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    Creating Wealth Real Estate Investing with Jason Hartman

    Become an EMPOWERED INVESTOR. Survive and thrive in today’s economy! With over 2,000 episodes in this Monday, Wednesday, Friday podcast, business and investment expert Jason Hartman interviews top-tier guests, bestselling authors and financial experts including; Steve Forbes (Freedom Manifesto), Tomas Sowell (Housing Boom and Bust), Noam Chomsky (Manufacturing Consent), Jenny Craig (Health & Fitness CEO), Jim Cramer (Mad Money), Harvey Mackay (Swim With The Sharks & Get Your Foot in the Door), Todd Akin (Former US Congressman), William D. Cohan ( The Price of Silence, The Last Tycoon, & House of Cards), G. Edward Griffin (The Creature from Jekyll Island), Daniel Pink (National Geographic).

    Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate while brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he soon joined the ranks of the top one-percent of Realtors in the U.S. and in quick succession; earned a number of prestigious industry awards and became a young multi-millionaire.

    Jason purchased a Southern California real estate brokerage firm which he expanded dramatically and was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s highly sought after educational events, speaking engagements, and his ultra-hot “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.

    Additional guests featured on the Creating Wealth podcast include Robert Kiyosaki (RIch Dad Poor Dad), Matthew Quirk (The 500 & The Directive), Eve Wright (Life at the Speed of Passion), John Lawrence Allen (Make Wall Street Pay You Back), Jerry Robinson (Bankruptcy in Our Nation), Peter Zeihan (The Accidental Superpower), David Crowe (National Association of Homebuilders NAHB), Consuelo Mack (PBS – Wealth Track), Sean Haugh (Libertarian Candidate for the US Senate), Scott Paul (Alliance for American Manufacturing), Charles Goyette (Ron Paul’s America Show), Chris Martenson (Crash Course), Matt Theriault (Epic Real Estate Investing), Christopher Barnatt (The Future of 3D Printing), Zac Bissonnette (Good Advice From Bad People), Rich Karlgaard (Forbes Magazine).

    Chris Mayer (Agora Financial), Craig R. Smith (The Great Withdrawal), Po Bronson (The Science of Winning & Losing), Jim Stossel (Why Government Fails), John McAfee (Founder of McAfee Anti-Virus Software) Harry Dent (The Great Depression Ahead), Kevin Armstrong (Bulls, Birdies, Bogeys, and Bears), Nick Bilton (Hatching Twitter), Tom Kreautler (The Money Pit), Doug Brunt (Ghosts of Manhattan), Catherine McBreen (Get Rich, Stay Rich, Pass it On), Les Leopold (How to Make a Million Dollars an Hour), Robert Greene (Mastery, Power, & Seduction), Byron Dorgan (Gridlock), Dennis Miller (Retirement Reboot), George Gilder (Knowledge & Power), Jed Kolko (Tulia), Dr. Judith Wright (The Soft Addiction Solution), Richard Duncan (The New Depression), Dave Krieger (Clouded Titles), Bill Ayers (Confessions of an American Dissident), Dr. H. Woody Block (American Gridlock), Steven Kotler (Abundance), Laurence Kotlikoff (The Clash of Generations), Greg Farrell (Crash of the Titans), Shaun Rein (The End of Cheap China), Ken Gronbach (The Age Curve), Amity Shlaes (The Forgotten Man), Roger Lowenstein (The End of Wall Street), Jay Elliot (The Steve Jobs Way), Richard Duncan (The Dollar Crisis & The Corruption of Capitalism), Robert Wiedemer (Aftershock), and Steve Slaunwhite (The Wealthy Freelancer).

    A trademark feature of Hartman Media podcasts are our ‘Tenth Episodes’ where alternative topics of interest are explored every tenth episode. This provides a diverse mix of programming exploring issues and influential authors like John Gray (Men Are From Mars, Women Are From Venus), Dan Millman (Way of the Peaceful Warrior), Dr. Denis Waitley (The Psychology of Winning, The Seeds of Greatness), Lori Ann LaRocco (Opportunity Knocking), Mark Divine (Seal Fit: Way of the SEAL), Dr. Jill Ammon-Wexler (The Power of Belief), Dr. Kelly McGonigal (The Willpower Instinct), Doug Conant (Touch Points), Jared Diamond (The World Until Yesterday), Dr. Bob Wright (The Science of Spectacular Living), Jack Canfield (Chicken Soup for the Successful Soul), Sonia Arrison (The Coming Age of Longevity), Dr. David Rock (Your Brain at Work), Gay Hendricks (Relationship Enhancement), Hannah Holmes (Quirk), Dr. Gary Chapman (The Five Love Languages), David Farrow (Millionaire Memory), and David Allen (Getting Things Done),

    Topics explored at depth on Creating Wealth include investing, income properties, property investing, investment strategies, loan modifications, market predictions, mortgage modifications, online marketing, real estate, rental property investing, subprime mortgage crisis, 401K, retirement, Alibaba.com, alternative currencies, alternative energy, ROI, cash flow, American economy, appreciation, arbitrage, Arkansas housing market, artificial intelligence, asset allocation, Atlanta Georgia, income property investing, attorneys, Australian mining, Austin real estate, baby boom generation, baby boomers, banking, bank loans, bankruptcies, Belize, Ben Bernanke, billionaires, bonds, book reviews, boom bust cycles, Boston, brand management, branding, Brookings Institution, Breton Woods, BP, British Petroleum, bubble markets, building wealth, business cycles, business psychology, business travelers, California, California Department of Insurance, CDI, California real estate, capital gains tax, Case-Shiller, Casey Research, cash flow, central banks, certificates of deposit, Chicago, Chicago real estate, China, college tuition, Colorado, commercial investing, commodities, commodity pricing, compound interest, conversions, CPI, Consumer Price Index, Dallas, dark pools, debt ceiling, debt crisis, debt-financed spending, deflation, Detroit, Detroit real estate, digital money, distressed properties, down payment, email marketing, estate tax, high cash flow, home equity, home financing, Indiana, Indianapolis, interest rates, jobless recovery, Kansas City, leverage, libertarian, Little Rock, maintenance warranty, management fees, Manhattan, marketing, Memphis, Miami, Michigan, mircopreneur, middle class, millennials, millionaire, Minneapolis, Minnesota, Missouri, Mississippi, MLS, mobile banking, monetary policy, money market fund, negative equity, new home construction, New Orleans, New York, New York City, North Carolina, Ohio, oil, oil prediction, overpriced markets, packaged commodities, passive income, passive investor, payroll tax, pension, pension funds, pension plans, Platinum Properties, positive cash-flow, price stability, price of gold, price volatility, private money lending, pro forma, property appraisal, property value, real estate arbitrage, real estate tax, rent, rental, renovated homes, rental homes, rental income, rental insurance, San Antonio, San Diego, San Francisco, single-family homes, social marketing, social media, Swiss Franc, Swiss National Bank, Tampa, tax, tax laws, tax bracket, tax lien, taxes, tenant, tenant eviction, Tennessee, Texas, treasury reports, unemployment, unfriendly markets, US housing market, venture capital, volatility, Warren Buffet, Washington, wealth management, whistleblowers, world economy, Zero Hedge.

    Additional topics explored on the Creating Wealth podcast include Bitcoin, digital currencies, corporate tax inversions, crowdfunding, inflation, the Federal Reserve, student loan debt, monetary policy, economic challenges facing generation Y, solar energy, 3D printing, medical technology, US dollar, currency exchange, plunging bond rates, personal and commercial bankruptcy, the cost of a college education, digital banking, the American dream, capital gains taxes, asset protection, gold and silver, commodities markets, precious metals, investing tips, structural and personal unemployment, bank regulations, regulatory reform, emerging markets, shadow banking, social media, derivatives, mobile commerce, government regulation, housing market, identity theft, cyber currencies, mortgage lenders, investment properties, VA loans, gold standard, Fannie Mae and Freddie Mac, online auctions, landlord tenant conflicts, tax lien investing, tax law, retirement, contract law, stagflation, home loans, real estate scams, renters, reverse mortgages, foreclosures, euro, European Union, ECB, European Central Bank, the US housing market, micro lending, online security, cyber security, online banking, digital banking, outsourcing, online shopping, Amazon, Apple, Facebook, Twitter, JP Morgan, short sales, austerity, forex, monetary systems, budget surplus, budget deficits, tax cuts, solar energy, consumer debt, consumer price index, property investing, high frequency trading, interest rates, college tuition, cashless societies, credit card debt, credit monitoring, credit ratings, currency trading, refinancing, federal stimulus, financial independence, financial planning, financial literacy, economic growth, economic development, Wall Street, IPO, IRS, Internal Revenue Service, IMF, International Monetary Fund, mobile banking, Elliot Wave theory, free trade, underwater homeowners, foreign investing, oil prices, entrepreneurship, Equifax, federal budget, Keynes, Keynesian, fiat currency, financial scams, global economy, gold standard, income tax, and foreign investment.

    [CLAIM:SNDPUAP8]

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    CW 393: Airbnb in San Francisco Plus Trading vs Investing and Apartments vs Single Family Homes with Douglas J. Utberg Jul 30, 2014
    Show notes

    Douglas J. Utberg - Biograhy

    My professional life started when I was delivering newspapers at 15 years of age, progressed through multiple jobs paying near minimum wage. This experience taught me the value of gaining a strong financial education to ensure that I would be able to lift myself up to higher opportunities in the future.

    Upon completing my first year of college, I enlisted in the US Marine Corps Reserve. The experience of training in the Marines taught me the importance of a strong work ethic, and the ability to adapt and improvise during difficult situations. During my six years of service in the Marine Corps Reserve, I eventually earned the rank of Sergeant, and was assigned responsibility for a squad of fellow Marines. This taught me the importance of placing the team’s needs before your own when in a position of responsibility.

    Later on, I graduated from Portland State University, earning a bachelor of science in Finance. Immediately afterward, I embarked on a brief career in the financial services industry, selling insurance products and mutual funds. During this experience, I discovered the extent to which the financial industry is driven by a desire for management fees and commissions. This experience inspired me to seek out both a different career path and to develop a way for people to learn the skills necessary for managing their own finances and investments so that they can escape the fees and commissions of the financial services industry.

    It is at this point when I began my career at Intel Corporation, during which I was able to earn my MBA from George Fox University. While working at Intel, I was fortunate enough to gain a broad array of experience ranging between manufacturing, cost, inventory, software business analysis, open source business analysis, microprocessor pricing, long range planning, compute continuum, and leading the P&L team in building and implementing a new forecasting system. Each assignment during my career at Intel provided a unique opportunity to learn and develop.

    In addition to my career working for an employer, I have also engaged in a broad variety of business and investing activities, ranging from the purchase and management of single plus multi-family investment real estate to stock market investing to building web-based businesses. My investment and business philosophy are both the same, with each centered around fundamentals and value. My personal and professional studies have repeatedly found that speculation is not a formula for consistent long-term success.

    My experience has shown that the best way to succeed in both our career and our investments is to seek value in everything that you do.

    Visit Doug's website: http://DougUtberg.com

    Connect with Doug on Twitter: http://twitter.com/DougUtberg

    CW 392: Importing Deflation & Globalization with Joel Naroff Author of 'Big Picture Economics: How to Navigate the New Global Economy' Jul 28, 2014
    Show notes

    Joel Naroff is the Founder, President & Chief Economist with Naroff Economic Advisors and a member of the Newsmax Financial Braintrust Alliance. He's also the author of, "Big Picture Economics: How to Navigate the New Global Economy."

    Naroff gives his take on the economic recovery and when he expects inflation to hit, if at all. He also discusses the effects tax cuts have on the economy.

    Naroff then talks about international economic hotspots and where people should produce and sell in our global economy. He thinks certain international events can ripple through the economy and ultimately affect workers in the Midwest.

    Joel L. Naroff is the president and founder of Naroff Economic Advisors, a strategic economic consulting firm. He advises companies across the country on the risks and opportunities that economic developments may have on the organization’s operating environment.

    A nationally recognized economic forecasting expert, Joel has received numerous honors. In 2011, he received the National Association for Business Economics Outlook Award as the top economic forecaster. NABE is the premier professional association for business economists. He also received the award in 2007. In 2008, he was awarded the Lawrence Klein Award for Blue Chip forecasting excellence. This is one of the oldest and most prestigious forecasting honors. Joel was the Bloomberg Business News top economic forecaster in 2008. In 2006, he was MSNBC’s top forecaster.

    Joel received his bachelor degrees in economics and chemistry from the Stony Brook University and his Ph.D. in economics from Brown University. He is a member of the Board of Directors of the Economy League of Greater Philadelphia, teaches at the Central Atlantic Advanced School of Banking, is a past chairman of the American Bankers Association’s Economic Advisory Committee and is a past president of the Philadelphia Council of Business Economists.

    Find out more about Joel Naroff's research by visiting www.econsultsolutions.com.

    CW 391: Warren Buffet & Berkshire Hathaway's Success with Vitaliy Katsenelson of Investment Management Associates Jul 25, 2014
    Show notes

    Vitaliy Katsenelson is the Chief Investment Officer at Investment Management Associates. He gives a glimpse at what has made Warren Buffett and Berkshire Hathaway so successful.

    Buffett has always voted yes to the investments he's heavily invested in, even when disagreeing, which is a topic of much consternation to Katsenelson. He thinks Buffett mishandled Coke's latest compensation plan.

    Katsenelson then discusses ways investors can take a long-term view in their investing.

    Vitaliy Katsenelson is Chief Investment Officer at Investment Management Associates. While his primary focus is on discovering under-valued companies for his clients, he is also known for his uncommon common sense, which he has regularly expressed in articles in the Financial Times, Barron's, Bloomberg Businessweek, the Christian Science Monitor, Institutional Investor, and the New York Post, among other outlets. He speaks frequently to investment groups around the world, and was most recently profiled in Barron's in September 2009. Previously, he was an adjunct faculty member at the University of Colorado Graduate School of Business, and he is also the author of Active Value Investing.

    Visit Vitaliy's Katsenelson's blog at www.contrarianedge.com.

    Find out more about Investment Management Associates at www.imausa.com.

    CW 390: Taking Calculated Risks with Eve Wright VP of The Miami Heat NBA Team & Author of ' Living Life at the Speed of Passion' Jul 24, 2014
    Show notes

    Eve Wright is the Vice President and Associate General Counsel for The HEAT Group (Miami Heat basketball team). She is the author of, "LIFE AT THE SPEED OF PASSION: Create a Life of Intention, Purpose, and Integrity."

    Wright joins the show to discuss how people can cut the emotional “fat” from their lives and refine themselves everyday. She also explains what it really means to be happy.

    Wright then talks about how people can take calculated risks and re-learn risk-taking to achieve ROI. She thinks everyone can overcome their fears of failure.

    Find out more about Eve Wright at http://evewright.us/.

    Find out more about the Miami Heat at www.heat.com.

    In her position, Wright advises the HEAT on a wide variety of legal issues pertaining to marketing and promotions, concerts and events, corporate sales, merchandising initiatives and player-related matters.

    Prior to joining the HEAT, Wright served as the Senior Director of Business and Legal Affairs for the Ladies Professional Golf Association (LPGA) where she helped to develop sports marketing opportunities for corporate sponsors, managed the LPGA's international trademark portfolio and retail licensing business as well as advised the Association on all legal matters.

    Prior to her tenure with the LPGA, the former associate in the Minneapolis, Minnesota office of Fredrikson & Byron, P.A. worked in the E-Business and Corporate Transactions groups.

    An avid supporter of community development initiatives, Ms. Wright has served in various capacities on the boards of regional civic organizations. In addition to civic organizations, she is currently a member of the ACC professional organization as well as serves on the Board of Directors for BESLA and Advisory Board for the Corporate Counsel Women of Color.

    Ms. Wright is a graduate of DePauw University, where she received a Bachelor of Arts in Economics and International Business. She earned her Doctor of Jurisprudence from Indiana University School of Law and participated in the Consortium Program at Howard University School of Law. She and her husband, Ken, live in Bay Harbor Island.

    CW 389: Evaluating Cash Flow Rental Properties in Birmingham Alabama, Cleveland Ohio & Dallas Texas with Jason's Mom Jul 22, 2014
    Show notes

    Introduction: Join Jason Hartman and his mom on this episode of The Creating Wealth Show as they discuss their long road trip through several markets including Cleveland, Cincinnati, Columbus, Nashville, Birmingham and Dallas. You’ll learn about the “minimalist management” philosophy in creating bulletproof rental properties that require very little maintenance and a good overview of several markets. Also, a big thank you to all of the doctors in the audience who provided advice and support relating to my mothers carotid artery surgery. She’s doing well in the Cleveland Clinic provided a top-notch medical experience. Visit www.JasonHartman.com to view properties in these markets and to register for our Little Rock Property Tour and Creating Wealth Bootcamp in late September. Happy investing! Key Takeaways: · (1:40) Brief update about Jason’s Mom’s post-surgery health & the Cleveland Clinic · (5:54) How to handle late rent for long distance self-managed properties · (11:55) How to handle long-distance evictions without a property manager using an eviction service · (14:49) A special message from Bill Clinton · (18:28) Pleasantly surprised by downtown Cleveland · (21:23) Moving on to Birmingham and minimalist management styles · (26:44) Coming up in mid-late September: Little Rock Creating Wealth Seminar and Property Tour Links: www.JasonHartman.com Audio Transcription: ANNOUNCER: Welcome to Creating Wealth with Jason Hartman! During this program Jason is going to tell you some really exciting things that you probably haven’t thought of before, and a new slant on investing: fresh new approaches to America’s best investment that will enable you to create more wealth and happiness than you ever thought possible. Jason is a genuine, self-made multi-millionaire who not only talks the talk, but walks the walk. He’s been a successful investor for 20 years and currently owns properties in 11 states and 17 cities. This program will help you follow in Jason’s footsteps on the road to financial freedom. You really can do it! And now, here’s your host, Jason Hartman, with the complete solution for real estate investors. JASON HARTMAN: Welcome to the Creating Wealth Show! This is your host Jason Hartman, and this is episode #389! Thanks so much for joining me today. I kind of feel like I haven’t been with you in a while! At least not directly. In that we’ve played a lot of interviews with guests and so forth, but not that many where I’ve just kind of been talking to you. So I’m really glad to just be talking to you today, and going over a bunch of issues. And I’m actually on the way to the airport. I’m here in the south, in beautiful Gulf Shores, Alabama, and Mom is with me, she’s taking me to the airport. The first thing I wanted to say is, since I announced my mom’s medical condition on the show, several weeks back, thank you so much to all of you. I guess we’ve got a lot of doctors in the audience, so we really appreciate the calls, and the emails, and the advice we got from you, so thank you very much for that, and I’ll give you a little update into what has happened since then. Here’s mom. Mom, say hello! Surgery in Cleveland MOM: Hi, everyone. I just want to say thank you also, for all of the concern that Jason’s audience seem to show about my carotid artery operation, and just want to let you all know that everything turned out terrifically well at the Cleveland Clinic. That is just a classy place to go, if you have anything wrong. JASON HARTMAN: Good stuff. I would totally agree; the Cleveland Clinic is an incredible operation. I was very impressed. So, with all of that, real estate is kind of in our DNA. What happened is, I actually flew to Cleveland to meet my mom there, and she drove up there, and, well, I was in Cleveland, we were there for about a week with her recovery and so forth from the surgery, that went very well, as you just heard, and I met with our Cleveland local market specialist, who actually is one that we’ve been working with for quite a while in another market. He formed an alliance with a group up in Cleveland, and I met with him, and I looked at their properties, and I gotta say, I did not think I would like Cleveland very much. We have shied away from a lot of the previously blighted markets. We’re still shying away from the real blighted ones like Detroit. But, you know, I was pleasantly impressed with Cleveland. I really was. It was amazing. Now, I was impressed with all of the extensive downtown redevelopment projects; I was impressed with the properties, and the cash flow on those properties; I was impressed with the rehab. Again, we’re working in Cleveland, with the same provider we’ve been working with for many, many years in another market. So, you’ll hear more about that, and you’ll hear more about his partner in the Cleveland market that’s doing the direct business. More on that to come. I did shoot some video, and I’ll share that with you on our YouTube channel, and maybe we’ll even play the audio track from some of that video. We might even do that on this podcast, time permitting, because one of those audio tracks is really just a conversation, while the other videos are looking at properties, and so the visual helps. But for the conversation, we can probably just play the audio part of that video on the podcast here today. And then, mom and I, after looking at Cleveland—oh, mom, you gotta share the funniest thing. And I was very concerned about you during the surgery, as I was pacing around the waiting room and so forth there at the Cleveland Clinic. But I knew you were okay when you were in the intensive care unit and you demanded your iPhone, and what were you doing on your iPhone? I actually took a funny picture of you, why don’t you talk about that? MOM: Well, I had the operation the 2nd or 3rd day of the month— JASON HARTMAN: It was the 2nd, it was July 2nd. MOM: Okay, it was July 2nd. Anyway, the rents are supposed to be in my bank account on the first day of the month. So, I was simply calling those that I didn’t think had paid yet, that weren’t registered in my bank to pay their rent, immediately. JASON HARTMAN: I know my mom’s been on a few shows before, everybody, and you’ve heard her talk before. She’s the—I call it an extreme do-it-yourselfer. She’s not a do-it-yourselfer; she’s an extreme do-it-yourselfer. That mansion in which you live, you probably would have built it yourself if you could have. MOM: I could have gotten rid of all of the bad health. JASON HARTMAN: Yeah. I tell you, building a house is a nightmare project. So I would never recommend that to anybody. But you know, that was your childhood dream ever since you saw Gone With The Wind as a little girl. But anyway, what you do, that I think is kind of interesting—number one, you self-manage all your properties. You don’t use managers. And you self-manage from a long distance. You have properties as far away as about 2,000 miles or so, and then you have closer properties that are within, I don’t know, maybe 60, 80 miles. Biloxi, Gulfport, that’s where you’ve got one. You’ve got another one in Tuscaloosa I think, right? MOM: Yes, uh huh. Those are the closest. JASON HARTMAN: Do you have anything in Mobile, Alabama? MOM: No, uh uh. Dealing with Late Rent JASON HARTMAN: So, those rental properties, what you do that’s interesting, is you have all your tenants deposit the rent into your bank account. So, you bank with a big national bank, and they’re responsible for going to the bank and depositing the money into your account on the first. And I remember when you were in the intensive care unit, and this was literally, I mean—look, folks. I tried to stop her. I tried to take the phone away. She wouldn’t have it. Just, you have to know my mom to understand that. You’re not gonna stop her from doing anything. And so, you had a sheet of paper there, and you were looking at the deposits, and you had a pencil, and you were writing down on a sheet of paper which ones had deposited, and you discovered that of all your rental properties, four people had not made their deposit, and you were calling them on your iPhone from the ICU, where they strictly say that you are not allowed to have phones in there. MOM: Well, actually, it was only three people. The bank had kind of made a mistake on one of the tenant’s deposits; I couldn’t quite recognize it, but they corrected that the next day, and the tenant told me that they had definitely deposited, and they were telling the exact truth. So it was only three people that hadn’t deposited immediately. JASON HARTMAN: What strikes me as interesting—and again, if you use property managers, you don’t have this opportunity—but I remember listening to you talk to your tenants on the phone, and what strikes me as interesting is how I think that because you have this kind of a personal relationship with them—of course it’s a business relationship, you’re not friendly with them, so to speak. You’re not getting too close to them, in other words. But because they know you, and they view you as an actual person, rather than some sort of nameless, faceless institution, I feel that you exert some more pressure over them to get them to pay, and pay quickly. Do you agree, or have anything to say about that? MOM: I just make it very clear that I cannot tolerate late rent payments when they sign that lease. And they know that I expect and demand that my rent be paid the first day of the month. JASON HARTMAN: So, tell the listeners kind of how you handle that, and what you say to people, and things like that. And by the way, folks, we’re gonna cover a lot of other subjects in this show, in this episode, so I’m just going over a few things here that struck me as kind of funny with mom. But, tell the listeners how you handle that, what you say to them. MOM: Well, I simply call them and say, hi whoever it is on the other end of the line. I don’t see your rent in my bank deposit yet, and is there a problem, or did you already put it in, or what is going on? And they tell me what has happened. And I say, look, you know there’s a $60 late fee if you don’t have the rent in there the first day. I really do not want your $60. I simply want your rent on time. When will the rent be put in the bank? And they tell me. And if it isn’t in there on that first day of the month, I say, well, be sure to put in the $60. JASON HARTMAN: For the late fee. Okay. And do they usually do that? Do they cooperate, and put it in? MOM: Yes, most of them all do that. There is one tenant that does not do that, and all of those $60 late fees will simply be deducted out of their security deposit when they leave. JASON HARTMAN: Okay. So, now, you did have a problem, though, that was kind of stressing you out on one of your properties. And this is a long distance property again; it’s about 2000 miles away from you, so, it’s far away, and you actually called up a real estate agent, I think you were called a Century 21 office, and kind of describe for the listeners that whole story. And that happened this month. You know, these are unusual, but it happened to happen this month, you happened to be in the intensive care unit at the Cleveland Clinic, which I think is ridiculous that you were doing this, but, I don’t know. Maybe that’s what keeps you alive, is you have a purpose, you know? You knew you had to recover from surgery, and recover quickly, because you had to collect your rent. So, it’s kind of like Viktor Frankl’s Man’s Search For Meaning. Another version of it. The modern version. MOM: Well, what happened is that this tenant is now—we’re in the eviction process. And the tenant had moved in a girlfriend, and he simply didn’t pay. So, I called a local real estate agent, and I told them the situation, and I asked them to, would they please go over there and just check and see if the place looked like it had been abandoned? If tenants were still living in there, or what. Anyway, the gentleman, very nicely did go over there, and— JASON HARTMAN: The realtor. MOM: The realtor. And as he was there, someone was coming out of the door. And it happened to be the girlfriend. And I said, please let me speak with her. And so, she just took his phone, and took it in the house; the poor real estate guy lost his phone. He was ready to call the police to get the phone back. She carried out a ten-minute conversation with me about when they were going to pay rent, and all of the details. I said, please, now give that man back his phone. I talked to the realtor— JASON HARTMAN: This is hilarious. It’s like a reality show, you know? MOM: I talked to the realtor, a few hours later I called him, and said, I wanted his address, I wanted to send him a check for his work in helping me out. And he refused the check, and he says, that’s just my job, to give really good service to people. So I thought, that’s a great guy. And I will certainly go back to him when I need to. JASON HARTMAN: Yeah. So, the realtors—you know, there’s—what you’ve gotta realize, if you want to self-manage your properties, and if you want to be an extreme do-it-yourselfer like my mother—I mean, the vast majority of my clients, you know, and I’m talking vast, vast majority. Maybe 95% of our clients, use property managers. And you know, I do it both ways myself. Some of my properties I self-manage, and as I’ve said to you on many episodes for a long time now, I was happily, pleasantly surprised that I could do this from a long distance. I never thought that was achievable. And for our members, I taught a whole webinar on that topic, and I’ve talked about it on the podcast as well, on prior episodes, about long distance self-management of your properties. So, there are advantages and disadvantages to each. What you’re hearing now is from an extreme do-it-yourselfer. So, good. Anything else on that? MOM: No, other than the fact that I have now done all of the eviction preparation work. Do-It-Yourself Eviction JASON HARTMAN: So, how do you handle a long distance eviction like that? Without a property manager? Tell us what you do. You go online, you find an eviction service, etcetera—tell us what that’s about, and how it works, and how much it costs. MOM: Well, first off, I do file a three-day notice to pay rent or quit. Because I know all of the details. And I then hire a process server, which costs anywhere from $30 to $50 or $60 to get the thing served. Then you send the proof of service to the attorney. And you can go online and just Google eviction services. You always want to get a firm that specializes in evictions. Don’t get a firm that does every other kind of legal work. Just evictions only. JASON HARTMAN: Yeah. So, there are lots of law firms out there. They are technically law firms, that offer eviction services, that are like an assembly line. They’re a mill, and they just process evictions, and deal with tenant issues, like crazy. And one of the things I say when I talk about self-management, is that sometimes, your property managers will actually do this process themselves. You know, they will go, and they will post a three-day notice right on the door. Sometimes they nail it right to the door. And it’s kind of embarrassing for the neighbors to see that. And they will actually do all of this, and they will handle the eviction, they will show up in court, they will take it all the way through getting your judgment against the tenant, which you can later collect on. Or, at least, try to collect. And I’ve talked a lot about that. A lot of those judgments are a lot more collectible than people think. In fact, when you were online today, I saw on your computer screen, mom, when you were online looking at eviction services, I saw that there was like a banner add there on that website that said, we want your old judgments. And so, a lot of these services, and a lot of other people out there, will actually buy these judgments from you. Now of course they’re…

    Full show notes at the publisher
    CW 388: Investment Fraud on Wall Street with John Lawrence Allen Former LA Deputy District Attorney & Author of 'Make Wall Street Pay You Back' Jul 16, 2014
    Show notes

    Introduction: John Lawrence Allen is a securities litigation attorney helping investors recover funds lost through investment fraud or incompetence. He’s a former Los Angeles Deputy District Attorney and author of the new book, “Make Wall Street Pay You Back.” Allen talks about the dirty tricks Wall Street plays and how average people can protect themselves from Wall Street. Allen also gives some tips for investors before they invest a large sum of money with an advisor or hedge fund. He also shares how financial advisors can mitigate their risk of fraud. Key Takeaways & Time Stamps: (2:20) John Lawrence Allen: background and history of latest book (3:06) How Wall Street and the investment landscape have changed over the last 20 years (4:06) On the arbitration process (7:34) On the laws not being in favor of the consumer (11:34) A brief message from Bill Clinton (12:13) Causes of action: fraud, incompetence, etc. (17:00) The extraordinarily high commissions on life insurance sales (19:11) How does the investor know what fees are being assessed by financial advisors? (22:08) The length of the FINRA arbitration process (22:55) On “simplified arbitration” for small claims (24:58) Discussion of other types of fraud, beyond incompetence and excessive commission (30:20) Discussion of a managed future deal Jason was pitched on (33:30) Some tips on buying gold: always invest in bullion, never numismatic coins (38:12) Who claims are usually made against (39:42) Jon Corzine, MF Global, & the Insider’s Game (44:19) Bad monetary policy forces people to take inappropriate risks (45:03) Closing statements Links: www.MakeWallStreetPayYouBack.com. www.Amazon.com to purchase the book: Make Wall Street Pay You Back Find out more about John Lawrence Allen at www.myinvestorfraud.com. Bio: Former Los Angeles Deputy District Attorney John Lawrence Allen represents investors nationwide in securities arbitration. Mr. Allen spent seven years working for two major Wall Street firms and was chief investment officer for two hedge funds. Mr. Allen pens a blog on impactful subjects that affect all of us and is a respected legal expert who provides insightful commentary on national TV, radio and print. Audio Transcription: ANNOUNCER: Welcome to Creating Wealth with Jason Hartman! During this program Jason is going to tell you some really exciting things that you probably haven’t thought of before, and a new slant on investing: fresh new approaches to America’s best investment that will enable you to create more wealth and happiness than you ever thought possible. Jason is a genuine, self-made multi-millionaire who not only talks the talk, but walks the walk. He’s been a successful investor for 20 years and currently owns properties in 11 states and 17 cities. This program will help you follow in Jason’s footsteps on the road to financial freedom. You really can do it! And now, here’s your host, Jason Hartman, with the complete solution for real estate investors. JASON HARTMAN: Welcome to the Creating Wealth Show. This is your host, Jason Hartman, and thank you so much for joining me today. We’ll be back with today’s guest or segment, in just a moment. [MUSIC] JASON HARTMAN: It’s my pleasure to welcome John Lawrence Allen to the show! He is a securities litigation attorney, helping investors recover funds lost through investment fraud or incompetence. He’s a former Los Angeles Deputy District Attorney, and the author of a new book, entitled, Make Wall Street Pay You Back. And of course you know over the years I’ve said with some degree of sarcasm, that Wall Street is the modern version of organized crime, and my Commandment #3 for successful investing is, maintain control, because when you don’t maintain control, you leave yourself susceptible to three major problems. Number one, and we’re gonna address that during the interview with John today, you might be investing with a crook. Number two, you might be investing with an idiot. And so we’ll address those two. And number three, even if they’re honest, even if they’re competent, they take a huge management fee off the top for managing the deal. So, we’ll kind of dive into this. John, welcome. How are you? JOHN LAWRENCE ALLEN: I’m good. How are you today? JASON HARTMAN: Good, good. Well, it’s great to have you. And just to give our listeners a sense of geography, where are you located? JOHN LAWRENCE ALLEN: My office is in White Plains, New York. I used to have an office in California and midtown Manhattan, and I’ve now moved out to the Connecticut countryside to work in White Plains. John Lawrence Allen: background and history of latest book JASON HARTMAN: Fantastic. Well, tell us about your background, and how you came to write the book. JOHN LAWRENCE ALLEN: Well, I wrote my first book, Investor Beware, 20 years ago. And that was—actually, more than 20 years, I guess it’s been now. Almost 25 years ago. And that was the result of having been in the industry. I spent 7 years on Wall Street, and I invented an arbitraged [unintelligible] program. That’s how I went into Wall Street. And I got very, very dissatisfied with the [unintelligible], and the outright unethical activity I saw around me. And it got so bad that I quit, and I wrote my first book, Investor Beware, to help people protect themselves from the way Wall Street operates. But over the last 20 years, the entire investment landscape has radically, radically changed. And the entire way brokers do business has changed. And if investors aren’t aware of these changes, they may very well end up becoming victims of the Wall Street community. How Wall Street and the investment landscape have changed over the last 20 years JASON HARTMAN: You know, when you say those changes, I don’t know what you’re referring to, so I’ll have you tell me. but is one of them—one way that I think large corporations really oppress people, is through the commercial arbitration act. And I know so many years ago in the 90s, when there was a lot of securities fraud in the news—of course, that seems to be an ongoing issue, of course. And, you know, a lot of people have lost money in the stock market. They made some new rules—I don’t know, you know, exactly which agency that came out of. Maybe it was the FCC, or FINRA, I didn’t mean to say FCC, did I say that? The SEC, the Scoundrels Encouragement Commission, as it’s been called. But it is—is that arbitration? Because arbitration, really I think takes away people’s rights quite a bit. On the arbitration process JOHN LAWRENCE ALLEN: Well, that’s an interesting—there’s two sides to that coin. Yes, they take away people’s rights. And people don’t know it, but if you have a problem with a broker dealer—that’s, you know, any licensed firm that buys and sells securities for you—if you have a problem with the representative who works at a broker dealer, when you sign your contract with them, you waive your right to a court trial or jury trial. That means, you don’t get to be in front of a group of your peers, you don’t get to have any of the help that you would get in a court room, or in a civil or jury trial. That’s the negative side. But there’s a positive side to it. The positive side is, you’re gonna go into arbitration, which is significantly less expensive, significantly less time-consuming, and far swifter justice than you could ever get in a court. Let’s say you win a court case, and what’s gonna happen? Well, the arbitration—not the arbitration. Securities firm is going to appeal that matter, and you’re gonna get stuck in court for another couple of years. On the other hand, if you go to FINRA—Financial Industry Regulatory Authority arbitration—you’re gonna be in front in a case of $100,000 or more, three arbitration judges, who are gonna rule very quickly, and you’re gonna have a result very quickly. And if you win, they have to pay within 30 days. You don’t have any of the problems of collecting, or appeal, or the lengthy process that’s involved in the court proceeding. And there’s one more positive, I find, in arbitration. That is, if you get into a complex securities case, there are complex issues and facts that the average juror really can’t grasp that well. But these arbitrators are usually business people, and they have a business background, and they understand wrongdoing when they see it, and they’re not afraid to make an award. The one thing that is difficult is to try to get punitive damages. That’s very difficult arbitration. I’ve attained it more than once, I’ve gotten it, but it’s a difficult road to go, to try to get punitive damages. And lastly, you don’t have to get bogged down in a motion practice where a wealthy brokerage company with an unlimited pocket can paper you to death with motions and motions to compel and sanctions and hearings and depositions and request remissions and all the discovery stuff that goes on. None of that’s allowed in arbitration. JASON HARTMAN: I mean, I’ve been in arbitrations. They have depositions though. JOHN LAWRENCE ALLEN: Not in federal arbitration. For securities cases. Yes, in civil arbitration, but if you go into a FINRA arbitration, there are no depositions, there are no request remissions, there are no interrogatories. You can do a document request, but it’s very limited, which means that you’re gonna save a great amount of time and a great amount of expense, and a great amount of heartache. So, all in all, oddly enough I actually—when I started, I didn’t like, or I perceived not to like, the arbitration process. But now that I’ve done it for so many years, I think that it’s a good methodology to get swift justice. JASON HARTMAN: Okay. Well, I don’t want to belabor that one, because it’ll take away from sort of the crux of our discussion, but it’s good to hear your point of view on that. So, the thing you were saying, in terms of the laws not being in favor of the consumer, in this case the investor, is no jury trial, and what was the other one? On the laws not being in favor of the consumer JOHN LAWRENCE ALLEN: No court trial. No judge— JASON HARTMAN: Okay, no court trial at all. So, arbitration. But, were there any other things you wanted to mention there, before I got you on this tangent of arbitration? JOHN LAWRENCE ALLEN: Well, I just—I think that the cost effectiveness is so overwhelmingly in the—you know what it does? It puts you on an even footing with someone who has an unlimited budget, which you can’t do in litigation unless you’re willing to spend the money to ante up. But in arbitration, you’re on an equal footing with your opponent. And if you have a competent, skilled, highly qualified and knowledgeable attorney who knows the ins and outs of FINRA arbitration, you’ve got a long way towards getting your money back. JASON HARTMAN: So, that may be different—and again, I don’t want to belabor this arbitration point too much, because there’s other issues, of course. But, it sounds like it’s better, with a FINRA situation, for people that have been defrauded, just lost money because of incompetence on Wall Street. But in a typical arbitration, those arbitrators—I think, I’m pretty sure, they really lean toward the person who put the arbitration clause into the contract, because they view them as repeat customers, and we’ll call it part of the vast Wall—the vast arbitration conspiracy. It blows my mind that AAA, the American Arbitration Association, is actually a nonprofit organization. The fees are enormous. And we all pay taxes to have a public court system. And listen, I’m no fan of prolonged litigation, or litigation at all, but gosh, why do you have to pay for a private court, which in the typical arbitration, probably not FINRA, with what you explained, acts, in my opinion, as a bit of a kangaroo court—especially the fact that these things are confidential. And you get these real estate developers that develop these condo properties and so forth, and you know, they all put arbitration clauses in their contracts. And you can’t do a litigation search on them before you, say, buy a property, to see if they’re a bad apple, if they’ve been sued by hundreds of investors! It’s all hidden from public view. And that just makes me think of a Third World, Banana Republic country where they’ve got these kangaroo courts, and you know, our whole system is based on transparency. At least that was the original idea of it. So, that’s my bone to pick with arbitration. JOHN LAWRENCE ALLEN: Well, you raise a good point. And I would tend to agree with you. Up until a couple years ago, arbitration had two panel members that were public, and one who actually came from the industry, and it was in many cases biased in favor of the arbitration people, meaning the broker dealers. And I think the statistics, not from me personally, but the statistics generally bear out your concerns. People don’t do all that well in arbitration. They win about half their cases, and of the cases they win, they win about half the money they got back. So, I don’t put that as good odds. That’s not been my experience, but I am very selective in the cases I take, and I put in a great deal of time to win these cases. I understand that you’re not gonna get money from three business people unless you can find a way to emotionally connect your client with them. if you can’t find a way for them to care about your client, they’re not gonna give you anything back. But if you can find a way to develop the cast to find an emotional connection—something that touches them, they’re gonna be far more willing to knock the arbitration—when I say, to go after the broker dealer for fraud. JASON HARTMAN: Let me take a brief pause; we’ll be back in just a minute. A brief message from Bill Clinton BILL CLINTON: Hi. This is Bill Clinton, and I want to invite you to hang out with my friend, Jason Hartman, in my hometown of Little Rock. Jason and his interns, you know I like interns, are having his famous Creating Wealth Seminar and Property Tour here! So drop everything, including Hillary, and go register at www.jasonhartman.com, right now. This event is coming up soon, but, as I like to say, it depends on what the meaning of the word ‘is’ is. See ya there. [MUSIC] Causes of action: fraud, incompetence, etc. JASON HARTMAN: Let’s talk about what are some of the causes of action. I mean, of course fraud is one of them. But you also mentioned incompetence, and when someone has a securities claim, whom is the claim directed at? You know, you’ve got the advisor who works at Merrill Lynch, which in my opinion, or whatever firm, I’m just saying Merrill Lynch because they’re big. But they can work at any firm; Ameriprise, Merrill Lynch, whatever, okay, and I tend to find those advisors are usually just slick salespeople who wear nice suits, okay? Nothing more than salespeople. They have cursory knowledge. Very little real depth of knowledge, usually. Of course I’m making a generalization here, and I apologize to those smart, great, ethical good brokers out there, because there are some. But you’ve got the broker, you’ve got the investment banker, you’ve got the firm. Who are you really—you’ve got the company. There are so many layers to this. JOHN LAWRENCE ALLEN: Well, let’s talk about that for a second. People don’t know that you can hold a brokerage firm and its registered representative—that’s the stock broker who provides you with a recommendation—for giving bad advice. People think, well, that doesn’t sound right! If he gave me bad advice? I mean, if I get advice, and the stock doesn’t do what he thought, how can he be responsible? And the corollary, or the answer to that, is this. Under the FINRA guidelines, and the Securities and Exchange Commission guidelines, brokers are required to know your risk tolerance, time horizon, financial goals, and anything that can affect your capacity to invest. That means if you’re employed, unemployed, medical problems, but mostly, what they have to do is th…

    Full show notes at the publisher
    CW 387: Financial Education & Cultivating Entrepreneurial Genius with Robert Kiyosaki Acclaimed Author of 'Rich Dad Poor Dad' Jul 07, 2014
    Show notes

    Robert Kiyosaki is the acclaimed author of Rich Dad Poor Dad. The Rich Dad Company has made Rich Dad Scams: 8 Financial Scams Disguised as Wisdom available for free eBook download, so Kiyosaki talks in detail about scams everyone needs to understand.

    Kiyosaki discusses the fundamental challenges with the traditional school system and how corporate America kills the entrepreneurial genius of many bright workers.

    Kiyosaki then answers how much money one should save in his or her bank account.

    Robert Kiyosaki is a fourth-generation Japanese-American who grew up in Hawaii. He joined the Marine Corps after graduating from college in New York, and went to Vietnam as an officer and helicopter gunship pilot. After the war, Robert went to work for the Xerox Corporation and in 1977 started a company that brought the first nylon Velcro surfer wallets to market. Feeling that he had something important to teach, Robert founded a new company in 1985 to teach business and investing to tens of thousands of students throughout the world.

    At the age of 47 Robert retired from his business to devote time to writing, and in 1997 published the #1 New York Times best seller, Rich Dad Poor Dad. Soon afterward he wrote Rich Dad’s Cashflow Quadrant, Rich Dad’s Guide to Investing, and Rich Kid Smart Kid.

    All the books have been on the best-seller lists of the Wall Street Journal, Business Week, New York Times, E-Trade.com, and other distinguished lists. Robert also created educational board games to teach individuals the same financial strategies his rich dad spent years teaching him… strategies that helped him retire at the age of 47.

    Robert Kiyosaki’s goal is to give people information that will help them make their money work hard for them, rather than simply working hard for money.

    Find out more about The Rich Dad Company at www.richdadcoaching.com and www.richdad.com.

    CW 386: Reforming Government Surveillance with Bruce Fein Former FCC General Counsel & Heritage Foundation Attorney Jun 19, 2014
    Show notes

    Bruce Fein is a lawyer in the United States who specializes in constitutional and international law. Fein has written numerous articles on constitutional issues for The Washington Times, Slate.com, The New York Times, Legal Times, and is active on the issues of civil liberties. He has also worked for the American Enterprise Institute, and the Heritage Foundation, both conservative think tanks as an analyst and commentator.

    Fein is a principal in a government affairs and public relations firm, The Lichfield Group in Washington D.C. He is also a resident scholar at the Turkish Coalition of America.

    CW 385: The Corporatization of America with Ray Bourhis Attorney & Author of the Fictional Political Satire 'Revolt: The Secession of Mill Valley' Jun 16, 2014
    Show notes

    Ray Bourhis is a partner with the law firm of Bourhis & Wolfson in San Francisco, California, specializing in insurance bad-faith litigation. A graduate of Boalt Hall at the University of California, Berkeley, Bourhis has been a court-appointed Special Master overseeing reforms in the California Department of Insurance and was appointed by U.S. Senator Barbara Boxer to her Federal Judicial Selection Advisory Committee.

    He was recently profiled by Ed Bradley in a 60 Minutes report concerning fraudulent insurance practices. Born and raised in Elmhurst, Queens, Bourhis credits an attempt by gang members to throw him into a blazing bonfire at the age of twelve with helping him develop the survival skills needed to deal with insurance companies. He lives with his family in Kentfield, California.

    CW 384: Russia in the 1990's From Global Superpower to Banana Republic with Phaedra Fisher Author of 'Vodka Diplomacy' Jun 12, 2014
    Show notes

    Phaedra Fisher visited Russia back in 1994, and witnessed the privatization and inflation firsthand. Her book, Vodka Diplomacy, explains her experience and life in Russia as several events unfolded.

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