Great Book Ideas

What's up, everybody? Welcome to the Fitness Realty channel. My name is TJ McLelland, and I'm the broker. I'm super excited to share all the things we have planned with you, so sit back, strap in, and let's have some fun!

What's up, everybody? Hey, we got more exciting things to bring you. Today is going to be all about some great book ideas for some of our clients. I tend to listen to books all the time, but I rarely will read them, so I apologize about that. I'm trying to do better reading a little bit more each and every day, but I have two specifically that.

I just love in my personal life, so I apologize that you might have thought that this is going to be a learn-all about books that will help you out as a client of ours. This is TJ's personal list of books to just read. I have two on the list, and one of them is super exciting, and one of them feels like a textbook. Well, and they might all are. They might both feel like textbooks if you look at them. So first up is a book called Basic Economics from Thomas Soul. I have a buddy of mine. His name is O9. We introduced him last week. His name is Isaac on Hazard, though. Love you. What up?

This basic economics book, though, is something that he recommended to me to go ahead and read. I never really thought about basic economics in a way that I could internalize, and so this book really got me thinking about what it is to have markets and what it is to have. I don't want to describe this, how to have influences on that market or having market drivers that can really influence the outcome of the market.

A lot of time in that book, there are many instances, and he uses very specific instances where something changes and then the market changes drastically. And so sometimes we think of, oh, that might not have an effect on the economic market. However, there are things that just are outside influences that can change that rapidly. So one of the things that I want to point out here is politics. I'm not saying left, right, good, bad, the ugly in different. All I'm saying is that politics changes the outcome of the market very, very heavily and oftentimes can change the market and have a negative outcome and be something that takes years to figure out.

One of the things that I want to point out right here, specifically for real estate, is the idea of rent control and anytime the political system tries to have its hand in the market. It can have a negative outcome; it can have a positive outcome. But like I said, it just takes so long to figure out whether that was good or bad. Typically that we just don't know what to attribute it to sometimes. And so, there's oftentimes a disconnect between what was done and what actually happened in the market. But I want to show you what rent control does really fast because it is something that plays a key piece in our life and has played a key piece in several people's live or a lot of people's lives in New York, El a, San Francisco, large metropolises like that.

So oftentimes, a politician will say, hey, we need to do rent control because people. We are getting buried by the leverage of rent and how fast it's going up and how fast it might be hurting their pocketbook. On paper, that sounds great, right? It's like, hey, as a politician, you want to get this principle voted in because it makes you look like a hero or like a savior. But the problem here is with rent control.

When you start to do that, and you make it so that the capitalism market starts to breakdown where an owner or an investor can no longer raise the rents because they are held back and legally binded or legally bound to not raise those rents, then you start to lose the buy-in of the investor or the owner of that building or apartment complex or whatever to actually maintain the complex in working order or providing their tenants great, a great place to rent.

And so you can see this system really breakdown with that one key principle for sure. I want to illustrate a couple more, though, and it's all along with rent control, just because I want to stay within the topic of things that affect real estate. So along with rent control, you make it so that people that own that. Or let's say people that are leasing that they no longer want to move on because somewhere else will have higher rent. And so you may have somebody that stays stagnant for 20 years because they know if they leave their rents going to go up somewhere else.

So you may have where people are supposed to start to move, grow, upgrade to something else or buy something in the market. They just don't because the rent is already capped off and at a place where they wouldn't leave. Another phenomenon that happens with that is with the rent control. Sometimes you could have somebody that was going to have one place, but now they want two places because it's so cheap and then they never leave. Obviously, you see the idea kind of spiraling out of control.

A similar principle with rent control is price control. And I've never seen in our nation yet where a price controls put in place for homes or condos for the price, because you could see this happen really, really quickly if they did do a price control and didn't allow it to rise that you could see people that could afford 1 2 34 homes or whatever buying those three homes because the price stays so low. When in reality, if they would let the price go up to where the market value is. They might only buy one home, which would let the inventory stay kind of stay where it needs to be to have an ebb and flow.

Anyway, I probably didn't do a very good job describing basic economics from this book from Thomas Soul, just want to say thank you. It is an impressive book. It will open your mind to outside influences on the market and things like that, which is just crazy! It is fun to listen to, though. Let's shift to the other book.

The other book is meditations by Marcus Aurelius. I don't know if he actually wrote it, so don't quote me on that. I just know his names on the book. Don't quote me on that. All I know is I listened to the short version of the Meditations book, and it was a recommendation from O9 once again. So just appreciate you, homie, for always kind of setting my mind on a course that can expand. So in meditations, though with Marcus Aurelius, he does talk about a kind of Stoic philosophy, where you instead of getting enraged about things, you can start to be calm, let it internalize, and go through the day and grow and learn.

I'll probably do a bad job of trying to get it all together from that meditation book, but it was very, very fascinating. To me, I had a fun time internalizing it to say where in my life can I apply more stoic philosophies. And literally, I just try to apply it more and more frequently to the business that I run with Fitness Realty because there are so many things outside of my control that having us more stoic philosophy and letting those things instead of ruining my life or running my life, I let me control, how I feel about those.

I can't control those things, but I can control my attitude towards those things. And that's the biggest principle that I think I got out of that book for me was that things are happening all around me, and I can't control all of those things. And so, I need to be more stoic about what things I can change and what things that I can't change.

So anyway, those are two books that I've read recently and think that they should be on your list to read as well. Anyway, thank you, O9, for always giving me something to expand my mind. I'm so appreciative of that. And so thanks, and I'll see you guys next time. And that's a wrap. Thank you so much for supporting us. We'll see you next time. And we love you!

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