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Speaker 1: Welcome to the show.

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Speaker 2: I'm Rashaan McDonald, the host of Money Making Conversations Masterclass,

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Speaker 2: where we encourage people to stop reading other people's success

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Speaker 2: stories and.

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Speaker 1: Start planning their own. Listen up as.

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Speaker 2: I interview entrepreneurs from around the country, talk to celebrities

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Speaker 2: and ask them how they are running their companies, and

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Speaker 2: speak with dog profits who are making a difference in

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Speaker 2: their local communities. Now, sit back and listen as we

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Speaker 2: unlock the secrets to their success on Money Making Conversations Masterclass. Hi,

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Speaker 2: I'm Rashaan McDonald, a host this weekly Money Making Conversations

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Speaker 2: Masterclass show. The interviews and information that this show provides

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Speaker 2: offer everyone. It's time to stop reading other people's success

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Speaker 2: stories and start living your own. If you want to

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Speaker 2: be a guesst on my show, please visit my website,

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Speaker 2: Moneymakingconversation dot com and click the b a guest button.

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Speaker 2: My guest is an independent mortgage broker. She's committed to

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Speaker 2: delivering exceptionals service. Do a focus on accountability and securing

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Speaker 2: the right mortgage for your home. They'll ensure a smooth

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Speaker 2: and seamless home buying process. Please work with the Money

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Speaker 2: Making Conversations Masterclass Latree's price get stalled. You know French

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Speaker 2: that gestalled. You got to got to put that gets stared.

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Speaker 2: From Houston, Texas the tree, So you know down there

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Speaker 2: y'all do all the San Antonio people listalled.

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Speaker 1: How you doing, my friend Letree, How you doing?

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Speaker 3: I'm doing great? How are you doing?

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Speaker 2: Finance? What's your what's your background? When you start talking

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Speaker 2: about you know, mortgage brokering and brokery and accountability and finance.

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Speaker 2: Give us a little history on you before we get

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Speaker 2: started and get deep into this interview.

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Speaker 4: Well, I am originally from San Antonio, Texas, and I

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Speaker 4: have a bachelor's degree in finance, and I've been in

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Speaker 4: finance since nineteen ninety nine. Where I originally started out

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Speaker 4: working in investment operations, which consists of like settlements operations

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Speaker 4: and and investment accounting. And then like around twenty twelve

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Speaker 4: or so, I moved over to doing auto of financing.

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Speaker 4: My husband and I we opened up a car dealership

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Speaker 4: and I was part owner and also our finance manager,

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Speaker 4: where I helped customers get financing for their cars. We

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Speaker 4: focused a lot on first time buyers and just pretty

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Speaker 4: much took care of them to make sure that they

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Speaker 4: were not being taken advantage of and getting good interest

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Speaker 4: rates and good payments that they could maintain because a

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Speaker 4: lot of the customers were like your college students and

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Speaker 4: first time buyers who had just who had just actually

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Speaker 4: just graduated from college.

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Speaker 3: And then right in the middle of all that, you know, well.

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Speaker 4: At the time, there was a lot of favor with

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Speaker 4: auto lending and so forth, and so a lot of

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Speaker 4: that changed, unfortunately, And so then I started looking into

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Speaker 4: mortgage financing just to kind of like compliment what I

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Speaker 4: was already doing. And that's pretty much how I ended

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Speaker 4: up in mortgages. I started well, I obtained my license

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Speaker 4: in twenty eighteen, and then in twenty twenty two I

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Speaker 4: decided to go ahead and take the leap and become

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Speaker 4: an independent mortgage broker where I.

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Speaker 1: Have my Well, I don't think you just took a leap.

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Speaker 1: You're a planner.

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Speaker 2: You're a planner now because you're dealing with numbers, so

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Speaker 2: you already know about taxes, you already know about understanding

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Speaker 2: the you know that profit margin that you have to

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Speaker 2: achieve now. As in the car industry, first of all,

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Speaker 2: are rarely meet a person of color who said they

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Speaker 2: went in the car dealership. You know, you re meet

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Speaker 2: car sellers, of car mechanics, of people of color. How

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Speaker 2: did y'all get into the auto industry from a dealership standpoint?

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Speaker 4: Well, actually, my husband he had his first car dealership

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Speaker 4: in San Antonio in the early nineties and it went

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Speaker 4: fairly well for him. He ventured off into doing some

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Speaker 4: other things, into like promotions and so forth, and then

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Speaker 4: around that time he decided to just go ahead and

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Speaker 4: start to do the car dealership again. But he didn't

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Speaker 4: want to do it the same way he did it before.

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Speaker 4: He decided to do it differently this time. And it

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Speaker 4: went very well for a while because it was around

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Speaker 4: the time when Obama was, you know, issuing out all

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Speaker 4: of the rescue money, and so the lending guidelines were

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Speaker 4: very helpful for those who were having a difficult time,

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Speaker 4: you know, at that particular time. And unfortunately they had

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Speaker 4: to go back and tighten up those lending guidelines again

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Speaker 4: and that changed the industry. And then COVID came right

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Speaker 4: behind that and made it even more tighter.

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Speaker 2: So cool now you could have asked this one car,

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Speaker 2: what about car dealerships? You know, you know, I've had

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Speaker 2: a lot of used cars in my life and I've

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Speaker 2: traded them in. Now should I have haggle to get

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Speaker 2: the price down the trees? Because I always trade it

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Speaker 2: in my used car, which would have been a better

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Speaker 2: right that you way that you would have recommended, and

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Speaker 2: just listening and people listening may follow your advice or

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Speaker 2: they might do their own thing.

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Speaker 1: What would you suggest haggling a trade in and used car?

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Speaker 4: I think that you should do definitely negotiate and make

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Speaker 4: sure that you get in the right deal. And you know,

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Speaker 4: a lot of people they go to Kelly Bluebook to

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Speaker 4: reference the value for their car, but I personally recommend

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Speaker 4: you going to Nada dot com their powered by Geni

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Speaker 4: Powers and associates now and they tend to give a

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Speaker 4: better explanation of what the value is of your car

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Speaker 4: because it gives it whether or not if it's in

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Speaker 4: good condition or a bad condition, or if it's even

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Speaker 4: in a syllable condition, and so you can kind of

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Speaker 4: you can negotiate off of those numbers. A lot of

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Speaker 4: times of dealerships they don't. They just assume that you

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Speaker 4: don't really know what the value of your car is.

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Speaker 4: And if you come in and you and you're educated

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Speaker 4: and you can you know, discuss on those particular parameters.

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Speaker 4: You could say, well, no, you know my car. You know,

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Speaker 4: I just did this, this, and this to my car,

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Speaker 4: so it's actually valued at this particular number, and this

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Speaker 4: is what I would like to have because they're going

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Speaker 4: to pay you what they're going to pay you and

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Speaker 4: turn back around and sell it and make sure that

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Speaker 4: they get.

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Speaker 1: Yeah, like anything, do your homework.

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Speaker 2: Yes, going there and have a stand a value stand

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Speaker 2: on your vehicle before you start trying to ask somebody

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Speaker 2: what they think is going to call yes them.

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Speaker 3: Because they're going to make sure they make their money.

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Speaker 5: Right.

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Speaker 1: Yeah, we're good.

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Speaker 2: Well, I brought you on the show to talk about

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Speaker 2: being an independent mortgage broker. The word independent is powerful. Yes,

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Speaker 2: you know, how are you an independent mortgage broker? First question? Secondly,

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Speaker 2: why are you an independent mortgage broker?

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Speaker 4: Okay, I am an independent mortgage broker because I basically

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Speaker 4: hold my own license as a broker. So I go

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Speaker 4: out and I establish relationships with various lenders to provide

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Speaker 4: different loan options to my borrowers. You know, I have

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Speaker 4: lenders that will cater to individuals who may be self employed,

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Speaker 4: who may have a difficult time getting approved. I also

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Speaker 4: have lenders who cater to first time buyers. I have

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Speaker 4: lenders that cater to those who may need help, you know,

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Speaker 4: due to citizenship, you know issues and so forth.

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Speaker 3: I mean, there's all types of lenders out there.

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Speaker 4: And so as a broker, you serve as that advocate

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Speaker 4: for your borrower to make sure that they're getting the

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Speaker 4: right loan product and not necessarily just getting approved, but

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Speaker 4: you know, do they have the right product that fits

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Speaker 4: their particular needs and so forth.

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Speaker 1: Okay, so, but why.

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Speaker 4: Well, what made me become well decide to become a

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Speaker 4: mortgage broker was I had actually been laid off at

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Speaker 4: a company.

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Speaker 3: It was a builder.

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Speaker 4: It was like in late twenty twenty two, the interest

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Speaker 4: rates has started to really go up, and so they

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Speaker 4: had lost like sixty eight percent of their contracts due

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Speaker 4: to borrowers falling out because they could no longer fit

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Speaker 4: the home because they were in the middle of construction

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Speaker 4: and so forth. And so I was faced with having

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Speaker 4: to go and find something, find new employment and so forth.

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Speaker 4: And so I just noticed that, you know, the commission

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Speaker 4: negotiations just did not fit my needs. And so I'll

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Speaker 4: just figure I might as well just go ahead and

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Speaker 4: advocate for people like I do, and also keep my

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Speaker 4: commissions at the same time.

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Speaker 2: There are certain things as you gain equity. That's the

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Speaker 2: big thing. That's the goal in any house is to

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Speaker 2: gain equity. Explain to us the value of mortgages when

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Speaker 2: you hit a certain age and you have a certain

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Speaker 2: equity in your house.

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Speaker 4: Okay, Well, I will say this due to the fact

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Speaker 4: that a lot of people do not really have very

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Speaker 4: much knowledge in reversed mortgages. The usage of them are

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Speaker 4: only like about two to three percent of senior citizens,

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Speaker 4: and it's typically in the age range like around seventy

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Speaker 4: five and older. And that's typically when people will you know,

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Speaker 4: will have enough equity in their home and or have

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Speaker 4: exhausted their retirement funds and have high medical costs and

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Speaker 4: so forth, and so it's just a way for them

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Speaker 4: to be able to have tax free cash coming into

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Speaker 4: their home. They can either take a lump sum amount,

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Speaker 4: or they can get they could receive a monthly payment,

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Speaker 4: or they can open up a line of credit where

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Speaker 4: they just withdraw the money out every month. I feel

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Speaker 4: like it is a good option for those, you know,

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Speaker 4: for individuals that are in that particular age range who

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Speaker 4: have a exhausted their retirement funds or have limited retirement funds.

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Speaker 4: And you know, it's just unfortunate that people typically do

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Speaker 4: not have enough education, you know, about them because what

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Speaker 4: happens sometimes is is that you know, they'll take out

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Speaker 4: the reverse mortgage and the family is unaware and when

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Speaker 4: they passed away, they don't know that the debt is there.

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Speaker 4: And so but what the family can do is if

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Speaker 4: they want to keep the keep the home in the family,

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Speaker 4: they can refinance it, you know, if they want to

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Speaker 4: keep it, or they can just sell it to pay

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Speaker 4: off the debt. Flowers while they're here. You know, they

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Speaker 4: paid all the equity into the house, so.

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Speaker 5: You know.

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Speaker 1: Okay, let me ask you this question. Write quickly tree.

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Speaker 2: I'm talking to the Tree's Price Get Started and independent mortgage

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Speaker 2: broker based in Houston, Texas. Okay, you take out a

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Speaker 2: lump sum? How does that work? How are you paying

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Speaker 2: it back? If you have no money and you having

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Speaker 2: financial issues and you do a lump sum or how

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Speaker 2: exactly walk me through how a reverse mortgage works and

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Speaker 2: how exactly.

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Speaker 1: Does it benefit?

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Speaker 2: Because if you if you take some money, they're going

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Speaker 2: to want it back. So how are they making those

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Speaker 2: payments back of the lump sum. Are the monthly songs

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Speaker 2: that they're requesting.

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Speaker 4: Well, the beauty of it is there are no monthly

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Speaker 4: payments going back to the institution. The data is paid

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Speaker 4: off when the home is paid off, you know, like

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Speaker 4: when the person passes away. The family can either refinance

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Speaker 4: it into their name or they can sell the home.

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Speaker 3: Yeah.

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Speaker 1: I see what you're saying. So so let's use some numbers.

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Speaker 2: So if the house is two hundred and fifty thousand dollars, yes,

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Speaker 2: then you can do a reverse mortgage own the equity

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Speaker 2: or the value of the home.

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Speaker 3: The equity, that's what you're saying.

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Speaker 4: Yes, yes, and you would need fifty percent of equity

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Speaker 4: in the home to be able to do it.

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Speaker 2: Okay, cool, So that means that you can do a

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Speaker 2: reverse mortgage on one hundred and twenty five thousand dollars. Yes,

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Speaker 2: if it's two hundred and fifty thousand dollars house, and

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Speaker 2: then they receiving payments, they don't have to make any

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Speaker 2: payments back.

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Speaker 1: But that's why you were saying, Rashan.

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Speaker 2: Generally people who do these reverse mortgages are in their seventies.

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Speaker 1: Yes, because it's not something you want to do in

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Speaker 1: your fifties?

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Speaker 2: No, no, okay, cool, Now that I.

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Speaker 3: Have to be at least sixty two years old.

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Speaker 4: I'm just saying that typically most of the barbers in

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Speaker 4: that range are around the seventy five ish range.

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Speaker 2: Right, so it has to be sixty two years old.

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Speaker 2: So do you handle those type of situations there?

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Speaker 3: Do?

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Speaker 1: Okay?

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Speaker 2: How does one contact you? Or how does one do?

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Speaker 2: You have a website? Let's start there. Let's start breaking

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Speaker 2: down the lines of communication. If somebody wanted to are

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Speaker 2: considering it, wanted to be educated about reverse mortgages, how

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Speaker 2: did they reach out to you?

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Speaker 4: They can reach me by phone at three four six

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Speaker 4: four seven six nine five five nine, or they can

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Speaker 4: go to my website ACI Mortgage LLC dot com.

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Speaker 2: Okay, cool, Now on to the next point, zero down

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Speaker 2: payment programs. Okay, I'm speaking to Lutreces Price gets started.

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Speaker 2: What exactly is that zero down payment program?

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Speaker 4: Well, I have a I have a lender that is

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Speaker 4: that that has that promotion at the at the present time.

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Speaker 4: And what they do is they loan the amount that's

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Speaker 4: needed for the down payment. It's it's up to like

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Speaker 4: three percent of the loan. And what they do is

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Speaker 4: they put the loan, they attach it to the actual

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Speaker 4: mortgage itself, and then it is it is paid. It

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Speaker 4: is paid off once the loan is either sold or

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Speaker 4: either refinance, but up until then it is it is

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Speaker 4: part of the part of the mortgage. But I also

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Speaker 4: do have other down payment assistance programs that will give

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Speaker 4: up to five percent of the value of the loan.

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Speaker 4: So what happens is with some people they use like

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Speaker 4: the three to three and a half percent that's required

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Speaker 4: for the down payment and then the remaining of the

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Speaker 4: five percent to pay off to help with the closing cost.

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Speaker 4: And so that's pretty much where that assistant comes into play.

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Speaker 5: Please don't go anywhere. We'll be right back with more

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Speaker 5: money Making Conversations Masterclass. Welcome back to the Money Making

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Speaker 5: Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations Masterclass

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Speaker 5: continues online at Moneymakingconversations dot com and follow money Making

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Speaker 5: Conversations Masterclass on Facebook, Twitter, and Instagram.

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Speaker 2: You know, being an independent mortgage BROKERAM the big thing

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Speaker 2: that scares people off is big numbers, percentages, fifteen thirty

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Speaker 2: years mortgages would ever own it. Let's walk through the

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Speaker 2: process of how you handle clients LaTrece when they come

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Speaker 2: to you, the educational process. How does your business model

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Speaker 2: for you work and how does it benefit the customers

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Speaker 2: that come to you.

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Speaker 4: Well, the first thing that I ask each person when

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Speaker 4: they called is if they've purchased a home before and

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Speaker 4: how soon do they need to buy.

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Speaker 3: A home. And then I'll ask like key points like

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Speaker 3: how long they've.

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Speaker 4: Been on their job, what their credit score is like,

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Speaker 4: and what you know, do they have any money for

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Speaker 4: down payment, you know, anything in savings And I just

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Speaker 4: kind of like gauge off of what they tell me

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Speaker 4: and just kind of like take it from there. But

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Speaker 4: I do when I do offer the different type of

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Speaker 4: loan products, I do explain like the difference between the

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Speaker 4: you know, between each kind because you know, you you

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Speaker 4: have fah A v A conventional and U S d

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Speaker 4: A and and each one caters to a particular you

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Speaker 4: know customer, you know, whereas you I have like f

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Speaker 4: ah A you know, that's that's that's really more for

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Speaker 4: like the customer who may need a lower down payment

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Speaker 4: but also may have like a lower credit score than

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Speaker 4: than the average, or have like a lot of open

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Speaker 4: debt because that particular program allows for a higher dt

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Speaker 4: I versus someone who could go conventional who may have

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Speaker 4: like a higher credit score, but their down payment will

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Speaker 4: start like around three percent and go up to like

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Speaker 4: about five percent.

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Speaker 3: And so I guess to answer your.

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Speaker 2: Question, is score it permits their interest rate.

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Speaker 4: It is a very it's a very key component, you know,

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Speaker 4: because we do have programs that will go as low

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Speaker 4: as five five hundred credit score, but a course quite

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Speaker 4: naturally those who are like I would say, like around

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Speaker 4: seven to twenty and above will have your more favorable

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Speaker 4: you know, interest rates.

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Speaker 2: Okay, let's talk to it, because there's a lot of

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Speaker 2: people out there in that five hundred ranges probably listening

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Speaker 2: to my show now. But you can still help people.

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Speaker 2: Now that's a pretty low score. Now, that's a pretty

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Speaker 2: low score out there trying to buy a home. How

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Speaker 2: do you help somebody in that five hundred to six

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Speaker 2: hundred credit score range get in the house, Because right

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Speaker 2: now I think that's I think this be nearly impossible.

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Speaker 1: But you're saying you can make that happen.

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Speaker 4: Yes, The main thing with that particular group is that

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Speaker 4: they're going to have to have a higher down payment.

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Speaker 4: They're going to be the ones who's going to need

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Speaker 4: that ten to twenty percent down in most cases, because

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Speaker 4: those programs are not going to allow down payment assistance,

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Speaker 4: and the interest rate is going to raise the payment,

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Speaker 4: which is going to make the DTI heart to fit.

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Speaker 4: So that particular group of people is going to really

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Speaker 4: need that big down payment in order for that to work.

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Speaker 1: Okay, cool.

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Speaker 2: So that means that again, do you work with individuals

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Speaker 2: latrees over a six month period or do you coach

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Speaker 2: them along?

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Speaker 1: Somebody comes to.

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Speaker 2: You, say in January and they said, look this is

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Speaker 2: where I stand them at five hundred, and you said, well,

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Speaker 2: come back to me, do your homework. You get your

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Speaker 2: credits trade by making consistent monthly payment. Let's see we

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Speaker 2: can get that credit score up. Because right now, if

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Speaker 2: you roll into a plan right now, your interest rate

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Speaker 2: is going to be higher and your down.

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Speaker 1: Payment is going to be higher. Do you work with

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Speaker 1: individuals like that.

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Speaker 3: Latre, Yes, I do.

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Speaker 4: I do offer the opportunity to consult while they get

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Speaker 4: ready and so forth, and I do offer suggestions and

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Speaker 4: so forth. Out to be very careful about, you know,

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Speaker 4: credit counseling per se. But I do offer suggestions, and

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Speaker 4: you know, go over there file and just give them

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Speaker 4: what's called a what if scenario, and it is it

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Speaker 4: is provided by the credit bureau, and not not the

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Speaker 4: credit bureau, but but the credit reporting agencies that I use.

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Speaker 4: They have a report called what if scenario and I

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Speaker 4: go in and I'll put you know, like say that

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Speaker 4: they paid these particular credit cards down or what have you,

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Speaker 4: this is what it could possibly look like if they

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Speaker 4: did this and so forth. And I would give that

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Speaker 4: to them, and you know, we'll work over, you know,

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Speaker 4: their plan over those months and so forth, and I

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Speaker 4: will say about sixty percent of the people actually follow through,

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Speaker 4: and really, do you know come back and say, okay, listen, it's.

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Speaker 1: All about follow through.

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Speaker 2: It's all about your dream, all about whether you want

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Speaker 2: to make it happen. Yes, And that's really what we're

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Speaker 2: talking about right now. Yes, making up, putting it, putting

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Speaker 2: forth one hundred percent. Now in this world as being

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Speaker 2: an independent mortgage broker, frustrates you about it? And what

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Speaker 2: benefits do you feel you bring to the table?

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Speaker 4: Okay, I will say what frustrates me is, you know,

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Speaker 4: basically what we just talk about just now is the

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Speaker 4: customer that does not follow through or the customer that

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Speaker 4: is not honest and forthcoming.

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Speaker 1: Do you ever get mad in the little tree?

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Speaker 2: Do you ever get mad if some of your customers

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Speaker 2: come on that this is money making conversations?

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Speaker 1: Okay, somebody wasted your time for three or four months.

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Speaker 4: Now.

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Speaker 2: Yes, Basically, the reason she's an independent because a lot

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Speaker 2: of traditional outlets won't even look at you, They won't.

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Speaker 1: Even walk in the front door.

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Speaker 2: She is giving you an opportunity because early in our

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Speaker 2: conversation she spoke about she sets up relationships. She's kind

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Speaker 2: of like, it's a lot of people out there, like

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Speaker 2: independent insurance people. Well, you can come there and they

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Speaker 2: can do insurance with anybody out there.

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Speaker 1: And that's what you're saying that you can do as

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Speaker 1: an independent.

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Speaker 2: You not limited to one particular financial out correct.

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Speaker 1: Yes.

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Speaker 2: And now with that being said, do you have a

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Speaker 2: place you'll go to outlet? You don't have to say

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Speaker 2: the name, and why is that outlet that you go

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Speaker 2: to you feel works for you the most in your

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Speaker 2: independent platform and the type of customers that you bring

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Speaker 2: to the table.

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Speaker 4: I'll be more than happy to say that my outlet

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Speaker 4: would be you. Not at Wholesale Mortgage u w M.

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Speaker 4: They are the number one wholesale lender in the you know,

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Speaker 4: in the States, and they have a very.

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Speaker 3: Quick turnaround time.

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Speaker 4: My executive there is top notche The process is just

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Speaker 4: it's just it's impeccable, you know, every time.

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Speaker 3: And what.

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Speaker 4: The customer that that I would take there is actually

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Speaker 4: well I can't say the majority of them, but I

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Speaker 4: would just say the customers that they cater to you

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Speaker 4: are more of like, you know, your well your experienced

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Speaker 4: buyers is where's your first time buyers. But a particular

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Speaker 4: product that I like that they have there is there

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Speaker 4: one time construction loan, Like say you want to buy

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Speaker 4: land and build a house at the same time. Well,

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Speaker 4: you know, traditionally you would have to finance both separately,

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Speaker 4: but they will do the loan all in one, you know,

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Speaker 4: And that's what That's one of the main things that

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Speaker 4: I really like about them.

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Speaker 3: And so just as a process and the loan products

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Speaker 3: that they offer.

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Speaker 1: Cool.

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Speaker 2: As we close out the interview, I want to talk

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Speaker 2: about the benefits of utilizing f h A two thousand

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Speaker 2: and three is it two thousand and three K program

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Speaker 2: two or three.

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Speaker 4: K that is that is a home innovation yes, and

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Speaker 4: what people don't know is you can buy a fixer

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Speaker 4: upper at the you know, and and finance the renovations

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Speaker 4: as well as as the home within the the within

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Speaker 4: that that one transaction, and that's that's where the f

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Speaker 4: h A two or three K comes into play.

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Speaker 3: And it just it could be something as.

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Speaker 4: Low as as you know, replacing windows all the way

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Speaker 4: up to remediating mold. It just depends on what the

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Speaker 4: needs are for it, you know, for your project and

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Speaker 4: so forth.

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Speaker 3: And so.

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Speaker 2: That particular problem when you stay that when you stay

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Speaker 2: in the f h A and f stands for what.

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Speaker 3: Federal Housing.

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Speaker 4: That's I'm sorry, Federal Housing Association and that that's that's

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Speaker 4: basically the the the government agency that monitors those particular

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Speaker 4: types of loans and there and that's it's it's basically

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Speaker 4: there to protect the lenders against the the you know,

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Speaker 4: in case the bar defaults.

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Speaker 3: On the loan.

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Speaker 1: Okay, cool, okay cool.

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Speaker 2: And this particular program you telling me, a lot of

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Speaker 2: people are not aware of it. And I always get

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Speaker 2: mad when I hear that, and I said, mad, mad,

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Speaker 2: but I guess frustrated mad because there's so many programs

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Speaker 2: out there that are to benefit the buyer. But nobody

446
00:24:11,960 --> 00:24:14,600
Speaker 2: knows because guess what, they're not promoted. So how does

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00:24:14,640 --> 00:24:17,720
Speaker 2: one find out by programs like this that can benefit

448
00:24:17,800 --> 00:24:20,760
Speaker 2: them that somehow don't make it trickle down to the

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00:24:20,760 --> 00:24:21,920
Speaker 2: people that need them.

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00:24:22,640 --> 00:24:27,800
Speaker 4: Well, I mean you would have to consult a mortgage broker,

451
00:24:28,119 --> 00:24:31,560
Speaker 4: you know, because it's not you know, just everyday knowledge

452
00:24:31,560 --> 00:24:32,160
Speaker 4: that is out there.

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00:24:32,200 --> 00:24:33,760
Speaker 3: Now. Most people know about.

454
00:24:33,640 --> 00:24:36,480
Speaker 4: FACH loans, but they're not as well aware of the

455
00:24:37,240 --> 00:24:40,080
Speaker 4: of the FAHA two or three K program that is there.

456
00:24:40,320 --> 00:24:41,840
Speaker 4: A lot of times people think that they have to

457
00:24:41,880 --> 00:24:45,240
Speaker 4: buy the house first and then finance the renovations and

458
00:24:45,280 --> 00:24:45,760
Speaker 4: so forth.

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00:24:45,800 --> 00:24:48,040
Speaker 3: But if this particular product, you can do both at

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00:24:48,080 --> 00:24:48,800
Speaker 3: the same time.

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00:24:51,000 --> 00:24:52,440
Speaker 1: Wow, I knew nothing about it.

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00:24:52,520 --> 00:24:54,960
Speaker 2: Again, Please give us a contact number, and if you

463
00:24:55,000 --> 00:24:56,879
Speaker 2: have a website, please get a website number so we

464
00:24:56,920 --> 00:24:59,480
Speaker 2: can reach out to you. Because being an independent broker,

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00:24:59,520 --> 00:25:02,919
Speaker 2: first of all, fearlessness. You seem to be a person.

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00:25:02,960 --> 00:25:05,439
Speaker 2: If someone wanted to do this for a living, if

467
00:25:05,480 --> 00:25:08,080
Speaker 2: somebody wanted to step out on faith or just go

468
00:25:08,160 --> 00:25:11,320
Speaker 2: for a leap, what steps would you tell people to

469
00:25:11,400 --> 00:25:14,680
Speaker 2: make sure that you did that you will not do

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00:25:14,960 --> 00:25:18,600
Speaker 2: that would help them be successful as independent as an

471
00:25:18,600 --> 00:25:19,879
Speaker 2: independent mortgage.

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00:25:19,480 --> 00:25:21,160
Speaker 3: Broke things I would do.

473
00:25:23,400 --> 00:25:25,720
Speaker 2: You would not do because you made the mistakes to

474
00:25:25,800 --> 00:25:28,040
Speaker 2: resond that was I can tell you right now. There

475
00:25:28,040 --> 00:25:30,680
Speaker 2: were some things I did when I started my company

476
00:25:31,119 --> 00:25:33,680
Speaker 2: and I hired people who were not qualified for the job.

477
00:25:34,119 --> 00:25:37,240
Speaker 2: They were family, they were old friends, and I paid

478
00:25:37,240 --> 00:25:41,080
Speaker 2: them checks. They were overpaid because I knew they needed to,

479
00:25:41,240 --> 00:25:45,080
Speaker 2: you know, paid a certain amount of expenses for their family.

480
00:25:45,119 --> 00:25:47,399
Speaker 1: I didn't. I just had the bad business model.

481
00:25:47,440 --> 00:25:50,560
Speaker 2: Yes, and I would never do that again and so

482
00:25:51,359 --> 00:25:53,760
Speaker 2: and it was a hard decision because it eventually it

483
00:25:53,840 --> 00:25:56,320
Speaker 2: led to me laying these same people off that I

484
00:25:56,359 --> 00:25:57,520
Speaker 2: was trying to support.

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00:25:57,800 --> 00:25:59,960
Speaker 1: So those are bad business decision.

486
00:26:00,520 --> 00:26:03,439
Speaker 2: Now you became an independent mortgage broker, what did you

487
00:26:03,600 --> 00:26:07,880
Speaker 2: do or would recommend so people would make the same

488
00:26:07,880 --> 00:26:09,960
Speaker 2: mistakes that you did, because we all make mistakes when

489
00:26:09,960 --> 00:26:10,919
Speaker 2: we start businesses.

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00:26:11,440 --> 00:26:14,240
Speaker 3: I would say that I would have had more capital.

491
00:26:16,440 --> 00:26:21,680
Speaker 4: Before deciding to not move forward with with with other employment.

492
00:26:21,760 --> 00:26:24,480
Speaker 4: And that's because what I had to do was, since

493
00:26:24,520 --> 00:26:26,720
Speaker 4: I did not have as much capital, I had to

494
00:26:26,800 --> 00:26:30,840
Speaker 4: kind of like do a lot of side gigs and

495
00:26:30,840 --> 00:26:33,720
Speaker 4: so forth that took me away from my business and

496
00:26:33,760 --> 00:26:36,560
Speaker 4: so forth, and so and then also to have a

497
00:26:36,600 --> 00:26:40,200
Speaker 4: stronger pipeline. You know, even though I had been had

498
00:26:40,240 --> 00:26:42,639
Speaker 4: been originating loans for as long as I had been,

499
00:26:43,040 --> 00:26:46,760
Speaker 4: I don't feel like I had a full enough pipeline

500
00:26:46,800 --> 00:26:49,439
Speaker 4: to really take off. So not having a capital and

501
00:26:49,440 --> 00:26:53,159
Speaker 4: not having a full pipeline, that that kind of stagnated me.

502
00:26:53,200 --> 00:26:55,200
Speaker 4: And it made a little bit more difficult to really

503
00:26:55,400 --> 00:26:56,679
Speaker 4: you know, get going and so.

504
00:26:56,600 --> 00:26:59,480
Speaker 3: Forth and so. And then also the time frame.

505
00:26:59,600 --> 00:27:02,520
Speaker 4: It was during a time when interest rates were just

506
00:27:03,600 --> 00:27:06,000
Speaker 4: out of control, and it made it really hard to

507
00:27:06,040 --> 00:27:09,399
Speaker 4: get people, you know, approved and so forth. And so

508
00:27:09,480 --> 00:27:13,919
Speaker 4: I would say to definitely look at the economic you

509
00:27:13,960 --> 00:27:18,200
Speaker 4: know market at that particular time, make sure you have

510
00:27:18,320 --> 00:27:21,280
Speaker 4: that strong, solid pipeline, and then have that capital so

511
00:27:21,320 --> 00:27:25,439
Speaker 4: that you can focus more on the business versus you know,

512
00:27:25,680 --> 00:27:26,400
Speaker 4: just just.

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00:27:26,359 --> 00:27:27,040
Speaker 3: Going for it.

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00:27:29,160 --> 00:27:29,400
Speaker 1: Cool.

515
00:27:29,480 --> 00:27:31,119
Speaker 2: Let's get that number out there one more time. The

516
00:27:31,240 --> 00:27:32,359
Speaker 2: litree's price.

517
00:27:32,520 --> 00:27:35,480
Speaker 4: Okay is three four six four seven six nine five

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00:27:35,560 --> 00:27:40,960
Speaker 4: five nine. Website is ACI Mortgage LLC dot com.

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00:27:41,240 --> 00:27:44,200
Speaker 2: For coming on Money Making Conversations Masterclass.

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00:27:44,280 --> 00:27:47,439
Speaker 3: Thank you, thank you. I have a good one, Roshan.

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Speaker 2: This has been another edition of Money Making Conversation Masterclass

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00:27:51,640 --> 00:27:54,720
Speaker 2: posted by me Rashaun McDonald. Thank you to our guests

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00:27:54,800 --> 00:27:57,240
Speaker 2: on the show today and thank you. I was listening

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00:27:57,240 --> 00:27:59,080
Speaker 2: to your audience now. If you were to listen to

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00:27:59,119 --> 00:28:01,359
Speaker 2: any episode I want to be a guest on the show,

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00:28:01,640 --> 00:28:06,960
Speaker 2: Visit Moneymakingconversations dot com. Our social media handle is Moneymaking Conversation.

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00:28:07,400 --> 00:28:09,800
Speaker 2: Join us next week and remember to always leave with

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00:28:09,880 --> 00:28:10,440
Speaker 2: your gifts.

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00:28:10,760 --> 00:28:11,320
Speaker 1: Keep winning.