{"id":153120,"date":"2023-05-19T12:00:06","date_gmt":"2023-05-19T18:00:06","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=153120"},"modified":"2024-02-27T10:16:31","modified_gmt":"2024-02-27T17:16:31","slug":"reits-vs-stocks-what-makes-sense-for-diversification","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification","title":{"rendered":"REITs vs. Stocks: Is There Any Diversification Benefit At All?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC6160511791\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">For decades, when investment advisors talked about \u201cdiversifying your portfolio to include real estate,\u201d they typically meant adding&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/2013-02-25-reits\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">REITs<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;to your stock portfolio.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Don\u2019t get me wrong, real estate investment trusts (REITs) have their advantages. They\u2019re extremely liquid and easy to buy or sell with the click of a button in your existing brokerage account. And you can invest for the cost of a single share, which could mean investing $15 instead of $50,000.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But do publicly-traded REITs offer true diversification from the stock market at large? Perhaps not as much as you\u2019d like to think.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What are REITs?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Real estate investment trusts are companies that either own real estate investments or loans secured by real estate. In fact, to qualify as a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sec.gov\/files\/reits.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">REIT under IRS code<\/span><\/a><span data-preserver-spaces=\"true\">, the company must earn at least 75% of its gross income from real estate in some way, and at least 75% of its assets must be real estate-related, among other more technical requirements.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As the names suggest, equity REITs own properties directly, and mortgage REITs own debts secured by real property. Hybrid REITs own both.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">REITs typically specialize in one&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-niche\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate niche<\/span><\/a><span data-preserver-spaces=\"true\">. For example, a REIT might focus exclusively on&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/investing-in-self-storage-why-cap-rates-dont-matter-that-much\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">self-storage facilities<\/span><\/a><span data-preserver-spaces=\"true\">, or on multifamily properties in gateway cities, or a hundred other niches.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Some real estate&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/real-estate-crowdfunding\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">crowdfunding companies<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;offer private REITs sold directly to investors. But most REITs trade on public stock exchanges.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">That subjects them to the same volatility and violent mood swings as the stock market at large. Prices can crash in a single day, even if the underlying real estate assets haven\u2019t budged in value. But we\u2019re getting ahead of ourselves.&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_6467b8f14fbe4: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_6467b8f14fbe4\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">REIT Rules<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">As outlined above, companies must earn the overwhelming majority of their income from real estate to qualify as a REIT.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">REITs must also pay out at least 90% of their taxable income in the form of dividends. In practical terms, that means they usually pay high dividend yields but sometimes see limited share price growth since they can\u2019t reinvest profits into growing their portfolio.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">There are other rules that apply to REITs, such as being governed by a board of directors and having at least 100 shareholders after the first year, but I can feel the yawn starting now, so we don\u2019t need to dwell on them.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">So why would a company jump through all these hoops to qualify as a REIT? Because they get special tax treatment: they pay no corporate taxes on money distributed to investors as dividends. As a result, many REITs payout 100% of their earnings to shareholders and pay no corporate taxes at all.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">REIT Returns<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Real estate investment trusts have actually performed pretty well over the past half-century.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">From 1972-2022,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reit.com\/data-research\/reit-indexes\/annual-index-values-returns\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">U.S. REITs<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;delivered an average annual return of 11.26%. That\u2019s comparable to the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.marketwatch.com\/investing\/index\/spx\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">S&amp;P 500<\/span><\/a><span data-preserver-spaces=\"true\">, with its average annual return of 11.98%. Both figures include dividends and price growth, and both are just a mathematical average of annual returns, not the more accurate compound annual growth rate (CAGR).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">So where\u2019s my beef with publicly-traded REITs, if not their returns?<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Correlation Between REITs and Stocks<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">The trouble with REITs is that they offer little diversification from the stock market. They\u2019re too closely correlated.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.morningstar.com\/articles\/942066\/reits-arent-a-true-alternative\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Morningstar study<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;over nearly two decades found a correlation of 0.59 between U.S. REITs and the broader U.S. stock market. If your middle-school math needs a little dusting off, a correlation of 1 is lockstep, while a correlation of 0 means no connection whatsoever.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A correlation of 0.59 between real estate stocks and the larger stock market is similar to other sectors of the economy. For example, telecommunications stocks share a 0.62 correlation to the broader market. The correlation for consumer staples is 0.57, and energy stocks are 0.64. You could even think of REITs as one more sector within your broader stock portfolio.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Just take one look at this chart and tell me the correlation isn\u2019t clear:<\/span><\/p>\n\n\n<p><iframe title=\"U.S. REITs vs. S&amp;amp;P 500\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-DBYj6\" src=\"https:\/\/datawrapper.dwcdn.net\/DBYj6\/1\/\" scrolling=\"no\" style=\"width: 0; min-width: 100% !important; border: none;\" data-external=\"1\" height=\"400\" frameborder=\"0\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Why does the correlation matter? Because it means a stock market crash also sends your REITs tumbling. Eggs and baskets and all that.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Consider that in 2022, the average return on U.S. REITs was -25.10%. Yes, you read the minus symbol correctly\u2014they lost over a quarter of their value. Meanwhile, the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">average U.S. home price rose 10.49%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in 2022.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">That\u2019s quite a disconnect. This is precisely the point of diversifying into different asset classes: when one collapses, you can hopefully still collect strong returns on another. That particularly matters to retirees, who depend on their investment returns to pay their bills.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In fact, that figure for residential property prices doesn\u2019t include the income side of real estate returns. Good rental properties often earn a cash-on-cash return of 8% or higher, and short-term rental yields can be even higher in the right markets. When I\u2019ve compared long-term and short-term rental returns on&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.mashvisor.com\/blog\/access-short-term-rental-data\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Mashvisor<\/span><\/a><span data-preserver-spaces=\"true\">, I sometimes see yields as high as 12% on Airbnb rentals.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Alternatives to Public REITs<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">If you want a lower correlation between your stock and real estate investments, you need to go further afield than publicly-traded REITs.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Consider the following alternatives to get the benefits of real estate along with true diversification.&nbsp;<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Private REITs<\/span><\/strong><span data-preserver-spaces=\"true\">: You can invest in non-traded REITs through crowdfunding platforms like Fundrise and Streitwise. Do your own due diligence, but at least they share little correlation with stock markets.&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Non-REIT Funds:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">Not all real estate funds meet the legal definition of a REIT. For example, Groundfloor offers a fund of property-secured short-term loans with full liquidity and no discernible correlation to the stock market, called Stairs.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Fractional Ownership in Rentals:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">Platforms like Arrived and Ark7 let you buy fractional shares in single-family rental properties for $20-100 apiece. You collect rental income in the form of distributions, and get your share of the profits when the property sells.&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Real Estate Syndications:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">Syndications offer fractional ownership in commercial properties, such as apartment complexes,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/8-benefits-mobile-home-park-investing\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mobile home parks<\/span><\/a><span data-preserver-spaces=\"true\">, self-storage facilities, and more. As a downside, they typically require high minimum investments, usually $50-100K. But some real estate investment clubs like mine help investors pool their money to invest with less.&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Direct Ownership:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">There\u2019s always the old-fashioned way: buying properties yourself. But again, that often requires $50-100K in a down payment, closing costs, repair costs, cash reserves, and the like. It makes it hard to diversify your real estate portfolio.&nbsp;<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Should You Invest in REITs?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Far be it from me to tell you how to invest. If you prize liquidity above all else and want to get started with a few real estate-related investments for $100, buy a few REIT shares.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">I personally want my real estate investments to counterbalance my stock investments. I don\u2019t need liquidity from my real estate holdings\u2014I already have liquidity in my stocks.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In fact, I invest in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/high-inflation-bonds-and-real-estate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate as an alternative to bonds<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in my portfolio. It serves most of the same functions: diversification from stocks, passive income, and low risk of default. Real estate also provides better&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-inflation\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">protection against inflation<\/span><\/a><span data-preserver-spaces=\"true\">, and while it might dip 5-10% in value, it can\u2019t drop 100% (like bond values can if the borrower defaults or declares bankruptcy).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">You invest the way that\u2019s best for you. I\u2019ve found my own happy place, a balance between passive real estate syndications and diversified stock funds from across the world.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_fc33ff4c16fdf06d46aeddb42027f98f\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_988529d3eb80a7ae16ce4828a7cdcb1b\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_0feef689938ac6a9ad3d493f17d8b3bc class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/reits-vs-stocks-what-makes-sense-for-diversification&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re exploring diversification options, it&#8217;s crucial to note that this investment might not be as sensible as initially thought. Here&#8217;s the truth about this trendy investment.<\/p>\n","protected":false},"author":158586,"featured_media":153132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7399],"tags":[],"class_list":["post-153120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diversifying-investments"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/153120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/158586"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=153120"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/153120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/153132"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=153120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=153120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=153120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}