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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: National Association Member FDIC Erness What's Up? You ever walk

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Speaker 1: Odds are they're using Square? We love supporting business is

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Speaker 1: launching something soon, Square is hands down one of the

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Speaker 1: best tools out there to help you start, run, and grow.

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Speaker 1: back so you can focus on what matters most ready.

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Speaker 1: Let's Square handle the back end so you can keep

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Speaker 1: pushing your vision forward. So let's talk about some of

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Speaker 1: these other fees, right, because we know about the mortgage.

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Speaker 1: Some people know about the property tax, we know about

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Speaker 1: homeowners insurance. But there's some other fees that wait.

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Speaker 2: But before we go to other slots, So because we didn't,

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Speaker 2: we didn't. I just want to make sure people get

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Speaker 2: that the whole thing. So can we go back to that.

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Speaker 2: Can we go back to the slot?

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Speaker 3: Ye?

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Speaker 2: So utilities is a big one because this is why

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Speaker 2: a lot of people using you know, different type of

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Speaker 2: energy efficient things for their homes and that that that

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Speaker 2: can save a lot of money, right and even setting

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Speaker 2: up utility a lot of times as a process, water, gas,

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Speaker 2: all that type of stuff. And then of course the

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Speaker 2: homeowner's insurance. But the homeowners insurance is vitally important now,

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Speaker 2: especially you look at California fires, you look at Florida,

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Speaker 2: you look at floods. So, okay, the taxes we we

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Speaker 2: just talked about that, that's important. The mortgage is pretty

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Speaker 2: going to be straightforward as far as on the bank side,

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Speaker 2: you shouldn't understand those terms. But this homeowner's insurance and

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Speaker 2: the utilities can you can you talk about that because

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Speaker 2: that's that's something that people need to really have an

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Speaker 2: understanding of what they're getting themselves into before they actually

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Speaker 2: get the home.

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Speaker 3: Absolutely, so let's jump into utilities. If you're looking for

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Speaker 3: a single family home, it would be ideal and I

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Speaker 3: want you to write this down. Oftentimes agents don't do this.

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Speaker 3: Ask the previous homeowners to provide you with a statement

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Speaker 3: of what their utility bills are, like, what are they're

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Speaker 3: paying on average for their light bill? What are they

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Speaker 3: paying on average for their gas bill? Those are two

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Speaker 3: controllable expenses that you don't really consider when you're buying

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Speaker 3: a home. Why is this important. Let's just say you're

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Speaker 3: buying a five thousand square foot home on a basement

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Speaker 3: and you're coming from a two bedroom apartment that's maybe

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Speaker 3: thirteen hundred square feet. The difference in the amount of

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Speaker 3: heat that's required to heat that space, the amount of

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Speaker 3: HVAC that's required to cool that space, it could be

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Speaker 3: almost the cost of it could really be thousands of dollars.

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Speaker 3: So while you're out here assessing what your expenses should be,

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Speaker 3: ensure that you get that information from the current homeowner

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Speaker 3: before making your purchase. So utilities are such a big deal.

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Speaker 3: And then when we talk about homeowners homeowners association fees,

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Speaker 3: So you guys are in New York, so a lot

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Speaker 3: of times you guys are buy not y'all, you know,

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Speaker 3: you deserve to be rich, but a lot of people

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Speaker 3: are buying condos, townhouses, things like that, and there are

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Speaker 3: a lot of times those fees are included. So you

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Speaker 3: get into an HOA, they'll say, here's an additional I

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Speaker 3: saw a condo here in Atlanta where the hoafee is

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Speaker 3: fourteen hundred dollars a month, but it includes the utilities,

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Speaker 3: and then it includes amenities so it includes so it

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Speaker 3: kind of offsets, but you have to understand how that

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Speaker 3: will affect your monthly payment. So hoafees is a huge deal.

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Speaker 3: I think we get a big bad rep. I don't

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Speaker 3: want a house in the HOA. It's good to it

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Speaker 3: and it's not so good. The good parts of it

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Speaker 3: HOA is if you are in a neighborhood, a single

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Speaker 3: family neighborhood, and everybody has to maintain the exterior a

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Speaker 3: certain way. Everybody has to maintain the grass their a

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Speaker 3: certain way. It actually helps with your value appreciation. You're

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Speaker 3: gonna hear me say value appreciation a lot because I

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Speaker 3: want you to understand that is the number one reason

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Speaker 3: for getting into real estate and owning a property is

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Speaker 3: value appreciation and ownership. That's it. So of course HOA

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Speaker 3: fees is something you need to consider and see what

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Speaker 3: they're what's included in that, And then routine maintenance. I

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Speaker 3: most recently was consulting with someone and they have to

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Speaker 3: get an entire new HVAC system. They got a quote

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Speaker 3: for twenty thousand dollars. Like, you can't call the landlord.

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Speaker 3: You are the landlord. You are in charge of those

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Speaker 3: fee of that maintenance. So getting routine maintenance on your

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Speaker 3: property and accounting for those additional expenses. I hate to

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Speaker 3: scare people. Everybody has this scare tactic. I'm gonna tell you,

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Speaker 3: and this is not even like. Look into any type

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Speaker 3: of home warranty companies that offer complete protection. So when

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Speaker 3: you get a home warn company that helps you with

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Speaker 3: the room team maintenance. So instead of you being responsible

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Speaker 3: for that twenty thousand dollars fee to replace the system,

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Speaker 3: if you were paying a monthly fee into a home

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Speaker 3: warranty company, then you could call them the same way

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Speaker 3: you would call your landlord. Why do I want to

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Speaker 3: say this because I'm sick of people try to scare

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Speaker 3: people into not owning a home, saying my landlord can

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Speaker 3: pay for that. Well, if you were paying a fifty

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Speaker 3: dollars fee per month and your HVAC system went out tomorrow,

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Speaker 3: you would be able to call your home warranty company

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Speaker 3: to cover it. So don't allow these expenses to scare you.

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Speaker 3: But be very aware that these expenses are there. So

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Speaker 3: your job is to protect yourself. So again, unexpected expenses

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Speaker 3: are going to happen. You're going to have to get

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Speaker 3: your gutters cleaned every year. You're going to have to

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Speaker 3: get your extere of your property pressure washed every year.

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Speaker 3: Some people do it every quarter. You have to consider

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Speaker 3: that you want a home inspector to come inspect your

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Speaker 3: property every single year, not just when you buy the home.

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Speaker 3: When you initially buy the home, you do get a

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Speaker 3: home inspection because you're negotiating with the seller for any

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Speaker 3: defects in the property and you don't want to purchase

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Speaker 3: a property with the defect. But what happens when you

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Speaker 3: live in a home. There could be underground links that

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Speaker 3: you are not aware of that continue to happen. Your

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Speaker 3: HVAC could be at the bottom of like at the

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Speaker 3: end of its lifespan. So you get a home inspection

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Speaker 3: every single year. That's about five or six hundred dollars.

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Speaker 3: But what it does is preventative maintenance. That preventative maintenance

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Speaker 3: now you can call your home warranty and your handyman

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Speaker 3: to address issues before they become too expensive. No one

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Speaker 3: talks about that type of maintenance, but that's what it

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Speaker 3: requires to maintain a home. So outside of that, you

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Speaker 3: have the utilities, you have the just maintaining the integrity

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Speaker 3: of your property. But then you also got to account

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Speaker 3: for certain things. And I'm going to focus on single

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Speaker 3: family homes because it's completely different maintenance than having a condo.

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Speaker 3: A single family home, you may want to take into

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Speaker 3: your budget, at what point do I have to replace

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Speaker 3: the roof? And an average roof span is fifteen to

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Speaker 3: twenty five years, so you have to think about that.

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Speaker 3: At what point do I have to replace the hvac system?

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Speaker 3: They keep changing the free on and the diferent things

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Speaker 3: in the HVAC system. That's typically five to ten years.

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Speaker 3: Some of them are saying twenty years. So what you

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Speaker 3: want to do is budget that get and I will

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Speaker 3: not stress this enough, get a home warranty. Get a

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Speaker 3: home warranty, and then make sure when you purchase your

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Speaker 3: property you're getting scheduled and consistent maintenance of your home that.

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Speaker 1: Is not There's a part here, like we talked about

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Speaker 1: the homeowners insurance, but most people don't know about mortgage insurance.

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Speaker 1: And I'm assuming if a lot of people are doing

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Speaker 1: being first time home owners and they don't have the

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Speaker 1: twenty five percent down payment or twenty percent down payment,

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Speaker 1: they're going to flow in this category. So talk about

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Speaker 1: what that is and kind of give it like an

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Speaker 1: explanation of what mortgage insurance actually entails.

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Speaker 3: Yeah, so mortgage insurance covers the lender. Mortgage insurance does

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Speaker 3: not cover your property. It covers the lender in case

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Speaker 3: you default on the loan. So when you're paying mortgage insurance,

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Speaker 3: a lot of people are like, do I have to

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Speaker 3: pay it? Yes, you have to pay mortgage insurance unless

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Speaker 3: you're putting twenty percent down. If you're putting less than

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Speaker 3: twenty percent down. At some point, though, what does happen?

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Speaker 3: You do pay the private mortgage insurance. But at some

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Speaker 3: point when you have invested more than twenty percent towards

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Speaker 3: the principle of your mortgage, you can actually call your

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Speaker 3: mortgage lender and say, hey, I have invested this much.

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Speaker 3: I want the mortgage insurance to come off. The mortgage

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Speaker 3: insurance will not cover your house if it's damaged. The

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Speaker 3: mortgage surance insurance doesn't cover your house, God forbid, if

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Speaker 3: there's a fire. It only covers the lender because the

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Speaker 3: lender is taking a chance on you because you don't

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Speaker 3: have enough skin in the game. You have enough skin

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Speaker 3: in the game for them to say, hey, we're going

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Speaker 3: to give you this mortgage, but you're putting less than

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Speaker 3: twenty percent down, So we need insurance on top of

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Speaker 3: what on top of what we're giving you, just in

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Speaker 3: case you default and you cannot satisfy the loan. That

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Speaker 3: is what mortgage insurance is, and you can't get around it.

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Speaker 2: So what's some best practices as far as for the

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Speaker 2: homeowners insurance?

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Speaker 3: Right?

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Speaker 2: For the homeowner insurance, what's best practice that people should

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Speaker 2: be aware of getting homeowner insurance policy?

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Speaker 3: You get what you pay for cheaper is not always better.

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Speaker 3: And I feel like oftentimes when you're shopping with different

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Speaker 3: home insurance companies, and I have great relationships with homeowners

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Speaker 3: insurance companies, you're just thinking this is going to affect

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Speaker 3: my monthly payment. It is. They take the calculation of

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Speaker 3: what it will cost you for twelve months and then

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Speaker 3: you're paying on it every single month as a part

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Speaker 3: of your ES growth. Your ES grows include your insurance

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Speaker 3: and your taxes. Right, So when you're thinking about, okay,

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Speaker 3: I have to pay this amount, I would say shop

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Speaker 3: and tell them the truth. If you have three Rolex

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Speaker 3: rotches in the house, right, and you just did an

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Speaker 3: upgrade in your kitchen and did soft clothed cabinets and

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Speaker 3: Wolf appliances. You need to tell your insurance company about this,

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Speaker 3: because what happens is you're getting insured that the house

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Speaker 3: will say you buy a house with you know ge appliances.

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Speaker 3: You're just happy to own a home. You read the

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Speaker 3: book I Deserve to Be Rich. You do a stock

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Speaker 3: option play, and now you want to renovate your kitchen

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Speaker 3: now and you go and do this whole renovation. It's

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Speaker 3: one hundred thousand dollars renovation, and you don't report it

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Speaker 3: to your homeowners insurance company. What happens in the interim

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Speaker 3: if your house catches on fire, like I said, like

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Speaker 3: what happened in La and things like that, if you

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Speaker 3: never paid the difference in that cost, it's not covered.

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Speaker 3: So that's why keeping up with your homeowner's insurance and

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Speaker 3: making sure that you tell your preferred insurance agency the

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Speaker 3: truth about your assets. They can understand how much it

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Speaker 3: would cost to actually rebuild the property. Because there's different

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Speaker 3: levels to insurance, cheaper is never better. I will always say,

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Speaker 3: be educated about the level of insurance that you receive

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Speaker 3: so in case something happens, because that is what insurance

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Speaker 3: is for your cover.

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Speaker 2: And then also it's important because they had a study

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Speaker 2: that like I think thirty percent of homeowners actually they're

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Speaker 2: paying more money and all the ancillary stuff than the

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Speaker 2: actual mortgage. So you got to have a budget. You

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Speaker 2: got to have an idea of how much money you're

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Speaker 2: going to spend because if not, if your budget is

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Speaker 2: like twenty five hundred and your mortgage is two thousand,

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Speaker 2: you think that I got a five hundred dollars surplus.

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Speaker 2: But then when you add all these utilities and the taxes,

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Speaker 2: and then the insurance and then you know maintenance upkeep,

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Speaker 2: and the budget is actually your two thousand dollars a

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Speaker 2: month mortgage actually turns into forty five hundred dollars a

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Speaker 2: month that you actually end up spending. That causes a

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Speaker 2: lot of problems.

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Speaker 1: Yeah, and one of those taxes that I don't even

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Speaker 1: see in there is school tax. Right, Like everybody wants

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Speaker 1: to live in a great neighborhood and go to the

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Speaker 1: great school. Well that cost and so that that's something

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Speaker 1: that's getting paid semi annuary or sometimes quarterly. So just

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Speaker 1: keep that in mind, like when you want to move

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Speaker 1: to that great neighborhood, because it's preceded school. The people

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Speaker 1: that own property there, they're paying school taxes, which is

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Speaker 1: another amount that you're gonna have to put into that

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Speaker 1: that budget that you apparently thought you had when you

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Speaker 1: were starting to buying process.

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Speaker 3: Oh and this is one thing I want to tell

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Speaker 3: you guys that I'm a I'm a professional, right, so

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Speaker 3: this should that happened to me, But it happened to

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Speaker 3: me too. With homeowners insurance one of my investment properties.

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Speaker 3: I'm just like, why is this monthly note so high?

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Speaker 3: What happened? Right? I did put down twenty percent, so

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Speaker 3: I just pay yearly. I pay annually. And it slipped

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Speaker 3: my mind to renegotiate the terms of my homeowner's insurance policy.

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Speaker 3: So they increased my homeowner's insurance policy beyond the limit

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Speaker 3: that I wanted, was comfortable with. So always remember you

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Speaker 3: have to advocate for yourself and every year when it's

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Speaker 3: time to renew that policy. You do know, you don't

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Speaker 3: have to be stuck with who you started with. You

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Speaker 3: can actually shop around. Let them know you're shopping around,

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Speaker 3: Shop three different people. Tell them you're shopping. Get the

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Speaker 3: lowest rate, and then every but get the lowest rate

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Speaker 3: that has the highest coverage. Let me say that one

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Speaker 3: more time. Get the lowest rate, that has the highest coverage,

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Speaker 3: and that will help with controlling your overhead expenses.

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Speaker 1: Timely importantly important.

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Speaker 4: All right, So, an illegal alien from Guatemala charged with

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Speaker 4: raping a child in Massachusetts. An MS thirteen gang member

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Speaker 4: from Al Salvador accused of murdering a Texas man of

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Speaker 4: Venezuelan charged with filming and selling child pornography in Michigan.

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Speaker 4: These are just some of the heinous migrant criminals caught

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Speaker 4: because of President Donald J. Trump's leadership. I'm Christy nom

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Speaker 4: the United States Secretary of Homeland Security. Under President Trump,

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Speaker 4: attempted illegal border crossings are at the lowest levels ever recorded,

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Speaker 4: and over one hundred thousand illegal aliens have been arrested.

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Speaker 4: If you are here illegally, your next you will be

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Speaker 4: fine nearly one thousand dollars a day, imprisoned and deported,

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Speaker 4: you will never return. But if you register using our

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Speaker 4: CBP home app and leave now, you could be allowed

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Speaker 4: to return legally. Do what's right, leave now. Under President Trump,

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Speaker 4: America's laws, border and families will be protected.

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Speaker 1: Sponsored by the United States Department of Homeland Security,