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Dave:
Hello, everyone, and welcome to On The Market. I am your host, Dave Meyer. And today, we are going to talk about big news in the investing world. Basically, what happened at the Federal Reserve meeting last week. If you haven\u2019t heard yet, they raised rates, but of course, that was pretty widely expected and was not the big news. But what did happen on top of that headline news was really important and gives us probably the clearest picture yet that we have seen over the last couple of months of where the Fed is intending to go.
I\u2019m not sure if everyone listening to this knows this, but on top of just raising the federal funds rate, which they did, 75 basis points, they also have a press conference, which is really closely followed by investors and nerds like me. And they also release something called the Summary of Economic Projections, where the Fed actually tells you where they think the economy is going and what they\u2019re intending to do about it. And not a lot of people look at that, which I think they should because the Federal Reserve, as we talk about on the show all the time, the Federal Reserve sets the rules for the entire investing world, not just real estate investing, but the stock market and bonds as well. And if the Federal Reserve is telling you what they think is going to happen and what they intend to do about it, you should probably pay attention.
But I know not everyone wants to read through that. So I did, and I will tell you what\u2019s in there and give you some of my opinion and some other analysis about what this Fed announcement means for real estate investors because they have been raising rates for the last couple of months. But, to me, this meeting was probably the most impactful for the future of the housing market, let\u2019s say the next six, 12, 18 months, than any of the other meetings. And I\u2019ll tell you why about that in a minute, but that\u2019s why we\u2019re going to do this show today. That\u2019s why we\u2019re going to go deep into this topic. So you\u2019re definitely going to want to stick around for this. But first, we are going to take a real quick break.
All right, let\u2019s just start with the obvious here, which is about interest rates. Basically, the Fed raised the federal funds rate, which, again, I just want to make this clear that the federal funds rate and what they are raising is not mortgage rates. It\u2019s not really even a interest rate that impacts any consumer directly. It\u2019s actually a short term interest rates that banks use to lend to one another. And this is wonky, but it basically sets like the baseline interest rate. And then, every other interest rate, like the yields on bonds, or what you pay for a mortgage, or a car loan, or credit cards are all in some way based on this federal funds rate. It\u2019s basically the lowest interest rate. And everything else from there goes up based on risk, and reward, and all sorts of things like that.
So what happened was the Fed raised this federal funds rate 75 basis points. And if you don\u2019t want to know what a basis point is, it\u2019s just a weird way of saying 0.01%. So when I say 75 basis points, that basically means 0.75%. So it went from 2.5 to 3.25, that\u2019s 70\u2026 Excuse me, sorry. It went from\u2026 Yeah, did I say that right? It went from 2.5 to 3.25. That\u2019s 75 basis points. And so, that\u2019s where it is now. And the federal funds rate is actually a range. So now it sits between three and 3.25%.
Now, that, again, was kind of obvious. People actually thought there might be 100 basis point hike after the most recent inflation report because that was so much higher than people were expecting. But the Fed decided to pursue a more predictable course, I would say, and just did the 75 basis point hike. That\u2019s what people were expecting. They typically want to do something that\u2019s not super out of line with the market\u2019s expectation, and that\u2019s what they did. Not a lot of news there.
But in addition to this immediate hike, we now know that rates\u2026 And this is the important part. We now know that rates will likely climb higher in the coming months, and actually, into next year, into 2023. And you might be wondering, how do I know this? How do I know what\u2019s going to happen with rates? Well, the Fed just tells us this. It\u2019s not rocket science. I\u2019m not looking into a crystal ball. And like I said at the top of the show, they release something called the summary of economic projections. And after every meeting, they do this. And it tells you they put out expectations for inflation and economic growth. But what we\u2019re looking at today is really what their expectations are for monetary policy. Basically, where are they going to set the federal funds rate.
And to me, the most important part of this entire summary of economic projections, at least for what we\u2019re talking about today, is known as the dot plot. And the dot plot is basically a poll for every Fed official who\u2019s at these meetings, and it asks each individual person where they think interest rates should be over the next couple of years. So they have a vote and they say, \u201cWhere do you think interest rates are going to be in 2022, 2023, 2024, 2025?\u201d And they put it all on a dot plot. But the dot plot is a little bit confusing. I think for our purposes here today, it\u2019s actually just easier to look at the median expectation. So, instead of looking at each individual expectation of each Fed official, let\u2019s just take the average of what Fed officials think is coming over the next couple of years. And basically, what that shows is that the people who make this decision, that the Fed officials are the people who decide where the federal funds rates go, and they expect it to go up to 4.4% by the end of 2022.
Now, remember, we just experienced our third 75 basis point hike in a row. And it\u2019s saying that we are still going to go about 125 more basis points by the end of the year. So that could be another 75 point hike and then a 50 point hike. There\u2019s two more meetings this year. So that\u2019s probably what will happen. I think that\u2019s the most likely scenario. So going up significantly more by the end of 2022. And then the Fed thinks it\u2019s going even higher in 2023. The median there is 4.6%, so not much higher. It sounds like the Fed is thinking that what they\u2019re going to do is raise rates aggressively through the end of the year, and then a little bit more in 2023, but not much more.
If you\u2019re wondering around the out years, 2024 and 2025, they do have it coming down to somewhere around 4% in 2024, and then dropping all the way down to below 3% in 2025.
Now, no one knows what\u2019s going to happen, right? If you watch the press conference with Jerome Powell, he basically said he doesn\u2019t know what\u2019s going to happen. So I don\u2019t put a lot of stock in what\u2019s going on in 2024 and 2025. There\u2019s just too many variables. That\u2019s basically the Fed saying they want to get back eventually to what they would call a neutral interest rate. When interest rates are super low like they\u2019ve been for most of the last 10 years, that\u2019s known as easy money. We are now entering a territory where it\u2019s tight money, where it\u2019s hard to borrow. But the Fed has this vague concept of neutral where it\u2019s just like the right amount so there\u2019s not inflation, but there\u2019s economic growth. And that\u2019s what they think the 2.75, 3% rate is. And so, that\u2019s where they want to get to eventually. But I think we should take very seriously what is happening and what they\u2019re saying they\u2019re going to do for the rest of this year and into next year.
So I don\u2019t know what\u2019s going to happen. No one does. But the only data that we have is that the Fed says they\u2019re going to raise rates for the rest of this year and a little bit next year. And I\u2019m going to take their word for it personally. I think that\u2019s going to happen. And higher rates have really big implications for the housing market. But I just want to say it is important to note that when I am saying in this episode, high rates, I\u2019m actually really just speaking relatively. And what I mean is they\u2019re high in a relative context. They are high compared to everything that we have seen since the Great Recession. Since the Great Recession for the vast majority of the last 12 years, the federal funds rate has been at zero, right? It\u2019s been at zero.
So, yes, what if we have a Fed funds rate now at 3.25 like we do, that is low compared to where we were for most of the last century. But what matters here is that it\u2019s a shock to the system. It is still low in a historical context. But if you go from zero to three really quickly like we have, this can be pretty shocking to the economy. And I do think we\u2019re going to see some shocks through the economy. So that\u2019s what happened with the federal funds rate.
The second thing I want to talk about is about mortgage rates because that\u2019s what really is going to impact the housing market directly. And as I said, the federal funds rate is not the mortgage rate. And I just want to explain what that means. So the Fed funds rate, like I said, impacts things like bonds. And most particularly what we want to think about here is the yield on the 10-year treasury bond. This is basically a bond that the US government puts out and they pay an interest rate on it. And yields, when the Fed funds rate goes up, yields on these bonds tend to rise for a lot of reasons I\u2019m not going to get into today, but just know that that happens.
And the reason I\u2019m mentioning this is because mortgage rates are super closely tied to yields for the 10-year treasury. And so, we are seeing yields go up all year and that\u2019s why mortgage rates are going up. So just know that, that they\u2019re mostly tied to bonds. And what you want to look at, if you are trying to predict where mortgage rates are going to go, is that bonds are what matters here, not really the Fed fund rates.
So, my analysis of what\u2019s going on and based on this analysis is that mortgage rates are probably going to go up over the next couple months. I wouldn\u2019t be surprised, let\u2019s say, if we see mortgage rates enter the low sevens over the next couple of months, but I\u2019m not expecting rates to just keep going up linearly. We\u2019ve seen this really aggressive rise in mortgage rates, but I think that is going to slow down even despite this news that the Fed is going to raise rates into 2023. There are actually some analysts who thinks mortgage rates, even with this news, are going to go down next year. And let me explain why.
First and foremost, mortgage lenders, they are forward looking. It\u2019s not like they\u2019re sitting around being like, \u201cOh, the Fed is probably going to keep raising rates all of 2022, but I\u2019m going to keep my mortgage rates that are dependent on bond yields, and everything else. I\u2019m going to keep them low and wait to see what the Fed does.\u201d No, that is absolutely not what they would do. That is too risky. It\u2019s just bad business. And so, what they do is they base their mortgage rates based on where they think interest rates for bond yield, and the federal fund rates are going to be several years down the load. They want to be able to make money even when the Fed raises rates into the future.
And so, they have been pricing these Fed raises into mortgage rates all year. That\u2019s why mortgage rates went up starting in June. They didn\u2019t wait for the two 75 basis points hikes since we\u2019ve had since June. They went up past six or near six back in June. And now, starting a couple months ago, in August, we were starting to see rates go up again. And that\u2019s because people were anticipating what happened in this fed meeting. So it\u2019s not like all of a sudden the Fed announces that they\u2019re raising rates and mortgage brokers are like, \u201cOh, damn. We got to catch up. We got to raise rates.\u201d They\u2019ve already done this. They already did it. And so, now they\u2019re, of course, going to adjust a little bit. Yields and bonds are going to adjust based on what the Fed said, but they have already been thinking about this and the adjustments are going to be smaller. And in these times of uncertainty, mortgage brokers are going to err on the side of caution and make rates go higher to cover their basis. They want to make sure that they have good rates even if the Fed keeps raising rates even higher and higher.
The second reason that I think that mortgage rates are not going to just keep skyrocketing is based on what I said before about the 10-year treasury. They are very, very closely correlated. For any other stats nurse out there, the correlation is near one. It is 0.98 from my analysis. So that just means, if you\u2019re wondering what that means, is when one goes up, the other goes up, when one goes down, the other goes down. They\u2019re very tied. They move in lockstep.
But, usually, in normal times, for the last 70 years or so, the spread between yields and mortgage rates, so the yield on a 10-year treasury and the mortgage rate is about 170 basis points or 1.7%. So mortgage rates are always higher than the bond yield. And the reason the spread exists is based on a bank\u2019s business. If you are a bank and you have millions or billions of dollars to lend, you have to decide how to lend it to people. You can lend it to me as a home buyer or you can also lend it to the US government in the form of a bond. After all, that is what a bond is. You\u2019re basically lending the US government money and they are going to pay you back with interest.
And so, if the bank is saying, \u201cHey, yields on the 20-year treasury are going up, so I can earn nearly 4% on a trend year treasury.\u201d And the government bond is considered by pretty much everyone the safest investment in the entire world. The US government always pays them. They\u2019ve never defaulted. They always pay. And so, it\u2019s considered the safest investment. So if you go to a bank and you\u2019re like, \u201cHey, you can earn 4% with virtually no risk,\u201d the bank is like, \u201cYeah, that\u2019s pretty good.\u201d So then when I go and ask for a mortgage and I\u2019m like, \u201cHey, can I get a mortgage?\u201d They\u2019re not going to lend to me at 4% because I\u2019m not as credit worthy as the US government. So they\u2019re going to charge a premium to me because even though I pay my mortgage every single month, I as an individual homeowner is, unfortunately, a bit less credit worthy than the US government. And so, they charge a premium. And that premium is usually 1.7%. So if a bond yield is about 4%, mortgage rate is about 1.7%.
But I did some analysis, and what\u2019s going on right now is that the spread is actually higher than it is normally. It\u2019s at 232 basis points, so about 2.3%. It\u2019s normally at 1.7%. And that is because there\u2019s all this uncertainty. We don\u2019t know what\u2019s going on with the Fed. We don\u2019t know what\u2019s going on with inflation. Are we in a recession? What\u2019s going to happen? So, mortgage lenders, like I said, are bringing extra causes and they\u2019re increasing the spread between mortgages and bond yields. And that\u2019s probably going to stick around for a little while. But if the Fed holds their line and does what they say they\u2019re going to do and inflation does start to come down, I think people will start to feel a little bit more comfortable. And the spread between bond yields and mortgages might start to come down.
Of course, bond yields could keep going up a lot more, but again, bond yields have largely priced in these Fed decisions. So those two things make me feel that, although I do expect rates to go up, they\u2019re not going to go up like crazy because we could have some reversion to the mean with the spread between bonds and mortgages. And a lot of this has already been priced in for months.
That is why Mark Zandi\u2026 You may have heard of him. He works for Moody\u2019s Analytics. He\u2019s one of the most prominent economists in the world. And he expects, even after this week\u2019s news, he expects the average rate for a 30-year fixed rate mortgage to be 5.5% in 2023. He actually thinks it\u2019s going to come down. So that might happen. I don\u2019t really know. I\u2019m not an expert in bond yields. I\u2019m not an expert in mortgage prices, but I do think these two things do suggest that, although they probably will go up, again, I wouldn\u2019t be surprised if we get into the sevens, that we are probably not going to see this linear mortgage rate growth like we\u2019ve seen over the first three quarters of this year continue throughout this year and into 2023.
Okay. So far we\u2019ve talked about interest rates, mortgage rates. Now, let\u2019s talk about the Feds focus because this, to me, was really telling what happened in the press conference afterwards. And nerds like me, economic reporters, finance people, all love the press conference because Jerome Powell, he gets up there, he reads some carefully prepared statement, and it\u2019s all like a game. The Fed has an enormous responsibility in the world. They dictate so much of financial markets and economies, and they\u2019re very careful about what they say. People count how many times he says recession. Or back when they were saying calling inflation transitory, they would count how many times he said transitory to try and understand what\u2019s going to happen next. So people make this huge game out of it. It\u2019s kind of ridiculous.
But the reason I think this it\u2019s important to note right now is because the press conference yesterday, or two days ago\u2026 And again, this will come out a week from now, so you\u2019ll hear this a week after, but I\u2019m recording this two days after this news came out. Jerome Powell, he was pretty darn clear about what he is expecting, clearer than he usually is. And I think he said some things that were really noteworthy that tell us the Fed\u2019s intention and where they\u2019re going to go.
So, during the press conference, a Washington Post reporter, named Rachel Siegel, pointed out to Powell that the Fed\u2019s own summary of economic projections\u2026 Remember, that\u2019s that data that they just give out when they meet. They are predicting now that unemployment over the next two years is going to rise to 4.4%. And that is a rate at which typically brings about a recession. Remember, we are not technically in a recession. By many people\u2019s definition of a recession, we are, but the National Bureau of Economic Research has not officially declared us in a recession yet. But this reporter was pointing out to Jerome Powell that the Fed is basically predicting a recession.
Here\u2019s what the chairman said back. And I\u2019m going to paraphrase briefly here, but he said, \u201cWe have always understood that restoring price stability,\u201d which as an aside just means reducing inflation. So he says, \u201cWe have always understood that restoring price stability while achieving a relatively modest increase in unemployment and a soft landing would be very challenging. And we don\u2019t know, no one knows whether this process will lead to a recession, or if so, how significant that recession would be.\u201d
And I know that\u2019s a lot of mumbo jumbo, but basically, what the Fed chairman, the guy in charge of the economy just said is, \u201cWe think that controlling inflation is going to bring about at least modest increases in unemployment and no one knows if it\u2019s going to bring about a recession or how bad the recession would be.\u201d He\u2019s basically saying we need to bring down inflation and we don\u2019t care if unemployment goes up a bit, and we don\u2019t care if it goes into a recession because inflation is such a problem that we have to pursue this.
Now, today, I don\u2019t want to get into a debate whether inflation or recession is more important. Everyone has their own opinion about that. I\u2019m just want to tell you what he\u2019s saying and my interpretation of that. So that\u2019s basically what he\u2019s saying is like, \u201cWe\u2019re going for it. We\u2019re sending it. We\u2019re going to keep raising rates. Recession be damned. Rising unemployment be damned.\u201d But I do think it is important to note that he was basically saying if unemployment starts to get really bad, that\u2019s when they would back off. But 4.4%, which is a pretty good increase from where we are today, they are comfortable with that. So, no one knows, but that\u2019s basically what they said.
As it relates to housing and the need for the housing market to cool off, Jerome Powell stated, and I quote, \u201cWhat we need is supply and demand to get better aligned so that housing prices will go up at a reasonable level, at a reasonable pace, and that people can afford houses again. And I think we probably, in the housing market, have to go through a correction to get back to that price.\u201d Okay. What does that mean? It means Gerald Powell is planning on a housing correction. And personally, I think that\u2019s what they want. A big part of inflation has been shelter inflation, both in terms of rents and housing prices. And I think Powell and the Fed know that to get inflation under control, they need housing to go down. So he\u2019s basically saying, \u201cYeah, I know. Housing market is probably going to cool and probably going to go negative at some point on a national basis, and we\u2019re cool with that.\u201d Basically, all told, the Fed is saying, \u201cYes, we are willing to risk a recession. Yes, we are willing to risk job losses. And yes, we are willing to see housing market correction in order to bring down inflation.\u201d
If you just read the transcript and I recommend you do, we can put a link to it here, he wants this. This is how you bring down inflation, is you get prices to come down and you get people to stop spending money. So he wants a recession. He wants job losses. He wants a cooler housing market because that would bring inflation under control. Of course, the Fed could change their mind, but this press conference, he said, in very clear terms, that they\u2019re going to hold the line inflation. They\u2019re going to keep rates high there probably, even going to raise rates, even if this is going to cause all the things that I just said.
So that\u2019s my interpretation of Jerome Powell\u2019s speech, is he was not pulling any punches. He is not messing around. He is telling us all in very clear terms what to expect. And, to me, that is high rates, housing market cooling significantly, probably going negative in a lot of markets, not every market, but in a lot of markets. We\u2019re probably going to see unemployment go up. And we are probably going to see a recession officially, even though we\u2019re not officially in one yet.
All in all, everything we\u2019ve talked about today, basically, why I wanted to make this show and why I think this is so significant is because over the course of this year, over the course of 2022, many investors have been hoping for a Fed \u201cpivot.\u201d And basically, a lot of investors had this theory that the Fed would raise rates up to a point where it would slow things down. The housing market would cool like it has been. Companies would probably be hiring less and things would start to cool off. But they wouldn\u2019t risk a deep recession, or a lot of job losses, or huge crash in the housing market, and they would keep it around two and a half, 3% sort of that neutral Fed funds rate that I was talking about.
But, to me, this press conference just completely kills that theory about a pivot. The Fed is extremely careful. And they are very deliberate about what they say. And if they were keeping their options open for a pivot, they wouldn\u2019t have said the stuff that Jerome Powell said yesterday. The data it shares, everything they said right now is that they\u2019re going to stay aggressive in the fight against deflation even if it causes economic pain elsewhere in the economy. And that is what we should expect.
The most notable implication of all this is for housing prices. And we all know by now that as rates have risen over the last couple of months, demand in the housing market is starting to drop off, and prices, that is putting downward pressure on prices. We\u2019ve talked about that a lot in the shows. Most recently, we are seeing a lot of West coast markets start to decline. Most haven\u2019t yet, as of this recording, this is the end of September, have not yet declined year-over-year, but a few, San Francisco and San Jose, have. And that\u2019s where we are.
That\u2019s said, I think, over the course of this year, the housing market has actually held up surprisingly well to downward pressure. We\u2019ve seen rates double. Yeah, we\u2019re seeing prices come off their June highs and their down month-over-month, but year-over-year, almost every major market is up. And that is what I thought. The [inaudible 00:25:39] market is resilient. There are a lot of reasons, fundamental reasons why the housing market is resilient, even in the face of the rising rates that we\u2019ve seen so far.
But now, knowing that a mortgage rates are going to stay high for the foreseeable future is going to be a much bigger test than what we\u2019ve seen so far. Because, if there was a pivot and rates peaked and people could get adjusted to that and maybe come down a little bit, then the housing market, I think it was probably going to hold up pretty well and you could maybe have a decent year in 2023. But now, I mean if you were going to have a year and a half of mortgage rates above five and a half, maybe up to 7%, to me, that is going to put a lot more housing markets at risk for declines. And so, I think everyone needs to keep that in mind. 2023, right now, at least on a national level, is looking like a flat year at best, and is more likely a down year, even on a national level, is what I\u2019m starting to think, by next summer. I don\u2019t think it\u2019s going to come in the next couple months, but I don\u2019t know, I really don\u2019t. These are just my musings that I\u2019m sharing with you right now.
And the reason I say this is just because affordability in the housing market it\u2019s just too low. We did a whole episode if you haven\u2019t listened to that about affordability, but it\u2019s at 40 year lows. That means it\u2019s harder right now for the average American to buy the average priced home than it has been since the \u201980s. And that\u2019s not sustainable in my mind. And there\u2019s basically two ways that we could improve affordability. One is rates start to come down because that makes homes more affordable. But we just got told that rates aren\u2019t coming down. And so, the only other way for homes to become more affordable, other than massive wage growth, which we are not going to see, is that housing prices start to come down and make homes more affordable. And so, that\u2019s why I think there\u2019s going to be this sustained downward pressure on the housing market.
And I want to be clear that even given all of this news, I still do not think we are heading for a crash. And I define that as a declines at a national level of more than 20%. I don\u2019t think that is going to happen. The credit quality is still good. Inventory is actually starting to level off. People who know more about this than I do, professional forecasters, think that, really, the downside, the biggest downside is somewhere around 10%, as in on a national level. We don\u2019t know if that\u2019s what\u2019s going to happen, but it is worth noting that that\u2019s what a lot of experts and people who forecast this stuff think.
The second implication other than housing prices is rent growth. And I think, if we do see a recession, if we see job loss, those things, combined with inflation are probably going to lessen demand for apartments. You see in these types of adverse economic conditions, people move in with their friends and their family, and that\u2019s known as like household drop declining. The total number of households people occupy a housing unit could go down, and that lessens demand.
It\u2019s worth noting that rent is pretty stable. It doesn\u2019t really fall that much even during a recession, but I think rank growth is really going to start to come down. It already has in August. It was at 11% year-over-year, which is still really insane, but way lower than it\u2019s been over the last couple of years. So I think that trend is going to continue.
And then, the third thing is that we could see increase foreclosures and evictions, but we\u2019re still a good way off from that, right? If there\u2019s a recession, we don\u2019t know if it\u2019s going to be a bad one. We don\u2019t know what is entailed in that. And right now, the data shows that homeowners are paying their mortgages, renters are paying their rent. And so, I\u2019m not immediately concerned about that, but it\u2019s obviously something we\u2019ll keep an eye on over the course of the next year to make sure that if we see something that changes, I will certainly let you know.
So, that\u2019s what I got for you today. I just want to say that I personally am still investing. I do think that there are opportunities that are going to come over the next couple of months. We\u2019re going to be working on some more shows about how to invest in 2023, different strategies that are going to work, different strategies to avoid, opportunities that might present themselves. So definitely stay tuned for that. We\u2019re going to have a lot more 2023 planning content on this podcast over the next couple of months, but that\u2019s what I have for you today. Hopefully, you guys understand this.
If you\u2019re interested in this, I do recommend at least watch the press conference with Jerome Powell and see what he was talking about. You can look at the summary of economic projections and look at some of the data that the Fed is sharing with you. These are things that you should know if you\u2019re an investor, if you\u2019re risking large amounts of your money and the Fed is this active and they have so much control over what happens. If you were me, I would learn as much as I can.
Thank you all so much for listening. I really appreciate it. If you want to give me any feedback about this show, have any thoughts, you can do that on Instagram where I\u2019m at, thedatadeli. If not, appreciate you all being here. I\u2019ll see you next time.
On The Market is Created by me, Dave Meyer and Kalin Bennett. Produced by Kalin Bennett, editing by Joel Esparza and Onyx Media. Copywriting by Nate Weintraub. And a very special thanks to the entire Bigger Pockets team. The content on the show On the Market are opinions only. All listeners should independently verify data points, opinions, and investment strategies.<\/p>\n
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Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The Federal Reserve has spent the past year or so fighting inflation as hard as they can. They\u2019ve raised the federal funds rates, resulting in a stunted housing market, higher unemployment, and more economic uncertainty as the fear of a recession becomes more real by the second. Their end goal is simple: control the cost […]<\/p>\n","protected":false},"author":5,"featured_media":3885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/09\/OTM_39_YT.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-3884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/3884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=3884"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/3884\/revisions"}],"predecessor-version":[{"id":3886,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/3884\/revisions\/3886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/3885"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=3884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=3884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=3884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}