,905 you know, properties 2230 00:40:07,905 --> 00:40:08,656 into LLCs. 2231 00:40:08,656 --> 00:40:09,156 I always run 2232 00:40:09,156 --> 00:40:09,907 into this transfer 2233 00:40:09,907 --> 00:40:10,449 tax problem 2234 00:40:10,449 --> 00:40:10,950 because they want 2235 00:40:10,950 --> 00:40:11,700 a transcript 2236 00:40:11,700 --> 00:40:12,535 from their personal name 2237 00:40:12,535 --> 00:40:13,661 into an LLC 2238 00:40:13,744 --> 00:40:14,161 for asset 2239 00:40:14,161 --> 00:40:15,079 protection purposes. 2240 00:40:15,079 --> 00:40:15,496 And depending 2241 00:40:15,496 --> 00:40:16,789 on the particular county, 2242 00:40:16,872 --> 00:40:18,499 you get hit with state, 2243 00:40:18,582 --> 00:40:19,959 county and then local 2244 00:40:20,042 --> 00:40:20,793 transfer taxes 2245 00:40:20,793 --> 00:40:21,127 that it could 2246 00:40:21,127 --> 00:40:22,253 add up to like 4%, 2247 00:40:22,253 --> 00:40:24,213 which is a huge, huge. 2248 00:40:24,255 --> 00:40:24,422 Yeah. 2249 00:40:24,422 --> 00:40:24,755 If you're 2250 00:40:24,755 --> 00:40:25,756 if you're in the borough of 2251 00:40:25,756 --> 00:40:27,049 Philadelphia, can add up. 2252 00:40:27,133 --> 00:40:28,008 But yeah you're right. 2253 00:40:28,008 --> 00:40:28,926 So that to that point 2254 00:40:28,968 --> 00:40:30,010 I it's not a transfer tax 2255 00:40:30,010 --> 00:40:31,053 I'm talking about dude 2256 00:40:31,137 --> 00:40:32,263 all I'm doing all I'm 2257 00:40:32,263 --> 00:40:33,097 saying I don't 2258 00:40:33,180 --> 00:40:33,889 I don't understand why 2259 00:40:33,889 --> 00:40:34,849 this this seems like 2260 00:40:34,849 --> 00:40:36,016 an out of the whack. 2261 00:40:36,100 --> 00:40:37,059 And this is kind of the 2262 00:40:37,101 --> 00:40:37,768 thought experiment 2263 00:40:37,768 --> 00:40:38,477 because what 2264 00:40:38,561 --> 00:40:39,395 DeSantis was saying 2265 00:40:39,395 --> 00:40:40,688 seemed very logical to me, 2266 00:40:40,688 --> 00:40:41,897 which is 2267 00:40:41,981 --> 00:40:43,566 we have a sales tax 2268 00:40:43,566 --> 00:40:45,067 for every other sales 2269 00:40:45,151 --> 00:40:46,235 and product out there, like, 2270 00:40:46,235 --> 00:40:46,694 why don't 2271 00:40:46,694 --> 00:40:48,154 we just have the same system 2272 00:40:48,195 --> 00:40:48,487 that we have 2273 00:40:48,487 --> 00:40:49,905 for 99.9999% 2274 00:40:49,905 --> 00:40:51,240 of the other products 2275 00:40:51,323 --> 00:40:52,783 have it on real estate 2276 00:40:52,867 --> 00:40:53,451 charge, 2277 00:40:53,534 --> 00:40:54,201 whatever your state 2278 00:40:54,201 --> 00:40:54,577 income tax 2279 00:40:54,618 --> 00:40:55,703 we're at like fricking 2280 00:40:55,786 --> 00:40:56,162 I don't even know 2281 00:40:56,162 --> 00:40:56,537 what I'm like 2282 00:40:56,620 --> 00:40:57,621 nine and a quarter, ten, 2283 00:40:57,621 --> 00:40:59,290 whatever you might be 4%. 2284 00:40:59,290 --> 00:41:00,082 Some of the state might be 2285 00:41:00,082 --> 00:41:00,875 six is charge. 2286 00:41:00,875 --> 00:41:01,959 Whatever your state income, 2287 00:41:01,959 --> 00:41:02,626 your sales 2288 00:41:02,626 --> 00:41:04,044 tax is charged 2289 00:41:04,044 --> 00:41:05,129 that on the sale 2290 00:41:05,129 --> 00:41:06,088 of the property. 2291 00:41:06,172 --> 00:41:06,839 But because it's 2292 00:41:06,839 --> 00:41:07,423 a huge number, 2293 00:41:07,423 --> 00:41:08,090 give him the option 2294 00:41:08,090 --> 00:41:08,924 to amortize it over 2295 00:41:08,924 --> 00:41:09,467 eight years. 2296 00:41:09,550 --> 00:41:10,176 They're probably going 2297 00:41:10,176 --> 00:41:10,551 to move 2298 00:41:10,551 --> 00:41:11,927 within eight years anyway. 2299 00:41:12,011 --> 00:41:12,803 So then they got to 2300 00:41:12,803 --> 00:41:13,929 pay the same amount 2301 00:41:13,929 --> 00:41:14,263 that they would 2302 00:41:14,263 --> 00:41:14,847 have paid anyway. 2303 00:41:14,847 --> 00:41:15,764 Except it does 2304 00:41:15,764 --> 00:41:17,224 protect the fixed 2305 00:41:17,224 --> 00:41:18,142 income individual 2306 00:41:18,142 --> 00:41:18,809 who says, look, 2307 00:41:18,809 --> 00:41:19,643 I bought my property 2308 00:41:19,643 --> 00:41:20,769 30 years ago. 2309 00:41:20,853 --> 00:41:22,271 I was paying this much money 2310 00:41:22,271 --> 00:41:22,688 and property 2311 00:41:22,688 --> 00:41:24,023 taxes at the time. 2312 00:41:24,106 --> 00:41:24,940 Now, not only do 2313 00:41:24,940 --> 00:41:25,566 I have to continue 2314 00:41:25,566 --> 00:41:26,650 to pay it in perpetuity, 2315 00:41:26,650 --> 00:41:28,027 but the price goes up 2316 00:41:28,027 --> 00:41:29,111 and I bought my house 2317 00:41:29,111 --> 00:41:30,613 at 200 grant my my book 2318 00:41:30,613 --> 00:41:31,739 value is 200 grand, 2319 00:41:31,739 --> 00:41:32,656 not 2 million. 2320 00:41:32,740 --> 00:41:33,365 Why am I paying 2321 00:41:33,407 --> 00:41:34,575 taxes on 2 million? 2322 00:41:34,658 --> 00:41:35,451 When I bought this thing 2323 00:41:35,451 --> 00:41:37,578 for 200 grand 30 years ago? 2324 00:41:37,661 --> 00:41:38,287 To Jay's point, 2325 00:41:38,287 --> 00:41:39,205 that's a deterrent to 2326 00:41:39,288 --> 00:41:40,080 to move. 2327 00:41:40,164 --> 00:41:40,915 And what if people 2328 00:41:40,915 --> 00:41:41,999 just like transaction 2329 00:41:41,999 --> 00:41:43,000 volume just keeps going 2330 00:41:43,000 --> 00:41:44,502 down, down, down, down. 2331 00:41:44,585 --> 00:41:45,461 And then all of a sudden 2332 00:41:45,461 --> 00:41:46,212 you have a bunch of people 2333 00:41:46,212 --> 00:41:47,213 sitting in their homes 2334 00:41:47,296 --> 00:41:48,005 not paying any 2335 00:41:48,005 --> 00:41:49,048 property taxes 2336 00:41:49,048 --> 00:41:49,507 so that 2337 00:41:49,590 --> 00:41:50,049 the government 2338 00:41:50,049 --> 00:41:50,633 is not collecting 2339 00:41:50,633 --> 00:41:51,050 that money, 2340 00:41:51,050 --> 00:41:51,675 but they still have 2341 00:41:51,675 --> 00:41:53,052 to pay their police. 2342 00:41:53,052 --> 00:41:53,594 They still have 2343 00:41:53,594 --> 00:41:54,512 to pave the roads. 2344 00:41:54,512 --> 00:41:55,179 They still have to 2345 00:41:55,179 --> 00:41:55,930 run their schools. 2346 00:41:55,930 --> 00:41:56,472 They have to 2347 00:41:56,555 --> 00:41:57,473 do all those things 2348 00:41:57,473 --> 00:41:59,183 which are yearly expenses, 2349 00:41:59,266 --> 00:41:59,767 which is why 2350 00:41:59,767 --> 00:42:00,643 it makes sense for me, 2351 00:42:00,643 --> 00:42:01,227 for people 2352 00:42:01,227 --> 00:42:03,812 to pay yearly for things 2353 00:42:03,854 --> 00:42:04,813 that that are 2354 00:42:04,855 --> 00:42:06,607 they enjoy in their area, 2355 00:42:06,607 --> 00:42:07,274 just kind of like 2356 00:42:07,274 --> 00:42:08,442 a membership fee 2357 00:42:08,526 --> 00:42:09,818 for living in that area. 2358 00:42:09,818 --> 00:42:11,028 And I know 2359 00:42:11,028 --> 00:42:12,279 there are certain states 2360 00:42:12,279 --> 00:42:13,531 because as I looked up, 2361 00:42:13,531 --> 00:42:14,323 they certain states 2362 00:42:14,323 --> 00:42:15,491 treat these property taxes 2363 00:42:15,491 --> 00:42:16,200 and how they're used 2364 00:42:16,200 --> 00:42:16,867 very differently. 2365 00:42:16,867 --> 00:42:18,077 So there's certain states 2366 00:42:18,160 --> 00:42:18,953 we're going to have 2367 00:42:18,953 --> 00:42:19,662 big problems 2368 00:42:19,662 --> 00:42:20,412 like California, 2369 00:42:20,412 --> 00:42:21,497 which is why California 2370 00:42:21,497 --> 00:42:23,165 had to change their laws 2371 00:42:23,165 --> 00:42:24,792 to to limit the property 2372 00:42:24,792 --> 00:42:25,209 taxes, 2373 00:42:25,209 --> 00:42:26,669 especially on elderly. 2374 00:42:26,752 --> 00:42:28,295 But at the same point, 2375 00:42:28,295 --> 00:42:29,338 I look at it 2376 00:42:29,338 --> 00:42:31,090 that, like you, 2377 00:42:31,090 --> 00:42:32,800 I enjoy a lot of things 2378 00:42:32,883 --> 00:42:33,676 like if 2379 00:42:33,676 --> 00:42:35,344 if my daughter gets sick, 2380 00:42:35,344 --> 00:42:36,554 I call 911 2381 00:42:36,554 --> 00:42:38,472 and they show up to my door 2382 00:42:38,472 --> 00:42:38,931 and take her to 2383 00:42:38,931 --> 00:42:39,765 the hospital. 2384 00:42:39,848 --> 00:42:41,934 Like that's something that 2385 00:42:42,017 --> 00:42:42,935 that that's something 2386 00:42:42,935 --> 00:42:44,562 that has to get paid for. 2387 00:42:44,645 --> 00:42:46,981 And so like to me, 2388 00:42:46,981 --> 00:42:47,773 I don't have to get paid 2389 00:42:47,773 --> 00:42:47,982 for that 2390 00:42:47,982 --> 00:42:48,941 from the property taxes 2391 00:42:48,941 --> 00:42:49,525 I can get tax 2392 00:42:49,525 --> 00:42:50,067 payer paid from. 2393 00:42:50,150 --> 00:42:50,776 It's got to get paid 2394 00:42:50,776 --> 00:42:51,360 some way though. 2395 00:42:51,360 --> 00:42:52,278 So why do we why 2396 00:42:52,278 --> 00:42:54,280 we just because there are 2397 00:42:54,363 --> 00:42:55,239 there's always going 2398 00:42:55,239 --> 00:42:56,574 to be cases 2399 00:42:56,574 --> 00:42:58,325 where certain taxes 2400 00:42:58,409 --> 00:42:59,618 disproportionately affect 2401 00:42:59,618 --> 00:43:00,953 certain people. 2402 00:43:01,036 --> 00:43:02,329 You can't like 2403 00:43:02,413 --> 00:43:03,414 every single system 2404 00:43:03,414 --> 00:43:04,164 is not perfect 2405 00:43:04,248 --> 00:43:06,125 and the system of owning 2406 00:43:06,125 --> 00:43:06,875 something that you've 2407 00:43:06,875 --> 00:43:07,960 already paid for 2408 00:43:07,960 --> 00:43:09,420 and then losing it 2409 00:43:09,420 --> 00:43:10,713 because the government 2410 00:43:10,713 --> 00:43:11,463 is wrong, 2411 00:43:11,547 --> 00:43:13,632 that is, that is different 2412 00:43:13,632 --> 00:43:14,925 than every other tax 2413 00:43:14,925 --> 00:43:16,302 we have other taxes. 2414 00:43:16,302 --> 00:43:18,053 Your income goes down 2415 00:43:18,053 --> 00:43:18,846 or you already 2416 00:43:18,846 --> 00:43:19,680 bought something. 2417 00:43:19,722 --> 00:43:20,180 The government's 2418 00:43:20,180 --> 00:43:21,015 not coming back. 2419 00:43:21,015 --> 00:43:22,057 That even car though 2420 00:43:22,057 --> 00:43:22,725 like every year 2421 00:43:22,766 --> 00:43:23,142 a car 2422 00:43:23,142 --> 00:43:23,976 you got to register 2423 00:43:23,976 --> 00:43:24,101 registered. 2424 00:43:24,101 --> 00:43:25,561 You got to pay that and to 2425 00:43:25,644 --> 00:43:26,729 to Mauritshuis point 2426 00:43:26,729 --> 00:43:27,563 when you pay gas 2427 00:43:27,563 --> 00:43:28,147 you got to pay 2428 00:43:28,230 --> 00:43:29,231 tax on the gas. 2429 00:43:29,231 --> 00:43:30,733 It's a 10% gas tax. 2430 00:43:30,816 --> 00:43:31,692 You got to pay 2431 00:43:31,775 --> 00:43:32,109 like it's 2432 00:43:32,109 --> 00:43:33,319 a state requirement 2433 00:43:33,319 --> 00:43:34,320 that you have insurance. 2434 00:43:34,320 --> 00:43:34,945 There's there's 2435 00:43:34,945 --> 00:43:36,196 a lot of requirements 2436 00:43:36,196 --> 00:43:36,614 you have to do 2437 00:43:36,697 --> 00:43:38,115 these things for your home 2438 00:43:38,198 --> 00:43:38,532 okay. 2439 00:43:38,532 --> 00:43:39,491 So so let's let's 2440 00:43:39,491 --> 00:43:40,117 look at the math. 2441 00:43:40,117 --> 00:43:40,701 Let's look 2442 00:43:40,784 --> 00:43:41,577 at the math side 2443 00:43:41,577 --> 00:43:42,161 of this again. 2444 00:43:42,161 --> 00:43:43,704 So one of the advantages 2445 00:43:43,704 --> 00:43:44,747 to the government. 2446 00:43:44,830 --> 00:43:45,748 And I'm going to take 2447 00:43:45,748 --> 00:43:46,665 the government side 2448 00:43:46,665 --> 00:43:47,291 for a second. 2449 00:43:47,291 --> 00:43:47,708 Pretending 2450 00:43:47,708 --> 00:43:48,667 like the government 2451 00:43:48,667 --> 00:43:50,127 like actually needs to 2452 00:43:50,210 --> 00:43:51,045 collect this money, 2453 00:43:51,045 --> 00:43:51,962 which obviously 2454 00:43:51,962 --> 00:43:52,630 we can all argue 2455 00:43:52,630 --> 00:43:53,672 that if they spent 2456 00:43:53,672 --> 00:43:54,256 our money, 2457 00:43:54,340 --> 00:43:55,174 we're assuming that 2458 00:43:55,174 --> 00:43:56,717 the government is, 2459 00:43:56,800 --> 00:43:57,426 efficiently 2460 00:43:57,426 --> 00:43:58,969 using these things 2461 00:43:59,053 --> 00:44:00,638 and we're happy with them. 2462 00:44:00,721 --> 00:44:01,847 We're happy paying taxes 2463 00:44:01,847 --> 00:44:04,016 because there's no money. 2464 00:44:04,099 --> 00:44:05,184 Suspend your disbelief. 2465 00:44:05,184 --> 00:44:05,893 Here's a real 2466 00:44:05,893 --> 00:44:07,519 thought experiment. Yes. 2467 00:44:07,603 --> 00:44:08,354 So so 2468 00:44:08,354 --> 00:44:09,521 to take the government side, 2469 00:44:09,521 --> 00:44:10,522 one of the benefits 2470 00:44:10,522 --> 00:44:11,190 of property 2471 00:44:11,190 --> 00:44:13,817 tax over sales tax is, 2472 00:44:13,901 --> 00:44:15,736 sales tax requires, 2473 00:44:15,819 --> 00:44:16,528 a legislative 2474 00:44:16,528 --> 00:44:17,446 overhaul to change. 2475 00:44:17,446 --> 00:44:18,405 So you're not going to see 2476 00:44:18,405 --> 00:44:19,031 sales tax 2477 00:44:19,031 --> 00:44:21,742 go from 6% to 6.5% to 7% 2478 00:44:21,825 --> 00:44:22,951 to 9%. 2479 00:44:23,035 --> 00:44:23,535 Like it's 2480 00:44:23,535 --> 00:44:24,119 not going to change 2481 00:44:24,119 --> 00:44:24,578 every year 2482 00:44:24,578 --> 00:44:25,454 based on inflation 2483 00:44:25,454 --> 00:44:26,372 or based on other 2484 00:44:26,372 --> 00:44:27,831 economic factors. 2485 00:44:27,915 --> 00:44:28,832 Property taxes, 2486 00:44:28,832 --> 00:44:29,750 on the other hand, 2487 00:44:29,833 --> 00:44:31,460 can change on 2488 00:44:31,543 --> 00:44:32,378 an annual basis. 2489 00:44:32,378 --> 00:44:33,045 In some places. 2490 00:44:33,045 --> 00:44:33,712 I think they change 2491 00:44:33,712 --> 00:44:36,298 on semiannual basis. And so, 2492 00:44:37,508 --> 00:44:39,009 basically, if the value of 2493 00:44:39,009 --> 00:44:40,260 property is going up, 2494 00:44:40,260 --> 00:44:41,512 if people are from 2495 00:44:41,512 --> 00:44:42,721 the government standpoint, 2496 00:44:42,721 --> 00:44:43,389 again, I'm not making 2497 00:44:43,389 --> 00:44:43,722 this argument. 2498 00:44:43,722 --> 00:44:44,348 The government can be 2499 00:44:44,348 --> 00:44:45,307 making this argument 2500 00:44:45,391 --> 00:44:46,684 if people are benefiting 2501 00:44:46,684 --> 00:44:47,393 from the value 2502 00:44:47,393 --> 00:44:48,644 of their property going up, 2503 00:44:48,727 --> 00:44:49,395 okay, now 2504 00:44:49,395 --> 00:44:50,688 they're going to pay more 2505 00:44:50,771 --> 00:44:52,147 for schools, 2506 00:44:52,147 --> 00:44:52,898 they're going to pay more 2507 00:44:52,898 --> 00:44:53,399 for roads, 2508 00:44:53,399 --> 00:44:53,982 they're going to pay more 2509 00:44:53,982 --> 00:44:54,441 for bridges 2510 00:44:54,441 --> 00:44:55,609 and all this infrastructure 2511 00:44:55,693 --> 00:44:56,151 or that, 2512 00:44:56,235 --> 00:44:57,069 or just the cost 2513 00:44:57,069 --> 00:44:58,070 of everything's going up 2514 00:44:58,153 --> 00:44:58,821 or the cost of 2515 00:44:58,821 --> 00:44:59,363 everything is going 2516 00:44:59,363 --> 00:45:00,739 up, basically. 2517 00:45:00,823 --> 00:45:02,991 But from a math standpoint, 2518 00:45:02,991 --> 00:45:05,452 if I buy a house today 2519 00:45:05,536 --> 00:45:06,620 and I lock in this 2520 00:45:06,620 --> 00:45:08,956 8% on today's value, 2521 00:45:09,039 --> 00:45:10,374 I'm a fan of saying, 2522 00:45:10,374 --> 00:45:12,209 if you buy real estate today 2523 00:45:12,209 --> 00:45:13,210 in ten years, it's 2524 00:45:13,210 --> 00:45:13,961 almost certain 2525 00:45:13,961 --> 00:45:14,670 that that property 2526 00:45:14,670 --> 00:45:15,254 is going to be worth 2527 00:45:15,254 --> 00:45:16,213 more than it was 2528 00:45:16,213 --> 00:45:16,964 when you bought it, 2529 00:45:17,047 --> 00:45:17,881 because historically, 2530 00:45:17,881 --> 00:45:19,049 in any ten year period, 2531 00:45:19,133 --> 00:45:20,509 real estate only goes up. 2532 00:45:20,592 --> 00:45:22,219 So one of the downsides for 2533 00:45:22,219 --> 00:45:22,845 the government 2534 00:45:22,845 --> 00:45:24,263 is I'm locking in this 2535 00:45:24,263 --> 00:45:25,305 8% rate 2536 00:45:25,305 --> 00:45:26,348 based on the purchase 2537 00:45:26,348 --> 00:45:28,684 price today, 1% 2538 00:45:28,767 --> 00:45:30,227 based on today's price. 2539 00:45:30,310 --> 00:45:31,687 But in eight years, 2540 00:45:31,770 --> 00:45:33,105 I would likely be paying 2541 00:45:33,105 --> 00:45:34,273 more in property taxes 2542 00:45:34,273 --> 00:45:35,023 because the value 2543 00:45:35,023 --> 00:45:35,649 would have gone up 2544 00:45:35,649 --> 00:45:36,650 in that period of time. 2545 00:45:36,734 --> 00:45:37,776 So even if 2546 00:45:37,860 --> 00:45:39,820 if magically that 8% 2547 00:45:39,820 --> 00:45:41,155 or that eight years 2548 00:45:41,238 --> 00:45:42,364 is exactly 2549 00:45:42,364 --> 00:45:43,240 the length of time 2550 00:45:43,240 --> 00:45:44,116 people own a house. 2551 00:45:44,116 --> 00:45:44,742 So it seems like 2552 00:45:44,742 --> 00:45:45,784 we break even. 2553 00:45:45,868 --> 00:45:46,785 We're not really breaking 2554 00:45:46,785 --> 00:45:47,619 even because people 2555 00:45:47,619 --> 00:45:48,495 are paying 2556 00:45:48,579 --> 00:45:51,165 that 8% on the eight year 2557 00:45:51,165 --> 00:45:52,875 previous purchase price. 2558 00:45:52,875 --> 00:45:53,500 Is that makes sense? 2559 00:45:53,500 --> 00:45:54,710 It's about but the value. 2560 00:45:54,710 --> 00:45:56,044 It's only a nominal value 2561 00:45:56,044 --> 00:45:56,712 because the value 2562 00:45:56,712 --> 00:45:57,254 to the person 2563 00:45:57,254 --> 00:45:57,880 who's not planning 2564 00:45:57,880 --> 00:45:58,756 on selling the home, 2565 00:45:58,756 --> 00:45:59,673 the value is still the same. 2566 00:45:59,673 --> 00:46:00,674 It's a three bedroom house. 2567 00:46:00,674 --> 00:46:01,508 It's in this neighborhood. 2568 00:46:01,508 --> 00:46:02,176 It's like it hasn't. 2569 00:46:02,217 --> 00:46:02,718 The value 2570 00:46:02,718 --> 00:46:03,677 hasn't really changed. 2571 00:46:03,677 --> 00:46:04,553 The price is changed. 2572 00:46:04,636 --> 00:46:06,263 The assumption is wrong 2573 00:46:06,263 --> 00:46:07,222 with how we value. 2574 00:46:07,306 --> 00:46:08,098 The assumption 2575 00:46:08,098 --> 00:46:09,141 is that real estate 2576 00:46:09,141 --> 00:46:10,100 prices are going up. 2577 00:46:10,100 --> 00:46:11,685 The economy is doing good. 2578 00:46:11,769 --> 00:46:13,937 That is not true. 2579 00:46:14,021 --> 00:46:14,980 Real estate prices 2580 00:46:14,980 --> 00:46:16,064 go up to the supply 2581 00:46:16,064 --> 00:46:18,025 and demand. Look at today. 2582 00:46:18,108 --> 00:46:20,652 If real estate prices rise 2583 00:46:20,736 --> 00:46:21,695 because we don't 2584 00:46:21,695 --> 00:46:22,905 have inventory, 2585 00:46:22,988 --> 00:46:24,031 your dollar is losing 2586 00:46:24,031 --> 00:46:24,740 purchasing power. 2587 00:46:24,740 --> 00:46:25,574 That's a big piece of it. 2588 00:46:25,574 --> 00:46:26,116 Not necessarily 2589 00:46:26,116 --> 00:46:26,867 supply and demand. 2590 00:46:26,950 --> 00:46:28,494 Yeah well but supply 2591 00:46:28,494 --> 00:46:29,703 and demand is driving 2592 00:46:29,703 --> 00:46:30,329 massive amounts 2593 00:46:30,329 --> 00:46:31,330 in the contraction. 2594 00:46:31,330 --> 00:46:31,914 That's not going to be 2595 00:46:31,914 --> 00:46:33,373 fixed for decades. 2596 00:46:33,457 --> 00:46:34,708 So when you look at it 2597 00:46:34,792 --> 00:46:37,044 the assumption is real 2598 00:46:37,044 --> 00:46:38,253 estate prices go up. 2599 00:46:38,253 --> 00:46:38,837 It means we're 2600 00:46:38,837 --> 00:46:40,422 all prosperous. 2601 00:46:40,506 --> 00:46:42,049 But that's actually 2602 00:46:42,132 --> 00:46:42,758 not true. 2603 00:46:42,758 --> 00:46:43,425 And we've seen this 2604 00:46:43,425 --> 00:46:44,051 in countries 2605 00:46:44,051 --> 00:46:44,843 all over the world. 2606 00:46:44,843 --> 00:46:45,969 Look at Australia. 2607 00:46:46,053 --> 00:46:48,263 Look at New Zealand, Canada, 2608 00:46:48,305 --> 00:46:49,139 look at I mean, 2609 00:46:49,223 --> 00:46:49,473 you know, 2610 00:46:49,515 --> 00:46:49,973 they say 2611 00:46:50,057 --> 00:46:51,767 real estate prices increase. 2612 00:46:51,767 --> 00:46:53,685 Does not correlate 2613 00:46:53,769 --> 00:46:55,562 to prosperity. 2614 00:46:55,646 --> 00:46:57,815 And so all of a sudden now 2615 00:46:57,898 --> 00:46:59,566 you have a tax basis 2616 00:46:59,650 --> 00:47:00,067 that is 2617 00:47:00,067 --> 00:47:02,361 incrementally increasing 2618 00:47:02,444 --> 00:47:05,239 that is completely hurting 2619 00:47:05,322 --> 00:47:05,864 the people 2620 00:47:05,864 --> 00:47:06,990 that can't afford it 2621 00:47:06,990 --> 00:47:08,909 that need shelter 2622 00:47:08,992 --> 00:47:10,077 somewhere to leave, 2623 00:47:10,160 --> 00:47:10,994 and to 2624 00:47:11,078 --> 00:47:11,787 the idea 2625 00:47:11,787 --> 00:47:12,955 that they could sell 2626 00:47:12,955 --> 00:47:15,290 and go down and afford it, 2627 00:47:15,374 --> 00:47:15,958 that actually 2628 00:47:15,958 --> 00:47:17,000 doesn't exist today. 2629 00:47:17,084 --> 00:47:18,335 So now what you've done 2630 00:47:18,335 --> 00:47:18,627 is you've 2631 00:47:18,627 --> 00:47:19,628 made it unaffordable 2632 00:47:19,628 --> 00:47:19,878 for them 2633 00:47:19,878 --> 00:47:20,712 to live in their home. 2634 00:47:20,712 --> 00:47:22,130 They can't move 2635 00:47:22,214 --> 00:47:23,924 because it's unaffordable 2636 00:47:23,924 --> 00:47:24,508 for them to move 2637 00:47:24,508 --> 00:47:25,425 because interest rates 2638 00:47:25,425 --> 00:47:26,385 are now up. 2639 00:47:26,468 --> 00:47:29,054 So you've created a system 2640 00:47:29,054 --> 00:47:29,888 where the government 2641 00:47:29,888 --> 00:47:31,223 gets theirs 2642 00:47:31,306 --> 00:47:32,015 and it gets there's 2643 00:47:32,015 --> 00:47:33,642 increasingly more, 2644 00:47:33,725 --> 00:47:35,769 regardless of anything. 2645 00:47:35,769 --> 00:47:36,603 And regardless 2646 00:47:36,603 --> 00:47:37,521 of the individuals, 2647 00:47:37,521 --> 00:47:39,898 regardless of prosperity. 2648 00:47:39,982 --> 00:47:41,358 And that that 2649 00:47:41,441 --> 00:47:44,152 that makes sense as long as 2650 00:47:44,319 --> 00:47:45,737 there is a correlation 2651 00:47:45,737 --> 00:47:46,405 to everything, 2652 00:47:46,405 --> 00:47:47,531 as long as Social Security's 2653 00:47:47,531 --> 00:47:48,615 going up, as long as. 2654 00:47:48,699 --> 00:47:49,992 But that doesn't happen 2655 00:47:50,075 --> 00:47:50,659 for the record. 2656 00:47:50,659 --> 00:47:51,368 But that's also 2657 00:47:51,368 --> 00:47:52,327 only very local 2658 00:47:52,327 --> 00:47:53,161 because like, 2659 00:47:53,245 --> 00:47:54,329 I'll just use an example 2660 00:47:54,329 --> 00:47:54,872 because we have a 2661 00:47:54,872 --> 00:47:55,497 bunch of properties 2662 00:47:55,497 --> 00:47:56,331 in Houston, 2663 00:47:56,415 --> 00:47:58,458 like the property values 2664 00:47:58,458 --> 00:48:01,628 from 2020 to 2023 2665 00:48:02,045 --> 00:48:03,380 kept going up. 2666 00:48:03,463 --> 00:48:04,756 And Houston 2667 00:48:04,840 --> 00:48:05,716 for the school 2668 00:48:05,716 --> 00:48:07,593 district has a budget 2669 00:48:07,593 --> 00:48:08,510 that they have to 2670 00:48:08,510 --> 00:48:09,928 they collect taxes 2671 00:48:09,928 --> 00:48:11,263 on property taxes 2672 00:48:11,346 --> 00:48:13,432 to to for their budget, 2673 00:48:13,432 --> 00:48:14,892 and they have a set budget. 2674 00:48:14,975 --> 00:48:15,851 And so if properties 2675 00:48:15,851 --> 00:48:16,727 keep the values 2676 00:48:16,727 --> 00:48:17,936 keep going up, 2677 00:48:18,020 --> 00:48:19,563 they reduce the amount 2678 00:48:19,563 --> 00:48:21,189 of the tax percentage 2679 00:48:21,189 --> 00:48:22,900 that they they, they put in. 2680 00:48:22,900 --> 00:48:24,109 So just as an example 2681 00:48:24,192 --> 00:48:25,569 on our one property. 2682 00:48:25,652 --> 00:48:26,862 So the 2020 2683 00:48:26,862 --> 00:48:27,905 tax millage rate. 2684 00:48:27,905 --> 00:48:29,031 So this is the adopted 2685 00:48:29,031 --> 00:48:31,283 tax rate per $100 2686 00:48:31,366 --> 00:48:33,368 2020 was 1.13. 2687 00:48:33,368 --> 00:48:36,038 And then 2021 it was 1.09. 2688 00:48:36,204 --> 00:48:37,873 Then it was 1.03. 2689 00:48:37,873 --> 00:48:38,874 In 2022 2690 00:48:38,957 --> 00:48:42,044 and then 2023, it was 0.86. 2691 00:48:42,544 --> 00:48:43,462 So the point is, is 2692 00:48:43,462 --> 00:48:44,463 that they were 2693 00:48:44,546 --> 00:48:45,464 only collecting 2694 00:48:45,464 --> 00:48:46,590 the amount of money 2695 00:48:46,673 --> 00:48:47,466 that they needed 2696 00:48:47,466 --> 00:48:49,343 to run their schools, 2697 00:48:49,426 --> 00:48:51,637 and it was the value of 2698 00:48:51,637 --> 00:48:52,721 the actual properties 2699 00:48:52,721 --> 00:48:54,348 was irrelevant 2700 00:48:54,431 --> 00:48:54,973 because if 2701 00:48:55,015 --> 00:48:56,266 as long as every single 2702 00:48:56,266 --> 00:48:57,100 if you just assume 2703 00:48:57,100 --> 00:48:58,268 that every single property, 2704 00:48:58,268 --> 00:48:58,727 you know, all 2705 00:48:58,727 --> 00:48:59,603 the ships are rising 2706 00:48:59,603 --> 00:49:00,771 at the same rate, 2707 00:49:00,854 --> 00:49:02,272 then the the tax rates 2708 00:49:02,272 --> 00:49:03,523 are actually coming down. 2709 00:49:03,523 --> 00:49:04,691 So the amount of property 2710 00:49:04,691 --> 00:49:05,651 taxes aren't 2711 00:49:05,651 --> 00:49:07,694 disproportionately raising 2712 00:49:07,778 --> 00:49:08,946 according to 2713 00:49:09,029 --> 00:49:10,530 the actual value, the homes. 2714 00:49:10,530 --> 00:49:11,490 It's just the 2715 00:49:11,490 --> 00:49:12,824 the amount of tax 2716 00:49:12,824 --> 00:49:13,659 that people are paying 2717 00:49:13,659 --> 00:49:14,701 is just going up 2718 00:49:14,785 --> 00:49:16,036 as the cost of raising 2719 00:49:16,036 --> 00:49:17,245 to run this school 2720 00:49:17,245 --> 00:49:18,038 or run the 2721 00:49:18,121 --> 00:49:19,164 the municipality 2722 00:49:19,164 --> 00:49:20,832 for the social services 2723 00:49:20,832 --> 00:49:22,042 and stuff like that. 2724 00:49:22,125 --> 00:49:22,417 Okay. 2725 00:49:22,417 --> 00:49:23,961 I poured like a half 2726 00:49:23,961 --> 00:49:24,795 a bottle of clue 2727 00:49:24,795 --> 00:49:25,462 into this coffee 2728 00:49:25,462 --> 00:49:26,254 and I've been chugging it. 2729 00:49:26,254 --> 00:49:26,672 So let me 2730 00:49:26,713 --> 00:49:27,714 let me get this point out 2731 00:49:27,714 --> 00:49:28,632 before, 2732 00:49:28,715 --> 00:49:30,467 before I get too buzzed to 2733 00:49:30,550 --> 00:49:31,760 to say it. Yeah, I'm. 2734 00:49:31,843 --> 00:49:32,427 I'm already done. 2735 00:49:32,427 --> 00:49:33,303 My bourbon. 2736 00:49:33,387 --> 00:49:33,679 Yeah. 2737 00:49:33,762 --> 00:49:34,972 So, so 2738 00:49:35,055 --> 00:49:35,806 a lot of real estate 2739 00:49:35,806 --> 00:49:37,057 investors listening 2740 00:49:37,057 --> 00:49:39,393 to this podcast, I presume. 2741 00:49:39,476 --> 00:49:40,310 And so there's 2742 00:49:40,310 --> 00:49:41,144 another aspect to 2743 00:49:41,144 --> 00:49:41,853 this whole thing 2744 00:49:41,853 --> 00:49:42,354 is, is 2745 00:49:42,354 --> 00:49:43,271 the impact on 2746 00:49:43,271 --> 00:49:44,690 us as investors. 2747 00:49:44,773 --> 00:49:45,565 And I think this is 2748 00:49:45,565 --> 00:49:46,358 kind of important 2749 00:49:46,358 --> 00:49:48,527 if we are in 2750 00:49:48,610 --> 00:49:50,112 an investing business 2751 00:49:50,112 --> 00:49:50,904 that is based 2752 00:49:50,904 --> 00:49:52,447 on transactions. 2753 00:49:52,531 --> 00:49:53,407 So maybe it's 2754 00:49:53,407 --> 00:49:54,199 flipping houses 2755 00:49:54,199 --> 00:49:54,783 where you're going 2756 00:49:54,783 --> 00:49:56,660 to perform a transaction, 2757 00:49:56,743 --> 00:49:58,328 every 6 or 12 months, 2758 00:49:58,412 --> 00:49:59,538 or even the business 2759 00:49:59,538 --> 00:50:01,957 that AJ and Kyle and I are 2760 00:50:01,957 --> 00:50:03,375 in where we buy a property 2761 00:50:03,458 --> 00:50:04,668 and we sell it in 2762 00:50:04,668 --> 00:50:05,711 some period of time, 2763 00:50:05,711 --> 00:50:06,670 that is probably 2764 00:50:06,670 --> 00:50:08,130 and I assume this is for AJ. 2765 00:50:08,130 --> 00:50:09,006 Maybe I'm wrong, 2766 00:50:09,089 --> 00:50:09,715 but we're selling 2767 00:50:09,715 --> 00:50:10,674 in some period of time 2768 00:50:10,674 --> 00:50:11,299 that's less 2769 00:50:11,299 --> 00:50:12,676 than eight years. 2770 00:50:12,759 --> 00:50:14,177 Basically, we're being hit 2771 00:50:14,177 --> 00:50:15,345 with this tax 2772 00:50:15,429 --> 00:50:16,471 that's going to 2773 00:50:16,513 --> 00:50:17,472 hit our margin. 2774 00:50:17,472 --> 00:50:18,015 So to 2775 00:50:18,098 --> 00:50:19,391 or if you're a 2776 00:50:19,474 --> 00:50:20,559 a legal services 2777 00:50:20,559 --> 00:50:21,143 that you are 2778 00:50:21,143 --> 00:50:22,102 transaction based 2779 00:50:22,102 --> 00:50:22,561 and you create 2780 00:50:22,561 --> 00:50:23,311 legal documents 2781 00:50:23,311 --> 00:50:24,730 for every single transaction 2782 00:50:24,730 --> 00:50:25,355 that happens 2783 00:50:25,355 --> 00:50:26,565 that could hit you as well. 2784 00:50:26,648 --> 00:50:26,982 Yeah. 2785 00:50:27,065 --> 00:50:28,358 So, so let's let's imagine 2786 00:50:28,358 --> 00:50:29,151 a situation 2787 00:50:29,151 --> 00:50:30,861 where I'm flipping a house. 2788 00:50:30,944 --> 00:50:32,112 In my experience, 2789 00:50:32,112 --> 00:50:33,613 the typical margin 2790 00:50:33,613 --> 00:50:34,573 on on a house 2791 00:50:34,573 --> 00:50:37,242 flip, is about 15%. 2792 00:50:37,325 --> 00:50:37,868 Now, let's say 2793 00:50:37,868 --> 00:50:39,828 we incur an 8% tax in there 2794 00:50:39,828 --> 00:50:41,496 because I'm paying 8%, 2795 00:50:41,496 --> 00:50:41,830 even though 2796 00:50:41,830 --> 00:50:42,456 I'm only holding 2797 00:50:42,456 --> 00:50:43,415 the property for three 2798 00:50:43,415 --> 00:50:44,833 4 or 5, six months. 2799 00:50:44,916 --> 00:50:45,792 It's not a homestead. 2800 00:50:45,792 --> 00:50:46,626 I'm talking about homestead, 2801 00:50:46,626 --> 00:50:47,878 not investment property. 2802 00:50:47,961 --> 00:50:48,920 So investment 2803 00:50:48,920 --> 00:50:49,546 property 2804 00:50:49,546 --> 00:50:50,547 would not 2805 00:50:50,630 --> 00:50:52,424 be subject to this tax. 2806 00:50:52,507 --> 00:50:52,966 Correct. 2807 00:50:52,966 --> 00:50:54,301 Well the system yeah. 2808 00:50:54,342 --> 00:50:55,302 It's a different investment 2809 00:50:55,302 --> 00:50:55,594 property. 2810 00:50:55,594 --> 00:50:56,803 It's a reverse homestead. 2811 00:50:56,803 --> 00:50:57,345 Homestead 2812 00:50:57,345 --> 00:50:58,388 usually gets a break 2813 00:50:58,388 --> 00:50:59,181 on their taxes. 2814 00:50:59,181 --> 00:51:00,724 Mauricio isn't proposing 2815 00:51:00,807 --> 00:51:02,017 that a homestead pays 2816 00:51:02,017 --> 00:51:02,601 more revenue. 2817 00:51:02,601 --> 00:51:03,018 Everybody's 2818 00:51:03,018 --> 00:51:03,935 going to be arguing. 2819 00:51:03,935 --> 00:51:05,437 I'm not living there. 2820 00:51:05,437 --> 00:51:06,438 This is an investment 2821 00:51:06,438 --> 00:51:07,022 property. 2822 00:51:07,022 --> 00:51:07,439 No, no, no, 2823 00:51:07,481 --> 00:51:08,523 the investment property 2824 00:51:08,523 --> 00:51:09,775 can continue with its one, 2825 00:51:09,775 --> 00:51:10,942 whatever its annual tax, 2826 00:51:10,942 --> 00:51:11,693 like it is right now. 2827 00:51:11,735 --> 00:51:12,235 I'm just saying 2828 00:51:12,235 --> 00:51:13,653 that for a homestead 2829 00:51:13,737 --> 00:51:14,738 this is a specific 2830 00:51:14,738 --> 00:51:15,614 just like you have homestead 2831 00:51:15,614 --> 00:51:16,656 asset protection. 2832 00:51:16,740 --> 00:51:18,075 This is a specific tax 2833 00:51:18,075 --> 00:51:18,950 on the homestead. 2834 00:51:18,992 --> 00:51:20,702 This is a taxing system 2835 00:51:20,786 --> 00:51:21,578 on homestead 2836 00:51:21,578 --> 00:51:22,245 versus investment 2837 00:51:22,245 --> 00:51:22,662 investments 2838 00:51:22,662 --> 00:51:23,080 a completely 2839 00:51:23,080 --> 00:51:23,705 different thing. 2840 00:51:23,789 --> 00:51:24,456 It doesn't affect 2841 00:51:24,456 --> 00:51:25,540 the fixed income person 2842 00:51:25,540 --> 00:51:26,249 who bought their house 2843 00:51:26,249 --> 00:51:27,042 and owned their house 2844 00:51:27,042 --> 00:51:28,418 outright over 30 years. 2845 00:51:28,502 --> 00:51:29,086 Basically, he's 2846 00:51:29,086 --> 00:51:29,795 saying you cap 2847 00:51:29,795 --> 00:51:31,338 your total property taxes 2848 00:51:31,338 --> 00:51:32,506 at some level. 2849 00:51:32,589 --> 00:51:33,632 I yeah, I mean, it 2850 00:51:33,715 --> 00:51:34,174 I mean, 2851 00:51:34,257 --> 00:51:34,966 as we've been I'm 2852 00:51:34,966 --> 00:51:35,675 not generally huge, 2853 00:51:35,675 --> 00:51:37,427 but like your argument 2854 00:51:37,427 --> 00:51:38,136 of the membership, 2855 00:51:38,220 --> 00:51:38,678 you know, that 2856 00:51:38,678 --> 00:51:39,554 resonates with me. 2857 00:51:39,554 --> 00:51:40,222 We're like, okay, look, 2858 00:51:40,305 --> 00:51:40,806 you've got 2859 00:51:40,806 --> 00:51:41,348 your neighborhood. 2860 00:51:41,348 --> 00:51:42,724 But but I guess my point 2861 00:51:42,724 --> 00:51:43,350 there is if you 2862 00:51:43,350 --> 00:51:44,643 if you need a membership, 2863 00:51:44,643 --> 00:51:45,644 why is it based on 2864 00:51:45,644 --> 00:51:46,645 your property values 2865 00:51:46,645 --> 00:51:47,437 versus your income. 2866 00:51:47,437 --> 00:51:47,979 So that should just be 2867 00:51:47,979 --> 00:51:48,563 an income tax. 2868 00:51:48,563 --> 00:51:48,730 Like, 2869 00:51:48,730 --> 00:51:49,481 I know Florida doesn't 2870 00:51:49,481 --> 00:51:50,107 have an income tax, 2871 00:51:50,107 --> 00:51:50,649 but guess what? 2872 00:51:50,649 --> 00:51:51,525 Maybe that's not the great 2873 00:51:51,525 --> 00:51:52,943 the way to go. 2874 00:51:53,026 --> 00:51:53,944 It's just a marketing thing. 2875 00:51:53,944 --> 00:51:54,820 But I mean, guess 2876 00:51:54,820 --> 00:51:55,946 theoretically 2877 00:51:56,029 --> 00:51:57,197 they should be 2878 00:51:57,197 --> 00:51:58,490 the correlated. 2879 00:51:58,573 --> 00:51:59,199 I'm not talking about 2880 00:51:59,199 --> 00:52:00,200 a state income tax. 2881 00:52:00,200 --> 00:52:00,951 I'm talking about you're 2882 00:52:00,951 --> 00:52:01,201 talking 2883 00:52:01,201 --> 00:52:02,953 about your local county 2884 00:52:02,953 --> 00:52:03,995 or even city, 2885 00:52:03,995 --> 00:52:05,539 like your city tax or county 2886 00:52:05,539 --> 00:52:06,373 tax should be paying 2887 00:52:06,373 --> 00:52:07,290 for the schools. 2888 00:52:07,374 --> 00:52:07,999 And so 2889 00:52:07,999 --> 00:52:09,376 you're or a neighborhood tax 2890 00:52:09,376 --> 00:52:09,709 or whatever, 2891 00:52:09,709 --> 00:52:10,544 because we're paying 2892 00:52:10,544 --> 00:52:11,419 for that specific. 2893 00:52:11,503 --> 00:52:12,587 You're talking about the 2894 00:52:12,671 --> 00:52:13,004 I don't know 2895 00:52:13,004 --> 00:52:13,505 about the roads. 2896 00:52:13,505 --> 00:52:14,047 I think the roads 2897 00:52:14,047 --> 00:52:15,257 should be a gasoline taxes. 2898 00:52:15,257 --> 00:52:15,882 The people who 2899 00:52:15,966 --> 00:52:17,008 who use the roads 2900 00:52:17,008 --> 00:52:17,968 the most 2901 00:52:18,051 --> 00:52:19,094 would use the most gas, 2902 00:52:19,094 --> 00:52:19,845 and they should be paying. 2903 00:52:19,845 --> 00:52:20,720 That's becoming an issue. 2904 00:52:20,720 --> 00:52:22,097 Electric is a by the way, 2905 00:52:22,097 --> 00:52:23,140 because the people 2906 00:52:23,140 --> 00:52:24,432 are fighting electric cars 2907 00:52:24,432 --> 00:52:25,892 don't pay for gas at all. 2908 00:52:25,892 --> 00:52:27,102 And they're like 2909 00:52:27,185 --> 00:52:27,936 a lot of these 2910 00:52:27,936 --> 00:52:29,229 these state taxes 2911 00:52:29,229 --> 00:52:29,771 are collected 2912 00:52:29,771 --> 00:52:30,939 through gasoline taxes. 2913 00:52:30,939 --> 00:52:31,106 And the 2914 00:52:31,106 --> 00:52:32,023 none of the electric cars 2915 00:52:32,023 --> 00:52:32,732 are having to pay for it. 2916 00:52:32,732 --> 00:52:33,608 So that's become an issue. 2917 00:52:33,608 --> 00:52:34,025 But yeah. 2918 00:52:34,025 --> 00:52:34,234 Although 2919 00:52:34,234 --> 00:52:35,569 how do you make electricity? 2920 00:52:35,652 --> 00:52:36,194 Most people don't 2921 00:52:36,194 --> 00:52:36,695 realize this, 2922 00:52:36,695 --> 00:52:37,529 but you need gas 2923 00:52:37,529 --> 00:52:38,613 or some kind of 2924 00:52:38,697 --> 00:52:39,406 some gasoline of. 2925 00:52:39,489 --> 00:52:39,865 But there's no 2926 00:52:39,865 --> 00:52:41,491 tax on gas to my house, 2927 00:52:41,491 --> 00:52:42,284 and my house 2928 00:52:42,284 --> 00:52:43,660 charges my Tesla. 2929 00:52:43,743 --> 00:52:45,787 So yeah, use electricity. 2930 00:52:45,787 --> 00:52:46,538 And how does electricity 2931 00:52:46,538 --> 00:52:47,706 get made anyway? 2932 00:52:47,706 --> 00:52:47,956 That's a 2933 00:52:47,956 --> 00:52:48,915 that's a different topic. 2934 00:52:48,999 --> 00:52:49,958 My point is it's just it 2935 00:52:50,000 --> 00:52:50,542 just again 2936 00:52:50,542 --> 00:52:51,376 going full circle. 2937 00:52:51,459 --> 00:52:52,002 We've been 2938 00:52:52,085 --> 00:52:52,836 we've been this today. 2939 00:52:52,836 --> 00:52:53,170 I think we should 2940 00:52:53,170 --> 00:52:54,004 probably wrap it up here. 2941 00:52:54,004 --> 00:52:55,005 But my point is simply 2942 00:52:55,005 --> 00:52:56,423 that you're asking somebody 2943 00:52:56,423 --> 00:52:57,841 to pay taxes 2944 00:52:57,924 --> 00:52:59,259 that is based on an asset 2945 00:52:59,259 --> 00:52:59,593 that's going 2946 00:52:59,634 --> 00:53:00,343 they have no control 2947 00:53:00,343 --> 00:53:00,969 over this asset 2948 00:53:00,969 --> 00:53:01,636 going up and up 2949 00:53:01,636 --> 00:53:02,345 versus like it 2950 00:53:02,387 --> 00:53:02,929 like an income 2951 00:53:02,929 --> 00:53:03,513 tax would be great 2952 00:53:03,513 --> 00:53:04,014 because I think it's 2953 00:53:04,014 --> 00:53:04,264 I look, 2954 00:53:04,264 --> 00:53:05,056 I make 30 grand 2955 00:53:05,056 --> 00:53:06,308 a year, 40 grand a year. 2956 00:53:06,391 --> 00:53:06,850 Sure. 2957 00:53:06,850 --> 00:53:07,309 Tax me 2958 00:53:07,309 --> 00:53:07,601 or whatever 2959 00:53:07,601 --> 00:53:09,019 you need to do on my 40 2960 00:53:09,019 --> 00:53:10,103 grand versus me 2961 00:53:10,187 --> 00:53:10,896 or somebody else. 2962 00:53:10,937 --> 00:53:11,062 You're, 2963 00:53:11,146 --> 00:53:11,563 you know, 2964 00:53:11,646 --> 00:53:13,315 you're taxing on $3 million 2965 00:53:13,315 --> 00:53:14,524 in income versus, 2966 00:53:14,608 --> 00:53:14,858 you know, 2967 00:53:14,858 --> 00:53:15,734 anybody else is a 30 2968 00:53:15,734 --> 00:53:18,528 granted, 32 you say asset. 2969 00:53:18,612 --> 00:53:19,279 I want to make 2970 00:53:19,279 --> 00:53:20,822 this very clear. 2971 00:53:20,906 --> 00:53:22,407 We keep things like asset. 2972 00:53:22,449 --> 00:53:24,492 These are homes 2973 00:53:24,576 --> 00:53:26,077 like these are homes 2974 00:53:26,077 --> 00:53:27,037 that people spent 2975 00:53:27,037 --> 00:53:28,121 their entire lives 2976 00:53:28,121 --> 00:53:29,789 raise their children in. 2977 00:53:29,873 --> 00:53:30,790 These are homes 2978 00:53:30,790 --> 00:53:31,249 that they've been 2979 00:53:31,249 --> 00:53:32,500 budgeting forever. 2980 00:53:32,500 --> 00:53:33,418 And they had no idea 2981 00:53:33,418 --> 00:53:34,252 that home prices 2982 00:53:34,252 --> 00:53:35,962 would triple in ten years 2983 00:53:35,962 --> 00:53:37,380 because the government 2984 00:53:37,464 --> 00:53:40,884 prints $30 trillion. 2985 00:53:41,134 --> 00:53:42,802 Like these are homes 2986 00:53:42,886 --> 00:53:43,637 that people 2987 00:53:43,637 --> 00:53:45,096 can't afford, 2988 00:53:45,180 --> 00:53:46,431 yet they have to 2989 00:53:46,431 --> 00:53:47,474 live in them, 2990 00:53:47,557 --> 00:53:48,350 and they have to leave 2991 00:53:48,350 --> 00:53:49,517 their community, 2992 00:53:49,601 --> 00:53:51,728 their church, their schools. 2993 00:53:51,728 --> 00:53:52,812 They have to leave 2994 00:53:52,896 --> 00:53:54,773 where they live 2995 00:53:54,856 --> 00:53:56,441 because they can't afford 2996 00:53:56,441 --> 00:53:57,859 to pay the government 2997 00:53:57,943 --> 00:53:59,152 because their home 2998 00:53:59,152 --> 00:54:01,071 went up four times in value, 2999 00:54:01,154 --> 00:54:02,197 which they don't get. 3000 00:54:02,197 --> 00:54:02,489 That doesn't 3001 00:54:02,489 --> 00:54:03,990 do anything for them. 3002 00:54:04,074 --> 00:54:04,658 I think it's 3003 00:54:04,658 --> 00:54:06,284 fundamentally different. 3004 00:54:06,326 --> 00:54:07,994 This isn't right. 3005 00:54:07,994 --> 00:54:08,662 I mean, when you're 3006 00:54:08,662 --> 00:54:09,746 talking about income tax, 3007 00:54:09,746 --> 00:54:10,664 it fluctuates. 3008 00:54:10,747 --> 00:54:11,456 I mean, I guess 3009 00:54:11,456 --> 00:54:12,499 I'm going to I'm going 3010 00:54:12,499 --> 00:54:12,999 to sound 3011 00:54:12,999 --> 00:54:14,668 like an asshole here, but I 3012 00:54:14,709 --> 00:54:16,044 that's okay. Sometimes I do. 3013 00:54:16,044 --> 00:54:17,295 Yeah, that's free 3014 00:54:17,295 --> 00:54:18,171 market happening. 3015 00:54:18,171 --> 00:54:19,756 And their area whether it's 3016 00:54:19,839 --> 00:54:21,841 not free. No no whether 3017 00:54:23,051 --> 00:54:23,343 that's 3018 00:54:23,343 --> 00:54:24,219 government intervention 3019 00:54:24,219 --> 00:54:25,053 that's government 3020 00:54:25,095 --> 00:54:26,137 no prevention. 3021 00:54:26,221 --> 00:54:27,681 But but the mechanism 3022 00:54:27,681 --> 00:54:28,473 of what's happening 3023 00:54:28,473 --> 00:54:29,224 is basically 3024 00:54:29,224 --> 00:54:30,141 their area is 3025 00:54:30,141 --> 00:54:31,393 becoming more expensive. 3026 00:54:31,393 --> 00:54:31,726 So if, 3027 00:54:31,726 --> 00:54:32,352 if it was one 3028 00:54:32,352 --> 00:54:32,894 of those things 3029 00:54:32,894 --> 00:54:34,688 where their grocery prices 3030 00:54:34,688 --> 00:54:35,855 tripled or their 3031 00:54:35,939 --> 00:54:36,856 other things that are 3032 00:54:36,856 --> 00:54:38,108 their cost of living 3033 00:54:38,108 --> 00:54:39,067 is going way up 3034 00:54:39,067 --> 00:54:39,943 because their area 3035 00:54:39,943 --> 00:54:40,860 was too expensive, 3036 00:54:40,860 --> 00:54:41,444 we wouldn't have 3037 00:54:41,444 --> 00:54:42,279 an issue with it. 3038 00:54:42,362 --> 00:54:43,363 The point is, is that 3039 00:54:43,446 --> 00:54:44,322 their area 3040 00:54:44,322 --> 00:54:46,074 is becoming in demand 3041 00:54:46,074 --> 00:54:47,158 for some reason, 3042 00:54:47,158 --> 00:54:47,826 or the 3043 00:54:47,909 --> 00:54:49,327 area has become 3044 00:54:49,411 --> 00:54:50,412 more expensive 3045 00:54:50,453 --> 00:54:51,329 than it should. 3046 00:54:51,413 --> 00:54:52,330 That's every place 3047 00:54:52,330 --> 00:54:53,415 in America 3048 00:54:53,498 --> 00:54:54,249 that that's you're 3049 00:54:54,249 --> 00:54:55,000 talking about. 3050 00:54:55,000 --> 00:54:55,625 Two you're talking 3051 00:54:55,667 --> 00:54:56,418 what groceries 3052 00:54:56,418 --> 00:54:57,669 cost of living. 3053 00:54:57,752 --> 00:54:58,336 Okay, well, 3054 00:54:58,336 --> 00:54:59,045 I can first of all, 3055 00:54:59,045 --> 00:55:00,422 I can choose. 3056 00:55:00,505 --> 00:55:02,632 That's one time taxes 3057 00:55:02,716 --> 00:55:03,383 and two, 3058 00:55:03,466 --> 00:55:04,301 most of those things. 3059 00:55:04,301 --> 00:55:05,051 As long as I have a home, 3060 00:55:05,051 --> 00:55:06,219 I'm not required to 3061 00:55:06,219 --> 00:55:07,137 I don't need. 3062 00:55:07,137 --> 00:55:08,513 So it could be more 3063 00:55:08,513 --> 00:55:09,556 expensive went up, but I 3064 00:55:09,556 --> 00:55:10,348 this is where I live. 3065 00:55:10,348 --> 00:55:10,932 I've got to the 3066 00:55:11,016 --> 00:55:11,891 you know, the alternative 3067 00:55:11,891 --> 00:55:12,684 that we're arguing 3068 00:55:12,684 --> 00:55:15,145 is basically that same area. 3069 00:55:15,228 --> 00:55:15,437 Who's 3070 00:55:15,437 --> 00:55:16,688 collecting those taxes 3071 00:55:16,688 --> 00:55:17,022 to pay 3072 00:55:17,022 --> 00:55:17,897 for their government 3073 00:55:17,981 --> 00:55:19,190 expenditures. 3074 00:55:19,274 --> 00:55:20,900 The the issue isn't 3075 00:55:20,984 --> 00:55:21,735 that the taxes 3076 00:55:21,735 --> 00:55:22,736 the properties are taxes 3077 00:55:22,777 --> 00:55:23,153 going up. 3078 00:55:23,153 --> 00:55:24,821 It's that that area 3079 00:55:24,904 --> 00:55:26,740 is spending too much money. 3080 00:55:26,740 --> 00:55:27,157 And the 3081 00:55:27,240 --> 00:55:27,657 the way 3082 00:55:27,657 --> 00:55:28,700 they're choosing to get it 3083 00:55:28,700 --> 00:55:30,201 from is property taxes. 3084 00:55:30,201 --> 00:55:30,910 So if we switch 3085 00:55:30,910 --> 00:55:31,953 that to income taxes 3086 00:55:31,953 --> 00:55:32,620 or we switch that 3087 00:55:32,620 --> 00:55:34,164 some other tax, 3088 00:55:34,247 --> 00:55:35,790 the same thing would happen 3089 00:55:35,790 --> 00:55:36,416 to that area. 3090 00:55:36,416 --> 00:55:37,751 That area would have to pay 3091 00:55:37,751 --> 00:55:38,668 more in taxes 3092 00:55:38,668 --> 00:55:39,711 some other way. 3093 00:55:39,794 --> 00:55:40,253 And yes, 3094 00:55:40,253 --> 00:55:41,338 there might be some people 3095 00:55:41,338 --> 00:55:42,088 who are sitting 3096 00:55:42,088 --> 00:55:42,922 in their houses 3097 00:55:43,006 --> 00:55:43,757 who wouldn't 3098 00:55:43,840 --> 00:55:45,383 have that run up, 3099 00:55:45,467 --> 00:55:46,426 but it would also 3100 00:55:46,426 --> 00:55:47,052 that would be 3101 00:55:47,135 --> 00:55:48,219 if you change that, 3102 00:55:48,219 --> 00:55:49,179 it would also change 3103 00:55:49,179 --> 00:55:50,680 other people's situations 3104 00:55:50,680 --> 00:55:51,222 where they would 3105 00:55:51,222 --> 00:55:52,140 have to move out of the area 3106 00:55:52,140 --> 00:55:53,058 because it's too expensive 3107 00:55:53,058 --> 00:55:53,516 for them, 3108 00:55:53,600 --> 00:55:54,309 or there's lower 3109 00:55:54,309 --> 00:55:55,018 income people 3110 00:55:55,018 --> 00:55:55,643 who would have to move 3111 00:55:55,643 --> 00:55:56,227 out of the area. 3112 00:55:56,227 --> 00:55:57,479 Whatever the solution 3113 00:55:57,479 --> 00:55:58,605 that you come up with, it's 3114 00:55:58,605 --> 00:55:59,773 going to create problems 3115 00:55:59,773 --> 00:56:01,066 for Aaron marginalized 3116 00:56:01,066 --> 00:56:02,859 some group of people. 3117 00:56:02,942 --> 00:56:03,693 And so to me, 3118 00:56:03,693 --> 00:56:04,527 you can't just pick, 3119 00:56:04,527 --> 00:56:05,653 okay, there's here's 3120 00:56:05,653 --> 00:56:06,988 these poor one 3121 00:56:06,988 --> 00:56:08,406 single group insert group. 3122 00:56:08,406 --> 00:56:09,282 Now we have to 3123 00:56:09,282 --> 00:56:10,408 change the whole system 3124 00:56:10,408 --> 00:56:11,201 when what happens 3125 00:56:11,201 --> 00:56:11,785 is that changing 3126 00:56:11,785 --> 00:56:12,535 the system becomes 3127 00:56:12,535 --> 00:56:13,370 just as bad. 3128 00:56:13,453 --> 00:56:14,829 That is the tax code 3129 00:56:14,913 --> 00:56:16,122 you just defined. 3130 00:56:16,206 --> 00:56:16,956 You're picking 3131 00:56:16,956 --> 00:56:18,041 subgroups of people 3132 00:56:18,041 --> 00:56:18,708 and charging what, 3133 00:56:18,792 --> 00:56:20,460 50% of America pays 3134 00:56:20,460 --> 00:56:21,586 no federal taxes, 3135 00:56:21,669 --> 00:56:23,838 but 1% pays 50. 3136 00:56:23,922 --> 00:56:24,672 Well, 40. 3137 00:56:24,672 --> 00:56:25,590 The top 10% 3138 00:56:25,590 --> 00:56:28,968 pay 65% of all taxes. 3139 00:56:29,135 --> 00:56:30,762 You are literally I'm 3140 00:56:30,762 --> 00:56:31,596 not I'm not arguing 3141 00:56:31,596 --> 00:56:31,846 that they're 3142 00:56:31,846 --> 00:56:32,806 picking and choosing 3143 00:56:32,806 --> 00:56:33,098 who's 3144 00:56:33,098 --> 00:56:33,473 the people 3145 00:56:33,473 --> 00:56:34,808 who are benefiting 3146 00:56:34,808 --> 00:56:35,892 and who's getting affected. 3147 00:56:35,975 --> 00:56:36,518 But I'm saying 3148 00:56:36,518 --> 00:56:37,519 by changing it, 3149 00:56:37,602 --> 00:56:38,520 by changing it, 3150 00:56:38,520 --> 00:56:39,437 all you're doing 3151 00:56:39,437 --> 00:56:41,064 is changing that variable. 3152 00:56:41,064 --> 00:56:42,273 All you're doing is changing 3153 00:56:42,273 --> 00:56:43,566 who's who's benefiting 3154 00:56:43,566 --> 00:56:44,109 and who's 3155 00:56:44,109 --> 00:56:45,193 getting marginally affected. 3156 00:56:45,193 --> 00:56:45,902 Because if you change it 3157 00:56:45,902 --> 00:56:46,820 to income tax, 3158 00:56:46,903 --> 00:56:48,029 somebody who's 3159 00:56:48,113 --> 00:56:49,489 rich and figured out a way 3160 00:56:49,489 --> 00:56:50,824 to not pay income tax 3161 00:56:50,824 --> 00:56:51,866 or is going to have 3162 00:56:51,866 --> 00:56:53,618 the high priced, accountants 3163 00:56:53,618 --> 00:56:54,285 to figure out, hey, 3164 00:56:54,285 --> 00:56:56,079 I the property tax went up 3165 00:56:56,162 --> 00:56:56,746 or the 3166 00:56:56,830 --> 00:56:57,455 income tax 3167 00:56:57,455 --> 00:56:58,206 went up by this much. 3168 00:56:58,206 --> 00:56:59,207 How do we restructure 3169 00:56:59,207 --> 00:57:00,083 our businesses and, 3170 00:57:00,166 --> 00:57:00,750 and move them 3171 00:57:00,750 --> 00:57:01,459 to different areas 3172 00:57:01,459 --> 00:57:02,168 and do that stuff 3173 00:57:02,168 --> 00:57:03,044 to pay less? 3174 00:57:03,128 --> 00:57:03,628 They're going to be 3175 00:57:03,628 --> 00:57:04,421 the ones who benefit 3176 00:57:04,421 --> 00:57:04,754 and who's 3177 00:57:04,754 --> 00:57:05,463 going to get screwed. 3178 00:57:05,463 --> 00:57:06,256 It's probably going to be 3179 00:57:06,256 --> 00:57:06,881 the people 3180 00:57:06,881 --> 00:57:07,757 who spend all their money 3181 00:57:07,757 --> 00:57:09,050 on groceries and 3182 00:57:09,134 --> 00:57:10,635 and rent every month, 3183 00:57:10,718 --> 00:57:11,386 and they're paying 3184 00:57:11,386 --> 00:57:12,429 more in the sales tax. 3185 00:57:12,429 --> 00:57:13,179 So someone's 3186 00:57:13,179 --> 00:57:13,888 going to get screwed 3187 00:57:13,888 --> 00:57:14,556 no matter what. 3188 00:57:14,556 --> 00:57:15,390 So like 3189 00:57:15,473 --> 00:57:16,516 the point is we're talking 3190 00:57:16,516 --> 00:57:18,143 about variable taxes, 3191 00:57:19,144 --> 00:57:19,477 based 3192 00:57:19,477 --> 00:57:21,062 upon how much you make, 3193 00:57:21,062 --> 00:57:21,896 how much you consume 3194 00:57:21,896 --> 00:57:22,605 everything else 3195 00:57:22,689 --> 00:57:23,356 as opposed to you 3196 00:57:23,356 --> 00:57:24,441 fix increasing 3197 00:57:24,441 --> 00:57:25,233 that has nothing to do 3198 00:57:25,233 --> 00:57:25,984 with what you get. 3199 00:57:26,025 --> 00:57:26,860 Nothing. 3200 00:57:26,943 --> 00:57:28,403 In fact, you already own it. 3201 00:57:28,403 --> 00:57:29,779 You already paid for it. 3202 00:57:29,863 --> 00:57:31,239 You get nothing more. 3203 00:57:31,281 --> 00:57:31,614 But it's 3204 00:57:31,614 --> 00:57:34,325 a requirement to live 3205 00:57:34,492 --> 00:57:35,243 like that. 3206 00:57:35,326 --> 00:57:35,660 That's the 3207 00:57:35,660 --> 00:57:36,995 equivalent of saying, 3208 00:57:37,078 --> 00:57:37,829 as it's 3209 00:57:37,829 --> 00:57:38,955 a requirement to live 3210 00:57:38,955 --> 00:57:39,581 but not live 3211 00:57:39,581 --> 00:57:41,374 in that house there. 3212 00:57:41,458 --> 00:57:42,584 The point is that you 3213 00:57:42,667 --> 00:57:43,626 own it. 3214 00:57:43,668 --> 00:57:45,503 You you raise your kids 3215 00:57:45,503 --> 00:57:46,421 there, you've got 3216 00:57:46,421 --> 00:57:48,381 like government of eviction. 3217 00:57:48,465 --> 00:57:49,299 It's government 3218 00:57:49,299 --> 00:57:50,800 mandated eviction 3219 00:57:50,884 --> 00:57:53,553 kicking you out. 3220 00:57:53,636 --> 00:57:54,012 I mean, 3221 00:57:54,012 --> 00:57:54,846 but if you increase 3222 00:57:54,846 --> 00:57:56,139 the sales tax, 3223 00:57:56,222 --> 00:57:58,808 then food is a requirement 3224 00:57:58,808 --> 00:58:01,186 to live stream. 3225 00:58:01,269 --> 00:58:02,812 If there is a difference 3226 00:58:02,812 --> 00:58:04,355 between the forced 3227 00:58:04,355 --> 00:58:06,232 a forced tax, 3228 00:58:06,316 --> 00:58:07,650 I there's nothing I can do 3229 00:58:07,650 --> 00:58:08,860 about myself. My property. 3230 00:58:08,860 --> 00:58:09,694 I got to pay it. 3231 00:58:09,694 --> 00:58:10,111 Otherwise I'm 3232 00:58:10,111 --> 00:58:11,029 going to lose my house 3233 00:58:11,112 --> 00:58:12,030 consumption tax. 3234 00:58:12,030 --> 00:58:12,614 Sales tax 3235 00:58:12,614 --> 00:58:13,781 I can choose to buy, 3236 00:58:13,865 --> 00:58:14,449 to consume 3237 00:58:14,449 --> 00:58:15,825 or choose to not eat. 3238 00:58:15,909 --> 00:58:17,243 Well, no, but I can consume. 3239 00:58:17,243 --> 00:58:17,285 You 3240 00:58:18,328 --> 00:58:19,370 know, I only 3241 00:58:19,370 --> 00:58:20,330 about 30% a year. 3242 00:58:20,330 --> 00:58:21,539 I'm not going to send food 3243 00:58:21,539 --> 00:58:22,749 prices have gone down 3244 00:58:22,749 --> 00:58:24,083 in like half 3245 00:58:24,167 --> 00:58:25,752 like the cost expenditure 3246 00:58:25,752 --> 00:58:26,211 for the average 3247 00:58:26,211 --> 00:58:27,795 American on food has gone 3248 00:58:27,795 --> 00:58:28,213 way down, 3249 00:58:28,213 --> 00:58:29,255 so we consume more 3250 00:58:29,255 --> 00:58:30,173 at a cheaper price. 3251 00:58:30,256 --> 00:58:31,007 Home prices, 3252 00:58:31,007 --> 00:58:32,175 it's gone the opposite. 3253 00:58:32,258 --> 00:58:33,051 So now we can 3254 00:58:33,051 --> 00:58:33,968 actually consume 3255 00:58:33,968 --> 00:58:35,053 way more food. 3256 00:58:35,053 --> 00:58:35,929 Way more food. 3257 00:58:36,012 --> 00:58:36,471 We could pay 3258 00:58:36,471 --> 00:58:37,722 more taxes on it. 3259 00:58:37,805 --> 00:58:38,556 It's gone down 3260 00:58:38,556 --> 00:58:39,516 substantially 3261 00:58:39,557 --> 00:58:40,725 when houses have gone, 3262 00:58:40,725 --> 00:58:41,559 but taxes on 3263 00:58:41,559 --> 00:58:42,435 everything though 3264 00:58:42,435 --> 00:58:43,394 there's there's way 3265 00:58:43,394 --> 00:58:45,563 more requirements to survive 3266 00:58:45,563 --> 00:58:47,482 and live than just shelter. 3267 00:58:47,565 --> 00:58:49,609 And it's one of the top two. 3268 00:58:49,692 --> 00:58:50,026 I know 3269 00:58:50,026 --> 00:58:50,777 it's one of the top two, 3270 00:58:50,777 --> 00:58:52,153 but the all of the others, 3271 00:58:52,237 --> 00:58:54,322 if you increase sales tax, 3272 00:58:54,405 --> 00:58:55,823 then all of the others 3273 00:58:55,823 --> 00:58:56,491 are going to go up 3274 00:58:56,574 --> 00:58:57,242 and there's it's 3275 00:58:57,242 --> 00:58:58,284 going to marginalize 3276 00:58:58,284 --> 00:58:58,993 and it's going to screw 3277 00:58:58,993 --> 00:58:59,786 over a different 3278 00:58:59,786 --> 00:59:00,495 group of people. 3279 00:59:00,495 --> 00:59:01,454 And that's all I'm saying 3280 00:59:01,454 --> 00:59:01,996 is, is 3281 00:59:01,996 --> 00:59:02,872 the government 3282 00:59:02,956 --> 00:59:04,666 has to get their money. 3283 00:59:04,749 --> 00:59:05,917 They are spending 3284 00:59:05,917 --> 00:59:06,960 X amount of dollars, 3285 00:59:06,960 --> 00:59:07,919 and they need 3286 00:59:08,002 --> 00:59:09,128 Y amount of dollars 3287 00:59:09,128 --> 00:59:10,004 to pay for it, 3288 00:59:10,088 --> 00:59:10,838 and they're going to get it 3289 00:59:10,838 --> 00:59:11,589 some way 3290 00:59:11,589 --> 00:59:12,257 and someone's 3291 00:59:12,257 --> 00:59:13,258 going to get screwed 3292 00:59:13,258 --> 00:59:14,008 no matter what. 3293 00:59:14,008 --> 00:59:14,801 And this is just 3294 00:59:14,801 --> 00:59:15,593 the current people 3295 00:59:15,593 --> 00:59:16,094 who are getting 3296 00:59:16,094 --> 00:59:16,970 screwed by it. 3297 00:59:17,053 --> 00:59:18,179 And what I'm saying is, 3298 00:59:18,179 --> 00:59:19,430 I'm not saying it's right. 3299 00:59:19,514 --> 00:59:21,099 I'm just saying someone's 3300 00:59:21,099 --> 00:59:21,849 going to get screwed 3301 00:59:21,849 --> 00:59:22,684 every single way 3302 00:59:22,684 --> 00:59:23,393 because the government 3303 00:59:23,393 --> 00:59:24,769 spending too much money 3304 00:59:24,852 --> 00:59:25,228 and it's 3305 00:59:25,228 --> 00:59:26,145 how you get screwed, 3306 00:59:26,145 --> 00:59:27,522 I guess, is the point. 3307 00:59:27,605 --> 00:59:27,855 All right. 3308 00:59:27,855 --> 00:59:28,565 Can you got to top 3309 00:59:28,565 --> 00:59:29,857 ten of what you just got? 3310 00:59:29,941 --> 00:59:30,567 Yeah. Hold on. 3311 00:59:30,567 --> 00:59:31,442 I got to go find it. 3312 00:59:31,526 --> 00:59:32,610 Make make a final point. 3313 00:59:32,610 --> 00:59:34,362 You're in the top ten. 3314 00:59:35,405 --> 00:59:36,531 Counties that pay the 3315 00:59:36,531 --> 00:59:37,615 most school 3316 00:59:37,699 --> 00:59:39,367 related taxes or something. 3317 00:59:39,450 --> 00:59:40,118 I can do that. 3318 00:59:40,118 --> 00:59:40,493 Actually, 3319 00:59:40,493 --> 00:59:41,077 I do have that 3320 00:59:41,077 --> 00:59:42,287 list somewhere. 3321 00:59:42,370 --> 00:59:43,329 I think if you have kids 3322 00:59:43,329 --> 00:59:44,205 that are under 18, 3323 00:59:44,205 --> 00:59:44,622 you've got to pay 3324 00:59:44,622 --> 00:59:45,498 a school tax 3325 00:59:45,582 --> 00:59:46,332 for your neighborhood. 3326 00:59:46,374 --> 00:59:47,250 What if your kids are? 3327 00:59:47,333 --> 00:59:47,917 What if your kids 3328 00:59:47,917 --> 00:59:48,710 are really dumb? 3329 00:59:48,710 --> 00:59:49,586 Then you have to pay twice 3330 00:59:49,586 --> 00:59:51,212 as much. 3331 00:59:51,296 --> 00:59:51,879 Good point. 3332 00:59:51,963 --> 00:59:52,297 Okay. 3333 00:59:52,297 --> 00:59:52,714 They're really 3334 00:59:52,755 --> 00:59:53,256 you're taking up 3335 00:59:53,298 --> 00:59:54,465 too much resources 3336 00:59:54,549 --> 00:59:55,758 like I'm sorry, 3337 00:59:55,758 --> 00:59:56,759 I don't know. I'll tell you. 3338 00:59:56,843 --> 00:59:57,135 Okay. 3339 00:59:57,135 --> 00:59:58,595 So I went in doing 3340 00:59:58,595 --> 00:59:59,345 this researcher 3341 00:59:59,345 --> 01:00:00,179 actually came across 3342 01:00:00,179 --> 01:00:00,555 something 3343 01:00:00,555 --> 01:00:02,015 really interesting. 3344 01:00:02,098 --> 01:00:03,141 And I want to get 3345 01:00:03,141 --> 01:00:04,517 your guy's opinion on it, 3346 01:00:04,601 --> 01:00:06,144 because it ranked 3347 01:00:06,144 --> 01:00:07,437 the top states 3348 01:00:07,437 --> 01:00:09,105 for property tax equity. 3349 01:00:09,105 --> 01:00:09,939 And then it said 3350 01:00:09,939 --> 01:00:10,648 it was the best. 3351 01:00:10,648 --> 01:00:11,983 These are the best systems 3352 01:00:11,983 --> 01:00:13,192 to the worst systems. 3353 01:00:13,276 --> 01:00:13,568 But the. 3354 01:00:13,568 --> 01:00:14,319 Wait, wait, 3355 01:00:14,402 --> 01:00:14,777 what do you mean 3356 01:00:14,777 --> 01:00:16,613 by property tax equity. 3357 01:00:16,696 --> 01:00:18,615 So so it's basically 3358 01:00:18,698 --> 01:00:19,115 the AG 3359 01:00:19,115 --> 01:00:20,158 is going to hate this one. 3360 01:00:20,241 --> 01:00:21,868 It's basically equality. 3361 01:00:21,868 --> 01:00:22,827 So it's like 3362 01:00:22,910 --> 01:00:26,164 every single school they 3363 01:00:26,247 --> 01:00:26,748 they say 3364 01:00:26,748 --> 01:00:28,041 the best school systems, 3365 01:00:28,041 --> 01:00:29,208 every single school 3366 01:00:29,208 --> 01:00:30,084 gets the same 3367 01:00:30,084 --> 01:00:31,210 kind of funding. 3368 01:00:31,294 --> 01:00:32,295 So it doesn't matter 3369 01:00:32,295 --> 01:00:33,254 if you live on this site. 3370 01:00:33,254 --> 01:00:34,922 So in Pennsylvania 3371 01:00:35,006 --> 01:00:35,506 there's the, 3372 01:00:35,506 --> 01:00:36,799 there's a very famous one 3373 01:00:36,799 --> 01:00:37,300 where it's route 3374 01:00:37,300 --> 01:00:38,676 one on the outskirts 3375 01:00:38,676 --> 01:00:39,761 of Philadelphia, 3376 01:00:39,844 --> 01:00:41,471 and it's literally one 3377 01:00:41,471 --> 01:00:42,722 block to the next. 3378 01:00:42,805 --> 01:00:44,599 The tax different is massive 3379 01:00:44,682 --> 01:00:45,433 and the house 3380 01:00:45,433 --> 01:00:46,976 sizes are massive. 3381 01:00:47,060 --> 01:00:48,645 And the school systems, 3382 01:00:48,645 --> 01:00:49,103 the chain, 3383 01:00:49,145 --> 01:00:50,355 the differences are massive. 3384 01:00:50,355 --> 01:00:51,439 It's just one side 3385 01:00:51,522 --> 01:00:52,690 of a street or another. 3386 01:00:52,774 --> 01:00:54,651 And that's obviously, 3387 01:00:54,734 --> 01:00:55,568 as you could tell. 3388 01:00:55,568 --> 01:00:56,736 So Pennsylvania 3389 01:00:56,819 --> 01:00:57,278 didn't rank 3390 01:00:57,278 --> 01:00:58,363 very high on this list. 3391 01:00:58,446 --> 01:01:00,073 So they ranked the top 3392 01:01:00,073 --> 01:01:01,282 and the best school, 3393 01:01:01,282 --> 01:01:01,824 the best 3394 01:01:01,824 --> 01:01:03,618 tax systems for schools 3395 01:01:03,701 --> 01:01:04,535 as the ones that have 3396 01:01:04,535 --> 01:01:07,789 the most basically equal. 3397 01:01:08,247 --> 01:01:09,832 Yeah. Exactly. 3398 01:01:09,916 --> 01:01:11,834 This this list says equity. 3399 01:01:12,794 --> 01:01:13,836 And that's just 3400 01:01:13,836 --> 01:01:14,921 the way the system over. 3401 01:01:15,004 --> 01:01:16,214 And so I have the top 3402 01:01:16,214 --> 01:01:16,798 ten on that. 3403 01:01:16,798 --> 01:01:19,509 But then I would also argue 3404 01:01:20,093 --> 01:01:22,762 best system is relative 3405 01:01:22,804 --> 01:01:23,971 to where you're coming from. 3406 01:01:23,971 --> 01:01:26,683 Because someone like me, 3407 01:01:27,392 --> 01:01:29,102 who I literally 3408 01:01:29,102 --> 01:01:30,186 picked my house 3409 01:01:30,186 --> 01:01:31,229 and where I want to live 3410 01:01:31,229 --> 01:01:31,771 because I want 3411 01:01:31,771 --> 01:01:32,605 to send my kids 3412 01:01:32,605 --> 01:01:34,482 to the number one 3413 01:01:34,565 --> 01:01:35,441 elementary school 3414 01:01:35,441 --> 01:01:37,151 in the state. 3415 01:01:37,235 --> 01:01:38,736 So I picked where to live 3416 01:01:38,778 --> 01:01:39,987 based off of that. 3417 01:01:40,071 --> 01:01:41,447 So at the same point, 3418 01:01:41,531 --> 01:01:43,950 Pennsylvania is listed 44 3419 01:01:43,950 --> 01:01:44,826 out of 50 3420 01:01:44,909 --> 01:01:45,702 as far as best 3421 01:01:45,702 --> 01:01:46,994 school system. 3422 01:01:47,078 --> 01:01:48,079 But at the same time 3423 01:01:48,079 --> 01:01:49,247 I'm benefiting from that. 3424 01:01:49,247 --> 01:01:49,956 So what I say 3425 01:01:49,956 --> 01:01:50,581 Pennsylvania is 3426 01:01:50,581 --> 01:01:51,124 one of the worst. 3427 01:01:51,124 --> 01:01:51,874 No, because I'm 3428 01:01:51,874 --> 01:01:53,543 benefiting from it 3429 01:01:53,626 --> 01:01:54,043 is it's 3430 01:01:54,043 --> 01:01:55,086 probably a lot worse 3431 01:01:55,086 --> 01:01:57,588 than than, Pennsylvania. 3432 01:01:57,588 --> 01:01:58,089 And we did 3433 01:01:58,089 --> 01:01:59,048 the exact same thing 3434 01:01:59,048 --> 01:02:00,800 we, like, literally picked 3435 01:02:00,883 --> 01:02:02,135 the place 3436 01:02:02,135 --> 01:02:02,927 we want to be based 3437 01:02:02,927 --> 01:02:03,553 on elementary, 3438 01:02:03,553 --> 01:02:04,387 middle and high school. 3439 01:02:04,470 --> 01:02:04,721 Right. 3440 01:02:04,721 --> 01:02:05,680 So I guess 3441 01:02:05,763 --> 01:02:06,431 what would you guys 3442 01:02:06,431 --> 01:02:07,098 rather hear? 3443 01:02:07,098 --> 01:02:08,683 The top ten best 3444 01:02:08,766 --> 01:02:09,142 for what 3445 01:02:09,142 --> 01:02:10,727 they consider the most 3446 01:02:10,810 --> 01:02:11,519 to J's point 3447 01:02:11,519 --> 01:02:12,562 in Magennis 3448 01:02:12,645 --> 01:02:13,646 systems or the top 3449 01:02:13,646 --> 01:02:15,273 ten worst? 3450 01:02:15,356 --> 01:02:16,816 How about five and five? 3451 01:02:16,899 --> 01:02:18,317 It's because let's be crazy. 3452 01:02:18,401 --> 01:02:20,403 Two top dogs. The five best. 3453 01:02:20,403 --> 01:02:21,404 So the ones that have 3454 01:02:21,404 --> 01:02:22,989 the best statewide system. 3455 01:02:22,989 --> 01:02:24,782 So number one is Vermont. 3456 01:02:24,866 --> 01:02:26,743 So they basically they 3457 01:02:26,826 --> 01:02:27,702 they're the ones I mentioned 3458 01:02:27,702 --> 01:02:28,911 before where they statewide 3459 01:02:28,911 --> 01:02:30,037 education tax 3460 01:02:30,037 --> 01:02:31,414 is collected by the state 3461 01:02:31,414 --> 01:02:32,081 instead of 3462 01:02:32,081 --> 01:02:33,750 the local municipalities 3463 01:02:33,833 --> 01:02:35,752 and then redistributed 3464 01:02:35,835 --> 01:02:36,377 based off 3465 01:02:36,377 --> 01:02:37,754 of, you know, 3466 01:02:37,837 --> 01:02:40,006 equally amongst their Hawaii 3467 01:02:40,089 --> 01:02:41,299 is that 3468 01:02:41,382 --> 01:02:42,216 wasn't Vermont like 3469 01:02:42,216 --> 01:02:44,051 have like 38 people in it. 3470 01:02:44,135 --> 01:02:44,343 Yeah. 3471 01:02:44,343 --> 01:02:44,927 Well I also thought 3472 01:02:44,927 --> 01:02:45,553 was interesting. 3473 01:02:45,553 --> 01:02:46,471 That's better. 3474 01:02:46,512 --> 01:02:46,804 Jerry, 3475 01:02:46,888 --> 01:02:47,472 I was about to say 3476 01:02:47,472 --> 01:02:47,889 I wonder 3477 01:02:47,930 --> 01:02:49,849 how the results of this are 3478 01:02:49,932 --> 01:02:50,516 like, well, 3479 01:02:50,600 --> 01:02:51,350 just because they have 3480 01:02:51,350 --> 01:02:53,770 the best equity does it. 3481 01:02:53,770 --> 01:02:54,771 I didn't, I didn't 3482 01:02:54,854 --> 01:02:55,521 I didn't have time 3483 01:02:55,521 --> 01:02:56,439 to research this, AJ 3484 01:02:56,522 --> 01:02:57,315 but I think 3485 01:02:57,315 --> 01:02:58,107 one of the results is 3486 01:02:58,107 --> 01:02:58,816 why does Vermont 3487 01:02:58,858 --> 01:02:59,358 have such good 3488 01:02:59,358 --> 01:03:00,401 private schools? Right. 3489 01:03:00,485 --> 01:03:01,778 Because people 3490 01:03:01,778 --> 01:03:02,820 basically say, hey, 3491 01:03:02,862 --> 01:03:03,571 if you're going to make 3492 01:03:03,571 --> 01:03:04,363 every school equal 3493 01:03:04,363 --> 01:03:05,198 and I want my kids 3494 01:03:05,198 --> 01:03:05,907 to have an advantage, 3495 01:03:05,907 --> 01:03:06,240 I'm going to 3496 01:03:06,282 --> 01:03:07,074 send in private school, 3497 01:03:07,116 --> 01:03:08,159 not even an advantage. 3498 01:03:08,159 --> 01:03:09,285 They just want good 3499 01:03:09,285 --> 01:03:10,912 schools, right? 3500 01:03:10,995 --> 01:03:12,121 True. 3501 01:03:12,205 --> 01:03:12,914 I was giving them 3502 01:03:12,914 --> 01:03:13,664 the benefit of the doubt. 3503 01:03:13,664 --> 01:03:13,956 We're doing 3504 01:03:13,956 --> 01:03:15,541 another thought experiment. 3505 01:03:15,625 --> 01:03:17,627 Hawaii number two. 3506 01:03:17,710 --> 01:03:18,127 Hawaii 3507 01:03:18,127 --> 01:03:18,961 is actually one of the 3508 01:03:18,961 --> 01:03:19,670 states that, 3509 01:03:19,754 --> 01:03:21,088 has a statewide, 3510 01:03:22,131 --> 01:03:24,425 tax, property tax. 3511 01:03:24,425 --> 01:03:25,760 So it's not local. 3512 01:03:25,760 --> 01:03:26,511 It's not. Yeah. 3513 01:03:26,594 --> 01:03:27,094 I thought that was 3514 01:03:27,094 --> 01:03:27,804 super interesting. 3515 01:03:27,804 --> 01:03:28,137 I think so, 3516 01:03:28,179 --> 01:03:28,554 and I think 3517 01:03:28,554 --> 01:03:29,889 it's only like 0.32, 3518 01:03:29,889 --> 01:03:30,431 but that's probably 3519 01:03:30,431 --> 01:03:31,098 because 3520 01:03:31,182 --> 01:03:33,476 property values are so high. 3521 01:03:33,559 --> 01:03:35,144 Number three mass 3522 01:03:35,228 --> 01:03:36,312 I, I never say that 3523 01:03:36,312 --> 01:03:36,896 word for word 3524 01:03:36,896 --> 01:03:37,855 because people make fun 3525 01:03:37,855 --> 01:03:38,481 of how I say it. 3526 01:03:38,523 --> 01:03:40,733 In Massachusetts. 3527 01:03:40,817 --> 01:03:43,486 Number four, Minnesota. 3528 01:03:43,569 --> 01:03:44,570 And then 3529 01:03:44,654 --> 01:03:45,071 I had to 3530 01:03:45,071 --> 01:03:45,738 think about it, though. 3531 01:03:45,738 --> 01:03:46,656 I can't just say 3532 01:03:46,656 --> 01:03:47,740 I can't just say it off 3533 01:03:47,740 --> 01:03:48,282 the cuff. 3534 01:03:48,366 --> 01:03:49,534 And then number 3535 01:03:49,534 --> 01:03:50,701 five is Maryland. 3536 01:03:50,701 --> 01:03:51,285 Actually, 3537 01:03:51,327 --> 01:03:52,912 Jay spent some time there. 3538 01:03:52,995 --> 01:03:53,538 So, 3539 01:03:53,621 --> 01:03:54,455 one of the reasons we went 3540 01:03:54,455 --> 01:03:55,748 there was for the schools. 3541 01:03:55,832 --> 01:03:55,998 Yeah. 3542 01:03:56,040 --> 01:03:57,041 The state pays a larger 3543 01:03:57,041 --> 01:03:58,292 share of school costs 3544 01:03:58,292 --> 01:03:59,377 and, the lower 3545 01:03:59,377 --> 01:04:01,587 wealth areas there. 3546 01:04:01,671 --> 01:04:03,589 And then the top five worst, 3547 01:04:03,589 --> 01:04:05,341 they'll throw in a, 3548 01:04:05,424 --> 01:04:06,592 a shout out to Pennsylvania 3549 01:04:06,592 --> 01:04:07,134 because it didn't make 3550 01:04:07,134 --> 01:04:08,636 the five. It was number 44. 3551 01:04:09,720 --> 01:04:12,431 But, five 3552 01:04:12,515 --> 01:04:14,183 Alabama, 3553 01:04:14,267 --> 01:04:16,561 four Mississippi, 3554 01:04:16,644 --> 01:04:18,646 three South Dakota, 3555 01:04:18,729 --> 01:04:20,398 two Nevada. 3556 01:04:20,481 --> 01:04:22,692 And number one worst 3557 01:04:22,775 --> 01:04:24,402 Louisiana, Arizona. 3558 01:04:24,485 --> 01:04:25,152 Really? 3559 01:04:25,236 --> 01:04:26,571 Yeah, that makes sense. 3560 01:04:26,654 --> 01:04:27,613 Apparently, Arizona's 3561 01:04:27,613 --> 01:04:28,281 school funding 3562 01:04:28,281 --> 01:04:29,615 is completely reliant 3563 01:04:29,615 --> 01:04:31,158 on local, 3564 01:04:31,242 --> 01:04:32,952 property and sales taxes. 3565 01:04:33,035 --> 01:04:33,828 There you go. 3566 01:04:33,911 --> 01:04:35,413 So if you're in Arizona, 3567 01:04:35,496 --> 01:04:35,955 pay attention 3568 01:04:35,955 --> 01:04:36,581 to where you live. 3569 01:04:36,664 --> 01:04:38,708 And also fun little tidbit 3570 01:04:38,791 --> 01:04:40,084 what doing this exercise 3571 01:04:40,084 --> 01:04:40,835 as a real estate 3572 01:04:40,835 --> 01:04:41,502 investor actually 3573 01:04:41,502 --> 01:04:42,378 was a good exercise, 3574 01:04:42,378 --> 01:04:43,462 because 3575 01:04:43,546 --> 01:04:45,006 it must be just the areas 3576 01:04:45,006 --> 01:04:45,715 I've invested 3577 01:04:45,715 --> 01:04:46,841 in historically 3578 01:04:46,924 --> 01:04:47,091 where 3579 01:04:47,091 --> 01:04:48,968 one of the top indicators 3580 01:04:48,968 --> 01:04:49,969 of whether or not 3581 01:04:49,969 --> 01:04:50,887 I'm going to invest 3582 01:04:50,887 --> 01:04:51,721 in a property 3583 01:04:51,721 --> 01:04:52,263 is I look at 3584 01:04:52,263 --> 01:04:53,306 school districts, 3585 01:04:53,389 --> 01:04:54,432 or when I say I look at it, 3586 01:04:54,432 --> 01:04:55,516 my wife does all this work. 3587 01:04:55,516 --> 01:04:56,017 She's you know, 3588 01:04:56,017 --> 01:04:56,642 I don't I, 3589 01:04:56,642 --> 01:04:58,728 I do barely any work. 3590 01:04:58,811 --> 01:05:00,021 But, 3591 01:05:00,104 --> 01:05:01,022 she looks at school 3592 01:05:01,022 --> 01:05:01,480 districts 3593 01:05:01,480 --> 01:05:02,648 as an indicator of, 3594 01:05:02,648 --> 01:05:02,940 you know, 3595 01:05:02,940 --> 01:05:04,025 whether this is a good area 3596 01:05:04,025 --> 01:05:04,942 to invest in. 3597 01:05:05,026 --> 01:05:06,652 But I didn't realize 3598 01:05:06,736 --> 01:05:07,695 that there's 3599 01:05:07,695 --> 01:05:08,946 probably a bunch of states 3600 01:05:08,946 --> 01:05:09,405 and it probably 3601 01:05:09,405 --> 01:05:10,156 a bunch of areas 3602 01:05:10,156 --> 01:05:11,115 where school districts 3603 01:05:11,115 --> 01:05:12,533 aren't really as important. 3604 01:05:12,533 --> 01:05:13,117 So it shouldn't 3605 01:05:13,117 --> 01:05:13,993 be one of my it's 3606 01:05:13,993 --> 01:05:15,036 one of my top 3607 01:05:15,036 --> 01:05:15,578 two, top 3608 01:05:15,578 --> 01:05:16,996 three things that I look at, 3609 01:05:17,079 --> 01:05:18,789 well, areas like Florida, 3610 01:05:18,789 --> 01:05:19,498 some of these other ones, 3611 01:05:19,498 --> 01:05:20,458 I mean, you know, 3612 01:05:20,541 --> 01:05:21,250 I was shocked 3613 01:05:21,250 --> 01:05:22,084 how many private schools are 3614 01:05:22,084 --> 01:05:22,543 there? 3615 01:05:22,627 --> 01:05:25,338 Like they're everywhere. 3616 01:05:25,713 --> 01:05:27,256 Like everywhere. 3617 01:05:27,340 --> 01:05:27,965 Pennsylvania. 3618 01:05:27,965 --> 01:05:28,591 Yet you want to know 3619 01:05:28,591 --> 01:05:29,342 a weird thing that it 3620 01:05:29,342 --> 01:05:29,926 that I notice 3621 01:05:29,926 --> 01:05:30,593 in Pennsylvania, 3622 01:05:30,676 --> 01:05:31,218 Pennsylvania 3623 01:05:31,302 --> 01:05:32,637 is the only area 3624 01:05:32,720 --> 01:05:33,846 across the country 3625 01:05:33,846 --> 01:05:34,513 I've lived all over 3626 01:05:34,513 --> 01:05:35,181 the country 3627 01:05:35,264 --> 01:05:36,515 where when someone says, 3628 01:05:36,599 --> 01:05:38,434 where did you go to school? 3629 01:05:38,517 --> 01:05:39,769 They don't mean university, 3630 01:05:39,852 --> 01:05:41,479 they mean high school. 3631 01:05:41,562 --> 01:05:42,396 Yeah, that's where they 3632 01:05:42,396 --> 01:05:43,773 that's how prevalent, like 3633 01:05:43,856 --> 01:05:45,316 like make your high school 3634 01:05:45,316 --> 01:05:46,359 like your private school. 3635 01:05:46,359 --> 01:05:47,318 Like that's 3636 01:05:47,318 --> 01:05:49,028 that's how Idaho is. Yeah. 3637 01:05:49,028 --> 01:05:50,363 Because people would say 3638 01:05:50,446 --> 01:05:51,530 what school to go to. 3639 01:05:51,530 --> 01:05:52,782 We're talking oh Eagle. 3640 01:05:52,865 --> 01:05:53,950 Because we didn't like 3641 01:05:53,991 --> 01:05:54,575 especially grown up. 3642 01:05:54,575 --> 01:05:54,909 There was no 3643 01:05:54,909 --> 01:05:55,785 private schools. 3644 01:05:55,868 --> 01:05:56,744 So that 3645 01:05:56,827 --> 01:05:57,662 but I've never 3646 01:05:57,662 --> 01:05:58,663 seen that before where it's 3647 01:05:58,663 --> 01:05:59,121 just an 3648 01:05:59,121 --> 01:05:59,914 unwritten thing, like, 3649 01:05:59,914 --> 01:06:00,915 I'll meet someone at a meet 3650 01:06:00,915 --> 01:06:01,666 up, never talk 3651 01:06:01,666 --> 01:06:02,583 to them before, 3652 01:06:02,667 --> 01:06:03,250 and they'll be like, 3653 01:06:03,250 --> 01:06:04,043 what school do you go to? 3654 01:06:04,043 --> 01:06:04,460 I'll be like, oh, 3655 01:06:04,460 --> 01:06:05,336 I went to Colgate. 3656 01:06:05,419 --> 01:06:06,545 And they're like, 3657 01:06:06,629 --> 01:06:07,213 I'm like, yeah, 3658 01:06:07,296 --> 01:06:08,005 you know, Colgate 3659 01:06:08,005 --> 01:06:08,589 University, 3660 01:06:08,589 --> 01:06:09,215 upstate New York. 3661 01:06:09,298 --> 01:06:09,882 And they're like, 3662 01:06:09,966 --> 01:06:10,716 oh no, no, no. 3663 01:06:10,758 --> 01:06:11,092 Like what 3664 01:06:11,133 --> 01:06:12,301 high school do you go to? 3665 01:06:12,385 --> 01:06:13,219 And I'm like 3666 01:06:13,302 --> 01:06:13,928 most people 3667 01:06:14,011 --> 01:06:15,096 where you live child 3668 01:06:15,096 --> 01:06:16,597 don't go to college. Yeah. 3669 01:06:16,597 --> 01:06:17,556 And then what about 3670 01:06:17,556 --> 01:06:19,183 what about the age. Yeah. 3671 01:06:19,183 --> 01:06:20,393 This is close to your heart 3672 01:06:20,393 --> 01:06:21,394 at some point, but like, 3673 01:06:21,477 --> 01:06:21,894 shouldn't do 3674 01:06:21,936 --> 01:06:22,853 like the homeschoolers 3675 01:06:22,853 --> 01:06:23,562 get to opt out 3676 01:06:23,562 --> 01:06:24,313 of all those taxes 3677 01:06:24,313 --> 01:06:25,356 since we're not using tax 3678 01:06:25,398 --> 01:06:26,565 the school systems. 3679 01:06:26,649 --> 01:06:27,441 Oh that's a 3680 01:06:27,441 --> 01:06:29,026 that is a big beef 3681 01:06:29,110 --> 01:06:30,194 that I have. 3682 01:06:30,277 --> 01:06:33,155 I can tie this to. 3683 01:06:33,239 --> 01:06:35,950 So freaking ridiculous. 3684 01:06:36,075 --> 01:06:36,450 Let's not 3685 01:06:36,450 --> 01:06:38,285 let's not go down this road. 3686 01:06:38,369 --> 01:06:38,786 Here we are. 3687 01:06:38,869 --> 01:06:39,245 We're going to have 3688 01:06:39,245 --> 01:06:40,371 the school credits. 3689 01:06:40,454 --> 01:06:41,497 The school credits issue 3690 01:06:41,497 --> 01:06:42,456 where people basically 3691 01:06:42,456 --> 01:06:43,165 you get credits 3692 01:06:43,165 --> 01:06:44,125 and your property taxes 3693 01:06:44,125 --> 01:06:44,375 to go to 3694 01:06:44,375 --> 01:06:45,251 whatever school you want. 3695 01:06:45,292 --> 01:06:46,210 Credits are coming out 3696 01:06:46,210 --> 01:06:46,836 more and more 3697 01:06:46,836 --> 01:06:47,962 and all the states 3698 01:06:48,045 --> 01:06:49,630 because school participation 3699 01:06:49,630 --> 01:06:50,548 is just tanking. 3700 01:06:50,548 --> 01:06:50,923 Wasn't 3701 01:06:50,923 --> 01:06:52,258 that the Betsy DeVos thing? 3702 01:06:52,258 --> 01:06:53,426 Like she was a flurry 3703 01:06:53,426 --> 01:06:54,010 where she came 3704 01:06:54,010 --> 01:06:54,510 in, everyone's like, 3705 01:06:54,510 --> 01:06:55,011 oh my God, 3706 01:06:55,011 --> 01:06:55,636 this she's 3707 01:06:55,636 --> 01:06:56,762 going to absolutely tank 3708 01:06:56,762 --> 01:06:58,180 the whole education system. 3709 01:06:58,180 --> 01:06:59,473 And it was like one month 3710 01:06:59,473 --> 01:07:00,099 I'm talking about 3711 01:07:00,099 --> 01:07:00,850 Betsy DeVos. 3712 01:07:00,850 --> 01:07:01,809 And then you never heard her 3713 01:07:01,809 --> 01:07:02,601 name again. 3714 01:07:02,685 --> 01:07:03,728 The rest of time, 3715 01:07:03,811 --> 01:07:04,437 I've never heard her 3716 01:07:04,437 --> 01:07:05,104 name again. 3717 01:07:05,187 --> 01:07:06,313 All right. Good discussion. 3718 01:07:06,397 --> 01:07:08,315 Plugs hypothetical. You. 3719 01:07:08,399 --> 01:07:10,192 Oh, you got one, I got one. 3720 01:07:10,276 --> 01:07:11,152 Let's do it. 3721 01:07:11,235 --> 01:07:12,862 Okay. Here you go. 3722 01:07:12,945 --> 01:07:14,989 $1 billion. 3723 01:07:15,072 --> 01:07:16,073 Do you do this? Yes, 3724 01:07:17,033 --> 01:07:18,409 yes, I'm doing it. 3725 01:07:18,492 --> 01:07:20,161 I'm in, I'm in, I'm in. 3726 01:07:20,244 --> 01:07:21,037 As long as as long 3727 01:07:21,037 --> 01:07:22,246 as my family members 3728 01:07:22,246 --> 01:07:23,706 stay alive in the scenario, 3729 01:07:23,706 --> 01:07:24,290 I'm taking the 3730 01:07:24,290 --> 01:07:25,541 billion dollars I'm in. 3731 01:07:25,541 --> 01:07:27,501 So $1 billion. 3732 01:07:27,585 --> 01:07:29,045 But everybody 3733 01:07:29,045 --> 01:07:31,088 on the planet disappears 3734 01:07:31,172 --> 01:07:32,923 for ten years, 3735 01:07:33,007 --> 01:07:33,591 and you have to 3736 01:07:33,591 --> 01:07:35,760 survive alone on the planet 3737 01:07:35,760 --> 01:07:36,510 for ten years. 3738 01:07:36,510 --> 01:07:37,762 If you die, 3739 01:07:37,845 --> 01:07:38,763 you never come back. 3740 01:07:38,763 --> 01:07:39,638 Your family never knows 3741 01:07:39,638 --> 01:07:40,598 what happens to you. 3742 01:07:40,681 --> 01:07:42,767 You live for ten years. 3743 01:07:42,850 --> 01:07:43,601 You come back 3744 01:07:43,601 --> 01:07:44,560 at your same age, 3745 01:07:44,560 --> 01:07:45,269 same health. 3746 01:07:45,269 --> 01:07:46,520 No one knows. It happens. 3747 01:07:46,604 --> 01:07:47,521 Nobody knows how. 3748 01:07:47,563 --> 01:07:48,856 You have $1 billion. 3749 01:07:48,939 --> 01:07:50,357 Everything's paused 3750 01:07:50,441 --> 01:07:51,192 and everything. 3751 01:07:51,192 --> 01:07:51,317 Well, 3752 01:07:51,358 --> 01:07:52,568 the earth continues, 3753 01:07:52,568 --> 01:07:54,070 the earth continues on. 3754 01:07:54,153 --> 01:07:55,863 Do you and I just paused. 3755 01:07:55,905 --> 01:07:56,572 I was going to say, 3756 01:07:56,572 --> 01:07:57,615 is your age? Pause. 3757 01:07:57,656 --> 01:07:58,240 Because I feel like 3758 01:07:58,240 --> 01:07:59,742 that's changes the answer. 3759 01:07:59,825 --> 01:08:00,576 Let's say 3760 01:08:00,576 --> 01:08:02,787 you are in perfect health. 3761 01:08:02,870 --> 01:08:04,455 I'm in perfect health. 3762 01:08:04,538 --> 01:08:05,706 Done. I'm doing it. 3763 01:08:08,417 --> 01:08:09,293 You're waiting. 3764 01:08:09,376 --> 01:08:10,419 Let's say you part. 3765 01:08:10,419 --> 01:08:10,878 You pause 3766 01:08:10,878 --> 01:08:11,837 at your current age 3767 01:08:11,837 --> 01:08:12,254 in health. 3768 01:08:12,338 --> 01:08:14,048 Pause at my current age. 3769 01:08:14,131 --> 01:08:14,757 Yep. 3770 01:08:14,840 --> 01:08:15,841 And like, it's like a 3771 01:08:15,925 --> 01:08:16,926 it's like a wasteland, 3772 01:08:16,967 --> 01:08:17,259 right? 3773 01:08:17,259 --> 01:08:18,302 I'm assuming like, 3774 01:08:18,385 --> 01:08:19,386 no, no, no, no. People do. 3775 01:08:19,386 --> 01:08:20,346 People just disappear. 3776 01:08:20,429 --> 01:08:21,222 It's just. 3777 01:08:21,305 --> 01:08:21,639 Yeah. 3778 01:08:21,639 --> 01:08:21,972 But like, 3779 01:08:21,972 --> 01:08:22,932 what I'm saying is like, 3780 01:08:23,015 --> 01:08:24,058 stops working, right? 3781 01:08:24,058 --> 01:08:24,391 Oh, yeah. 3782 01:08:24,391 --> 01:08:25,684 Yeah, absolutely. 3783 01:08:25,684 --> 01:08:26,685 Things will stop working 3784 01:08:26,685 --> 01:08:27,144 nuclear 3785 01:08:27,144 --> 01:08:28,604 reactors will melt down. 3786 01:08:28,687 --> 01:08:29,772 Can I go to wait? Wait. 3787 01:08:29,772 --> 01:08:30,356 Can I go to 3788 01:08:30,356 --> 01:08:31,315 my neighbor's property 3789 01:08:31,315 --> 01:08:32,316 and kill a cow 3790 01:08:32,316 --> 01:08:33,359 and skin the cow 3791 01:08:33,359 --> 01:08:34,777 and eat the meat? Okay. Yep. 3792 01:08:34,860 --> 01:08:37,196 How do I have to prepare? 3793 01:08:37,279 --> 01:08:39,031 Let's say you got 24 hours. 3794 01:08:39,115 --> 01:08:40,116 I mean, I, 3795 01:08:40,199 --> 01:08:41,075 I want to do that 3796 01:08:41,075 --> 01:08:42,451 just for the fun of it. 3797 01:08:42,535 --> 01:08:43,160 Now, ten years, 3798 01:08:43,160 --> 01:08:44,411 though, is a long time. 3799 01:08:44,495 --> 01:08:45,162 If I could do, like, 3800 01:08:45,162 --> 01:08:46,789 three years or two, 3801 01:08:46,872 --> 01:08:48,791 24 hours might be two, 3802 01:08:48,874 --> 01:08:50,000 like two short for me 3803 01:08:50,000 --> 01:08:50,584 to figure out 3804 01:08:50,584 --> 01:08:51,710 where the best prepper is. 3805 01:08:51,710 --> 01:08:51,877 Like, 3806 01:08:51,877 --> 01:08:52,545 you've got to figure out 3807 01:08:52,545 --> 01:08:53,629 there's people 3808 01:08:53,712 --> 01:08:55,506 the duty anymore. 3809 01:08:55,589 --> 01:08:57,007 Go to your Cabela's dude 3810 01:08:57,007 --> 01:08:57,591 and just start like 3811 01:08:57,675 --> 01:08:58,926 pulling out your guns. 3812 01:08:58,926 --> 01:09:00,136 And like, 3813 01:09:00,219 --> 01:09:00,970 what I'm saying is 3814 01:09:00,970 --> 01:09:01,887 there's there's people 3815 01:09:01,929 --> 01:09:02,680 that were preparing 3816 01:09:02,680 --> 01:09:03,472 for this scenario 3817 01:09:03,472 --> 01:09:04,390 their whole life. 3818 01:09:04,473 --> 01:09:05,349 I just got to figure out 3819 01:09:05,349 --> 01:09:05,891 where they live. 3820 01:09:05,891 --> 01:09:06,183 Right? 3821 01:09:06,183 --> 01:09:06,350 Like, 3822 01:09:06,350 --> 01:09:07,393 you just got to go, dude, 3823 01:09:07,393 --> 01:09:08,269 if you have access 3824 01:09:08,269 --> 01:09:09,395 to everything, 3825 01:09:09,478 --> 01:09:09,770 think about, 3826 01:09:09,812 --> 01:09:11,897 like, going any sports age. 3827 01:09:11,981 --> 01:09:13,065 Not everybody has access 3828 01:09:13,065 --> 01:09:14,024 to a rifle right now. 3829 01:09:14,108 --> 01:09:14,942 They might be. 3830 01:09:15,025 --> 01:09:15,734 Here's the thing. 3831 01:09:15,818 --> 01:09:16,777 Nobody's nobody's 3832 01:09:16,777 --> 01:09:17,778 going to kill you. 3833 01:09:17,862 --> 01:09:18,320 You don't have to 3834 01:09:18,320 --> 01:09:19,155 worry about dying. 3835 01:09:19,238 --> 01:09:19,738 I got to worry 3836 01:09:19,738 --> 01:09:20,823 about animals. 3837 01:09:20,906 --> 01:09:21,407 You have to worry 3838 01:09:21,407 --> 01:09:22,158 about animals. 3839 01:09:22,158 --> 01:09:22,950 And here's the other thing. 3840 01:09:22,950 --> 01:09:23,367 You have to worry 3841 01:09:23,367 --> 01:09:24,326 about disease. 3842 01:09:24,410 --> 01:09:25,244 You got to go hunt. 3843 01:09:25,327 --> 01:09:26,245 But if I can get 3844 01:09:26,245 --> 01:09:27,288 into a pharmacy, 3845 01:09:27,371 --> 01:09:28,080 that's the thing is, 3846 01:09:28,080 --> 01:09:28,873 everybody vanish. 3847 01:09:28,873 --> 01:09:30,374 I could walk into any store. 3848 01:09:30,457 --> 01:09:31,208 I could get enough 3849 01:09:31,208 --> 01:09:32,585 freeze dried food 3850 01:09:32,668 --> 01:09:34,545 from walking into one store 3851 01:09:34,628 --> 01:09:36,797 to last me years 3852 01:09:36,881 --> 01:09:37,423 and like, 3853 01:09:37,423 --> 01:09:38,340 then I can get guns, 3854 01:09:38,340 --> 01:09:39,425 go to the pharmacy 3855 01:09:39,425 --> 01:09:40,509 and just start pulling out 3856 01:09:40,509 --> 01:09:42,386 all the antibiotics, 3857 01:09:42,469 --> 01:09:43,304 everything that I 3858 01:09:43,304 --> 01:09:44,263 could ever fall down 3859 01:09:44,263 --> 01:09:45,556 and slash your leg 3860 01:09:45,556 --> 01:09:46,348 and need surgery 3861 01:09:46,348 --> 01:09:46,849 or something, 3862 01:09:46,932 --> 01:09:48,100 go shoot a cow. 3863 01:09:48,100 --> 01:09:48,475 Okay? 3864 01:09:48,475 --> 01:09:48,726 That's a 3865 01:09:48,767 --> 01:09:49,393 that's what I'm saying. 3866 01:09:49,393 --> 01:09:50,686 If you find a prepper knows 3867 01:09:50,686 --> 01:09:51,979 that basically he's been 3868 01:09:52,062 --> 01:09:53,189 he's been prepared for that. 3869 01:09:53,189 --> 01:09:53,814 He's got his own 3870 01:09:53,814 --> 01:09:54,732 little garden. 3871 01:09:54,732 --> 01:09:55,774 He's got all this solar 3872 01:09:55,774 --> 01:09:56,942 panel he's on, 3873 01:09:57,026 --> 01:09:57,610 you know, his 3874 01:09:57,610 --> 01:09:58,444 his plumbing 3875 01:09:58,444 --> 01:09:59,612 is all hooked up and stuff. 3876 01:09:59,612 --> 01:10:00,446 If I can find that up. 3877 01:10:00,446 --> 01:10:01,238 Yeah. Ten years. 3878 01:10:01,280 --> 01:10:02,156 Let's do it. They. 3879 01:10:02,239 --> 01:10:02,948 I would work out 3880 01:10:02,948 --> 01:10:03,616 pretty hard to. 3881 01:10:03,616 --> 01:10:04,700 I'd be in great shape. 3882 01:10:04,783 --> 01:10:06,493 Oh. Come back. 3883 01:10:06,577 --> 01:10:08,078 My wife would be Like, 3884 01:10:08,078 --> 01:10:08,871 she would wake up 3885 01:10:08,871 --> 01:10:09,455 the next morning 3886 01:10:09,455 --> 01:10:10,039 and all of a sudden, 3887 01:10:10,039 --> 01:10:11,373 her husband's just jacked 3888 01:10:11,373 --> 01:10:13,042 in, like tan Jack. 3889 01:10:13,125 --> 01:10:13,918 Just like, 3890 01:10:14,001 --> 01:10:15,044 what if it was just 3891 01:10:15,044 --> 01:10:15,669 the four of us? 3892 01:10:15,669 --> 01:10:17,213 I do it for half a billion. 3893 01:10:17,296 --> 01:10:17,630 If it were, 3894 01:10:17,630 --> 01:10:18,756 if it was the four of us, 3895 01:10:18,756 --> 01:10:19,882 I'd do it for free. 3896 01:10:19,965 --> 01:10:20,591 That would be fun. 3897 01:10:20,633 --> 01:10:22,343 That's exactly. 3898 01:10:22,426 --> 01:10:23,344 I'm in. 3899 01:10:23,427 --> 01:10:23,761 Hang out 3900 01:10:23,761 --> 01:10:24,803 with your four buddies 3901 01:10:24,803 --> 01:10:26,096 for ten years. 3902 01:10:26,180 --> 01:10:27,139 Grab the cars. 3903 01:10:27,139 --> 01:10:27,973 Come on down. 3904 01:10:27,973 --> 01:10:28,641 Let's hang out. 3905 01:10:28,724 --> 01:10:29,516 AJ, forget 3906 01:10:29,600 --> 01:10:30,059 you're getting the 3907 01:10:30,059 --> 01:10:30,893 worst of this deal. 3908 01:10:32,061 --> 01:10:32,478 We're just going 3909 01:10:32,478 --> 01:10:33,896 to drag you down. 3910 01:10:33,979 --> 01:10:35,314 No flying in. 3911 01:10:35,397 --> 01:10:36,982 We create our own, like, 3912 01:10:37,066 --> 01:10:38,150 social nights. 3913 01:10:38,150 --> 01:10:38,651 And it would be. 3914 01:10:38,651 --> 01:10:39,652 It would be awesome. 3915 01:10:39,735 --> 01:10:40,277 We have to. 3916 01:10:40,361 --> 01:10:41,362 We have 24 hours 3917 01:10:41,362 --> 01:10:42,321 to get to each other, 3918 01:10:42,404 --> 01:10:43,197 go grab, like, 3919 01:10:43,197 --> 01:10:44,281 all the cool cars 3920 01:10:44,281 --> 01:10:45,658 we want and, like, 3921 01:10:45,741 --> 01:10:47,201 stock up all this gas. 3922 01:10:47,201 --> 01:10:49,036 And just like I might, 3923 01:10:49,036 --> 01:10:50,079 we might have to have a vote 3924 01:10:50,079 --> 01:10:50,871 on that because, like, 3925 01:10:50,871 --> 01:10:51,330 something 3926 01:10:51,330 --> 01:10:52,539 that's that dangerous, 3927 01:10:52,581 --> 01:10:53,540 I might have to say, 3928 01:10:53,624 --> 01:10:54,375 we got to last 3929 01:10:54,375 --> 01:10:55,125 the ten years, 3930 01:10:55,125 --> 01:10:55,542 you know, like, 3931 01:10:55,542 --> 01:10:56,335 it's like 3932 01:10:56,418 --> 01:10:57,253 like we got 3933 01:10:57,253 --> 01:10:59,088 there's got to be some way. 3934 01:10:59,171 --> 01:10:59,922 And then the ten years 3935 01:10:59,922 --> 01:11:00,381 comes up. 3936 01:11:00,464 --> 01:11:02,132 Can we do another two years? 3937 01:11:02,216 --> 01:11:04,927 We will take the extension. 3938 01:11:06,720 --> 01:11:08,055 I'll give back 3939 01:11:08,055 --> 01:11:08,597 half the money. 3940 01:11:08,597 --> 01:11:09,181 If I could do this 3941 01:11:09,181 --> 01:11:10,057 for a couple of years. 3942 01:11:10,057 --> 01:11:11,016 Do the extensions come 3943 01:11:11,058 --> 01:11:11,725 after this long? 3944 01:11:11,767 --> 01:11:12,935 We pay it back 3945 01:11:12,935 --> 01:11:14,311 for extensions. 3946 01:11:15,729 --> 01:11:17,690 Okay, one more hypothetical. 3947 01:11:17,773 --> 01:11:18,732 No, that was a fun one. 3948 01:11:18,732 --> 01:11:19,692 We got to end on that, Jay. 3949 01:11:19,692 --> 01:11:20,526 I don't save that 3950 01:11:20,526 --> 01:11:21,485 for next week. Plugs. 3951 01:11:21,485 --> 01:11:22,611 What do you got, Mauricio? 3952 01:11:22,695 --> 01:11:22,945 Dude, 3953 01:11:22,945 --> 01:11:23,153 I don't know 3954 01:11:23,153 --> 01:11:23,612 if you guys can 3955 01:11:23,612 --> 01:11:24,071 still hear me. 3956 01:11:24,071 --> 01:11:24,780 I gotta fix my 3957 01:11:24,780 --> 01:11:25,698 internet thing, but, 3958 01:11:25,781 --> 01:11:26,991 no coaching with Mauricio. 3959 01:11:26,991 --> 01:11:27,825 Just got a coaching with 3960 01:11:27,866 --> 01:11:28,701 Murray sitcom. 3961 01:11:28,742 --> 01:11:30,494 I'm still doing my weekly 3962 01:11:30,494 --> 01:11:31,370 coaching. It's been awesome. 3963 01:11:31,370 --> 01:11:31,996 Where did you keep 3964 01:11:31,996 --> 01:11:32,621 the name of it? 3965 01:11:32,621 --> 01:11:33,998 The same, or is it? 3966 01:11:34,081 --> 01:11:35,165 Oh, it's the elite. 3967 01:11:35,165 --> 01:11:36,083 It's called elite 3968 01:11:36,083 --> 01:11:36,959 Inner Circle. 3969 01:11:36,959 --> 01:11:37,543 And we're 3970 01:11:37,626 --> 01:11:38,127 working through 3971 01:11:38,127 --> 01:11:39,420 a compliance program 3972 01:11:39,420 --> 01:11:40,421 like an audit file 3973 01:11:40,421 --> 01:11:41,213 so that when you 3974 01:11:41,297 --> 01:11:42,631 when you joined, by the time 3975 01:11:42,631 --> 01:11:42,965 you're done, 3976 01:11:42,965 --> 01:11:43,299 you're gonna have 3977 01:11:43,299 --> 01:11:44,133 a complete audit 3978 01:11:44,133 --> 01:11:45,175 file of everything you need 3979 01:11:45,175 --> 01:11:46,552 you could do to pass 3980 01:11:46,552 --> 01:11:47,469 SEC scrutiny. 3981 01:11:47,469 --> 01:11:47,845 So it's 3982 01:11:47,845 --> 01:11:48,887 developing really nicely. 3983 01:11:48,887 --> 01:11:50,055 So if you're interested, 3984 01:11:50,055 --> 01:11:50,764 just go to coaching 3985 01:11:50,764 --> 01:11:51,640 with reset a com 3986 01:11:51,640 --> 01:11:52,141 and we'll 3987 01:11:52,224 --> 01:11:53,142 I'll send you the details 3988 01:11:53,142 --> 01:11:54,226 and see if it's a fit. 3989 01:11:54,310 --> 01:11:55,019 They're also working 3990 01:11:55,019 --> 01:11:55,686 on their internet 3991 01:11:55,686 --> 01:11:56,437 one of these days 3992 01:11:56,437 --> 01:11:57,313 Mauricio you'll 3993 01:11:57,354 --> 01:11:58,272 you'll be able to afford 3994 01:11:58,272 --> 01:11:59,773 good internet AJ 3995 01:11:59,857 --> 01:12:00,524 what do you got buddy? 3996 01:12:00,607 --> 01:12:01,483 You know what. 3997 01:12:01,567 --> 01:12:04,695 Go check out our tech fund. 3998 01:12:04,778 --> 01:12:05,654 We're still racing for it. 3999 01:12:05,654 --> 01:12:06,363 That's what. 4000 01:12:06,447 --> 01:12:06,905 Think? Yeah. 4001 01:12:06,905 --> 01:12:08,324 Go check out the tech fund. 4002 01:12:08,407 --> 01:12:10,034 Diversified, tech 4003 01:12:10,034 --> 01:12:11,744 on three different software 4004 01:12:11,827 --> 01:12:12,911 companies that we, 4005 01:12:13,871 --> 01:12:15,164 use in our businesses 4006 01:12:15,164 --> 01:12:15,831 and everything else. 4007 01:12:15,831 --> 01:12:17,082 So go check it out. 4008 01:12:17,166 --> 01:12:19,543 Go to Cedar Creek Capital, 4009 01:12:19,626 --> 01:12:20,377 dot com. 4010 01:12:20,461 --> 01:12:21,420 And then right there, 4011 01:12:21,420 --> 01:12:22,129 you can go. 4012 01:12:22,212 --> 01:12:23,047 Jay, what do you got? 4013 01:12:23,130 --> 01:12:23,839 I'm plugging 4014 01:12:23,839 --> 01:12:25,049 next week's episode. 4015 01:12:25,049 --> 01:12:25,758 We're going to be doing 4016 01:12:25,758 --> 01:12:26,258 our mid-year 4017 01:12:26,258 --> 01:12:28,218 prediction episode. 4018 01:12:28,302 --> 01:12:29,386 Really? 4019 01:12:29,470 --> 01:12:30,304 I knew if I didn't 4020 01:12:30,304 --> 01:12:30,846 say it here, 4021 01:12:30,846 --> 01:12:31,513 you guys wouldn't 4022 01:12:31,513 --> 01:12:32,097 let me do it. 4023 01:12:32,097 --> 01:12:32,890 I love that 4024 01:12:32,890 --> 01:12:34,725 you snuck that in, 4025 01:12:34,808 --> 01:12:36,435 like I'm I'm committing. 4026 01:12:36,518 --> 01:12:36,894 I don't 4027 01:12:36,977 --> 01:12:38,562 I don't want to do this. 4028 01:12:38,645 --> 01:12:39,229 Why? 4029 01:12:39,271 --> 01:12:40,272 Everybody everybody 4030 01:12:40,272 --> 01:12:41,190 loves our predictions 4031 01:12:41,190 --> 01:12:41,648 episodes. 4032 01:12:41,648 --> 01:12:43,275 They're like our best viewed 4033 01:12:43,317 --> 01:12:44,151 episodes. 4034 01:12:44,151 --> 01:12:44,818 But like, 4035 01:12:44,902 --> 01:12:46,111 they do realize in this 4036 01:12:46,111 --> 01:12:46,904 what's going on 4037 01:12:46,904 --> 01:12:47,654 in the economy 4038 01:12:47,654 --> 01:12:49,615 and everything global, 4039 01:12:49,698 --> 01:12:50,157 like everything 4040 01:12:50,157 --> 01:12:50,657 that's going on. 4041 01:12:50,657 --> 01:12:51,950 Like we're just making up. 4042 01:12:52,034 --> 01:12:52,910 You just hate the fact 4043 01:12:52,910 --> 01:12:53,744 that the four of us 4044 01:12:53,744 --> 01:12:54,244 have been wrong 4045 01:12:54,244 --> 01:12:55,245 about everything 4046 01:12:55,245 --> 01:12:56,955 every time for three years. 4047 01:12:56,955 --> 01:12:57,748 And that's what I think. 4048 01:12:57,748 --> 01:12:58,749 How can you predict 4049 01:12:58,749 --> 01:12:59,917 anything right now? 4050 01:12:59,917 --> 01:13:00,376 Like it's 4051 01:13:00,376 --> 01:13:01,335 like it's fun talking. 4052 01:13:01,335 --> 01:13:01,668 You feel like 4053 01:13:01,668 --> 01:13:02,336 we're just taking 4054 01:13:02,336 --> 01:13:03,253 a shot in the dark, that 4055 01:13:03,253 --> 01:13:04,296 maybe we get it right 4056 01:13:04,296 --> 01:13:05,130 so we can clip it 4057 01:13:05,130 --> 01:13:05,923 later and be like, 4058 01:13:07,049 --> 01:13:07,800 Jay was right 4059 01:13:07,800 --> 01:13:09,551 about everything. Duh. 4060 01:13:09,635 --> 01:13:10,177 No wonder 4061 01:13:10,177 --> 01:13:12,846 we've had no clips. 4062 01:13:13,680 --> 01:13:14,973 Exactly. 4063 01:13:15,057 --> 01:13:16,183 I just want to be able 4064 01:13:16,183 --> 01:13:17,059 to rub in the fact 4065 01:13:17,059 --> 01:13:18,268 that we're ratio's, 4066 01:13:18,352 --> 01:13:19,603 10% inflation 4067 01:13:19,603 --> 01:13:20,604 hasn't happened yet, 4068 01:13:20,687 --> 01:13:22,439 and his and his crash. 4069 01:13:22,523 --> 01:13:23,690 All right, 4070 01:13:23,774 --> 01:13:24,650 if you set it up, 4071 01:13:24,650 --> 01:13:26,193 Jay, I will show up 4072 01:13:26,276 --> 01:13:26,985 prepared. 4073 01:13:27,069 --> 01:13:27,444 I will 4074 01:13:27,444 --> 01:13:28,612 I will do the spreadsheet. 4075 01:13:28,612 --> 01:13:29,154 I will 4076 01:13:29,154 --> 01:13:29,988 I will listen back 4077 01:13:29,988 --> 01:13:31,115 through the last episode 4078 01:13:31,115 --> 01:13:32,574 and I will documented all, 4079 01:13:32,574 --> 01:13:33,492 and we'll be ready for you 4080 01:13:33,492 --> 01:13:33,992 going to make us 4081 01:13:33,992 --> 01:13:35,994 do scorecards to know. 4082 01:13:35,994 --> 01:13:36,787 But you'll know. 4083 01:13:36,870 --> 01:13:37,746 We'll get to see 4084 01:13:37,746 --> 01:13:38,747 what we said last time. 4085 01:13:38,747 --> 01:13:39,706 Everything was wrong. 4086 01:13:39,790 --> 01:13:41,417 Let's let's just. 4087 01:13:41,500 --> 01:13:42,292 Everything was wrong. 4088 01:13:42,334 --> 01:13:43,335 How does gold doing 4089 01:13:43,419 --> 01:13:44,294 actually get gold? 4090 01:13:44,294 --> 01:13:45,254 We might have hit gold. 4091 01:13:45,337 --> 01:13:47,297 What episode was that? 4092 01:13:47,381 --> 01:13:48,132 It was the first 4093 01:13:48,132 --> 01:13:49,091 one in January. I, 4094 01:13:50,050 --> 01:13:50,342 All right. 4095 01:13:50,342 --> 01:13:51,760 Plugs. 4096 01:13:51,844 --> 01:13:53,804 Go leave a review 4097 01:13:53,804 --> 01:13:54,471 on conference. 4098 01:13:54,471 --> 01:13:55,597 Connect comm. 4099 01:13:55,597 --> 01:13:57,224 One of these guys, Jay, 4100 01:13:57,266 --> 01:13:58,684 AJ, Mauricio. 4101 01:13:58,684 --> 01:13:59,560 They're all speakers. 4102 01:13:59,643 --> 01:14:00,769 They all speak at events. 4103 01:14:00,853 --> 01:14:02,688 Limitless coming up. 4104 01:14:02,771 --> 01:14:04,690 I think they're, two of the. 4105 01:14:04,690 --> 01:14:05,023 You guys 4106 01:14:05,023 --> 01:14:05,357 at least are 4107 01:14:05,357 --> 01:14:06,984 speaking at that go. 4108 01:14:06,984 --> 01:14:07,901 I'm sure everyone, 4109 01:14:07,901 --> 01:14:08,402 if you're listening 4110 01:14:08,402 --> 01:14:08,986 this podcast, 4111 01:14:08,986 --> 01:14:09,862 you've heard one of these 4112 01:14:09,945 --> 01:14:11,530 these guys speak. 4113 01:14:11,613 --> 01:14:12,364 Go leave a review 4114 01:14:12,364 --> 01:14:12,823 for one of them 4115 01:14:12,823 --> 01:14:13,949 on conference connect guy. 4116 01:14:13,991 --> 01:14:14,867 Com go, 4117 01:14:14,950 --> 01:14:15,701 help them out, 4118 01:14:15,701 --> 01:14:17,077 boost their reviews. 4119 01:14:17,161 --> 01:14:18,078 So I got 4120 01:14:18,162 --> 01:14:18,912 we still figured out 4121 01:14:18,912 --> 01:14:20,372 a way to do an hour and 15. 4122 01:14:20,456 --> 01:14:21,999 You ruined the end here 4123 01:14:21,999 --> 01:14:23,292 because I usually end off 4124 01:14:23,292 --> 01:14:23,834 feeling good 4125 01:14:23,834 --> 01:14:25,210 about coming back next week. 4126 01:14:25,210 --> 01:14:25,461 I'm like, 4127 01:14:25,461 --> 01:14:25,961 oh, let's 4128 01:14:25,961 --> 01:14:26,920 everybody see this. 4129 01:14:26,920 --> 01:14:27,463 And I'm 4130 01:14:27,463 --> 01:14:28,088 not even looking 4131 01:14:28,088 --> 01:14:28,630 forward to it. 4132 01:14:28,630 --> 01:14:30,174 So thank you for 4133 01:14:30,174 --> 01:14:31,550 robbing that from me. But, 4134 01:14:33,135 --> 01:14:33,844 if you're into the 4135 01:14:33,844 --> 01:14:34,845 whole predictions thing 4136 01:14:34,845 --> 01:14:36,472 like Jay thinks you are, 4137 01:14:36,555 --> 01:14:37,931 I guess I will see 4138 01:14:37,931 --> 01:14:39,391 you next Thursday. 4139 01:14:39,475 --> 01:14:41,477 Tell us in the comments. 4140 01:14:41,560 --> 01:14:42,853 See you guys later.