Video Closed Captions:
here or something straighten this thing
out there we go so good morning everyone
michael zuber one rental at a time it is
december
1st
i only have one question for you
where did 2021 go
11 months done
one month to go
if you’re watching this channel you
likely have an interest in real estate
investing i am curious
what have you done this year if you have
some interest if you are stuck you’re
not sure what you’re doing my suggestion
has always been
get a buy box set up your buy box all of
those things so
again i want to remind you that the
course is going up january 1st
lots of you uh have interests lots of
you have thought about buying it if you
don’t uh if you don’t get it by december
31st the price goes up i don’t want
anybody to be upset last time we had a
price increase last january uh some
folks were
not happy so i’ve been giving you a
heads up for two months now well it will
be two months by the time this is done
so
just so you know link below uh before we
get started we got some people to say
congratulations to we want to say
congratulations to john
thank you for doing the work and getting
your deal and sergio and rohit rojible
hopefully i’m close uh congratulations
for getting your deal both of your cards
will be going out in the mail today
and then uh next up we do have some
christmas gifts going out veronica has
bought the package of an autographed one
rental at a time with the do your work
notebook
she wants these things so fast she wants
them mailed without the wrapping paper
i expect to get the wrapping paper
friday others have bought it and said
hey i want to see that one rental at a
time wrapping paper so
those will hopefully go out saturday is
my goal so i got those out of the way
put that over there now on to the daily
financial news uh first off
because it’s december 1st i think we
just need to say
rent’s due
rents being due it’s different when
you’re a landlord right when you’ve done
the work when you have your asset that
is the income event that starts at the
top of the cash flow statement and it
just it just feels different so again if
you’ve gotten a rental property
congratulations rents are due if you’re
doing the work and your plan is to get a
property you know maybe in december or
in the next year
the first of the month is
often seen as a good day
as we move forward we have um adp report
adp report came out this is a private
payroll report
it came out and showed 534 000 jobs were
created a little bit higher than
estimates estimates were for 506
but frankly down from october
down from october october was 570 so
pretty interesting there
a couple things i did note is the
service sector uh
really kicked in 424 000 jobs created so
pretty impressive uh found some
estimates for friday friday’s the big
number uh friday is uh the over under i
said was 600 uh the estimate is for 573
573 k
if you want to play over under just
leave comments below over under we’ll
have some fun uh unemployment rate is
expected to be 4.5
for most of my adulthood 4.5 was
considered
well actually was better than full
employment
folks the fed is supposed to be stable
prices and full employment
uh jerome powell made the mistake the
same mistakes that were made in the late
60s that caused the 70s he switched the
priority and we are paying the price and
will continue to pay the price for that
a couple of things first and foremost if
if you haven’t seen yesterday i brought
back bob langworthy who is the cpa i go
to to talk real estate i wanted to go to
him because i wanted to make sure we had
a cpa talking about cost segregation
carry forward loss bonus depreciation
bob and i had a great 20 25 minute talk
it was posted yesterday at 6 00 p.m so
if you want to hear a cpa talk about
bonus depreciation cost segregation and
why the little guy
me and you
can now use cost segregation on single
family homes or a duplex in my example
go ahead and watch that video and again
bob langworthy is in the course we talk
about seller financing how to
communicate to the seller how they can
save taxes
all of those things so well worth the
discussion check that video out
toys r us toys r us is opening a store i
don’t know if you guys know this but
toys r us
i believe late 2019 went completely
online
they are now opening a 20 000 square
foot store in new jersey there’s a mall
called the american dream mega mall
it must be big i’ve never been to that
mall must be pretty big but yes 20 000
square foot toys r us will have a
physical presence uh which is pretty
interesting uh jerome powell
i did a video yesterday actually two
on jerome yesterday he is really dr
jekyll and mr hyde at this point my plan
is to talk to anna kelly about that
later because there really is a language
to
um
is really a language to the fed uh so we
are um
going to talk about our experience and
actually i have some greenspan quotes at
the end of this video that i’ve captured
that i think are pretty good so again he
is now saying drop transitory
we brought you that months ago quarters
ago never was transitory
jerome powell part of his job
is marketing
it just is
jerome powell realizes that his voice
carries
and he does not want to freak out the
consumer
if jerome powell nine months ago would
have said sorry everybody inflation’s
gonna be seven eight nine percent going
forward that could have destroyed
the economy so what does jerome powell
do he looks in the camera and says don’t
worry folks it’s transitory
most people don’t know what that means
but they assume it means
a little bit
fed fed presidents
market they’re marketing folks and if
you want to know one of the best go back
to alan greenspan because he would say
all kinds of things that meant nothing
so again we will talk with hopefully
with anna kelly about jerome powell
later today mortgage refi demand
plummets
plummets uh this again is a week on week
number but yes mortgage refi demand fell
15 percent matt the mortgage and guy and
i have been talking about this for
several weeks
weeks rates are up
reasons to refi go down it’s a standard
function
if you are being called by mortgage
brokers be very very leery mortgage
brokers got fat
they added head count because they were
every i think what did we i think this
70 of loans on single-family homes have
been
um
had a had a loan recast in the last two
years something crazy maybe 65
but basically they’re fighting over ever
increasing pool so be very very carefree
careful lots of mortgage brokers are not
the quality
uh of matt the mortgage guy a lot of
them will just fish for fees so be very
very careful
happy and sunny i can grab
i can grab sunny let’s see
come here sunny
i know you want to stay in your bed
so right now i can grab sonny sonny is
our baby he is um
how old are you four months now you’re
whopping three and a half pounds
do you know what you’re doing buddy i
can’t quite grab happy happy is too far
away i think she knows if she gets close
to me i’m going to pick her up i think
that’s why she goes in the corner but
anyways so i’ll try to get happy later
in the day thank you for that
um
what else do we got oh mortgage refi
demand was down 15 be careful however
and again
i told you this was coming
this is so fun to me when i’m right it’s
so fun
applications to purchase
up up up
yes folks
human nature the consumer is a
predictable
it’s predictable when you watch
and you watch and you watch
purchase demand was up five percent
because rates went up
all of these channels talking about
rates going up going to destroy housing
don’t know what the consumer does
when rates tick up mom and dad get off
their butt and they buy a home
they don’t they they know they miss the
bottom and they act with energy in
urgency
if you would go back and study the last
50 years you would see this instead of
being in your mom’s basement and playing
with charts
yes
purchases
interest rates up
purchases
up
put that in your pipe and smoke it
next up we have an analyst from
jefferies this one kind of shocked me
christopher wood
thinks that oil now he’s talking about a
barrel of oil
could see a hundred and fifty
dollars
now to his credit he is saying if the
world economy opens up
he expects oil to essentially double
i read that article
thought about gas at my local gas
station being almost six bucks
yeah six i’m in california so we pay
like two bucks in taxes
but yeah six dollars
almost six dollars
where do where does gas go if oil
doubles can we have gas at ten dollars a
barrel or ten dollars a gallon
that would be kind of kind of nervous
looks like new york city is attacking
wall street once again and wall street
is pushing back there is real
conversations about why would wall
street stay in new york city obviously
the pandemic had a lot of people leave
and open up branches in florida look at
ark kathy wood i believe is
has already opened or at least plans to
open shortly uh there there is talk
about hey if you keep coming after
uh wall street we will simply pick up
and move there is nothing
um nothing there uh that makes them stay
anymore so it is going to be interesting
to see what happens in cities like new
york san francisco that have clearly
taken an angle and again
there was an old analogy uh that we had
um
you know when the when the door is open
like when the when the fence is open you
don’t quote unquote
punish the dog because the dog will just
leave
the door is open folks if you keep
attacking the rich in places like new
york or san francisco they will just
leave they’ll be like i’m out they’ll
pull a kathy wood and go move to florida
so
it is going to be very very interesting
to see and i actually think that wall
street as it is known as it is
constituted will not exist in five years
i believe the folks in new york city
will continue to clamp down it is an
easy attack and they will simply pick up
and go i don’t know who it will be
it’ll probably be goldman might be jp
morgan will be the first to leave and
then once one is gone
they will all move south
uh salesforce salesforce reported uh
kind of mixed bag first off they beep
top and bottom which again remember we
don’t really want to look back we’re
always looking forward they gave they
gave weak guidance for q4
it is going to be interesting to see how
tech holds up over the six next six or
nine months if guidance continues to
disappoint and rates go up that could be
a very big double whammy
so we shall see what’s going on
if you are a flipper or someone that is
looking to do remodeling in your home
be aware that three things are
significant delays
we’ve already talked about windows on
this channel windows and doors could be
8
to 30 weeks
folks i suggest not getting custom
windows get them off the shelf
30 weeks that is more than half a year
adding square footage uh there is a lot
of parts lumber a part of adding square
footage it is delayed normally 10 to 12
weeks
to get everything that is required and
finally kitchen appliances
yes the chip shortages hitting kitchen
appliances as well so again be aware
that if you are a house flipper those
three things could delay and i bring
this up for flippers because you have
carrying costs lots of you have hard or
private money
so be aware that your time horizons will
be delayed and you will be making extra
payments so make sure you’re doing the
math especially if real estate slows
down
make sure you can pay those holding
costs
uh what else do we got fanny and freddie
have come out with new loan limits i
don’t know how i feel about this the
average or the max for low areas used to
be 548 548 000 right a fha loan right
the loan max
now it is 647. that’s a hundred grand or
99 grand
the high dollar amount like san
francisco
used to be 22
9.70
this just feels like more reason for
housing to go up because you can still
now you can get an fha loan at higher
limits man crazy
is now saying
drop transitory we’ve talked about that
but also warning
that he sees at least a risk it is not
his
base case but it is out there as
possible that inflation
could accelerate
next year
yeah
not transitory not falling but
accelerating
pretty pretty uh pretty interesting so
folks if you don’t know we are looking
to help a million people it is now my
life’s mission i’m sure it will take
decades and i am okay doing that at one
rental at a time i’m taking this concept
of 500 and putting it on steroids
in order to do that i know that i need
to produce consistent content which
hopefully i’ve proven over the last
three years i am comfortable with
i have to produce good content
i will continue to produce what i am and
i believe me i’m trying to get better
every day
but third in order to get a million
i need your help each and every person
watching this today i need your help you
need to hit thumbs up you need to leave
comments you need to subscribe
you need to share videos that hit
different i produce four or five videos
a day hopefully one video a day three
four videos a week hits different when
that happens please share it please ask
others to join please tell people about
the daily financial news
i’m ready to do it i’m going to need
your help if you want to get on board
please do again we will do some
marketing i will spend some money
it’s all in the works i have a call at
nine o’clock today to kind of brainstorm
some things so i am now excited about
this goal of a million a month ago i was
like that’s nuts nobody can do that
then it got a little comfortable then i
had that conversation i think it was on
saturday it might have been sunday with
the growth architect
and she kicked me in my butt and i’m
like
all right let’s do it million people
i figure in life you die twice once when
you physically die in second when the
last person says your name one rental at
a time or mike michael zuber will
hopefully be said for 50 to 60 years
after i am long long gone because we are
going to be impacting lives people will
be building portfolios people will be
passing them down
and hopefully every once in a while
somebody says that mike zuber guy was
very helpful so we’re going to give it a
shot
let’s do it together tag me on instagram
tag me on facebook
linkedin podcast i’m gonna keep being
consistent you can help me
let’s go bye