Renters Warehouse: Leveraging Your House To Generate Income With Noel Christopher

• by REIPodcast
• Comment Off
• 825 views

When you own the house, you can’t generate wealth from it if you don’t leverage it. In today’s society, where people are moving five to ten years from now, how can you create wealth by owning that house? In today’s episode, Noel Christopher, the Senior Vice President of Renters Warehouse, shares his insights on homeownership and how you can leverage your house to generate income. Tune in and learn more about how you can optimize homeownership and create a long-term investment plan!

—

Watch the episode here

Listen to the podcast here

Renters Warehouse: Leveraging Your House To Generate Income With Noel Christopher

Thank you so much for stopping by. I’m here with a good friend of mine, Noel Christopher. Thanks for stopping by, bud.

Thanks for having me.

Noel, why don’t you take a minute and tell everybody a little bit about yourself?

I’m the SVP of Portfolio Services for Renters Warehouse. We are a national property management company. I manage about 15,000 homes in 45 markets around the country. I run our Portfolio Services Division, which focuses on institutional investors, family offices, and private equity that want to invest in a single-family rental scale. Everything from sourcing homes, if you want to buy off the MLS, off-market sourcing, underwriting, acquiring, renovating, leasing, and property management. A little bit of asset management light in there as well.

We are going to get into your background. There is probably a lot more in-depth here but you are not just a guy at Renters Warehouse. How long have you been in the investing field, and how many houses have you bought?

I started in commercial real estate in Chicago back in the ’90s. That’s where I cut my teeth. It was a doggy dog world. It still is. After the Great Depression or the Great Financial Crisis, I got into real estate investing personally in Chicago, buying 2 and 3 flat buildings. I bought a few hundred of those. Renovated them, and you couldn’t get a purchase loan.

We worked with a lender and did refinances. We did Fannie Mae and Freddie’s refinances. We did almost a thousand of those overall but I owned a couple of hundred. In 2012, through a mutual friend that I went to college with in Arizona, the late Todd Farnsworth, who is a good friend of mine from college, introduced me to Dallas Tanner when it was still Treehouse Group, and they were about to go big with Blackstone.

My real estate group was the main broker they used in Chicago. Previous to that, as a commercial real estate shop, we were buying other brokerages and doing a lot of different things. We started buying homes from Invitation Homes, and the rest is history. Since then, I’ve worked all through the industry. I bought thousands and thousands of homes, whether that’s buying directly for a fund or representing different funds. I have some very close friends and deep connections in Chicago, some of whom I’m sure you know, that I still do a lot of business with. I decided in 2012 that this was what I was going to do, and I’ve been doing it since.

I start each week with a segment we call the bottom line up front. What I’m going to do is I’m going to ask you to look into the camera and spend two minutes talking to that individual investor. That investor that’s out there only heard you blush over, “I bought a couple of hundred homes.” As we know, I’m a client of Renters Warehouse and most of your customers don’t own a hundred homes. There’s a lot of fear out there. There’s a lot of misinformation. There’s a lot of, “What should I do?”

Imagine that after these two minutes, they are going to stop tuning in. They are going to stop at a gas station to get some gas. In two minutes, pour into the audience the most important things you are seeing, the things they need to know, things they should be doing, and things they shouldn’t be doing. Take it away.

If you look at where the market is now, I talk about this a lot. What’s happened in the last few years is that it’s gone up to about 40%, 42%, and 45% in some areas. A lot of people talk to me if it is time to sell their house. What should they do? What’s going on? The fact is that if you think that the market was going to continue to go, for example, if we were back in 2019 and fast forward now and we said, “The market went up 3.5% to 4% in the last few years.

The rent went up from 3.5% to 4%. We had all been clapping each other on the hands, saying it was a good couple of years. Now, it’s gone up 40%, and people are having a little bit of a conniption with it going back down maybe, and I’ve heard some projections, 15% to 20% in certain markets across the country. That’s a huge opportunity because it probably will not go down and what will continue to go up incrementally is rent. That’s what’s going to drive your investment.

The cost of the capital is going to adjust over time, so you buy and invest now. In a couple of years, you will probably be able to refinance into a lower term. You are taking a higher equity risk now and for the next year so that you can realize huge gains in 18 or 24 months. That’s whether you are a large institutional investor, whether you are a small or a medium-cap investor. You have a 1031 exchange, you are investing a couple of million dollars or you are a small investor buying one home.

Don’t look at where the market is today and where it’s going to be tomorrow. Look at where it’s going to be in 5 or 10 years because investing is long-term. To those of you who want to buy and sell the house in a year and are trying to flip and work the market, that’s not what this is. This is a long-term investment opportunity. A lot of money is on the sidelines.

A lot of investors are out there investing and what’s happening now is a lot of homeowners are now turning into investors again, what happened in 2008. You see the numbers. It’s upwards of 10% to 15% in some markets. Homeowners are holding onto their homes and renting them out. You do have to be careful with the rent but now is a good time to invest, in my opinion.

That’s excellent because the short view, the one-month view, is bloody. The Bank of England’s already having to prop up its financial system. People are saying we could have a liquidity squeeze in October, so it would be easy to read the headlines, the bylines, and the first paragraph of stuff and say, “Now is not the time.”

I’m not a plandemic or scandemic kind of guy but I was speaking at the conference and showed four slides. I showed the amount of money that has been in circulation for the last 50 years because, ultimately, it looks like that. Everybody talks about how much we have done in the last few years but it’s the same. I showed them the number of people on this Earth.

There are more people now than there were in 2021 in America. There were more people last year than the year before, and so forth. There’s going to be more and more people. The beautiful thing about America is that we have to pay people more every year. Can you imagine in America where we say, “Keep working hard, and your wages will go down?”

They were stagnant for a while.

There are more people than ever. They are living longer than ever. We have to pay them and have more money than ever. If you think inflation stopping means things get cheaper, you are wrong. It means they stopped going up as fast. That’s it, and the same goes for real estate. I’m with you. Jennifer and I are buying now.

You have to buy smart.

You buy on this time’s values. If you are selling, you sell on this time’s values. There are too many investors. I was at the same conference, and you will love this because we have been doing this for so long. He walks up and says, “I’ve had this house, and I’ve already lowered the price twice.” I said, “How long has it been on the market?” He goes, “Five days.” I’m like, “Five days?”

People quickly forget.

Remember when you used to wait 21 days because you needed 3 weekends’ worth of showings, and then you looked at the feedback and adjusted 1 of the 3 Ps, Pricing, Product, and Presentation? You waited another 21 days. It’s asinine but I don’t mean to make fun of it because there are a lot of people concerned. I want to go and touch a little bit on something. You said 10% or 15% of people are starting to rent out their houses. Can you expand on that? I haven’t heard that before.

There are some data coming out, and let me preface this with back in 2008. For example, how Renters Warehouse was built where people who couldn’t sell their home and they could not sell their homes, so they decided and had equity. A lot more people wish they had done this. They were able to cover their debt with a renter.

What you have to realize is that the demand for housing doesn’t go away. Demand wanes. Household formations have slowed a little bit with inflation but that is pent up. That is not stopped. That household formation will again pop, and we are going to see something again to what I predict happened with the Millennials during the Great Recession. It was a tsunami of people needing homes while all these people that stopped are going to need a place to live because you don’t decide to stay in an apartment and start a family.

You don’t live in an apartment, start a family and then go move back into an apartment. Taking away and going for the middle-income working class and up. You need a house to live in. It happened in 2008 and on, and it’s happening now where you are seeing people are going, “I have this home and this financial instrument attached to this home. That financial instrument is at 3% or 4%.

Ninety percent of American mortgages are below 5% now.

What is it? It’s at 7%, for Christ’s sake. They are saying it could go to 8% and there wasn’t as much information around 2008. Think about how easy it is to find a podcast and research. Not research and read the headlines and read the YouTube guys that are saying, “Everything is crashing, and the whole world is falling apart,” but to look at it and common sense tells you, “You are going to sell this.” Most people are going to have capital gains, and they are not going to be able to buy into something at this price with nowaday’s debt. Hold onto it and rent it out.

That has caused in markets like Phoenix and Las Vegas some competition on the rental. A lot of the institutional investors, a lot of investors, work, and we are seeing a little bit of softening. Softening means, “It went up 15% or 30%.” Let’s go back down to the trend line, which we are probably not even going to hit. Let’s say it’s going to go up 6%, 7% or 10% instead of that high number. Maybe if it goes down to rent being a tad bit flat but it’s not. Typically, single-family rents don’t go down like apartment rents. Apartment rents are very up and down.

Hold your home. Rent it out. There’s professional management. The professional management landscape has exploded in the last few years. There are plenty of opportunities. I would never say an armchair investment because owning a single-family home is not an armchair investment in any sense. You go invest in a REIT, if you want that, and rent it out. We are seeing a lot of people do that because we are also seeing an equal number of buyers or more buyers decide that they can’t buy it and they are going to rent. It’s a perfect match, and that’s it.

It’s interesting. Number one, people do have to understand that owning single-family homes will never be a passive investment.

I hate the word turnkey.

I have been doing this for over twenty years, and when I got to the parking lot to record this, I had an email from Renters Warehouse needing to approve them to send a vendor out to a cracking subfloor. It’s a faucet. I don’t read them that much because, number one, just so people know, if I don’t reply within an hour, they go ahead and send the people there but if I do reply, I can say, “Yeah, up to $400 or I will send my own guy.”

Ultimately, Jennifer, my wife, and I like to see those things because we like to know what’s going on with our houses. Whereas my multifamily investments, if the monthly return is less than it was supposed to be, I read the report but if the amount ACH-ed into my bank accounts wouldn’t turn around what it’s supposed to be, I don’t typically look at it. It’s important for people to understand that although rewarding and a great wealth-building tool, as you said, single-family homes are never passive.

I want to talk about institutions because, over the last few years, I know from talking to the folks at Renters Warehouse that you guys have done a lot of sourcing for institutions over the last years. A lot of investors have built their business around either selling to the iBuyers, if you will or wholesaling the houses or fixing them and selling them. It’s become a large part of the market.

A young woman who I know through social media shared an article that said, “BlackRock lost $1.7 trillion. What will happen if they sell their 80,000 houses?” If you are in the audience, just so you know, BlackRock doesn’t buy houses. BlackRock buys debt that may be associated with houses. BlackRock invests in publicly-traded companies that may own houses but in general, BlackRock does not have the decision authority regarding the disposition of single-family homes and is not the person that ever owned 80,000 homes.

That was the Invitation Homes ARM that you worked with and that you helped get started. That was founded by Blackstone, who no longer owns any of the companies. They’ve completely divested. They do buy through Home Partners of America, which is on pause now. Let’s talk about the facts revolving around institutional investors. How much they’ve influenced the last ten years, and what type of influence do you think they will have going forward?

For one, you and I fight the good fight on this on social media quite a bit. I try to stay away from YouTube because it’s a declining thing. The majority, and I mean 85% or 80% of single-family investors, are those who buy 1 or 2 homes. Maybe they buy 5 or 6. They own 1 or 2. Up to five is 90% or something. Institutional investors represent a big part of the market in one sense and are sometimes concentrated in certain markets. You can also talk about oversaturation, risk, and things like that.

For the sake of this conversation, can you define institutional investors? A lot of people have started identifying an institutional investor as someone that owns ten or more, and you mess up the numbers.

It skews the numbers. I would call it more of a professional investor. Even if somebody buys ten houses, they are typically a small investor. A lot of times, they have a day job. They are striving to not have a day job. They make good money. They are part of the Main Street economy. The institutional investor is those who are buying ten a year. How about 100 a month?

I want you to help people understand the market but for the sake of argument and clarity, let’s talk about people that are buying more than 50 houses a year. That’s what I want to talk about.

That’s 1% to 2% of the single-family transactions that happen. Including home buyers, flippers, mom-and-pop investors, and iBuyers. The iBuyers, I take away from that because they are then selling it back to a homeowner most of the time.

Opendoor is the largest wholesaler in the nation now.

They are the largest wholesaler now, specifically. Redfin hasn’t entered the investor market but everyone is looking around going, “Who’s going to buy these homes?” The mom-and-pop investor is the majority of the market. When you hear these numbers, “Think about this. What’s the homeownership rate?”

It’s around 62% to 67% depending on which stat you read.

What’s the percentage of homes that are bought by any kind of investor?

It’s 35%.

It all adds up. You’ve got a balanced market. When they talk about, “Twenty-eight percent of homes were bought by investors.” I’m like, “That’s not balanced,” because if homeownership is 63% or 65%, you are out of balance here. We’ve had this conversation.

It’s always important to rely on math, not feeling or emotion.

Also, anecdotal evidence. I can’t tell you how much I see online anecdotal evidence of, “Everyone has pulled out. The market is crashing. The investors are selling everything.” Why would they do that? It makes no financial sense for them to dump a bunch of homes on the market that they bought at a certain number, and that number worked when they bought it. The market’s gone like this but it still works at the fundamentals that they bought the home.

It’s the same thing if you are saying, “Would you buy now?” If it works, if the numbers fit your investment criteria and your investing philosophy, then if it’s going to work now, it will work tomorrow because that value is inconsequential. When in the short-term and it’s going up and down and you go, “I still get my income. The home says it’s worth $200,000 but I’m getting $3,000 a month in rent. Wonderful.”

What may be the average consumer or investor out there doesn’t think about is if you don’t ever sell your house, how do you make money?

From the income of the house. It’s very simple.

Is that why they bought the houses?

Yeah, I would think so. You have your appreciation over time but don’t look at it for 2022. It’s looking at the little graph, and it goes like this 1-day graph but if you look at the 5-year, it’s almost all the time for 3 % to 5%. Institutional investors provide a great service, in my opinion. They are not taking homes away from home buyers because there are a number of people who need a house to live in and rent. We learned that by pushing the homeownership rate to 68%, what happened?

We had a massive default.

We had to give away loans. We had massive defaults. There’s an equilibrium that happens.

Frankly, that extra 3% was picked up by the institutions because they had to. We forced the system out of balance.

There are all kinds of news. I work for a large property management company. You are never going to hear the good and the happy people. The happy people and customers don’t call you back. The happy tenants don’t post reviews. You hear only about the bad things, and it’s come a long way when you have the average, some of the higher priced here. You’ve got average renters income is $100,000-plus. These people are choosing to rent. My goal in life, if I could be, would be to help those renters become investors. You rent in California and buy another in Alabama.

It’s a huge thing happening in San Francisco Bay area now. I was reading a blog but such a large percentage of those tech workers rent but own property throughout the United States. It was a Bloomberg article.

You are still following the American dream. You don’t have to own the home you live in to create wealth. Now, it can be long-term but in the society we are in now, people are moving every 5 to 10 years and are not going to create that wealth by owning their house. Micro times like this time, a lot of people created some wealth. I’ve had a lot of people call me and say, “What do I do?” I go, “You have $400,000 of equity in your house. Don’t sell it. Rent it. Buy another property. You can use your houses to 75%, in some instances.”

You know better than me but institutional investors are a player in the market. They are a factor in the market but they are not moving the entire market. If anything, they provide a floor. That’s why when people talk to me and say, “What are you going to do? The market is about to crash.” I’m like, “I’m looking at this every day, and we price this out. The new interest rates at a 3% discount were gangbusters.”

Now, we are looking at a 15% discount. The cost of capital is still going up but not enough to offset that 15% discount. There are plenty of buying opportunities, and for what I do, I’m bullish. On the more institutional investing, there are plenty of opportunities. There is a lot of money on the sidelines. I don’t believe that it will be possible, except for certain situations, for the market to move more than 15% because there is such a demand for housing and such a need that their investors and 90% of them will be small investors, will absorb any of that inventory.

I got to bring this up because we interacted on LinkedIn. By the way, if you are reading, you got to follow Noel on LinkedIn. The property manager and service providers in the real estate space must stop using fear to sell their fricking products. It makes us look horrible. It makes the industry look scary. I sit here and haven’t thought about selling a single one of my houses in the last few years. The rents are going up. The taxes and insurance went up but my rate is not because I got a fixed-rate mortgage.

Noel, it’s time for the Money Minute. You can imagine this however you would like. It could be young Noel, and you are talking to him many years ago about what to do. You take the average Renters Warehouse customer that may be out there a little nervous or scared and imagine they are only going to get 60 seconds of advice. This 60-second is the only advice they get for the next month. Take a second and prepare yourself. When you are ready, Money Minute, pour into it.

If you were around in the last financial crisis, imagine if you had held onto or owned any real estate then and where you would be. Look at the 50-year trend line of a house price appreciation because we’re in an increasing population, increasing wages, and inflation. Inflation is not necessarily bad for real estate. Real estate has gone up a few percentage points in history over inflation. Imagine where you would be if you had pulled the trigger and invested in real estate then.

It will be the same thing when you look back 5, 10, 15 or 20 years from now. Look at that 50-year trend line and where values are going. We would have to go down 35% to 40% now to hit where we are on the trend line and appreciation. That’s plain and simple. If the deal works today, it’s going to work tomorrow and going forward. That’s all I have to say.

Not enough people focus on the old, “You never wait to buy real estate. You buy real estate and wait.” A few years ago, I wrote a blog and had not deleted this blog because I’m okay with being wrong. I’m wrong a lot. Blackstone, I say this almost every episode because it’s important for people to hear. A guy named Jas at Blackstone sat down and said, “Tim, we know we can’t be right all the time.” Statistically, we know we can only be right 70% of the time. The key is making sure we acknowledge our mistakes, stop doing what was wrong, and fix them.

Too many people want to be perfect, and they want to have that rose-colored glasses type outcome. With real estate, the beautiful thing is that Warren Buffett, on March 6th, 2017, called the 30-year fixed-rate mortgage the best investment vehicle there is because he called this. It’s a one-way bet. If you are wrong and rates go down, you simply refi, pay it off and take another one.

However, if you are right and rates go up, I refied all my stuff at 3.5% in 2021. You just can’t lose. I love that advice. If you are out there reading, take it and buy it because, in 2012, I wrote that blog, and I said Blackstone was a fool. They didn’t know what they were doing. They didn’t understand single-family real estate. They were going to lose their backside. Here we are. Their houses are worth three times what they paid for them. Their rents are three times what they started renting it for, and they are absolute geniuses, and I was the fool.

You are not a fool but I have been there. I’ve had a lot of predictions that were wrong, and that’s okay.

We are going to get into the rapid-fire segment, where I get to ask you questions, and you answer quickly. Has the bubble burst?

We fit our peak.

The peak of values, the peak of interest rates or both?

The peak of values, not the peak of interest rates but we are looking at end of the year, maybe being 6% appreciation. Any other year we would be happy with that number.

Not enough people look at seasonality. Values almost always, on an annualized basis, peak in April, May or June timeframe and go down in August, September, and October timeframe. It’s no different this 2022. Probably a little bit more disparity. You are right. The numbers I’m reading say we could end up the year up 8% year-over-year.

This means we went down in value during the year because we were at 14% in July. That was the peak.

It is still not a correction, in my opinion. In your opinion, at what point does the equity in a home become worth capturing, even if you are paying 7% or 8% on a mortgage?

If you are in it for the short-term, maybe. If you are saying, “I’m going to have to sell my house next year in July, and we are looking at some big decline, maybe you could refi, take out some of that equity, and do something with it.” It’s still risky. You are paying a higher rate but you are going to pay that higher rate one way or another. If you have something smart to do with the money, not buy a jet ski or a boat, and you are going to invest in a home that makes sense in cashflows, yes. If you are only trying to save some equity, wait a little bit longer.

Warren Buffett, in that video I talked about, took a $120,000 mortgage against a $150,000 house in Laguna Beach. He estimates he bought about 3,000 shares of Berkshire Hathaway with that money which equaled about $750 million. You talk about doing something smart with money. If you feel like you are going to make a lot more than the 7% you are paying, it’s a good bet. If it’s not, don’t do it.

If it’s to survive or maybe pay off credit card debt, I don’t know. Whatever it might be for but there are some different ways to look at it. Some people are losing some equity but we went up a record. It’s the same thing with the housing correction. What’s a housing correction? When housing goes up 4% or 5% a year and then it corrects 5%, that’s not a crash. When housing goes up 40% in a year, and it corrects 15%, it’s still not a crash in my mind. You do move the goalpost. Somebody accused me of that on LinkedIn that I’m moving the goal post because I said 5% was not a crash, and now I’m saying 15% isn’t because it’s not. It’s relative. It’s the same thing with foreclosures. Foreclosures are up. They are up on record month-over-month.

The percentage is the most misleading thing there is in the market now. Also, my buddy Jason Hartman says, “Compared to what?” What are we comparing to?

The median home price. It’s another number that is a very hard number. Don’t look at the median home price and go, “The house values have gone down $100,000.

The mix of sales has and not values. We are almost done. Any parting thoughts or shots?

Don’t panic. Don’t listen to YouTube. YouTube is great but don’t listen to those that are peddling fear and panic and that the man is after you, that institutional investors are messing with you. I do have to say you can get a commercial loan for the same rate as a home loan now. When was the last time that happened?

Never.

What does it tell you?

It tells you that they are overreacting on the spreads for homeowners. The 10-year Treasury is at 4% and the 2-year is like 4.2%-ish. They are coming inside now. They have been a lot farther inverted for the last six months. I’m not going to go geeky. Spreads have gapped out. It’s an expression of concern by the capital markets, which in times of uncertainty, most of the time, the best thing to do is chill out and wait.

Morgan from HousingWire put out something interesting where he broke down the Fed Minutes and talked about how they are trying to get the inventory levels, not values but inventory levels, back to pre-pandemic, back to 2019. If they can get the inventory levels there, balance the housing market, and adjust that mortgage rate to match that affordability.

One word of advice for investors. We’ve talked about it, and you’ve mentioned several times the word pause. Who’s on pause? The institutional investors. What’s that do? It opens up opportunities to buy homes in that you are not having a lot of competition. The only difference is that because there are no more new listings, there are fewer buyers. You have more scratches and dents. Value-add properties. On the market, which is not as appealing to institutional investors because they don’t want to go in and do the $50,000 or $60,000 rehabs because that requires more boots on the ground and a project management base.

Therefore, there are a ton of opportunities. A homebuyer is not going to buy that home. Flippers, the cost of capital is getting too high for them now. There’s not a homebuyer market for them to sell to. For that small investor, there’s an opportunity to go out there and find you good partners to help you rehabilitate a home and get a ton of value-add.

There are a couple of funds that do this that are doing well now, but a lot of the institutional investors don’t like that. They don’t want to scratch and dent ones. They want homes that are $20,000, $30,000 to $40,000 max. They can rehab. When you get above that number, it’s very difficult.

We are out of time. There’s a massive tug of war between supply and demand. New listings, buildings, deliveries, and buyers are down. There’s not a lot going on, which creates opportunity, as you said. If somebody wants to get ahold of you, they can connect with you on LinkedIn.

LinkedIn is probably the best.

If you need information about Renters Warehouse, you can go to RentersWarehouse.com or hop on over and connect with Noel on LinkedIn. He will take care of you like he takes care of all my friends and customers. Thank you so much for stopping back by. Remember, your network is your net worth, and now, you have been growing both. We will see you soon.

Important Links

• Renters Warehouse
• LinkedIn – Noel Christopher
• Blackstone

About Noel Christopher

I have a strong background as a leader in the single-family rental space. I currently serve as the SVP of the Portfolio Services Division at Renters Warehouse, where I lead RW’s single-family rental advisory group. In addition, I have extensive experience in M&A, sourcing, acquisition, disposition, property management, and consulting across the single-family rental industry for both institutional and private equity funds.

I came to Renters Warehouse in 2016 during its transition to a national player in the property management space. I led Renters Warehouse’s market expansion through M&A and helped build and now lead the Portfolio Services Division advisory group, which encompasses over 8,000 homes under management. This company’s division offers end-to-end SFR sourcing, acquisition, renovation, and property management services to large and mid-size funds in 40 markets across 25 states making up a large portion of the 19,000 homes RW now manages for investors. Before Renters Warehouse,

I worked in Chicago’s commercial real estate industry for 17 years. I was working for Inland Commercial Real Estate and Elmdale Partners. With Elmdale, I helped build their Century 21 Affiliated brand to be the largest C21 franchise in the world. While at Elmdale, starting in 2012, my team acquired thousands of single-family rental homes for institutional buyers, including Invitation Homes, Waypoint, and others.

I created innovative acquisition strategies, which led me to be recognized nationally as one of the country’s top commercial real estate brokers. I regularly speak at high-profile real estate conferences, give weekly commentary on the housing market, and have written several articles for Forbes about the single-family rental industry and the housing industry.

The following podcast program is furnished by RCN Capital LLC.  The information provided is for general educational purposes only and does not constitute any legal, tax, financial, investment or other professional advice. The views, thoughts, and opinions expressed of any speaker are the speaker’s own opinion and do not represent the views, thoughts, and opinions of RCN Capital LLC.   No information contained in this episode should be construed as financial, investment or legal advice from RCN or any individual, author, host or guest. You should always consult a financial advisor before investing.

• Crashing Market
• Homeownership
• inflation
• Real Estate Investing
• Renters Warehouse
• Renting Your Home