On The Market

Your real estate investment’s returns could be ruined by a few hidden costs that you don’t know about. For the rookie real estate investor, it seems like every investment has the same type of expenses; mortgage, taxes, insurance, repairs, and property management. And while these surface-level expenses are almost always present in a real estate deal, NUMEROUS extra expenses could sink your ship if you don’t include them in your deal analysis. So, stick around, or you might get burnt on your next real estate deal!To walk us through the different types of deals and the expenses that come with them, we’ve got Henry Washington, James Dainard, and Kathy Fettke on the show. Henry, a buy and hold investor, knows that the “cash flow” new investors are calculating is far from reality. He highlights the exact expenses it takes to run a rental property portfolio and why those counting on self-management could be making a MASSIVE mistake. Next, James talks about the often over-glamorized world of flipping houses and the massive haircut investors take when they don’t account for closing, construction, and tricky lending fees.Finally, for our passive investor, Kathy goes into the world of real estate syndications, defining the numerous fees many “mailbox money” investors overlook. In fact, investors in these passive deals often don’t know when (or how) they’re getting paid. You DO NOT want to make this mistake! Stick around to hear it all, so you don’t make these beginner blunders next time you get a deal done! In This Episode We CoverThe “hidden” fix and flip, buy and hold, and real estate syndication costsLending fees, penalties, and the BIG cost of borrowing moneySeller concessions and what to expect in a buyer's market like 2023 Raising rent and why not doing so could be a huge mistake when building a portfolioSelf-management vs. third-party property management and why you ALWAYS need to factor in a feeReal estate syndication payments explained and why so many investors get it wrong The “4-4-4” housing market prediction and whether it could really come true And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramHenry's BiggerPockets ProfileHenry's InstagramJames's BiggerPockets ProfileJames' InstagramKathy's BiggerPockets ProfleKathy's InsatgramBooks Mentioned in the ShowThe Book on Estimating Rehab Costs by J ScottThe Book on Managing Rental Properties by Brandon and Heather TurnerThe Hands-Off Investor by Brian BurkeCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-79Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The multifamily crash is well underway! But is now the time to buy? If only you could see where top investors are parking their cash during this wild house market. Well, today, you can! We’re back with another Deal Breakdown, where Henry Washington, James Dainard, and Kathy Fettke break down the deals they’re doing in February of 2023. And while the news may be highlighting a “doom and gloom” type of real estate market, we know from first-hand experience that there is still money to be made in today’s housing market!Kathy is back in her love-hate relationship with new builds as she makes a SERIOUS investment in the beautiful ski town of Park City, Utah. The view alone at this property was enough to sell her on the high price. Next, Henry shares his “base hit” off-market real estate deal with a slew of exit strategies that’ll make him money, no matter what. Lastly, James is going hard on the multifamily housing crash, tackling a multi-million dollar deal that could have an eight-figure sales price once he’s done with it! Want to hear how these top investors are finding, funding, and profiting from their real estate deals in 2023? Stick around!And, if you haven’t been to the grocery store, gas pump, or lumber yard in a while, we play a post-inflation pricing game to see how high-priced everyday commodities have gotten. We won’t give away the answers, but we can definitely say that omitting omelets from your diet could save you some serious cash!In This Episode We CoverInflation’s effect on everyday commodities and how high prices have gottenInvesting in new construction and the massive financial upside to buying the right propertyWhy you should search for “base hit” deals that give you MULTIPLE options to exit profitably Wholetailing vs. wholesaling and when to use each of these off-market strategies Price over profit and why buying a great deal should be your top concern when investing Capitalizing on the multifamily crash and how cap rates are helping buyers scoop up apartments at a steep discount And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramHenry's BiggerPockets ProfileHenry's InstagramJames's BiggerPockets ProfileJames' InstagramKathy's BiggerPockets ProfleKathy's InsatgramThe Multifamily “Bomb” is About to Blow, Here’s What You Need to KnowLearn More About Inflation with Trading EconomicsCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-78Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Mortgage rates were about the only thing stopping the almost unbelievable home price run-up of 2020 through 2022. With higher mortgage rates, homebuyers were forced to bid on smaller houses or stick to renting while waiting for the good old days of 3% rates to return. But it doesn’t look like we’ll be heading back to sub-4% rates anytime soon, and homebuyers are starting to take the hint. So as mortgage demand begins to rebound, could we be closing in on another boom in the housing market?We’re back with another correspondents show as we touch on the latest housing market news from around the nation. First, we talk about how tech markets and unaffordable housing have taken a tumble while affordable markets kept afloat even during steep price drops. Next, we challenge a 2008-like crash prediction and explain why institutional investors are suddenly sending in rock-bottom bids in growing housing markets. Then, we hit on the revival of homebuyers, as mortgage applications shoot up and how we could dodge a recession with our slowing but growing economic climate. We’ll also play a game of “Hot or Not,” where we touch on which real estate investing strategies are worth trying in 2023. From buy and hold real estate to risky flipping, the fall of short-term rentals, and more, our expert guests will tell you EXACTLY which tactics they’re using in 2023 and which ones to avoid at all costs! So stick around for the housing market news you NEED to hear to build wealth in 2023! In This Episode We CoverThe best (and most risky) real estate investing strategies of 2023 Why “affordable” markets are staying rock-solid even during the housing correctionThe new housing market crash prediction and which big cities could get hit the hardest A boost in homebuyer demand and why the mortgage rate “sticker shock” has finally worn off The 2023 recession and whether or not it's even possible as the US economy still sees solid growth Institutional investors are why they’re coming back with lowball offers in growing cities How deflated prices could lead to “equity pops” for savvy investors willing to invest in struggling markets And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramHenry's BiggerPockets ProfileHenry's InstagramJames's BiggerPockets ProfileJames' InstagramJamil's BiggerPockets ProfileJamil's InstagramKathy's BiggerPockets ProfleKathy's InsatgramThe Bifurcated Housing Market CorrectionGoldman Sachs 2008 Crash PredictionHouseholds Priced OutJP Morgan 2023 Market OutlookMortgage Demand Soars 28% Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-77Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Who’s buying real estate? Maybe you are, maybe your friend is, but what about NFL players? Most casual fans would assume that getting paid millions of dollars a year would ensure a long-lasting retirement, but this isn’t always true. For many professional athletes, you’re constantly living one injury away from having no income. If, like many newly-signed pros, you splurge your first few years of checks, you could enter into retirement flat broke without any of the millions you earned.This is the exact opposite of what Cliff Avril and Devon Kennard did. They knew that their career earnings started ticking away the second they stepped onto the field, so they made moves to protect their wealth in other ways. Although numerous financial advisors told them to play it safe with index funds, REITs (real estate investment trusts), or other more “passive” investments, they decided to multiply their active income by investing heavily in real estate.And, even during an economic downturn, these two financial powerhouses are still investing, trying to maximize their dollar as much as possible. In this episode, we chat with Cliff and Devon about syndications they’ve invested in, how they’re staying up-to-date in today’s wild housing market, where they’re investing, and why they picked real estate over all the other assets. You don’t need to be a pro football player to take these lessons to heart, so stick around because this episode is bound to make you wealthier!In This Episode We CoverWhy so many professional sports players choose real estate as their chosen investment Real estate vs. stocks, index funds, REITs, and other more “passive” investments Real estate syndications and how to vet the operator who’s running the deal Investing during a recession and how Cliff and Devon are reacting to this changing market The “core four” every real estate investor needs in a property market Normalizing the investment conversation and making sure your circle is building wealth together The similarities between running a play and buying a rental property And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramJames' BiggerPockets ProfileJames' InstagramConnect with Devon & Cliff:Cliff's TikTokCliff's InstagramDevon's BiggerPockets ProfileDevon’s BookDevon's InstagramDevon's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-76Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The US debt ceiling has been hit; what happens next could send ripples through the economy. But is now the time to panic? Or is there still time to solve this situation? With the US economy relying so heavily on borrowing, the prospect of being unable to pay back its debts could come with a series of “catastrophic” consequences. Higher mortgage rates, a market crash, and an even harsher recession could be on the horizon. But what’s the likelihood of this happening? And are we really on the cusp of a debt debacle?We brought on Sarah Ewall-Wice, Washington D.C.-based reporter, to help explain what is happening with the US debt limit. Sarah knows that many Americans are used to these types of debt ceiling congressional debates, but most people don’t know the impact these could have on their wealth, investments, and society as a whole. With COVID spending forcing the government to pay for even more, the debt ceiling has reached an almost unimaginable $31 trillion.Sarah describes what would happen if the US defaulted on its debt, the programs that would be impacted the most, what republicans and democrats both want in their upcoming debates, and what everyday Americans can expect to happen over the coming months. Dave and Sarah also discuss the “trillion dollar coin” method, which could end the US’s debt quite quickly, while simultaneously acting as the most comical government bailout plan to date!In This Episode We CoverThe US debt ceiling explained and why the government could raise the limit yet againCOVID’s effect on government debt and how spending was ramped up during 2020 The “extraordinary measures” that the treasury is putting in place to keep the government afloat What happens if the US defaults on its debt and the severe consequences for investors Which social programs will be hit the hardest if a default happensMarket crashes, mortgage rate increases, and other effects we could be in forThe “trillion dollar coin” method and whether money-printing is the answer What republicans and democrats really want and why they’re fighting for it  And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramThe 2023 State of Real Estate Investing ReportConnect with Sarah:Sarah's TwitterSarah's InstagramCBS NewsCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-75Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

With assumable mortgages, you can snag a three percent interest rate even in 2023’s high-interest environment. These loans exist everywhere around you—you could be sitting on an assumable loan without even knowing it! So, if there’s a way to pick up properties at all-time low-interest rates, why isn’t everyone taking advantage of assumable mortgages? We brought Craig O’Boyle from Assumption Solutions on to the show to explain.Assumable mortgages aren’t new, but most real estate agents, loan brokers, and homebuyers have no idea what they are. In practice, an assumable mortgage allows a homebuyer to “assume” a seller’s loan with the same interest rate, contingencies, and principal paydown as the seller. This means you can walk into a home with significant equity, a low-interest rate, and the same fix-rated loan you’d be picking up from a bank. But, if you want an assumable mortgage, you’ll need to know where to find one.Craig walks us through the ins and outs of assumable mortgages, where investors can find one, why most mortgage lenders and brokers don’t know about them, and one BIG caveat you’ll need to hear before you chase down this better financing. Want a lower rate and monthly payment with higher cash flow? Stick around; we’ll give you everything you need to know to find a low-interest assumable loan in your area!In This Episode We CoverAssumable mortgages explained and why a bank would allow a buyer to assume a loanAssumable loans vs. subject to and how one strategy is far riskier than the other Fees you can expect to pay when purchasing a property with an assumable mortgage House hacking and using assumable loans to profit off your primary residence The three types of loans that can be assumable (and others that WON’T work)The “assumption gap” and money you’ll need at closing to get the deal done And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramJamil's BiggerPockets ProfileJamil's InstagramJamil's YouTubeSubject To Real Estate ExplainedConnect with Craig:Craig's WebsiteCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-74Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The new housing market is here, and with it comes a whole new set of real estate investing rules. Now, appreciation isn’t a given, flipping can flop, and good multifamily deals are one in a dozen instead of one in a million. This type of market can be dangerous for new real estate investors, but it can also be a massive opportunity for those who want to play the game the right way. So, please don’t ask the newly-rich gurus what their advice would be; turn to the decade-long players who have survived crashes, come back stronger, and know which deals are worth getting done.In this episode, we’ll go through the “2023 State of Real Estate Investing Report,” written by your data and sandwich savant, Dave Meyer. This report presents a window into what could happen in 2023, where the housing market stands now, and how investors can react to build real estate riches. Henry Washington, Jamil Damji, and Kathy Fettke give their own housing market predictions for the next year and prove cash is king, why on-market deals are the way to go, and how investing in “hybrid cities” can make you both equity and cash flow rich.The On the Market team will also give their thoughts on the potential commercial real estate crash that could happen in 2023. This type of movement in real estate affects all investors. Knowing about it beforehand can help you not only make money on killer deals but also help you avoid buying a property that may nosedive in value after buyers exit the market. So if you want the best data on real estate investing for 2023, this is the place to be!In This Episode We CoverThe “new housing market” that’s forming and how investors can take advantageWhy cash is king and how low competition and high rates can help you buy rental property stealsWhy “buying deep” combined with seller financing can make you a killing in 2023Whether house flips will flop in 2023 and how inexperienced investors could get burntThe “hybrid cities” that offer investors cash flow AND appreciation in one placeCommercial real estate and the multifamily price crash that could be on the table in 2023And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramHenry's BiggerPockets ProfileHenry's InstagramJamil's BiggerPockets ProfileJamil's InstagramKathy's BiggerPockets ProfileKathy's InstagramThe 2023 State of Real Estate Investing ReportOn The Market Podcast 65 with Ben Miller (Liquidity)On The Market Podcast 71 with Brian Burke (Multifamily Crash)BiggerPockets Real Estate Podcast 721 with Scott Trench (BiggerPockets CEO) Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-73Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Getting a low interest rate on your mortgage is something homebuyers in 2023 dream about. With last year’s 4% rates still fresh in many investors’ minds, it can seem almost irresistible to try and get the lowest mortgage rate possible when buying a house. So, what if there was a way to lock in a mortgage rate two to three percent lower than the daily average, all paid for by the seller of your new property? It’s possible, and if you want to get it, you’ll need to listen closely to what today’s mortgage experts are saying.In this episode, we brought three lending experts, Bill Tessar from CIVIC, Christian Bachelder from The One Brokerage, and LendingOne’s Matt Neisser, to talk about what is happening with lending and lenders, mortgage rates, and low-interest loan programs. With different expertise, all three of these mortgage experts know about various loans, whether for a rental, a primary residence, a fix and flip, a BRRRR, or something else. But what draws them all together is their experience over the past six months.Once interest rates started to rise, lenders nationwide were “gutted,” with massive amounts of business flying out the door. But these borrowers weren’t searching for better lenders; they didn’t even want to buy anymore. This caused many mortgage brokers and lenders to “reset” their requirements, standards, and expectations for the next few years to come. Now, lenders like these are getting creative, finding some of the best ways to help you score a lower interest rate without charging you a dime.In This Episode We CoverHow the Fed’s decision to raise rates caused the lending industry to lose huge businessReal estate underwriting and why short-term investors MUST change the way they analyze deals Bad news for BRRRR investors and why this strategy may be on pause for the next few yearsThe new low-interest rate loan products that homebuyers can take advantage ofMortgage rate predictions and when we could potentially see rates start to stall (or drop)Advice for borrowers in today’s market and why you should NOT be scared of rising ratesAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramFind Your Next Home LoanConnect with Christian, Matt, & Bill:Christian's BiggerPockets ProfileMatt's BiggerPockets ProfileCIVICLendingOneThe One BrokerageCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-72Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Multifamily real estate is by no means an easy asset class to buy into. What most people mistook as simple investments in 2020 are now turning out to be cash-hemorrhaging, high-interest, soon-to-go-bust investments. Everyone and their grandma was trying to buy the biggest apartment building they could, bidding well over asking without checking the fundamentals of the deal. Now, these buyers have to reap what they sowed by selling a solid asset at a low price or falling into foreclosure.But how did we get here? Wasn’t multifamily the hottest asset class of the past two years? This was supposed to be a foolproof way to build wealth, so what happened? Brian Burke knows, and that’s why he sat patiently on the sidelines, watching inexperienced syndicators bite off more than they could chew, refusing to listen to long-term investors. Brian has successfully predicted multiple crashes, not because he has a crystal ball, but because he knows when to take profits. He smelled something fishy happening in the multifamily space in 2019, and this same feeling saved him in 2022.So, what’s next for the multifamily housing market? Are the nation’s multifamily investments set to crash and burn? Not quite, but this could be the opportunity of a lifetime for the new investors looking for their next deal. But when should you hop in, start analyzing deals, and make bids? Stick around for this multifamily deep dive, as Brian will give you everything you need to know about the multifamily real estate market.In This Episode We CoverThe multifamily “bomb” that’s about to explode and how multifamily became so overleveragedRisky debt and how new investors failed to think ahead with bridge loans and adjustable-rate financingThe multifamily foreclosure crisis and how many investors could be forced into forbearanceKey fundamentals to follow if you want to invest in multifamily in 2023 New construction and whether the high risk is worth the higher rewardAdvice for both active and passive multifamily investors who want to avoid getting burnt in 2023And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramKathy's BiggerPockets ProfileKathy's InstagramRead The 2023 State of Real Estate Investing ReportExpert or Amateur? Do You Know Who Your Real Estate Syndicator Is?Book Mentioned in the EpisodeThe Hands-Off Investor by Brian BurkeConnect with Brian:Brian's BiggerPockets ProfileBrian's InstagramPraxis CapitalCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-71Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

The housing market is a living, breathing organism, constantly moving, with each real estate market playing by its own rules. Thanks to the individuality of the American housing market, homebuyers had the flexibility to choose where they wanted to live as soon as the 2020 lockdowns took place. No longer did homebuyers have to purchase a house that was close enough to the office. Since many worked remotely, the entire country became their office, and a slew of newly nomadic workers decided to settle down in states both far from and near home.These migration patterns changed the landscape of the housing market and made once-sleepy cities into booming metros with high-priced homes almost overnight. Now, the trend has reached a halt, as homebuyers remain frozen in place, stuck between high housing prices and even higher mortgage rates. But, with in-office work becoming more and more mandatory, could these domestic migrants start being called back to the big cities and tech hubs they came from?We brought Taylor Marr, Deputy Chief Economist at Redfin, on to the show to give his take on where the housing market is headed. Taylor goes deep into the two halves of the 2022 housing market and why “booming” post-pandemic markets like Boise are seeing steep declines. We also talk about mortgage rate buydowns, the new buyer’s market, and where migration is starting to slow as homebuyers get caught in financial quicksand. In This Episode We CoverHousing market volatility and why ping-ponging mortgage rates haven’t helpedTech markets and how these employment hubs are faring now that many homebuyers have jumped shipThe most volatile housing markets of 2022 and where you can expect to see migration slowdownsReverse migration and what will happen once in-person work becomes mandatory againHow politics, taxes, and weather highly affected homebuying patterns in 2022Short-term rental data and why second homes saw a massive drop-off in demand And So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets ForumsBiggerPockets AgentBiggerPockets BootcampsJoin BiggerPockets for FREEOn The MarketJoin the Future of Real Estate Investing with FundriseConnect with Other Investors in the “On The Market” ForumsSubscribe to The “On The Market” YouTube ChannelDave’s BiggerPockets ProfileDave’s InstagramJames' BiggerPockets ProfileJames' InstagramHear Our Last Interview with Taylor2022 Housing Market Review—A Tale Of Two HalvesGet Redfin’s Up-to-Date Housing Market DataConnect with Taylor:Taylor's TwitterCheck the full show notes here: https://www.biggerpockets.com/blog/on-the-market-70Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices