A Real Estate Investor Analysis of Tax Reform, 1/10

Del Walmsley
Wednesday, January 10th

Del clears up much of the misleading analysis of commercial/rental real estate in the latest tax reform bill. As part of this coverage, he surveys those hardest hit, such as states with high state/local tax burdens and expensive real estate, and personal home owners. To guide this discussion, Del closely examines an article focusing on 2018 national real estate predictions by New York Listing Broker, Louise Phillips Forbes.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

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The next hour will change your life. And now you're. National award winning investor road. CEO and founder of like star. Once I had. Welcome to go wobbly radio show with a high fence and help begins under rules don't want to win is always working on your financial freedom. Well my friends I have not come true completely. Definitive understanding the tax law tradition at. Absorb quite a bit. Has some insight into some of the but some looks at me an article here by Louise for all Louise Phillips for its. And she had some opinions on this Gupta and it's pollution program from New York street here's hoping some big name brokers some form. The end of I just got to be urged him to go through some of what what it is it is her opinion of the with the tax bill will do and I'll give you little intelligent what I. Seem to believe to be true and does so and they want to get involved nailed down I'll have somebody legacy create a month. It will actually go through it completely. So we told you understand it but I can give some insights and subsequently to this situation. What's interesting to me is I was watching some Talking Heads on TV the other day. Yeah I'm. Good it was had to be liberal shall probably. CNN. I don't watch CNBC its totally. Drinking. Group who. Water fountain didn't ridiculous but even CNN. Which used in sweats and left if not all we did well. Which interest and to have on this guy. It was screaming yelling almost crying like a little bit EP. It's a grown man 5060 years of age who shares almost crying you just the attic. Listen to him talk about the tax changes and help. One way they are other only effective and make real Steve investing so incredibly good. That it's unfair for the rest of the world. It's destroying everybody except rules to investors and Cedric Cedric. From what I didn't understand was why is the guy a talking head on TV. When he didn't even realize that 90% of the stuff he was talking about has been a place for the last. Thirty years since 1986. The last time the tax code was actually really change any significant way. We've had these same rules stated the images. And they get the guy has no idea. Whatsoever. What those changes all. And it it just blows my mind that somebody like a national. TV. Program like C unit. Or fox or anybody. Can bring on some. To speak on a topic. That has absolutely. No idea what he's talking about other day and the one to throw a liberal spin on an Horry. Did conservatives and other whatever and that's why it's very hard for me you want to be wiped barely even Washington TV news anymore who just doesn't make any sense. But here with that's does this lady gets more articles and the ruling she doesn't even really kept the whole. Topic has really culprit she does. Talk about the changes which is important guy who scream and yell about was so we've already yet you realized that by the correct used to depreciation. Our tax income. Art and art income from rules investing. Can be tax deferred for the rest of our lives. It eventually going to for a longer than you dollar it would just simply go away. That's the pact have been in place have been in place ever since 86 before 86 who were even worsen. You could actually ride up two or three or four times what you actually lost. But it took better way. You know now you just earned income tax rate and maybe get some overflow tax benefits. But the bottom line is it's just that the real benefit is the taxing the income you weren't by investing rules to win done correctly. Should be tax free if you do it correctly. So. All this other stuff all of these other things this ladies bring up everything back I was talking about. Gorgeous. Non news. I don't called fake news it's not page is not news it's things of importance or relevance as far as change. So is going to go to court to Libya to say it will be conducive to action for more than. A mortar be revealed tax reform bold move to remove tax benefits from homeowners and home buyers will have an impact our housing market there are however unlike the stock market. Where news creature fairly immediate ball to response term and how these changes will actually translated to market leaders like Walter Andrews new York and separate Cisco. As walls. Ripple of affect small markets will take some time to impact can be hit or most likely three quarters. Now whose first role should the spill in this league is obviously a brokering a Big Ten weeks it. And I'm fortunate to get this biz tax law change. Is detrimental for liberals. Liberal states. And rich rich rich people. Inept czar. That is so bizarre. That there's actually tax code that actually hurts the liberal specifically. And the very wealthy. It's so interesting to see this that people don't understand that. With regard to real state the tax bill to mixed bag. Give proportionally favoring the commercial sector over residential for which there are few incentives. Essentially it will be you it will. Eliminate or reduce the tax breaks that encourage home portion that is a fact. As we go through this that is in fact they have reduced. Tax benefits of homeownership. Which is going to do what since 2008 there has been a swing. Away from homeownership and towards renting. These tax changes tax law changes are going to all the incentive. Do your rent or instead of whole war. Because homeowners. Almost went home for. In other words the largest investment in your life what you've been told to hole like twelve by the largest culture all we can't. And pay it off as quickly as you can and that will become your largest asset in your network. Until 2008 and trucks by 40%. Or 2002. Would drop by 40%. In other words a piece of rules it is no moral receiver asset in the stock market is the bond market is gold oil. Commodities. Is just an asset he goes up and down up and down up and down the value. And it's not the right thing for everybody to own. It makes it tremendous investment as a real state of investment towards income. Is too great income producer. But there's no better than any other asset as far as appreciation. Depreciation. Was better and deeper should as far as appreciation goes you know things appreciate then they go back down again. But what is happening now is that they're used to be some beer re dead beat tax incentives. For someone to buy and hold. That major think well why my ping all this money for rent when it could be owning an asset. And the same time giving tax breaks. So we were going to b.s in cover what they are. And tiptoe through these two loops and see what would pull out of this. And actually it was falling three key points I want to varying rules state industry. Baring all in the real change number one state local talk taxes cold salt taxes. Deduction for property taxes will be limited to 101000 dollars they'll think about us. You used to do a write off your state and local taxes so California. The East Coast New York Connecticut these guys have these massive massive sales taxes. Along with property taxes. That they got to write off against the approachable. Or federal income tax Richard. That all the maxim they can write off is 101000 dollars. So for me like my personal residence in my personal taxes around 34000 a year and we fight every year to keep that property tax build down. Got it done the last two years of rule but still 34000 bucks a pack of repeated there's been the tax authority are too big. The little girl barely got to look commutes so don't start questions men are really really sorry to distract from new. Don't worry about it. You know you want something that you gotta pay the taxes for so. I can't run up and more than 101000 dollars now. Now we don't have at least eight actors other the property taxes we're having me. Well we do have sales tactics and we used the right off steals tag is on certain things. But we can't. And so. It's taking those deductions away from homeowners that now we're used to take your home interest deduction is gone. You tax deduction is now limited to 101000 bucks. So come back. And talk a little bit about what that's gonna mean your tech sector. It's quite interest we'll take a short break if you wanted to involve discussion or numbers 8777115211. Who will be right back. We taxation. And they don't want to break. You're listening to their tell monthly radio. Changing principles and just a few minutes. 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That's my passive income workshop dot com. Get the latest business news from CNBC. Weekday mornings at 63830. AM weekday afternoons at 12343530. We. Make you smarter. Hopefully it'll also make use some money. Stay connected with talk thirteen seventy the right choice to. Thirteen seventy. I can now here's some more unconventional wisdom just sets you free from the man on a mission to retire or. One person and it's no one's going. Welcome back to don't want to review showed today we're trying to look. Go through these new tax law changes and try to work through what they might mean for everybody. We want to break we're talking about factor Peter they're trying to get people stop. Itemized in their tax return and just take the standard deduction so they've. Basically doubled the standard deduction whenever that was I don't even know what it is because you don't do well personal tax is considered the way to complicated. Even though figures are counting down with the CPA. I would never drew a personal connection trigger could help compliment. Complicated is our business tax returns are really easy to do you make take off everything's there and that's what's what are your profit grew. But personal want to have all these weird deductions and that's. This is all about is that hey who picks who gets those benefits of those deductions who what are we subsidizing with federal government money. And the one comedic just blows your ways this. Elimination of state and local taxes. Two or not limit complete but the good production down to 101000 dollars so think about my property taxes 34000 dollars if I paid. I paid 340101000. Dollar can be at all now take into account. If I were to state like California or New York I'm paying 12% personal income taxes. So. They used to do to take that income tax corporate soldiers say god makes a million bucks to get Libby California Mickelson a million bucks and survive to make a million bucks a year. And your taxes 10%. That's a 100000 dollars before you could write that a 100000 dollars Alter federal income tax. So right and so now you can't. So now with you we used to take the 100000 dollar tax. State taxes. Deductions that you took your property tax deduction for another 34000 the you took your interest deduction. And now the just wiped all holes out we're actually to go back they've. Reduced one to 101000 dollars total U limited the other one and the third will which is home interest deduction. Has been reduced now. To where you cannot deduct interest on a mortgage that's over. 500000. Dollars. And up she saying 750 your article I'm reading on the Internet so it's 500 almost gonna assume she got a later version of the bill passed. As sort seven to two suitors who do you think about the project. If you're home. It's worth more than 750000. Your mortgage is more conservative that you can't run up your interest to do. We'll do real as few lives of which can Californians. But just seven and 50000 dollar homes and shack. And that everything cost more than that. So you do you just think that you don't of people living in California you eliminated their home interest deduction. You limited their state sales tax deduction and you've lowered their property tax reduction down to 101000 dollars total. Unbelievable. Osu got caller on hold right now I don't have called screen so I don't know their name let's go and welcome in. Billy Billy welcome to show. They're still occur turf course or enter a appreciation oral or Purdue. And appreciation of the social fluctuate with the boat you are. Nor does not. Milo goes nuts. The depreciation deductions based on your bases which is what you paid for it and how much you put into rehab. That your total cost to take you take you away and away from that and then you'd been you divide that by 27 and have fewer connections straight and appreciate. But that doesn't it change now there is accelerated depreciation where you conduct things in a much faster way. But then as you deduction some stock is deductible two years some five some seven summit and some fifteen and there are 27. If you take you accelerate depreciation and you think about it. In two years part of your deduction is golf evolves in particular very large amount of fraud and goes down over the years so it's a different. Where than just straight but on the straight line doesn't change they'll prison which could change listen you put a new roof on there. You could add the value were so you've built a new garage that would add value and and you add that back to your basis. Protect and continued to appreciate that so that's your own time whatever change. Murray think. Put on your territory. From the gorgeous one more time. If you're liberal living a liberal state you cannot write off your state sales tax. For more than 101000 dollars. If you have a mortgage larger than 750000. Dollar you can't write off your interest again if you haven't wanted to rule expensive liberal states. Your house has got to be so that the people who books. And the last one here. Is. Your king on sale will principal hole. Prior to this bill. You could write off 500000 all of as a married couple of capital gains on which you sell your house and you have a capital gains the first 500000 is tax free. If you're single the first 250000. Mr. tree. The only thing that changed on this though she used to have to live there at least two years to do that. Now you have to live there at least ball. So it's not allowed people to buy personal residences lived there for copiers and seldom take the game. Like plea that was a lifetime deduction also little which can we take that spot and once in your life are. So what does he told elite. This could lead to some really strange bedfellows how would you think about this. What are if you had a house that were similar for 2000 books. Or 800 we'll say 800000. And people looking at realized because it's 50000 more than what the deductibility. Is on the mortgage. They're talking about your home. You're gonna have to take the value that 800000 or else it take you back down under 750000. Dollars. Otherwise. They're not gonna be able to use the deductibility. Same thing with everybody. You're living in state we have state sales tax or state income tax Californians want they can have rubbed the top observed many amateur to about eight to eleven states its country. We charge state income taxes. Which egregiously large taxes. Along with property taxes and sales taxes. Do you think about your federal income tax to be as high as 42%. There's so Q you met secure 15%. So that's 57%. State income tax in California's twelve slipped 69%. And then you have property taxes of one to 3% and the US sales taxes like in Texas it's 8%. I mean is that almost not a 100% you can come going on taxes. It's just insane insane amount and the way they've been getting away with the news by treating it out of the federal government income. Letting you ride all bulls called soft against your federal tax repair. Doubt. I heard you the date when they're brought this up thome said that California is suing the federal government. For doing this. And I looked every basis from apple would put things I heard was that they are soon to get the rust albeit considered. You know doors everything you can't take Malcolm's what the law changed they're still gonna make people pay and they're gonna call it a gift to the state. And they wanted to be a gift. They allow a gift to the state so the state can still charge all that money and they get to run about the tactic. That you showed a whacked out liberals are. Are out of their mind. The stuff they come up with blows me away but the bottom line news Third World hurt. This bill would rule get hurt them to convert their property values could hurt their tax base for their cities their interstate. And they're gonna feel this is going to be a war folks this is not over they will come fight back but if they don't. They're states are gonna go broke. No time at all. We'll be right back. Taxes the don't want to break. You're listening to tell once we break here. Changing principles are just a few minutes. Long time lifestyles member Curtis Hague. So real joy for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle that he can't say thank you enough feel for that. If you were to ask people that they could vote on the top ten guys. That help other people you'd be one of them there's no doubt about it you have. This roadmap of holy success stories on this one I'm just. One person out of the thousands fantastic success story that each and every person can learn from that's my advice. Take Curtis cain's advice coming felt like minded successful investors who are helping others just like Dell helped him. Attend the workshop get you or map. Safely and quickly build wealth and passive income so you never have to worry about working till you drop. Losing your job or retiring in poverty. Call 18669718970. Or go to lifestyles unlimited Austin dot com that's lifestyles unlimited Austin dot com to register for the workshop it will change your life. Hi this is Gordon Deal join me weekdays 4 this morning America's first news to hear the stories you'll be talking about and searching for all day as we go beyond the headlines and a ball the chatter weekdays at five on talk thirteen seventy. Act now here's a more unconventional wisdom intersection. The men on a mission to retire road America one person at a time no one's going. Welcome back to don't want to radio show. We started the show I was talking about some predictions that this Louise built Ford had about. What the you're has come enforce your new year to look forward to you start out with tax reform. You know she didn't talk letting the really big tax reforms to the really important for example. Now for the first time ever rules to investor can take eventual 179 deduction. That's a 100000. Dollar in skin right off. Every time you buy a property. Teacher counselor each year you can take up to 100000 dollar immediate deduction. I think about. You've got the ability to duck so there's a 31000. Dollar deduction per million dollars already per year. I just sets a standard straight pitch to compute depreciation deduction. Now argued at a 100000 on top of that. Slim means you're gonna do take a 131000. Dollars. Unbelievable. And what. Nobody is even talking about this. I don't think anybody even understand unused ones have no deduction that businesses for thirty years. But you can only use it to businesses so interviewed by. New computers. New office furniture. You can run up up 200000 dolls that stopping you're immediately. But you never could in real state. But now you can't. So let's just an unbelievable. Production right it's just unbelievable. Now. Would say you get that in binge to buy real state as an investment. And you losing all your vendors to buy real state for personal residence. You could see what's gonna happen. The market is gonna flip upside down. You can see people owning rent houses and then not only their own personal resident because they don't want to pay that. They're they're not giving the benefit they use to get old house. Now in the big cities and in these liberal states the values those residents are gonna go down. They have to and quite honestly they should do were ridiculous prices for the stuff. But there were using it all's stance on tax deductions. So that's good to make a big change in the marketplace folks people are gonna start by rent houses. Before they buy their personal resident I that it happened in my group for years to tell people you are gonna put in by how should the bottom line or the read out by the red house first. The rental house increases your income which makes it make you qualify. Much easier for any next loaned the tape orders to buy another Reynolds or by personal resident the personal residence is going to be a thing of the past. Right. Now let's go to the next fortune mix and that is. Interest rates are going up there are just knows the other day I'm always in search words stick a few bucks here and there are between real street project right. The end. My regular Wells Fargo cal pays me about it. Well was about a court ruled that it took two and a half to they'll point 0045. Which is fortunate to groups financial market. But that also has started looking it up immunity to you repaid more and I found that two people paying at least. You know. 1%. And then I looked again when I got ready to take action that on the of people paying. One point three for her own story. Yeah one point 3% return. On savings account and you realize one point three is three times what my bank is paying that to 300 could increase in interest. Then I found one the other day somebody sent me one actually it's one point 55%. Interest. And then what I looked that went up they have a CD short term CD and give for 2%. Now when I was in Cuba is one of CDs were 15%. You literally if you had a million bucks you can make under 50000 old you're just on CB. And that all went away. But it's coming back. So what does it mean to us well it means people can find it much more interest in to put their money in the bank. And less interest in Dubai other things like realistic. Especially when interest rates are going up. Now we will be even more which principally what Bible before just one year ago. Your taxes were lowered by only get your cost of operations was lower because the way it was set up. Now at a cost of operation and ownership is gonna go up. Dirt tax deductions are going away. And you go and have. Or interest payments. Can not see the writing on the wall of all the folks. There's big wedding on the Waldner. You only are we gonna build afford to buy a house in the future. These two guys around. So the someone else will be paying the interest be paying the taxes. And that you. Because gold property taxes can dish. Although you can't write your taxable produced your personal residential property taxes. I can write my property taxes up against my rent houses in my apartment complexes. Are considered operating expenses. You gotta think about that percent of folks just stop and think I know you're driving keep driving but stop and think you even though you drafted. You can't write your taxes off. But I can't. Are making millions of dollars and rules to and investment. Profits different types. And I can write him off and not pay taxes on my realistic. You have to pay proper detectors you have to pay him. I can microarchitecture is up you can't. Right. You have to pay interest. You get writer all I can use interest and rider off. First I just meets every rules didn't restaurant there. It's really interesting to see what's gonna happen. Character or interest rates are supposed to go up like yourself I'm already seeing him go. I've seen them go up from a quarter of a percent. 21 and a half percent. That is a huge quarter before times are happy to that's 600%. Increase in interest rates in the last couple years. Last two years 600%. Increase in the last two years. Now you don't look at his percentage of increase you look at this point so it's gone up from three point 75 which lows mortgage I had. To now it's five point oh. But to go from three to five. He's not. A little teeny amount it's a large amount and they're expecting it to go up three more times in the next year. Whether it be just a quarter of a racial point. Or point who knows but they're anticipating interest rates going up if interest rates continue to go up. People don't buy mortgages by Helms is gonna go down. Rule affect investors know because it's all part of our operation costs. We pay more interest rates. And we just write it off. We have left up to pay taxes on. Right. And we should go to buy houses. Cheaper at some point I don't anticipate that and I noticed that came out of my mouth I don't anticipate it going down. Because I think investors didn't continue to push the prices up. But houses that don't make good rental houses houses over 500000 dollars. I think they're gonna go down folks. I really believe that you have an expensive home its values gonna go down. Along with affected everybody else there's gonna start by the property tax assessment. Because you say there's no way this house is worth 750 delta ups. And to get try to get that assessment down know give or get him. Pay in taxes because it's not about to assess. It's about the mortgage. So people may have to start paying. Any larger percentage to help. In other words where you can get a mortgage or your home right now from 90% mortgage maybe even 95 at some circumstances. You might have to put 20/20 5% Dell to keep your mortgage blows 750000. Again. That's going to really. Chop a big coal in the high end single family personal residence market. And especially in the crazy state of California new York and other East Coast states. Like Boston city of Boston made. All that area they're gonna hold more. Any worlds of the country. The median price for a home in our country's 279000. Bucks. The median price in Texas is 240. Here. In California. Over a million bucks. Then. The next thing she predictions that the baby boomers gonna tickle. And we do it reduced because. I care. Express her feelings here it says they're too dominant demographic. Demographics will power demand for the next decade both generations are expected life changes that traditionally mode be people who buy or sell homes. These life to fighting changes include marriage having children retiring and becoming a investors as such. The baby boomers will continue to help boost the market would double transactions of both buyers and sellers all those trends started to those seventeen and yet to realize its full potential. People 55 and or altered 3% of US owned and occupied houses so we come back. Discover what this ruling means because there's an impact. What's going to be after he took a short break and be right back. We don't want to break. You're listening to their tell monthly rate here. Changing principles are just different. Did you know that every dollar you put into a piece of real estate makes you money five ways. Cash flow of money in your pocket each month. Equity capture the thousands of dollars you create when you have the right team and by the right property using the right map. Appreciation. Real estate doubles in value about every ten years equity buildup. Printers pay down your mortgage each month and finally there's tax advantage we pay almost no taxes on our cash flow and capital gains. These are the five ways we make money in realistic which is why a realistic accounts for more millionaires in the world today than any other investment vehicle. You should have some real estate in your portfolio. To learn how attended one of our free workshops call 18669718970. Or go to lifestyles unlimited Austin dot com and register for the next available workshop. That's 8669718974. Go to lifestyles unlimited Austin dot com. If every talk radio program for the same. What would be the point the Michael very shows a little bit different. We're gonna talk about politics we'll also talk about how great it is to live in Texas weekdays from five to seven on talk thirteen sevenths Michael variation. What would happen if you didn't show up for work tomorrow. For the next couple of days for a week. A couple of months a heat. How long until you lose everything you've worked for in a fraction of the time it took to earth if this fear keeps you up at night it's time to learn the strategies we teach it lifestyles unlimited starts with a free workshop. Go to my passive income workshop dot com and find your true financial piece like so many of our members already have. That's my passive income workshop dot com. Thirteen seventeen. Act now here's a more unconventional wisdom to set you free from the man on a mission to retire wrote. One person and it's to no one's really. What about you don't walls or radio show it to you we've been covering some opinions that people put. Completely creditors and we're using immaterial her name is Louise told Forbes. And one the idea is that it was sure before we went to break is that. The baby boomers you can start selling off the big expensive homes and retiring into smaller homes. Which is gonna make it along with the fact you can't write the tax of up most big homes and more can't write up state pension old. Everything can't run up big mortgages interest and interest on mortgage. On expensive homes. So their commute just makes all the social world you can see declining value of large homes just. As a big boomers start to get out of knelt you can suitable Williams of can be very. Demanding part of our economy affected the largest part of our economy at this point according to what she's saying that particular word for it. But to. In my mind as you meet these kids. They're up by big giant homes. Number one that they can't afford at number two the interest rates are going up gonna make at least like you can afford it. Right so. And by these big giant homes. Through the article came out about five years called beat me actions. And 1015 years ago when I per start by actress for thirty years of so many Google. What Oprah started the medium sized house was about a thousand square feet 12100 public debt. The average median price for homes about fifty dials. Air and that has grown. Every year since. Where the medium sized house about 2503000. And the median price but tune of forty pills. They think about this. Why do you need 83000. Square foot home what I have 700 square foot apartment. Where they people. You know you gotta think about logically. These homes are predominantly break her empty. I would 161000 square foot home myself my fiance and six caps too ridiculous cuts. I bought a global out of fifty cents on the dollar and to meet him half a million dollar gain of three quarks or it's too would have many Doherty. Five million dollar home about two and a million bucks so to me I targeted as investment and it had twenty car garage which of one group that wanted to have much choice. But you relevant to the average person needs. I don't know who sell this house to. I had no idea you have to be another rich guy that has nothing in his mind that having fun. There's it's just a fun house but what about all these houses that are three to 4000 square feet. What family needs three to 4000 square feet. A new family one kid. I don't think so. So I don't think the more illegals all that strong the buyers that they're talking about now here's where you can see you put her role is she's in New York City broker. She says that it. National homebuyer Woolsey surges in the south in the midwest. And that's quite simply because housing is so cheap here and people are getting sick and tired of freezing to death in the north. I wasn't born in Texas but I got here as soon as I could just assumes I've got out of college a left Wisconsin came to a warm state. With no income tax and very few liberal crazy people. And the rest of the country's conceit especially with the fact you can't write off state income taxes so you can see a surge of people buying homes. In this child. In Texas it's just gonna blow up. Get our real states can go crazy but the luxury market. Is problematic now she comes back consistent she would know this way better than I would. I've no idea about this but she's saying that foreign buyers are sucking up all the real state New York City. In the coast and that because those older becoming so expensive they're actually moving in word. Removing it and to bear true Coke Columbus while Chicago Dallas Las Vegas Austin. Because of stop is too expensive in the East Coast West Coast. And again when you change these tax laws. I think there goes his slumping real state actually she's saying she doesn't think so project and to foreign money there's so much of it it's gonna keep coming into buying up this country. And does so she's she shows up as a broker doesn't wanna tell you cancel your own good she will give you listings and right so I mean she just hedging your bet on that one. But I don't have any information that would contradict which usually. Didn't she goes on since consumer confidence will boost home sales. In that would bats and make some sense I mean. The Democrats. And the liberal media. Have scream bloody murder. For years. And the Republicans and their conservative media have blowing. Scream bloody murder. But while everybody is screaming bloody murder that the world coming to an end the economy. Has gotten better every single year for the last eight years. And above and beyond that even above and beyond to keep the economy. Is the fact that unemployment. Is low. We Jews are up the stock market is up so I actually believe the chiefs got it right. That the economy probably will open housing industry. But what I think different. I think can help the rental housing industry. Is what I think I think you'll see more more people doing what we're doing. I mean we have somewhere around 27000. Clients all over the country right now we have real estate investors in every state in the US. And they are buying stuff left and right. Who knows. How much rental rules to the release is out there and we're just one company. You know national park association. 44000. Independent owners of brutal state belonged to that program. Then there's all the big giant corporations that want to park association. I'm Atogwe a big corporations on talking about the 44000. Independent people like my investors. That are buying real straight left and right. Well referenced. Nowhere to be had today. Will review this and couple month to see where it looks like it's going but remember this. As it goes. We get richer. Whether it goes up or goes down. We make more money. And always were one more thing we're not doing just to make that more money. We're doing a pro life. I have a wonderful day you tomorrow. I. Yeah. And radio show. Can obtain the results. Enjoy this seventy so we can't get enough physically to go on the radio talk show. Mattel clumsily radio show the access faster. Just enjoy the. Yeah. A moon. OK. Okay. Yeah. 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