Get Rich Education 459: Your Questions Answered: Raw Land, Debt Mindset, Controlling Repair Expenses
Watch the video of today's podcast intro here.
Are starter homes a thing of the past? Did the Fed just win? I provide commentary and perspective on both.
Hear clips from: Donald Trump, Jamie Dimon, and Jerome Powell.
Then, I answer four listener questions:
Should I make my first real estate investment a new development from raw land?
Does it make sense to sell some rental properties, pay off others, and make my life easier?
My returns are down because my property repair bills are higher than expected. What should I do?
Since the government has high debt, won’t they keep printing dollars?
If you have a listener question, ask it here: GetRichEducation.com/Contact
Timestamps:
The state of the real estate economy [00:00:01]
Home prices and housing supply [00:01:33]
Analysis of home prices reaching new highs, the decrease in new listings, and the impact on housing supply.
Mortgage rates and the future of interest rates [00:03:54]
Insights on the direction of mortgage rates, the unlikelihood of rates returning to the 3% range, and the opinions of Lawrence Yun, the chief economist at the NAR.
The Fed's Soft Landing [00:10:31]
Discussion on the Federal Reserve's efforts to control inflation and maintain economic stability.
Building Development as a First Investment [00:12:49]
Advice on whether it is a good idea for beginners to invest in land development and the challenges involved.
Acquiring More Property or Paying Down Debt [00:19:02]
Advice on whether to continue acquiring properties or pay off existing debt and downsize for a more enjoyable life.
The philosophy of debt [00:21:11]
Debt can be beneficial and indicate wealth, as seen in examples of successful individuals with high levels of debt.
Managing repair costs for rental properties [00:24:18]
Charging tenants for the first portion of repair bills can incentivize them to make minor repairs themselves and reduce long-term repair costs.
Inflation and government debt [00:30:12]
Inflation can debase government debt, reducing its value, similar to how it affects personal debt. The US government's ability to print money allows for easier repayment of debt.
The housing supply and marketplace [00:31:30]
Discussion on the historically low US housing supply and the importance of staying up to date with the inventory and other elements in the real estate market.
Resources mentioned:
Show Notes:
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Complete episode transcript:
Speaker 1 (00:00:01) - Welcome to GRE. I'm your host, Keith Weinhold. First, I'll discuss the surprising state of the real estate economy. Then I answer your listener question Should I develop and build property myself? How do I keep my rental properties repair bill down? And two questions about real estate debt all today on Get Rich Education with real estate capital Jacksonville. Real estate has outperformed the stock market by 44% over the last 20 years. It's proven to be a more stable asset, especially during recessions. Their vertically integrated strategy has led to 79% more home price appreciation compared to the average Jacksonville investor since 2013. JTB is ready to help your money make money and to make it easy for everyday investors. Get started at JWB Real Estate.
Speaker 2 (00:01:01) - You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.
Speaker 1 (00:01:24) - Welcome to the area from Warsaw, Poland, to Warsaw, Indiana, and across 188 nations worldwide. And Keith Weinhold in your listening to Get Rich Education.
Speaker 1 (00:01:33) - Earlier this month, CNBC reported that home prices have hit new highs again, another up just slightly year over year, though the popular sentiment is that by now people have gotten used to paying 7% or even more than 7% mortgage rates and higher rates. That puts the squeeze on housing supply. I mean, gosh, within this era of already paltry supply, I mean, we're talking about direly few homes in some markets here. Nationally, new listings are down 25% from a year ago. All right. Now, that's all national stuff. But look now, just over half of the nation's 50 largest housing markets and they're mostly in the Midwest and Northeast. They have either returned to their prior price peaks or they have set new all time highs. Annual home prices are still weaker out west, but even some of the Western markets has slumped. They're now seeing month over month gains. Yes, we're talking about gains now even in San Jose, San Diego, Los Angeles, San Francisco and Seattle. Now, look, our starter homes, a thing of the past.
Speaker 1 (00:02:47) - Some now think so with these higher prices. Just listen to this from an NAR survey, 40% of millennials who bought homes last year, they plan to stay in them 16 years or more. And for Gen Z, that number jumps up to 48%. Now, who knows if they'll really stay in those homes at that long. But see, what's going on here is just affirmation that so many buyers don't plan to trade in their starter home for a move up home. They got their starter homes when rates were low, though starter homes are not coming onto the market, potential sellers have ghosted the market, making for fewer listings and those fewer listings. That's what's fueling the price growth. So yes, starter homes could largely be a thing of the past, but of course not completely. Now, just two weeks ago here on the show, Jim Rogers told us why long term, he thinks interest rates will go much higher and opinions can be all over the place. So I don't want to get too bogged down in that.
Speaker 1 (00:03:54) - But shorter term, one prominent commentator, he is now emphatic that mortgage rates have hit their top, like, for example, hit their top for perhaps this year and next year. Lawrence Yun, chief economist at the NAR on the direction of mortgage rates. He says, quote, This is the top. It will begin to move down. But you can also says if you're a US home buyer waiting for a return to super low mortgage rates, don't hold your breath. The short lived era of 3% interest rates for 30 year fixed mortgages, that is over, and they are unlikely to return anytime soon, perhaps for decades. He goes on to say that one can never truly predict the future but don't see mortgage rates returning back to the 3% range in the remainder of my lifetime. That is all of what Yun said. Okay. The remainder of Lawrence Hoon's lifetime, he looks pretty healthy and that might be 40 years, 40 plus years. Did we see rates that low again, according to him? Now, did you see this? We posted this in our Instagram stories as our curious article of the week last week.
Speaker 1 (00:05:07) - The Washington Post get a hold of this title. They published an article and it was titled The Housing Market Recession is Already Ending. My preeminent thought is the housing market recession is already ending. That's a curious headline. What housing market recession? I don't get it. And the subtitle doesn't help. It's subtitled Last year's downturn in the housing market didn't last even with higher interest rates. Now prices are stabilizing. Is supply chains have eased up. All right. Well, even with actually reading the complete article, I don't know what they mean by a housing market recession last year. I guess that national home prices stopped appreciating last year and they just stabilized. But I don't know how the heck you get a recession out of that. Maybe with low housing supply, there were fewer transactions and that was being considered a recession. Now, look, I'm going to posit something really unpopular here in today's climate, but I think that this is a question that you really need to ask yourself today, and that is, did Jerome Powell just win? I told you it was unpopular.
Speaker 1 (00:06:20) - He's not a very well liked. Person in a lot of circles. But with CPI inflation at 9% last year and 3% now. Yet throughout this spin, we had a few banks that broke but no recession. Is it possible that Jerome Powell has engineered a soft landing? I've got more on that in a moment. But the actual person of one, Donald, John Trump, made some quick remarks about the economy this month. Let's listen in.
Speaker 3 (00:06:52) - We've never had an economy like we had just three years ago. It was unbelievable. And frankly, this economy is not doing well. But the reason it's doing okay is it's running on the fumes of what we built. But those fumes are running out and they're running out fast. And it's not going to be a pretty picture.
Speaker 1 (00:07:11) - Yeah, I don't know about that. When we look at the broader US economy, let's get something more substantive. And speaking of people that aren't well liked, Jamie Dimon had some great perspective. I think you know that he's the billionaire business exec and the banker that's led JPMorgan Chase since 2005.
Speaker 1 (00:07:30) - To put it another way. This man runs the largest bank in America.
Speaker 4 (00:07:36) - It's the other way around. America has the best hand ever dealt of any country on this planet today ever. Okay. And Americans don't fully appreciate what I'm about to say. We have peaceful, wonderful neighbors in Canada and Mexico. We've got the biggest military barriers ever built called the Atlantic and the Pacific. We have all the food, water and energy we will ever need. Okay. We have the best military on the planet, and we will for as long as we have the best economy. And if you're a liberal, listen closely to me in that one, okay? Because the Chinese would love to have our economy. We have the best universities on the planet. There are great ones elsewhere. But these are the best. We still educate most most of the kids who start businesses around the world. We have a rule of law which is exceptional. If you don't believe me and we talk about Britain, Brazil, Russia, India, Venezuela, Argentina, China, India, believe me, it's not quite there.
Speaker 4 (00:08:29) - We have a magnificent work ethic. We have innovation from the core of our bones. You can ask anyone in this room what you can do to be more productive. Ask your assistants, factory floors, redo it. It's not just the Steve Jobs. It's this broad death with the wires and deepest financial markets the world's ever seen. Okay. And if you. I just made a list of these things and maybe I miss something. It's extraordinary. It's extraordinary. And we have it today. Yes, we have problems. But, you know, when I hear people down, if you travel around the world, I mean, get an airplane, travel around the world and go to all these other countries and tell me what you think.
Speaker 1 (00:09:02) - Yeah, Jamie Dimon really bringing up a lot of those geographic advantages like Peterson and I discuss in depth here Diamond's remarks. They're not new remarks. Those weren't recent ones. And by the way, I don't really care for him calling out liberals, just like labeling people conservatives.
Speaker 1 (00:09:20) - That's counterproductive. I like the quality of ideas as soon as we start labeling things left or right, that quickly becomes more divisive than it does unifying. Don't do left right politics. I do. Up, down, up is integrity. The quality of your ideas concepts means for getting things done and track record. That's what matters. But anyway, coming off Jamie Dimon waxing poetic with American optimism and exceptionalism. Yeah, it is time to ask if the Fed is winning. And first, let's understand something fundamental The fact that high inflation occurred for two years that is irreparable. Let's not overlook that. I mean, you're Trader Joe's grocery store prices. They're not coming back down even if the rate of inflation has slowed. I mean, that is a big fat L, That is a loss. It came from printing all those dollars to paper over the pandemic, which created the high inflation with everything from the paycheck protection program to Stemi checks to the Cares Act. And yes, the executive branch created some of that too.
Speaker 1 (00:10:31) - But my point is, make the irresponsible people that don't have any savings feel some pain once in a while. If you just make money fall from the sky every time there's a crisis, then people are going to learn to not have any reserves or any cash flowing investments during the next crisis. Yes, supply chain constraints are part of the problem too. But since you tried to paper over the pain, see then creating that inflation that results, that makes everyone feel the pain that's middle class or below. All right. But after that understanding, is Jerome Powell now winning by landing the inflation softly without crashing the economy and keeping GDP rising a little in keeping unemployment low in see even the producers price index that's forward looking that measures this change. In selling prices of goods and services producers. That's falling out, right? That leading indicator for consumer price inflation. And that's why inflation expectations are finally dropping. And that doesn't mean that I like the Fed or the system at all. But by now you've at least got to begin to wonder if the Fed can get their soft landing.
Speaker 1 (00:11:47) - They've dropped down from 30,000 foot cruising altitude. There's no turbulence, and they're below, call it, 10,000ft. Now, for the first time in two years, wages are finally rising faster than prices.
Speaker 4 (00:12:01) - We at the Fed remain squarely focused on.
Speaker 1 (00:12:04) - Our dual mandate.
Speaker 4 (00:12:05) - To promote.
Speaker 1 (00:12:05) - Maximum employment and stable.
Speaker 4 (00:12:06) - Prices for the American people.
Speaker 1 (00:12:08) - Yes, sir. That is your job after all. Well, I want to turn to your listener questions here for the remainder of the show. And if you've got a question for me, you can always reach out at Get Rich education, slash contact. The first question comes from Tina in Monroe, Louisiana. She says, Keith, I love your show. Just started listening last month. Tina asks Keith, I have the idea of buying land and I want to know if this is a good idea to build new rentals on. Like for Plex's, I've already formed an LLC and hope to open a business line of credit, but this would be my first ever real estate investment.
Speaker 1 (00:12:49) - Okay, Tina, thanks for finding the show here. Welcome in. I expect that you'll have years of profitable listening ahead to start a new development from digging raw dirt all the way through to procuring your certificates of occupancy and have that be your very first investment for almost anyone. I have got to say no because there is just so much to development. Development is going to rely on your experience and your ability to build a team. You're going to need general contractors and subcontractors and vendors, suppliers and experience dealing with regulators and a municipality and bankers and perhaps investors. And legal development is risky for beginners. You're purchasing something that doesn't yet exist. You've got to be sure that you're buying the right land in the right place. And that means studying everything from geotechnical reports and Perc tests to understanding the demographics, whether you plan to buy that land there in Monroe, Louisiana, or wherever else it is, and then your exit strategy. And while it might not actually be to exit, but it's going to be either to sell your completed development or for you to hold it for rental income, you have really got to know what you're doing.
Speaker 1 (00:14:13) - I am not a developer, but I talked to a lot of them, especially build to rent developers. Now, the reason that I say that the answer is no for development as your first real estate investment for almost anyone. Well, I say almost because if you have a remarkable mentor, someone that's going to go out in the field with you almost every day, then it's a possibility. And even then that mentor should have a proven track record. You need approvals and subdivision and plans drawn and bringing in drainage and utilities and entitlement mean instead of all that for a beginner and really even for most veteran investors, it is substantially easier to buy something that's already built, that has a history of rental occupancy and income. And then the team that you have to build a so much smaller with that primary long term team member as your property manager. But thank you for the question, Tina, because I think a lot of real estate investors wonder about building themselves from raw land. And it seems that even more investors right in here wondering about, you know, just building one individual single family rental home or duplex or fourplex.
Speaker 1 (00:15:25) - And even then, if it's successfully done, it usually takes longer than you think. And then once you're done, the property is vacant and you need to find tenants. So it might be a few more months before it even cash flows. So buy property that's already built, learn investing that way. And what you've done is you've outsourced all of the development unknowns to someone else and they bring you the known and completed development project that is better for more than 99% of people. And then look into being a developer yourself when you've got sufficient experience. If that remains interesting to you, a great mentor with a proven track record or both, if you'd like to ask a question and potentially have me answer it on air here again, go ahead and reach out through get ratification smash contact because that's where you can either leave a voice message or a written one. I am just. Getting started with listener questions. I'm back with more of them. Straight ahead. I'm Keith Reinhold in You're listening to episode 459 of Get Rich Education.
Speaker 1 (00:16:30) - If you want some really passive income, listen to this. You know, I'll just tell you, for the most passive part of my real estate investing personally, I put my own dollars with freedom family investments because their funds pay me a stream of regular cash flow in. Returns are better than a bank savings account up to 12%. Their minimums are as low as 25. K. You don't even need to be accredited. For some of them. It's all backed by real estate and I kind of love how the tax benefit of doing this can offset capital gains in your W-2, jobs, income. And they've always given me exactly their stated return paid on time. So it's steady income, no surprises while I'm sleeping or just doing the things I love. For a little insider tip, I've invested in their power fund to get going on that text family to 668660, and this isn't a solicitation If you want to invest where I do, just go ahead and text family to six six, 866. Jerry listeners can't stop talking about their service from Ridge Lending Group and MLS 42056.
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Speaker 5 (00:18:12) - This is Jerry Operations lead Andrea Newburn. Listen to Get Rich Education with Keith Reinhold and don't put your daydream.
Speaker 1 (00:18:29) - You're listening to the show. It's created more financial freedom for busy people just like you than nearly any show in the world. This is guitarist Education. I'm your host, Keith Reinhold. The next question comes from Adam. He is a real estate agent in Seattle. And Adam asks this. Hi, Keith. I've been an avid listener and follower of yours for years now. Like you, the Little Purple Book changed my life early on and I was able to semi retire at age 35. The book that he's talking about, by the way, is that Poor Dad, I am 42 now and back working as a realtor because I love it.
Speaker 1 (00:19:02) - And then after he wrote I Love It in parentheses, he put well, sorta. So I don't know that he loves it too much and I am at a crossroad in my life. Do I keep acquiring more property and more debt or do I start paying down the properties I do have? I have seven properties now and with a mindset of less is more as I want to enjoy my life a bit more and I'm honestly getting tired of managing my three in state properties. Therefore I've been thinking about selling one to pay off the loan of two other properties and really start to downsize and truly be debt free. Life is too short and I want to enjoy the rest of my life. Do you have any advice or opinions for me? Thank you in advance. Okay. Adam. Well, since you've listened for years, you probably already understand that I don't pay off any of my properties, though I could. I don't want to. I'd lose leverage in all that. You probably understand that I don't self manage.
Speaker 1 (00:20:01) - You said that you self-manage three of your seven properties there in Washington state. So since you probably already understand all that, yes, I would acquire more property, more debt and outsource the property management. That way you can enjoy life if the property is in your home state, don't have high rents in proportion to their values. In a lot of places around Seattle, they don't have a high ratio there. Well then it's probably worth 1030 running into out of state property. Or if you really like those Washington properties, then find a property manager there in state and to find a suitable 1031 exchange facilitator with a proven track record, check the resources tab at GRI marketplace.com. That same website will help you find out-of-state properties if you like. You can also contact our coaches to help walk you through that at marketplace.com/coach. That is a free coaching service by the way. Now as far as keeping the instate Washington properties, if you decide that you do want to do that, the bigger Pockets forums can help you vet a qualified property manager there.
Speaker 1 (00:21:11) - Now, Adam, you did say something about the possibility of downsizing and becoming truly debt free, as you put it. But my question is, what's the problem with debt if someone else reliably pays it all for you? Of course your tenant pays a principal and interest and hopefully a little on top of that called cash flow. All right. In that case, all of that debt is outsourced. Now, let me get a little philosophical for a minute. I don't know the name of the person that's the biggest debtor in the entire world. But you know what? He is probably really wealthy or she all circle back to why in a second. Here's a fun way to understand this. The quarterback threw the most interceptions of all time. Oh, you must think that guy is a total loser. Well, you know what? The quarterback that's thrown the most interceptions all time by far is in fact, a Hall of Famer Brett Farve. Oh, well, how can that be? Well, it's because he got so many chances to play.
Speaker 1 (00:22:17) - He must have been a pretty good quarterback for the coach to put him on the field. Then often year after year, the baseball pitcher that lost the most ever games for his team all time, he is named Cy Young. Well, Cy Young also won the most games all time in Major League Baseball. He was one of the very first inductees into the Hall of Fame. And there's even an award given each year. Still, the most outstanding Major League Baseball player called the Cy Young Award. Yet he lost the most games and say, did you meet a guy on the street there where you live and you learn that he has $20 million in debt? I don't even need to know anything else right there. That tells me that he's probably a financial winner to have that much debt because, see, he would need to be highly credit worthy to even get all that debt in the first place. See, you're only looking at the $20 million debt side of his balance sheet. His asset side might be $50 million.
Speaker 1 (00:23:16) - Hey, that's a $30 million net worth. Even with high inflation, $30 million is fairly wealthy today and mad as Mark Zuckerberg is one of the wealthiest people in the world, he has a net worth. North of $100 billion. And the Zuckerbergs, they took a loan for their home even though they could pay cash for it many times over. And yet when Zuckerberg and his wife bought their home, they took out a loan for the leverage and the arbitrage. The wealthiest people in the world have the most debt AI model that you can model that I personally look to increase my debt as time goes on. And then simultaneously, I expect the asset side to increase faster than the debt side. The asset side increases faster because I've got the debt, hence the leverage. So this is why I have an aversion to being debt free. I hope there's both some helpful resources and a philosophical component for you to chew on there as well. Adam The next listener question comes from Heiko in Utica, New York. Sorry if I mispronounce your name.
Speaker 1 (00:24:18) - It's spelled at Jaakko. Maybe it's Jocko, but I'm going to go with Jocko. He asks. I've held my first ever purchase of a rental single family home for a little over a year. It's located in Holladay, Florida, though my property was projected to provide a cash on cash return of 6%, it only produced 3% because repairs cost more than expected On this 1978 built property. I use a local property manager that's been pretty communicative. I always anticipate reading my monthly email statement from him, just wondering how to manage costs over time. Signed Jocko. Okay. Jocko And by the way, I own rental single family homes myself, just about five miles from Holladay, Florida. And these areas are just north of Tampa. Well, Co only getting 3% rather than a projected 6%. It's actually not a terrible miss. Now, it would be if that were your only revenue source or your only return from an investment. But of course, this 3% cash on cash return is one of your five profit sources from income property.
Speaker 1 (00:25:28) - But suffice to say, one great long term strategy to keep myriad repair costs down over time. And it's something that Ken McElroy told me about, and that is charge the tenant for the first $50 in repairs or maybe charge the tenant for the first $100 of repairs. That way they're going to think twice before bugging you or bugging your manager. Now, this can have the desired effect of keeping your long term repair bill down in a few different ways, but yet ensure that you're still serving the tenant. All right. First of all, the first 50 or $100 a repair bill, it's really not that burdensome to most tenants, but yet they will think twice before calling you or it's calling your manager, in this case, Jocko, before calling about something ticky tacky and minor like the kitchen cabinet doors got a little loose on their hinges again. Now you want to provide clean, safe, affordable, functional housing. That is a core concept in mission here. At first, this might incentivize the tenant to make a 10 or 15 minute repair themselves so that you never even hear from them.
Speaker 1 (00:26:43) - And that also prevents, say, a $75 service call from being made in the first place. Now, if it's a repair that's beyond the tenants expertise or expectations to take care of themselves, say it's something like a kitchen faucet that just leaks a little, well, okay, you want to see that that's taken care of for them. But if they have to pay the first small portion of repairs themselves, then that incentivizes the tenant to report a number of small things in one batch. All right. Well, now, that makes it more efficient for you or for your property managers handyman. That makes for fewer service calls, fewer runs to Home Depot and a real reduction in your repair cost. See? Hello. The work from home movement. That's being good for us as residential real estate investors. But there is one downside to that. A few more tenants spend all day at home and there are more components that can wear out sooner. Or there's this more time that tenants spend at home to notice little things that are amiss.
Speaker 1 (00:27:47) - So that's why the time in the real estate market is right to charge the first portion of repair bills to the tenant. That's why this makes sense now. Now, there are a couple caveats around this. Hello. When the tenant first moves in, I'll go ahead and give them a week to bring you any findings and then those things should be taken care of without charging the tenant anything at all. Right? I mean, the tenant shouldn't have to inherit any problems. And the other caveat is that your tenant has to be communicative about items in disrepair that could create long term damage, like a leaky drain, because you don't want that to ruin your subfloor over. Time. So the short answer on how to lower your long term repair bills, especially in a work from home world, is to have it in the lease that the tenant pays for, say, the first $50 to $100 of repairs. Also, you may have heard it just ten episodes ago on episode 449, I discussed 12 ways that you can raise the red in add value to your property.
Speaker 1 (00:28:52) - There's a good bit of related content there to help you keep profitable and get your cash on cash return up. Now, plenty of properties. In fact, probably most properties have exceeded their return projections over the last three years, and that is primarily due to rapid appreciation. But see, you don't get the lessons from the winds, you get the lessons from the underperformers. And that's why I wanted to answer your question for everyone's benefit today. Taco Tacos question was microeconomics. Let's flip it to macroeconomics with this. Next question from Dave in Atlanta, Georgia. Davis This one a while ago. First, here's the remarkable part on the listener question form in the how did you hear about a section, Dave? You simply wrote, I've been listening to you from the very beginning. Gosh, Dave, this is so supremely appreciated. I know we've got a lot of great devotees and I'm incredibly grateful for it. Dave asks With the US government, 30 trillion in debt and there's some rounding there and if inflation is say 10% over a few years, doesn't inflation debase the government's debt just like it does ours, taking it from 30 trillion down to $27 trillion in this case? Yeah, that stays.
Speaker 1 (00:30:12) - Question That's right, Dave. You've 100% got it. I've talked about this in some prior episodes. Since we get to borrow our mortgage loans in the currency that's denominated in the units of the biggest detonation in the history of the world, the dollar in the USA, then they want to print Dave, just like you. If you had $1 million in debt but you couldn't pay it back right now and you had the ability to print dollars ad infinitum, then sure, the easiest way for you to pay back your debt is to print your own dollars, just like America is doing. And that is just another benefit of you keeping high debt on your properties. In fact, the true definition of inflation is an expansion of the money supply. It's not the result, which is a decline in purchasing power. Technically, if the same Chipotle burrito costs $10 last year at $11 this year, that's not inflation. That's the result of inflation. So the USA wants inflation for this reason and other reasons. I've said it before, the surest been investing is that the dollar is going to continue to decline in purchasing power and that's exactly why we are debtors rather than savers.
Speaker 1 (00:31:30) - Take the sure thing. Thanks for the listenership and thanks for the question, Dave. That's all for listener questions. I encourage you to help yourself out. No one's looking out for you more than you amiss. Historically low US housing supply. Gerri Marketplace is where the inventory actually is, and it's the right inventory. The properties that make the best rentals. Real estate pays five ways style. And the selection changes, of course, based on inventory and other elements. So stay up to date. And if you haven't lately, go ahead and log in. There are free coaching service is becoming popular as well in why not it's like your own concierge personal one on one if you want that it is all there for you at gray marketplace.com. I'll be here with you to run it back next week. I'm your host Keith Wayne a little bit. Don't quit your day dream.
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