Good Morning and welcome to Todd Miller TV. The title of this video is “The year of the Landlord”. And that’s what an analyst at Morgan Stanley dubbed that 2012 is gonna be the year of the Landlord. So it’s very interesting. I was reading this article on my iPad on msnbc.com and they interviewed somebody named Oliver Chang who’s an analyst with Morgan Stanley. Something that’s super super interesting that he pointed out was, as you’re probably aware new construction is down substantially, these are new construction single family homes. But the construction of like apartment buildings and multifamily, large units are up and they’re up substantially over the last couple years. And the reason is ’cause people have to have a place to live and of the things they state in this article that “Rents are rising, vacancies are falling, and household formations are growing” so you have a limited amount if rentals supply and there’s a lot of people looking to rent. It’s interesting ’cause if we look back maybe 5 years ago, or 10 years ago, the typical buyer was a homeowner. They were someone who’s gonna buy the house and live in it and today was we see is half purchases are cash, they’re buyer investors who are buying the properties. 5 years ago people are saying “Oh, I’m just gonna hold on to the property for 6 months and flip it, make 20 grand” Well, prices are rising. Well that’s not the/what people are saying today. The investors we get today are saying “I’m gonna buy this property 5 to 7 years” and it’s interesting because a lot of people have the same number. They’re all saying 5 to 7 years ’cause I guess they’re figuring that’s how long it’ll take for the market to recover. So, I just thought that was interesting, I would point that out. I think if 2012 is gonna be the year of the Landlord, it’s also gonna be the year of the investor. Because it’s likely that prices are either at the bottom today or they’re very close to being at the bottom.And, so that’s when the investor typically comes in starts buying properties. The leading indicators, we’ve all seen that. We won’t know for sure for another year or 2 where that bottom happened/it could have happened, we don’t know because it typically have to look back a year to be able to analyze all the prices information, try to really figure out where that is. So anyway, I though this was interesting article, I thought I would share it with you. Year of the Landlord, we also/we have seen at our market here some institutional investors that are buying, hundreds of homes come in and they’re already doing this and that’s their goal is to buy this things and sit on ’em for 5 to 7 years. So I thought I would share that with you, Anyway that is my update today and hope to see you on another video. Thanks!