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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J.

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Speaker 2: Trump's leadership.

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Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.

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Speaker 1: Under President Trump, attempted illegal border crossings are at the

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Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

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Speaker 1: aliens have been arrested. If you are here illegally, your

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Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

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Speaker 1: and deported.

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Speaker 2: You will never return.

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Speaker 1: But if you register using our CBP home app and

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Speaker 1: leave now, you could be allowed to return legally.

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Speaker 2: Do what's right. Leave now.

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Speaker 1: Under President Trump, America's laws, border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security Earners.

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Speaker 4: What's going on?

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Speaker 5: Listen, eylu is relaunching, revamping RETOO. That's why we're creating

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Speaker 5: a new educational experience that's more expensive, shy telling.

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Speaker 6: We got yes twenty twenty three. We got a lot

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Speaker 6: in still a lot playing for you guys. So you

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Speaker 6: know that EYLU already includes monthly financial planning calls with Me,

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Speaker 6: book Club calls with Troy, real estate calls with MG

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Speaker 6: the Mortgage Got access to the Home Buying Blueprint Volume

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Speaker 6: one and Volume two.

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Speaker 7: Part of the.

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Speaker 6: Revamp will include twenty seven local chapters from across the

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Speaker 6: United States, live interactive teaching, hands on not just pre

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Speaker 6: recorded videos, plus fifteen brand new curriculums.

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Speaker 8: The biggest just got bigger.

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Speaker 9: Head over to eyl University dot com. That's EYL you

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Speaker 9: n I V E R s I T Y dot com.

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Speaker 8: See you there, well live from U y L. Yes

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Speaker 8: you're back. It's a Thursday night, Yes, sir, everybody doing

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Speaker 8: we live?

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Speaker 7: What else would you rather be?

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Speaker 8: Come on? Now, who's that Stephan?

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Speaker 7: What else would you rather be?

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Speaker 8: Stephan? In the check and what's going on? First person

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Speaker 8: in the chat? What's going on? Are you feeling to night?

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Speaker 7: For sure? For sure?

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Speaker 6: So yeah, we're gonna we're gonna get into a lot

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Speaker 6: during this uh this live. It's actually something that we

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Speaker 6: haven't done in a while as far as uh talk

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Speaker 6: about real estate in depth from a real, real, like

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Speaker 6: holistic perspective on the first time, first time home buying perspective.

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Speaker 6: So you know, this is something that we thought was

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Speaker 6: beneficial and something that was definitely needed. So we will

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Speaker 6: be talking with MG, the mortgage guy. He's actually the

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Speaker 6: first person that we had on the platform that ever

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Speaker 6: spoke about real estate change the game for sure.

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Speaker 7: That was over five years ago.

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Speaker 6: So so yeah, you know, it's it's a lot going

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Speaker 6: on as far as rates cuts and so much other

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Speaker 6: stuff going on.

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Speaker 5: So I think I think we get to talk from

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Speaker 5: the perspective every Monday night about how the rates affect

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Speaker 5: the market from the stocks and from investing in that

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Speaker 5: side of it. We really we dabble in real estate

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Speaker 5: a little bit, but tonight, especially when we see rate

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Speaker 5: cuts that are happening to fat you just announced last week.

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Speaker 5: Now we get to take a deep dive into the

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Speaker 5: to this avenue which is very, very beneficial in one

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Speaker 5: of the leading ways that people create wealth for their family.

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Speaker 5: So it's gonna be it's gonna be packed within information

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Speaker 5: and uh, I'm excited.

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Speaker 6: I'm excited, all right, So we about to get this started.

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Speaker 6: Get started. Everybody, do me your favorite share this link.

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Speaker 6: It share this link to three people that are looking

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Speaker 6: to buy a home, or looking to refinance a home,

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Speaker 6: or looking to buy their dream home. This is something

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Speaker 6: that's going to be Shammy valuable. And also just wanted

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Speaker 6: to let everybody know we got a special bonus episode

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Speaker 6: this week. Yes, Sunday at eleven o'clock Eastern Standard Time,

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Speaker 6: we have Michael vick Shout out to Mike VICKI and

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Speaker 6: just dropped a new UH DOCU series on the Rise

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Speaker 6: of the Black Quarterbacks, So make sure you check that out. So,

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Speaker 6: without further ado, we're going to bring up our guests

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Speaker 6: for the day, MG, the mortgage guy, my brother.

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Speaker 4: Going on.

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Speaker 8: It's good with you, man, how you feeling?

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Speaker 4: You know, I woke up this morning. God is the

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Speaker 4: greatest and.

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Speaker 8: You look at marvelous man. Skin's glowing.

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Speaker 4: You know, life is good, brother, Life is good.

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Speaker 8: You know what I'm looking out there?

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Speaker 4: You know, a little moisturizing, you know, exfoliating, you know. Pause,

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Speaker 4: but you got to get it right.

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Speaker 8: You know that's a fact, a fact.

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Speaker 7: In fact, man. So Matt, how's it going, man?

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Speaker 4: You know, I'm excited that you guys are doing this.

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Speaker 4: You know, eyl is the biggest ever. Please let's not

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Speaker 4: make no mistakes about that. When it comes to this

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Speaker 4: financial literacy content space or just in general, right, no

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Speaker 4: one has done it like you guys have done it ever,

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Speaker 4: So I just want to be very clear on that.

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Speaker 4: So for me to be on the platform, like you said,

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Speaker 4: episode twelve is the goat episode in my opinion, and

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Speaker 4: for always would be the goat episode. So five years

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Speaker 4: has flown and I'm just happy that you guys are

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Speaker 4: still having this type of dialogue and this conversation still

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Speaker 4: five years later. And you know, we got to teach

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Speaker 4: the people and educate them at the highest levels that

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Speaker 4: we possibly can. So I'm excited to be here and

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Speaker 4: I'm ready to go.

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Speaker 5: Man, A lot a lot can change in five years,

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Speaker 5: but the fact that people still have the appetite for

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Speaker 5: it tells you that there's this groundback and change that's happening.

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Speaker 8: Man. So I'm excited to have absolutely.

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Speaker 6: So this is about the this is about the people

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Speaker 6: who want to make sure that we give as much

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Speaker 6: information as possible just because just because so this is

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Speaker 6: important that we're actually talking to somebody that actually does

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Speaker 6: this for a living. So can you just before we

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Speaker 6: start for people that might be familiar with you. Can

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Speaker 6: you talk about like your professional background, you're like you

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Speaker 6: actually you're not just somebody online that does this. Right,

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Speaker 6: give you your number, like talk about like explain, explain

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Speaker 6: your resume, why and why you're qualified, why you're qualified

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Speaker 6: to actually talk about real estate?

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Speaker 4: All right, So Matt Golland and I'm a less number

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Speaker 4: five eight seven zero zero, but I'm better known as

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Speaker 4: MG the mortgage Guy. I've been in the mortgage business

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Speaker 4: for twenty one years. That's right, Ladies and gentlemen, Black

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Speaker 4: do not crack. The rumors are true, right, the rumors

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Speaker 4: are true. So twenty one years I've been in this business.

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Speaker 4: I funded over a billion dollars worth of real estate transactions.

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Speaker 4: In my career. I run a division of a mortgage

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Speaker 4: bank based here in New York. We do business in

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Speaker 4: twenty six states, and I'm looking to scale and higher

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Speaker 4: loan officers. So if you're a loan officer, contact me.

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Speaker 4: Let's grow, let's scale. But you know this is something

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Speaker 4: I do, Man, I do this every single day. I eat, sleep,

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Speaker 4: shit real estate. Right, this is all I do. This

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Speaker 4: is all I know, and it's a beautiful business to

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Speaker 4: be in and I really feel like, especially over the

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Speaker 4: past five six years of working with you brothers in

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Speaker 4: collaboration on many different things, I really feel like my

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Speaker 4: fingerprint is on the wealth of the black community, the

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Speaker 4: black and brown community when it comes to real estate

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Speaker 4: wealth building. So I'm always honored to be able to

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Speaker 4: come on a platform like this and share my expertise

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Speaker 4: and share my knowledge and hopefully it's going to help

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Speaker 4: one person, ten people, a thousand people, whoever's going to

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Speaker 4: watch this episode get into their first home, get into

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Speaker 4: their dream home, or even by their first investment property.

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Speaker 4: So you know, this is what I do. And we

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Speaker 4: also do commercial real estate as well, So I know

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Speaker 4: we don't talk about commercial real estate a lot, but

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Speaker 4: you know that's something that I also help people with

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Speaker 4: as well. So you know I've helped thousands of people

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Speaker 4: directly and indirectly by real estate.

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Speaker 5: We thank you for your services. Man, just really quickly,

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Speaker 5: you said five years have to pass.

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Speaker 8: This is true.

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Speaker 5: You've done a lot the shows, a lot of lot

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Speaker 5: of events. I want to talk about the impact. How

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Speaker 5: have you seen the impact over the past five years

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Speaker 5: since we started this journey with you.

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Speaker 8: What have you seen in the community some of the

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Speaker 8: things that have been encouraging.

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Speaker 4: So when people come up to me, I mean, look,

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Speaker 4: first of all, I'm just a mortgage guy. Right. I

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Speaker 4: remember doing my first episode in Troy's house and I

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Speaker 4: told them to delete it, right Like, I thought it

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Speaker 4: was terrible. I thought it sucked. I said, that was

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Speaker 4: my first ever podcast. And to go from that to now,

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Speaker 4: people run up on me every single place I go.

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Speaker 4: They want to take pictures with me, they want me

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Speaker 4: to sign their books, They got questions for me that

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Speaker 4: I'm a mortgage guy, right, And for people to come

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Speaker 4: up to me and treat me like I'm an entertainer,

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Speaker 4: an athlete or a rapper just because I taught them

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Speaker 4: something that they didn't know, I mean, it's truly humbling.

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Speaker 4: It's truly a blessing. And I thank you guys for

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Speaker 4: having these type of platforms and focusing on this because

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Speaker 4: this is something that was not taught to our community

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Speaker 4: and to be hones. That's with you guys. When I

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Speaker 4: first started doing this, I thought everybody knew this stuff, right,

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Speaker 4: Like who doesn't know about faha conventional or how to

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Speaker 4: buy a home, And you guys kind of showed me, like,

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Speaker 4: no people don't know this stuff, so it's your duty

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Speaker 4: to go out here and speak about it. And I'm

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Speaker 4: glad I listened. You know what I'm saying. I'm glad

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Speaker 4: I listened, and I now won't shut the hell up

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Speaker 4: because I'm gonna talk about real estate, how to get

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Speaker 4: these deals right, how to analyze them, so that way

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Speaker 4: our community could not only buy real estate, but sustain

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Speaker 4: the real estate. Because just as quick as you can

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Speaker 4: get approved for a loan and get a home, the

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Speaker 4: bank will take it away if you start missing payments

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Speaker 4: and stuff like that too. So it's about sustaining home ownership,

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Speaker 4: which is going to sustain wealth in our community.

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Speaker 7: Let's do it. Let's do it.

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Speaker 6: So, okay, twelve hundred people want to check in, hit

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Speaker 6: the like button and share, and please share this out

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Speaker 6: to three people. So let's get into this. I don't

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Speaker 6: want to make them wait too long. But before we start,

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Speaker 6: I just want to preference this by saying that real

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Speaker 6: estate is extremely important.

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Speaker 7: You know, I just put a post up today.

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Speaker 6: The average person is going to pay three hundred and

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Speaker 6: thirty thousand dollars in rent before they buy their first home. So,

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Speaker 6: like you said, you know, the education is not there.

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Speaker 6: For the most time, that's the biggest purchase that a

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Speaker 6: person could could make in a lifetime is a home.

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Speaker 6: And if you think about it, from the time that

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Speaker 6: we start school in pre k to the time even

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Speaker 6: if you get your master's degree, most of the time

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Speaker 6: you have zero education on home buying. It's pretty alarming.

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Speaker 6: And this is why a lot of people don't know

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Speaker 6: how to go about it right. And then a lot

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Speaker 6: of times people are scared to ask questions or they

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Speaker 6: feel embarrassed because they you know, I feel like they

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Speaker 6: should know something. But if you don't really have a

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Speaker 6: background in real estate, then how would you know, right?

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Speaker 6: And then you just go to the bank and you

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Speaker 6: hope that the bank. You don't know if the bank

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Speaker 6: is taking advantage of you, or if they're missing out

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Speaker 6: on something that that you might qualify for or you know.

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Speaker 6: So it just leads to people just becoming generational renters

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Speaker 6: because that's what you know, that's what you're comfortable with.

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Speaker 6: But a lot of times people looking buying a home

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Speaker 6: and something that's like way out of the possibility, but

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Speaker 6: it's not. It's something that you know, you can be

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Speaker 6: a homeowner. It's going to take work, it's not something

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Speaker 6: that you just snap your fingers and you just have

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Speaker 6: a home. But whether it's your first time home or

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Speaker 6: we're going to talk about jumbo homes or mansions, we're

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Speaker 6: going to talk about real estate investment as well. I've

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Speaker 6: seen somebody put a chat. It is just for first

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Speaker 6: time homeboy, We're going to talk about a lot of

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Speaker 6: different stuff. So strap on your seatbelts, get your popcorn,

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Speaker 6: and let's let's get it.

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Speaker 4: Man.

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Speaker 7: Let's let's let's get into it.

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Speaker 4: Yeah man, all right, let's do it. Let's do it.

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Speaker 4: Let's share the screen. All right, let me put the

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Speaker 4: screen up here. Let's get busy. All right, there you

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Speaker 4: have it? All right, y'all. Can y'all see in chat?

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Speaker 4: Can y'all see my screen? Can y'all Can y'all see

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Speaker 4: the slides? Type yes and chat if you can see

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Speaker 4: the slides? Can y'all hear me? Well, I hope you

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Speaker 4: guys got your notepads, your pen and paper. Let's get

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Speaker 4: some notes going, all right, Sean Choy, we be taking

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Speaker 4: questions too, right.

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Speaker 7: Yeah, later we might do it in between.

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Speaker 6: We might never know, man, but we definitely will be

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Speaker 6: taking questions from Yeah.

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Speaker 5: Yeah, I saw somebody had a question that I need

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Speaker 5: to have answered as well.

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Speaker 8: So yeah, I'm watching the chat man, let's do it

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Speaker 8: all right.

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Speaker 4: So let's do it all right. So, like what Shad said, right,

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Speaker 4: the average person spends about three hundred and thirty thousand

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Speaker 4: dollars before they buy their first home. And I think

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Speaker 4: everybody on this chat you should be excited about home ownership.

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Speaker 4: Buying your first home is a huge milestone. I mean,

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Speaker 4: there's so much reports and so much data that's tied

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Speaker 4: into home ownership as a whole. How it helps create

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Speaker 4: wealth right for people that first property. So everyone here,

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Speaker 4: if you're not in chat, if you own a home

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Speaker 4: type homeowner, if you are renting type renter in chat,

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Speaker 4: let's just make sure. Let's take check the temperature of

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Speaker 4: the room right now. Who is hit if you're a

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Speaker 4: homeowner type homeowner, if you are renter type renter in chat,

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Speaker 4: but everybody who's a renter, you should definitely be excited

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Speaker 4: about all the possibilities and things that's going to happen

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Speaker 4: with homeownership over the next couple years. I know everybody's

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Speaker 4: talking about it's so expensive with interest rates what you

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Speaker 4: were going to talk about later, But you also have

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Speaker 4: to understand it's not going to get cheaper. I hate

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Speaker 4: to break it to you. I'm not going to give

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Speaker 4: you no fear mongering things talking about the market is

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Speaker 4: going to crash. It's not going to happen, right, It's

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Speaker 4: predicted over the next five years. Whoever buys a home

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Speaker 4: in twenty twenty four in the next five years, well

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Speaker 4: they would gain at least one hundred thousand dollars worth

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Speaker 4: of equity in a home in the next five years.

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Speaker 4: So it's not going to get cheaper, ladies and gentlemen.

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Speaker 4: And as these mortgage rates continue to drop, home prices

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Speaker 4: are only going to rise because it's going to be

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Speaker 4: more people in the marketplace, all right, So be excited

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Speaker 4: about home ownership, go out here and execute it out

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Speaker 4: of every high level. Now, before you go out and execute,

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Speaker 4: financial planning is very key. Most people always ask me

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Speaker 4: where do you start first? Right, And you have to

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Speaker 4: start I think number one. With that mindset, you got

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Speaker 4: to be disciplined to buy to buy real estate right

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Speaker 4: because it's a big investment. Whether you're buying real estate,

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Speaker 4: investing properties, or you buying your first home, it comes

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Speaker 4: with a lot. So you've got to be mature enough

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Speaker 4: to handle the responsibility of paying your bills on time

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Speaker 4: and maintaining the property. But you also have to financial

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Speaker 4: plan properly, right. Make sure you got the right budget,

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Speaker 4: make sure you're not over extending yourself. Make sure you

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Speaker 4: have enough save for your down payment, your closing costs,

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Speaker 4: and most importantly, for your reserves. All right, everybody type

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Speaker 4: reserves in chat right, reserves are extremely important, and too

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Speaker 4: many people are house rich and cash poor. So you

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Speaker 4: don't want to be house rich and cash poor because

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Speaker 4: life will life ladies and gentlemen, and anything can come up.

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Speaker 4: So you want to have enough money to cover at

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Speaker 4: least three to six months of mortgage payments. God forbid,

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Speaker 4: anything happens to you, all right. Partnering with the right

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Speaker 4: real estate agent in the beginning, and also the right

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Speaker 4: lender is very important, right. You need to you need

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Speaker 4: to work with people that understand the market that you're

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Speaker 4: looking to buy in, right, And most people don't look

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Speaker 4: at when you're buying your first home. They don't look

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Speaker 4: at it like a business guys. They look at it

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Speaker 4: as they're just like emotional. They're like, they're so happy

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Speaker 4: to buy a home. But you also have to understand

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Speaker 4: real estate is a business. If you can get tax

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Speaker 4: deductions on it, you need to treat it like a business.

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Speaker 4: So hiring the right team, not just from your real

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Speaker 4: estate agent, but hiring the right loan officer slash lender,

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Speaker 4: hiring the right contractors, you know, hiring the right attorney.

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Speaker 4: Make sure you have a team in place, and all

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Speaker 4: these things should should be in place before you go

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Speaker 4: out here and sign a con because what I see

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Speaker 4: one of the biggest mistakes that people make. They go

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Speaker 4: out here trying to buy homes and buy real estate

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Speaker 4: and they don't have nothing in place, and they only

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Speaker 4: referring on They're only dependent on the referrals from the

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Speaker 4: realtor or the loan officer, and they trusting that these

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Speaker 4: people are going to treat them right and treat them

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Speaker 4: the right way or or give them the right service.

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Speaker 4: And not necessary that's always true. Not everybody's always going

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Speaker 4: to have your best interests in mind. So you have

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Speaker 4: to be the CEO. You have to know as much

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Speaker 4: as each of these professionals. You don't need to know

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Speaker 4: everything they need to know, but you need to know

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Speaker 4: enough to have intelligent conversations so you can make sure

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Speaker 4: that you're hiring the right people. And that's why Earn

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Speaker 4: a Lisia MG. We do content like this and we

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Speaker 4: educate at scale, so that way you guys have enough

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Speaker 4: tools and your tool belt so you can go out

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Speaker 4: here and make the right decisions. All right, MG.

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Speaker 5: So when you ask the question homeowners versus renters, it

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Speaker 5: was about a fifty to fifty split. Man, So you

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Speaker 5: told me about the team that we need to build.

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Speaker 5: At what point in this process, if I'm a renter

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Speaker 5: and I'm looking about, do I get prequalified or pre

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Speaker 5: approved for the house or the property that I'm looking at?

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Speaker 8: And if there's a difference between the two, please let

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Speaker 8: us know.

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Speaker 4: All right, So let's go to steps to getting pre approved.

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Speaker 4: So you want to get pre approved first, once you

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Speaker 4: have your budget, your finances, and you know everything and

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Speaker 4: you're comfortable, you have your real estate agent, you have

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Speaker 4: all these people picked out that's going to be in

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Speaker 4: your team. Then you want to go to your lender

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Speaker 4: and then get yourself pre approved. Right now, here's the

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Speaker 4: thing that you guys need to know. There's three types

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Speaker 4: of quote unquote pre approvals out there. Right. You have

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Speaker 4: a pre qualification letter, you have a pre approval and

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Speaker 4: you have a fully underwritten pre approval, right. A prequalification

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Speaker 4: is garbage. It's not worth the paper it's printed on.

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Speaker 4: Nine times out of they're not running your credit, they're

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Speaker 4: not looking at your financials. You're telling the lender exactly

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Speaker 4: what your numbers are. Hey, I looked at credit. Comment

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Speaker 4: says I have a seven and fifty credit score. I

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Speaker 4: make three hundred thousand a year and my budget is this, right,

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Speaker 4: and they'll give you a pre qualification number based on that.

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Speaker 4: Throw that shit in the garbage, please, it's not worth

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Speaker 4: the paper it's printed on. A pre approval is when

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Speaker 4: you give your documents, right, the documents that you need.

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Speaker 4: If you are W two, you need your last two

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Speaker 4: years W two's last two months of bank statements, thirty

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Speaker 4: days of pay stubs, and if you get in a gift,

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Speaker 4: you need to get a gift letter, et cetera. But

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Speaker 4: you need to submit that information into your lender. They're

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Speaker 4: going to review your credit and do a hard pull

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Speaker 4: on your credit, and then from there they're going to

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Speaker 4: run your loan application through desktop underwriting, right, and then

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Speaker 4: that type of underwriting system is going to come back

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Speaker 4: with it approve eligible and then that means you are

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Speaker 4: pre approved. You'll get your letter you go out shopping. Now,

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Speaker 4: if you're working with a great loan officer, they're going

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Speaker 4: to pre underwrite your documentation so that pre approval letter

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Speaker 4: could be solid and get you to the closing table.

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Speaker 4: But the one that I love the most, y'all, is

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Speaker 4: that fully underwritten pre approval. That's when the loan officer

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Speaker 4: is taking it one step further and they're taking all

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Speaker 4: that documentation and they're submitting it to underwriting before you

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Speaker 4: even get into contract. Now, when they submit that into underwriting,

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Speaker 4: the underwriter now is going to review your file, review

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Speaker 4: your loan, and they're going to either make an approval

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Speaker 4: or a decline, right, and if they approve, then you

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Speaker 4: are what's called conditionally approved. So you'll get a commitment

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Speaker 4: letter and they'll tell you exactly what you need to close. Right.

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Speaker 4: So if the underwriter doesn't like that you got these

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Speaker 4: large deposits, you'll know that ahead of time. If they

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Speaker 4: don't like your pay stumbs, they'll know that on time.

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Speaker 4: But one of the three main things on that commitment

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Speaker 4: letter will be they need a tighter report, an appraisal,

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Speaker 4: and most importantly, a contract to sell, So you, as

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Speaker 4: the buyer, now have a commitment from the bank. Now

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Speaker 4: I need everybody to understand how powerful this is. Remember,

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Speaker 4: a loan officer does not make an approval decision on

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Speaker 4: behalf of a bank. I'm gonna repeat that. A loan

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Speaker 4: officer does not make an approval decision on behalf of bank,

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Speaker 4: only the underwriter. So when you have this conditionally approved,

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Speaker 4: underwritten pre approval letter, that's that's pretty much gold, that's

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Speaker 4: pretty much cash. The bank is going to lend you

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Speaker 4: the money if you can meet the conditions that they

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Speaker 4: have on that letter. So now when you're going out

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Speaker 4: there shopping for a home, it's going to make it

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Speaker 4: more competitive for you when you're putting in your office.

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Speaker 4: So even if you have like an FHA or conventional

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Speaker 4: loan or VA loan, if you're putting down minimum down payments,

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Speaker 4: you can still compete with the bier who might be

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Speaker 4: putting down ten percent, because maybe they don't they only

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Speaker 4: have a pre quir or pre approval letter. But if

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Speaker 4: you can show the listing agent and the seller that

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Speaker 4: you've been through underwriting, and you can close pretty quickly

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Speaker 4: because all your documents have been vetted and only thing

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Speaker 4: you really need is the appraisal contract entitle that might

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Speaker 4: win you a offer. So, ladies and gentlemen, I'm here

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Speaker 4: to tell you if you can work with a lender

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Speaker 4: that offers the services, take full advantage, especially in this

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Speaker 4: upcoming season that we're about to enter with interest rates

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Speaker 4: about to drop again. Makes sense, y'all?

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Speaker 8: Gotcha gotcha facts?

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Speaker 6: Somebody had asked about the NACKA program. We have a

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Speaker 6: video on our YouTube channel about Naka in detail, So

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Speaker 6: if you're interested in that, just type in Knacker.

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Speaker 7: Shout out to Dre. We did a whole episode about Naka.

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Speaker 4: But yeah, shout out to Dre.

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Speaker 5: Shout out to the Tima. In the chat, she said,

435
00:21:56,600 --> 00:21:59,920
Speaker 5: this program is happening just in time for me. She's

436
00:22:00,000 --> 00:22:03,280
Speaker 5: about to get some real estate property. But Charlie said,

437
00:22:03,320 --> 00:22:06,360
Speaker 5: when does the title insurance come into play during this process?

438
00:22:07,160 --> 00:22:10,080
Speaker 4: So good question, Charlie. So you get your so once

439
00:22:10,119 --> 00:22:12,040
Speaker 4: you go through and we kind of skipping the head

440
00:22:12,040 --> 00:22:14,520
Speaker 4: through the process, right, So you don't order your title,

441
00:22:14,800 --> 00:22:19,120
Speaker 4: your title report until you got a contract. Right. Once

442
00:22:19,119 --> 00:22:22,840
Speaker 4: you get that contract and you get that title, then

443
00:22:22,880 --> 00:22:25,640
Speaker 4: you get that title insurance. The title company will provide

444
00:22:25,680 --> 00:22:29,600
Speaker 4: that once they send over the actual title report to

445
00:22:30,000 --> 00:22:33,160
Speaker 4: the bank attorney, the closing attorney into the lender, right,

446
00:22:33,240 --> 00:22:35,680
Speaker 4: So that's when the title insurance will come and play. Now,

447
00:22:36,119 --> 00:22:38,919
Speaker 4: the title insurance, for those of you don't know, title

448
00:22:38,960 --> 00:22:46,440
Speaker 4: insurance protects you and the lender from previous owners, let's

449
00:22:46,520 --> 00:22:48,840
Speaker 4: just call it their foolishness. Right, So if they got

450
00:22:48,880 --> 00:22:53,280
Speaker 4: bad debts, lawsuits, any of the above, right, that doesn't

451
00:22:53,320 --> 00:22:56,959
Speaker 4: transfer over to you. So anything that happened prior to

452
00:22:57,240 --> 00:22:59,800
Speaker 4: the bank investing their money and giving it to you

453
00:22:59,840 --> 00:23:03,080
Speaker 4: so you can buy this house, the title insurance will

454
00:23:03,200 --> 00:23:06,360
Speaker 4: kick in and protect you in ALEMDA. So title shurance

455
00:23:06,800 --> 00:23:08,400
Speaker 4: is extremely important.

456
00:23:10,080 --> 00:23:12,960
Speaker 8: Good question, it's a great question. I'm glad that you

457
00:23:12,960 --> 00:23:13,240
Speaker 8: said that.

458
00:23:13,280 --> 00:23:14,800
Speaker 5: We went a little bit out of order, because yes,

459
00:23:14,840 --> 00:23:18,119
Speaker 5: once we get pre qualified, preapproved, now we need to

460
00:23:18,119 --> 00:23:21,119
Speaker 5: figure out what type of loans we should be looking for, right,

461
00:23:21,160 --> 00:23:23,320
Speaker 5: So like let's talk about let's get into that, because

462
00:23:23,480 --> 00:23:26,440
Speaker 5: there's different programs for different people who need different types

463
00:23:26,440 --> 00:23:27,000
Speaker 5: of assistance.

464
00:23:27,280 --> 00:23:28,440
Speaker 8: But let's get into that a little bit.

465
00:23:29,119 --> 00:23:31,640
Speaker 4: Yeah, man, So there's tons of loans out there, right,

466
00:23:31,720 --> 00:23:36,000
Speaker 4: So you have the traditional loans, you know, faha, conventional

467
00:23:36,680 --> 00:23:40,240
Speaker 4: VA loans, you know you have knacker. I know someone

468
00:23:40,320 --> 00:23:43,000
Speaker 4: mentioned out there, but let's do a brief overview. Right,

469
00:23:43,200 --> 00:23:47,760
Speaker 4: FAHA minimum five eighty credit score. You can buy one

470
00:23:47,840 --> 00:23:52,359
Speaker 4: to four family properties. All properties must be on the

471
00:23:52,480 --> 00:23:57,679
Speaker 4: occupied for at least one year. Okay, again, one to

472
00:23:57,800 --> 00:24:00,960
Speaker 4: four family own the occupied properties. You can even buy

473
00:24:01,000 --> 00:24:04,000
Speaker 4: with a FAHA a mixed use property. Right. So, now,

474
00:24:04,040 --> 00:24:07,480
Speaker 4: a mixed use property is basically a commercial building. Now

475
00:24:07,560 --> 00:24:09,479
Speaker 4: we have a lot of these mix shues properties here

476
00:24:09,520 --> 00:24:11,240
Speaker 4: in New York where you might have a bodega on

477
00:24:11,320 --> 00:24:14,200
Speaker 4: the bottom and three apartments on the top. Right, that's

478
00:24:14,240 --> 00:24:17,880
Speaker 4: a mixed use property. So FAHA will allow a home

479
00:24:17,920 --> 00:24:21,359
Speaker 4: buyer to buy this mixed use property. As long as

480
00:24:21,400 --> 00:24:24,240
Speaker 4: the residential square footage is at least fifty one percent

481
00:24:24,560 --> 00:24:27,640
Speaker 4: and the like likeness of the building is more residential

482
00:24:27,680 --> 00:24:31,719
Speaker 4: in stature, FAHA will allow you to buy a commercial property.

483
00:24:31,760 --> 00:24:34,320
Speaker 4: So that's perfect. Let's just say we have any business

484
00:24:34,359 --> 00:24:36,640
Speaker 4: owners here in the chat right now, watching this live

485
00:24:36,760 --> 00:24:38,600
Speaker 4: or going to watch this on the replay. If you

486
00:24:38,720 --> 00:24:41,360
Speaker 4: have a business that needs a brick and mortar, right,

487
00:24:41,480 --> 00:24:45,000
Speaker 4: you can go with FHA loan buy this mixed use

488
00:24:45,440 --> 00:24:48,359
Speaker 4: live upstairs, have your business downstairs, and put as little

489
00:24:48,400 --> 00:24:51,520
Speaker 4: west three and a half percent down for a mixed

490
00:24:51,680 --> 00:24:56,320
Speaker 4: use property that is a home run. FAHA also allows

491
00:24:56,640 --> 00:24:59,040
Speaker 4: you to get rehab money with the two or three

492
00:24:59,119 --> 00:25:01,239
Speaker 4: K program, where you can get one hundred percent of

493
00:25:01,280 --> 00:25:04,879
Speaker 4: your rehab court as well. Right. So FAHA is a

494
00:25:05,000 --> 00:25:07,960
Speaker 4: terrific program you can go up to. Like I said,

495
00:25:08,040 --> 00:25:10,680
Speaker 4: four families were putting down three and a half percent. Now,

496
00:25:10,680 --> 00:25:14,840
Speaker 4: some of the cons about FAHA is obviously the PMI. Right.

497
00:25:15,200 --> 00:25:18,000
Speaker 4: The PMI is if you put down less than ten

498
00:25:18,040 --> 00:25:19,960
Speaker 4: percent is for the life of the loan, and if

499
00:25:19,960 --> 00:25:23,439
Speaker 4: you put down ten percent or more, the PMI automatically

500
00:25:23,440 --> 00:25:26,520
Speaker 4: goes away year eleven. Right, So that I would say

501
00:25:26,520 --> 00:25:29,080
Speaker 4: that would probably be one of the biggest cons with FAHA.

502
00:25:29,240 --> 00:25:32,960
Speaker 4: But despite what everybody would believe, FAH loans do close

503
00:25:33,160 --> 00:25:35,360
Speaker 4: really quickly. Right. A lot of people out there think

504
00:25:35,680 --> 00:25:38,360
Speaker 4: if you're getting an FAHA loan, it's going to take

505
00:25:38,359 --> 00:25:41,520
Speaker 4: forever and you got bad credit, you don't really qualify. No,

506
00:25:41,640 --> 00:25:44,679
Speaker 4: that's not the case. FAHA is a great program. It

507
00:25:44,680 --> 00:25:48,560
Speaker 4: gives you a higher approval amount sometimes than conventional mortgages

508
00:25:48,600 --> 00:25:51,840
Speaker 4: because the debt to income racial requirement is higher than

509
00:25:51,920 --> 00:25:53,320
Speaker 4: conventional Now.

510
00:25:53,160 --> 00:25:56,359
Speaker 6: With conventional Let's let's do this though, Let's let's before

511
00:25:56,359 --> 00:25:59,040
Speaker 6: you go on, let's really take our time. Let's still

512
00:25:59,000 --> 00:26:02,320
Speaker 6: just take our time. Make sure everybody understands. So even

513
00:26:02,480 --> 00:26:06,200
Speaker 6: terms like PMI, somebody might not understand what that is, right,

514
00:26:06,240 --> 00:26:12,920
Speaker 6: primary mortgage insurance. And even like okay, the FAHA loan,

515
00:26:13,400 --> 00:26:15,679
Speaker 6: somebody asks like it's this first time home buyers, Like,

516
00:26:15,720 --> 00:26:18,040
Speaker 6: you can use that for your first time home, right,

517
00:26:18,520 --> 00:26:20,679
Speaker 6: and it allows you to put three point five percent

518
00:26:20,840 --> 00:26:24,679
Speaker 6: down as opposed to a traditional twenty percent down, but

519
00:26:25,520 --> 00:26:29,840
Speaker 6: you have to pay the PMI until you reach twenty percent.

520
00:26:30,359 --> 00:26:34,720
Speaker 4: Right, No, No, So, to answer the question about the

521
00:26:34,760 --> 00:26:37,639
Speaker 4: prompt the first time home buyer, FAHA is not just

522
00:26:37,720 --> 00:26:39,800
Speaker 4: for first time home buyers.

523
00:26:39,680 --> 00:26:42,680
Speaker 6: Right, I know, it's not just for first time home boys.

524
00:26:42,720 --> 00:26:44,640
Speaker 6: But you can use it if you're buying your first

525
00:26:44,680 --> 00:26:46,040
Speaker 6: time home, right, correct, you.

526
00:26:46,000 --> 00:26:48,040
Speaker 4: Can use it if you're buy your first home. But

527
00:26:48,640 --> 00:26:51,120
Speaker 4: most people think if I own a home, I can't

528
00:26:51,160 --> 00:26:53,959
Speaker 4: do FAHA, which is not the case. You can do

529
00:26:54,119 --> 00:26:57,200
Speaker 4: FAHA as long as it's going to be your primary residence. Now,

530
00:26:57,320 --> 00:27:01,040
Speaker 4: the PMI the private mortgan insurance on FA, it's called

531
00:27:01,080 --> 00:27:05,160
Speaker 4: mortgage insurance premium. That only goes away if you put

532
00:27:05,200 --> 00:27:09,440
Speaker 4: down ten percent or more, and it goes away year eleven.

533
00:27:09,840 --> 00:27:13,440
Speaker 4: With a conventional mortgage, if you obviously put down twenty

534
00:27:13,480 --> 00:27:16,320
Speaker 4: percent up front, then you have no PMI. But if

535
00:27:16,320 --> 00:27:20,240
Speaker 4: you put down less than twenty percent on a conventional mortgage,

536
00:27:20,760 --> 00:27:24,240
Speaker 4: then that PMI will go away once you You can

537
00:27:24,280 --> 00:27:26,520
Speaker 4: request for it to go away once you get about

538
00:27:26,560 --> 00:27:31,200
Speaker 4: twenty percent equity in the home. Right. So it's a

539
00:27:31,280 --> 00:27:34,520
Speaker 4: little bit different than FHA. You don't have to wait

540
00:27:34,960 --> 00:27:38,159
Speaker 4: that long of a time frame to get the PMI

541
00:27:38,320 --> 00:27:41,439
Speaker 4: removed the conventional loan. You can get that pm I

542
00:27:41,520 --> 00:27:44,320
Speaker 4: removed much faster. And it was something else you said

543
00:27:44,800 --> 00:27:47,320
Speaker 4: in the ever shot. What else did you say? I

544
00:27:47,400 --> 00:27:48,320
Speaker 4: just had a brave reason.

545
00:27:49,560 --> 00:27:51,000
Speaker 6: No, I think that I think that was it. I

546
00:27:51,040 --> 00:27:52,639
Speaker 6: just wanted to just make sure that they was just

547
00:27:52,760 --> 00:27:55,879
Speaker 6: understanding everything. But I think I think that was it.

548
00:27:55,920 --> 00:27:59,080
Speaker 6: But somebody asked the question too though from the chat.

549
00:27:59,520 --> 00:28:04,719
Speaker 6: Somebody in the chat Trenton Stewart. He said, what if

550
00:28:04,760 --> 00:28:06,800
Speaker 6: he's ten ninety nine and not w two?

551
00:28:07,800 --> 00:28:11,200
Speaker 4: Good question, great question. So if you are ten ninety nine,

552
00:28:11,240 --> 00:28:14,960
Speaker 4: you are considered self employed, Trent. So it's very important.

553
00:28:15,000 --> 00:28:20,000
Speaker 4: Remember two year work history with all of these traditional loans, right,

554
00:28:20,480 --> 00:28:22,480
Speaker 4: So if you are ten ninety nine, you need to

555
00:28:22,480 --> 00:28:24,879
Speaker 4: be ten ninety nine for two years. But the most

556
00:28:24,880 --> 00:28:27,800
Speaker 4: important thing, Trent and anyone else who is self employed

557
00:28:27,880 --> 00:28:32,480
Speaker 4: or teny nine, your tax returns need to need to

558
00:28:32,680 --> 00:28:34,919
Speaker 4: line up appropriately. So let's just say you get one

559
00:28:34,960 --> 00:28:37,879
Speaker 4: hundred thousand dollars on your ten ninety nine. If you

560
00:28:38,000 --> 00:28:41,480
Speaker 4: write off ninety thousand and tell Uncle Sam that I

561
00:28:41,600 --> 00:28:45,640
Speaker 4: only made ten thousand, you pay income taxes on ten thousand.

562
00:28:45,800 --> 00:28:48,480
Speaker 4: That ten thousand is the money that we're going to

563
00:28:48,600 --> 00:28:51,520
Speaker 4: use to qualify you. And let's just be real, ten

564
00:28:51,560 --> 00:28:54,320
Speaker 4: thousand enough to buy the home, right, So if you

565
00:28:54,560 --> 00:28:58,720
Speaker 4: know you are self employed and you write off a lot,

566
00:28:58,880 --> 00:29:01,080
Speaker 4: this is why it is extremely important in the beginning

567
00:29:01,440 --> 00:29:05,280
Speaker 4: to have a great lender and start mortgage planning. Right.

568
00:29:05,400 --> 00:29:09,200
Speaker 4: Everybody type and chat mortgage planning, especially my self employed people.

569
00:29:09,520 --> 00:29:12,000
Speaker 4: You have to plan for your mortgage. You just can't

570
00:29:12,320 --> 00:29:14,080
Speaker 4: walk out the and say, hey, I'm going to buy

571
00:29:14,120 --> 00:29:16,920
Speaker 4: a house today and you don't know what your finance

572
00:29:17,000 --> 00:29:20,200
Speaker 4: is looking like. So having a great lender and also

573
00:29:20,240 --> 00:29:23,280
Speaker 4: having a great account and a CPA who understands real

574
00:29:23,400 --> 00:29:26,720
Speaker 4: estate to guide you to let you know, Okay, if

575
00:29:26,760 --> 00:29:32,040
Speaker 4: you pay less taxes this year, if you write off less,

576
00:29:32,120 --> 00:29:34,239
Speaker 4: you're going to pay X, y and z amount of

577
00:29:34,480 --> 00:29:38,360
Speaker 4: income taxes. Is it worth it for you to buy

578
00:29:38,400 --> 00:29:40,840
Speaker 4: a house and use this income or is it better

579
00:29:40,880 --> 00:29:43,320
Speaker 4: for you just to put twenty percent down and go

580
00:29:43,360 --> 00:29:47,880
Speaker 4: with a non traditional loan where we don't need tax returns. Right,

581
00:29:48,080 --> 00:29:50,440
Speaker 4: So you have to look at both sides of the

582
00:29:50,520 --> 00:29:54,880
Speaker 4: fence to see what's most beneficial to you as that

583
00:29:55,240 --> 00:29:57,520
Speaker 4: entrepreneur and trying to get into real.

584
00:29:57,480 --> 00:30:00,280
Speaker 7: Estate somebody else's ax. Can you have more than one

585
00:30:00,520 --> 00:30:01,560
Speaker 7: FHA at that.

586
00:30:01,560 --> 00:30:06,440
Speaker 4: Time if you meet the one hundred mile room right.

587
00:30:06,560 --> 00:30:12,560
Speaker 4: So if you buy an FAHA to say duplex in Brooklyn, right,

588
00:30:13,240 --> 00:30:16,240
Speaker 4: and then you're moving to Atlanta and you want to

589
00:30:16,320 --> 00:30:20,680
Speaker 4: use FHA again to buy another duplex in Atlanta and

590
00:30:20,760 --> 00:30:23,200
Speaker 4: you can prove that you are moving down there as

591
00:30:23,280 --> 00:30:26,800
Speaker 4: work related, then yes, because it's old Brooklyn and Atlanta

592
00:30:26,920 --> 00:30:29,920
Speaker 4: as well over one hundred miles away. So that is

593
00:30:29,960 --> 00:30:32,480
Speaker 4: really one of the only circumstances that I've seen get

594
00:30:32,480 --> 00:30:37,120
Speaker 4: approved when you are looking to have multiple FAHA loans.

595
00:30:37,440 --> 00:30:41,080
Speaker 4: But if you're looking to house hack right prior to

596
00:30:41,280 --> 00:30:45,200
Speaker 4: conventional loans. Changing the guidelines about a year ago, the

597
00:30:45,240 --> 00:30:49,920
Speaker 4: strategy was by the fourth family, use FAHA, you know,

598
00:30:50,280 --> 00:30:54,000
Speaker 4: refinance into a conventional, then go into a three family

599
00:30:54,120 --> 00:30:57,680
Speaker 4: and then use FHA again. But now that conventional allows

600
00:30:57,760 --> 00:31:02,280
Speaker 4: five percent down payment on more families for your primary residence.

601
00:31:02,920 --> 00:31:05,560
Speaker 4: Now you don't really need to use FAHA more than

602
00:31:05,640 --> 00:31:09,440
Speaker 4: one time. You can now go the first property FAHA,

603
00:31:10,400 --> 00:31:13,200
Speaker 4: then the second property, which could be the three unit,

604
00:31:13,600 --> 00:31:16,640
Speaker 4: Now you can use conventional and put five percent down

605
00:31:16,680 --> 00:31:20,120
Speaker 4: because it's now your primary residence. Right, So the strategy

606
00:31:20,160 --> 00:31:22,000
Speaker 4: for the four three to one change a little bit

607
00:31:22,000 --> 00:31:24,760
Speaker 4: with that guideline, which is which is a home run

608
00:31:24,880 --> 00:31:29,600
Speaker 4: for everybody looking the house hack. But no, you don't

609
00:31:29,880 --> 00:31:32,800
Speaker 4: need to have two FAH loans at the same time

610
00:31:32,880 --> 00:31:35,800
Speaker 4: to continue to grow your real estate portfolio using the

611
00:31:35,800 --> 00:31:36,840
Speaker 4: house hacking strategy.

612
00:31:37,600 --> 00:31:39,720
Speaker 8: MG. You brought up the FAHA loan.

613
00:31:39,800 --> 00:31:43,040
Speaker 5: We talked about conventional, but when we were at invest Vest,

614
00:31:43,720 --> 00:31:46,320
Speaker 5: one of the biggest seminars that people were lined up

615
00:31:46,360 --> 00:31:48,640
Speaker 5: for was the VA loans. So can you touch on

616
00:31:48,680 --> 00:31:50,280
Speaker 5: that and tell people about the benefits of that and

617
00:31:50,320 --> 00:31:51,600
Speaker 5: salute to everybody that's the veteran.

618
00:31:52,160 --> 00:31:54,840
Speaker 4: Yeah, shout out to everybody who's a veteran. You know,

619
00:31:54,880 --> 00:31:56,760
Speaker 4: I got my Pops flag right here, so I want

620
00:31:56,760 --> 00:31:58,880
Speaker 4: to show this man rest in peace, Pops Man, So

621
00:31:58,920 --> 00:32:02,120
Speaker 4: shout out to all of all the veterans. Yeah, yeah, yeah, Mike,

622
00:32:02,120 --> 00:32:05,080
Speaker 4: I appreciate that. Shout out the Pops right there. So

623
00:32:05,760 --> 00:32:08,479
Speaker 4: all all the vets, all my military folks, you got

624
00:32:08,480 --> 00:32:12,320
Speaker 4: a special place in my heart for sure, So salute

625
00:32:12,360 --> 00:32:14,200
Speaker 4: to all of y'all. But yeah, with the VA loan,

626
00:32:14,520 --> 00:32:17,360
Speaker 4: you could do a one hundred percent financing on your

627
00:32:17,360 --> 00:32:20,680
Speaker 4: primary residents. Some lenders will go down as low as

628
00:32:20,720 --> 00:32:23,000
Speaker 4: a five to eighty credit scores as well, but typically

629
00:32:23,240 --> 00:32:27,560
Speaker 4: usually six hundred to six twenties ideal, and you can

630
00:32:27,760 --> 00:32:32,160
Speaker 4: buy one to four family own the occupied properties. One

631
00:32:32,160 --> 00:32:34,240
Speaker 4: of the great things about VA loans you're going to

632
00:32:34,320 --> 00:32:37,720
Speaker 4: have great interest rates even in today's market. They're a

633
00:32:37,720 --> 00:32:40,760
Speaker 4: little bit lower than FHA, and it has no PMI

634
00:32:41,680 --> 00:32:45,320
Speaker 4: on the loan, which is a home run right. And

635
00:32:45,400 --> 00:32:48,560
Speaker 4: you can use a VA loan twice as long as

636
00:32:48,600 --> 00:32:53,840
Speaker 4: you have enough eligibility right to do so. So VA

637
00:32:54,160 --> 00:32:58,800
Speaker 4: is a terrific program. I encourage all my military folks

638
00:32:58,880 --> 00:33:02,520
Speaker 4: out there who's watching it live, to please use that

639
00:33:02,640 --> 00:33:05,680
Speaker 4: VA loan. Use it to the to the highest and

640
00:33:05,760 --> 00:33:08,080
Speaker 4: best use. If you can get a multi family with

641
00:33:08,120 --> 00:33:10,680
Speaker 4: it with your first one, go ahead, get that multi

642
00:33:10,680 --> 00:33:13,760
Speaker 4: family first, and then you can go ahead and probably

643
00:33:13,760 --> 00:33:16,880
Speaker 4: get a single family with it later on down the road.

644
00:33:17,000 --> 00:33:20,480
Speaker 4: So VA is an amazing product and I hope more

645
00:33:20,480 --> 00:33:21,760
Speaker 4: people use it.

646
00:33:24,000 --> 00:33:26,720
Speaker 6: So okay, so let's get back to the steps. But

647
00:33:26,800 --> 00:33:29,160
Speaker 6: before we get back to step the last the last detour,

648
00:33:29,640 --> 00:33:32,160
Speaker 6: you talked about the four three two one. Can you

649
00:33:32,240 --> 00:33:34,600
Speaker 6: just explain that for people that don't know what that is?

650
00:33:35,520 --> 00:33:38,280
Speaker 4: Okay? So the four to three to two one strategy

651
00:33:38,480 --> 00:33:40,760
Speaker 4: is only for the folks out there who want to

652
00:33:40,800 --> 00:33:43,320
Speaker 4: be a landlord. If you want to be a landlord

653
00:33:43,360 --> 00:33:45,680
Speaker 4: type landlord and chat, please, I want to see.

654
00:33:45,680 --> 00:33:47,200
Speaker 7: This is so, this is what this is for the

655
00:33:47,280 --> 00:33:48,280
Speaker 7: real estate investors.

656
00:33:48,680 --> 00:33:51,400
Speaker 4: This is for the real estate investors. But you're using

657
00:33:51,600 --> 00:33:55,840
Speaker 4: low down payment loans and your house hacking, meaning you

658
00:33:55,920 --> 00:33:59,880
Speaker 4: are going to live in this property for the requirement

659
00:34:00,160 --> 00:34:03,400
Speaker 4: that the guidelines are saying. You're not saying that, hey,

660
00:34:03,480 --> 00:34:06,040
Speaker 4: I'm going to live here and I don't live there

661
00:34:06,240 --> 00:34:09,279
Speaker 4: right here, I earn your leisure an MG to mortgage. God,

662
00:34:09,280 --> 00:34:11,759
Speaker 4: we do not participate in mortgage fraud. Let me be

663
00:34:11,920 --> 00:34:15,840
Speaker 4: very clear. Okay, we do not participate in that. Okay,

664
00:34:15,880 --> 00:34:18,680
Speaker 4: this is the disclaimer. Hell, okay, you must live in

665
00:34:18,719 --> 00:34:21,279
Speaker 4: a property for at least twelve months. That's where the

666
00:34:21,280 --> 00:34:24,520
Speaker 4: guidelines state, and the guidelines are in your favor two

667
00:34:24,520 --> 00:34:26,759
Speaker 4: house acts. So do it the right way so that

668
00:34:26,800 --> 00:34:29,920
Speaker 4: way you don't have the compliance police knocking on your door. Now,

669
00:34:30,600 --> 00:34:33,960
Speaker 4: the goal of this is to build your real estate portfolio.

670
00:34:34,200 --> 00:34:36,680
Speaker 4: Four unit first, if you live in an area that

671
00:34:36,760 --> 00:34:39,800
Speaker 4: has four units, live in it for a year maybe

672
00:34:39,880 --> 00:34:43,640
Speaker 4: two years. Now you don't have to refinance out of

673
00:34:43,680 --> 00:34:46,080
Speaker 4: that FAHA loan. So let's people, since we started off,

674
00:34:46,120 --> 00:34:49,200
Speaker 4: we just left VA loans, think about this. You're a veteran,

675
00:34:49,680 --> 00:34:52,280
Speaker 4: you start off with your VA loan, first one hundred

676
00:34:52,320 --> 00:34:57,719
Speaker 4: percent financing for a family. Then you go FAHA for

677
00:34:57,800 --> 00:35:00,239
Speaker 4: the next one, the three family three point five five

678
00:35:00,280 --> 00:35:03,400
Speaker 4: percent down. Then the next one you can go convention

679
00:35:03,520 --> 00:35:10,080
Speaker 4: them with a duplex five percent down. And then that

680
00:35:10,200 --> 00:35:13,360
Speaker 4: last property, single family, you can go back to VA

681
00:35:14,040 --> 00:35:17,359
Speaker 4: if you have enough eligibility and get one hundred percent

682
00:35:17,440 --> 00:35:20,520
Speaker 4: financing on that one with no PMI as well. So

683
00:35:20,640 --> 00:35:23,279
Speaker 4: now the cash flow that's coming from all of these

684
00:35:23,400 --> 00:35:27,960
Speaker 4: units that for that three and that two, which was

685
00:35:28,040 --> 00:35:32,160
Speaker 4: that seven non units right there, can now pay for

686
00:35:32,640 --> 00:35:35,360
Speaker 4: your dream home. So the purpose of the strategy is

687
00:35:35,560 --> 00:35:38,479
Speaker 4: most people when they buy their first home, they're over

688
00:35:38,520 --> 00:35:41,160
Speaker 4: extending itself. Everybody trying to keep up with the joneses.

689
00:35:41,239 --> 00:35:43,680
Speaker 4: Everybody don't I don't know what the hell's going on

690
00:35:43,719 --> 00:35:46,719
Speaker 4: these days. Nobody believes in starter homes. Everybody wants to

691
00:35:46,760 --> 00:35:50,480
Speaker 4: make mansion right now, I just don't understand it. So

692
00:35:50,760 --> 00:35:54,400
Speaker 4: instead of you people who don't want to start a

693
00:35:54,440 --> 00:35:56,919
Speaker 4: home getting a nice little townhouse or something like that,

694
00:35:57,560 --> 00:36:00,600
Speaker 4: start off with the multifamily build that put far so

695
00:36:00,640 --> 00:36:03,520
Speaker 4: that way, by time you get to that one family

696
00:36:03,719 --> 00:36:07,200
Speaker 4: in four years five years, now you've got cash flow

697
00:36:07,239 --> 00:36:09,560
Speaker 4: coming in and you can potentially live for free. So

698
00:36:09,600 --> 00:36:12,200
Speaker 4: that's all the basics of the four to three too strategy.

699
00:36:12,560 --> 00:36:18,759
Speaker 6: So for okay, for the people that need a little

700
00:36:18,760 --> 00:36:23,279
Speaker 6: bit more further explanation on this. Right, most of the time,

701
00:36:23,440 --> 00:36:27,080
Speaker 6: the American dream is to buy a home, a single

702
00:36:27,120 --> 00:36:31,080
Speaker 6: family home right, white picket fence, the whole nine. And

703
00:36:31,080 --> 00:36:33,239
Speaker 6: people think like that's your dream home. They want to

704
00:36:33,320 --> 00:36:37,640
Speaker 6: drop by their dream home. But and there's some debate

705
00:36:37,719 --> 00:36:41,440
Speaker 6: on this, but a home is not technically an asset.

706
00:36:41,600 --> 00:36:45,560
Speaker 6: If it's not producing cash flow, it can actually be

707
00:36:45,600 --> 00:36:52,840
Speaker 6: a liability. Ken So the idea is to say, okay,

708
00:36:52,920 --> 00:36:56,359
Speaker 6: instead of trying to buy a one family dream home

709
00:36:56,440 --> 00:37:01,680
Speaker 6: right away, buy a four family home in a not

710
00:37:03,160 --> 00:37:06,000
Speaker 6: great neighborhood but like you know, an uppercoming neighbor because

711
00:37:06,239 --> 00:37:09,080
Speaker 6: the four family home is going to be expensive. But

712
00:37:09,320 --> 00:37:12,000
Speaker 6: usually don't even have four family homes in great neighborhoods anyway.

713
00:37:12,239 --> 00:37:15,919
Speaker 6: So you buy a four family home in a relatively

714
00:37:17,160 --> 00:37:22,520
Speaker 6: slightly dangerous neighborhood, and you live there and you're a landlord,

715
00:37:22,560 --> 00:37:25,839
Speaker 6: and you rent those other three units out. Right Now

716
00:37:25,880 --> 00:37:30,160
Speaker 6: you establish yourself as a landlord and you're getting rental

717
00:37:30,200 --> 00:37:35,360
Speaker 6: income from three tenants after you lived there for a

718
00:37:35,440 --> 00:37:39,399
Speaker 6: year or two years. Right then you can leave rent

719
00:37:39,400 --> 00:37:41,640
Speaker 6: the other one out. Now you have four units that

720
00:37:41,640 --> 00:37:45,439
Speaker 6: you're actually getting rental income from. Now you can move

721
00:37:45,480 --> 00:37:49,600
Speaker 6: to a slightly better neighborhood. The houses probably costs a

722
00:37:49,600 --> 00:37:53,360
Speaker 6: little bit more, but you'll have an asset that's actually

723
00:37:53,360 --> 00:37:57,680
Speaker 6: producing income that you can add to your W two

724
00:37:57,760 --> 00:38:01,319
Speaker 6: or ten toninety nine income also, and you repeat the

725
00:38:01,360 --> 00:38:06,040
Speaker 6: process and now you have two other incomes coming and

726
00:38:06,080 --> 00:38:09,319
Speaker 6: then you're living there. Then when you move out after

727
00:38:09,360 --> 00:38:12,640
Speaker 6: a year, two years, now you have seven and now

728
00:38:12,640 --> 00:38:17,560
Speaker 6: you have seven units from four family building, a three

729
00:38:17,640 --> 00:38:22,640
Speaker 6: family building you do the same, and a good neighborhood

730
00:38:22,800 --> 00:38:25,560
Speaker 6: and a two family home. Right and so by the

731
00:38:25,560 --> 00:38:29,560
Speaker 6: time you've done this, it might take eight years, but

732
00:38:30,280 --> 00:38:33,359
Speaker 6: by the time you've done this process, you have nine

733
00:38:33,800 --> 00:38:39,200
Speaker 6: nine units that's producing income, and now you're able to

734
00:38:39,400 --> 00:38:43,759
Speaker 6: actually a have enough income that's coming in that you

735
00:38:43,840 --> 00:38:45,880
Speaker 6: probably don't even have to work a real job anymore

736
00:38:45,920 --> 00:38:50,479
Speaker 6: because you have nine units that's producing income, and now

737
00:38:50,600 --> 00:38:55,560
Speaker 6: you're able to move into the dream house and you

738
00:38:55,719 --> 00:38:59,600
Speaker 6: have the income from the units that's paying for the house,

739
00:39:00,120 --> 00:39:02,960
Speaker 6: as opposed to what most people do. They move into

740
00:39:03,000 --> 00:39:05,799
Speaker 6: their dream house, they don't really have enough money to

741
00:39:05,840 --> 00:39:09,120
Speaker 6: pay for it. Then they're just working every single month

742
00:39:09,160 --> 00:39:12,440
Speaker 6: to just maintain the mortgage and they don't have enough

743
00:39:12,520 --> 00:39:14,560
Speaker 6: money to invest, they don't have enough money to buy

744
00:39:14,600 --> 00:39:17,319
Speaker 6: any additional real estate. They get stuck in a thirty

745
00:39:17,360 --> 00:39:20,560
Speaker 6: year mortgage. That's not a recipe for building wealth. That's

746
00:39:20,600 --> 00:39:23,840
Speaker 6: a recipe for being in debt until you're seventy years old.

747
00:39:24,200 --> 00:39:28,759
Speaker 6: So yeah, that's kind of the ABC version of it.

748
00:39:28,840 --> 00:39:31,160
Speaker 6: But I think that that's kind of important to like

749
00:39:31,280 --> 00:39:34,759
Speaker 6: fully lay out because everybody I might not get it

750
00:39:34,840 --> 00:39:38,160
Speaker 6: at first, like which you know, you've been doing this

751
00:39:38,239 --> 00:39:41,200
Speaker 6: for twenty years, so some people are just getting into

752
00:39:41,239 --> 00:39:43,480
Speaker 6: real estate today, right, so they got to kind of

753
00:39:43,520 --> 00:39:46,480
Speaker 6: be read. Even how you think about buying a home

754
00:39:46,640 --> 00:39:48,520
Speaker 6: kind of has to be rewired in your brain so

755
00:39:48,600 --> 00:39:50,360
Speaker 6: you can just kind of have a different perspective.

756
00:39:50,400 --> 00:39:52,279
Speaker 8: It definitely will change your perspective on how you look

757
00:39:52,320 --> 00:39:52,520
Speaker 8: at it.

758
00:39:52,520 --> 00:39:54,480
Speaker 5: And I remember five years ago here and you say it,

759
00:39:54,480 --> 00:39:56,040
Speaker 5: and obviously we tweeted it a little bit, but it

760
00:39:56,040 --> 00:39:58,359
Speaker 5: was mind blowing as I was sitting in my home

761
00:39:58,440 --> 00:39:59,160
Speaker 5: doing that interview.

762
00:39:59,320 --> 00:40:01,799
Speaker 8: But Matt, I got to there's another great question. And

763
00:40:02,000 --> 00:40:04,160
Speaker 8: I know the four three two one was a great.

764
00:40:03,880 --> 00:40:06,520
Speaker 5: Strategy, but there's another strategy that I know you like

765
00:40:06,560 --> 00:40:09,839
Speaker 5: talking about. And Terry m asked the question. I said,

766
00:40:09,840 --> 00:40:12,440
Speaker 5: I'm about to get married own a townhouse. Can we

767
00:40:12,480 --> 00:40:15,880
Speaker 5: still use my fiance's FHA loan before we get married?

768
00:40:16,040 --> 00:40:18,720
Speaker 5: And so we're talking about two single people, two different

769
00:40:18,760 --> 00:40:20,040
Speaker 5: loans before they get married.

770
00:40:20,280 --> 00:40:21,719
Speaker 8: I know this is one of those topics you love

771
00:40:21,760 --> 00:40:23,719
Speaker 8: talking about. Yeah, go for it man.

772
00:40:24,640 --> 00:40:28,080
Speaker 4: Yeah, I mean divide and conquer, right. I definitely love

773
00:40:28,160 --> 00:40:32,759
Speaker 4: that strategy, and congratulations to you guys. But I would

774
00:40:32,760 --> 00:40:36,080
Speaker 4: say before you tie to not if you each can

775
00:40:36,280 --> 00:40:42,719
Speaker 4: qualify for your own property and it be your own occupied.

776
00:40:42,800 --> 00:40:44,680
Speaker 4: You live in one, he lives in one until you

777
00:40:44,800 --> 00:40:48,080
Speaker 4: get married, then I think it's a great way to

778
00:40:48,120 --> 00:40:53,680
Speaker 4: start your life together. Right now, you buy a multifamily,

779
00:40:53,960 --> 00:40:57,160
Speaker 4: he buys a multifamily. You each use FAHA if you

780
00:40:57,239 --> 00:41:03,600
Speaker 4: both can qualify independently of each other and build your

781
00:41:04,400 --> 00:41:06,840
Speaker 4: portfolio that way. So now, if you can start with

782
00:41:06,880 --> 00:41:09,400
Speaker 4: a three or four even a duplex, right so you

783
00:41:09,440 --> 00:41:11,160
Speaker 4: live in an area that doesn't have three or four

784
00:41:11,239 --> 00:41:13,680
Speaker 4: is you start with a duplex, You get a duplex,

785
00:41:14,200 --> 00:41:17,120
Speaker 4: He gets a duplex. Now you have four units. Now

786
00:41:17,120 --> 00:41:19,919
Speaker 4: you have cash flow coming in that could potentially pay

787
00:41:19,960 --> 00:41:23,160
Speaker 4: for now your dream home as well. Now, one of

788
00:41:23,200 --> 00:41:27,800
Speaker 4: the great things about buying a multifamily, especially with FHA loans, guys,

789
00:41:28,080 --> 00:41:32,040
Speaker 4: the rental income. The market rental income can be used

790
00:41:32,400 --> 00:41:36,040
Speaker 4: to help you qualify. Lenders will use seventy five percent

791
00:41:36,680 --> 00:41:39,280
Speaker 4: of that rental income. So, for example, if the gross

792
00:41:39,280 --> 00:41:42,680
Speaker 4: rental income is one thousand dollars. A lender will use

793
00:41:42,719 --> 00:41:45,719
Speaker 4: seven hundred and fifty dollars as income to help you

794
00:41:45,800 --> 00:41:49,359
Speaker 4: qualify forward. Now, I saw in the comments a little

795
00:41:49,360 --> 00:41:52,319
Speaker 4: while ago someone was asking about Airbnb income and does

796
00:41:52,440 --> 00:41:56,239
Speaker 4: lenders like Airbnb income with these multifamilies. The question is no,

797
00:41:57,120 --> 00:42:00,760
Speaker 4: the lending landscape has not caught up to the times

798
00:42:00,760 --> 00:42:04,839
Speaker 4: that we are in now to allow Airbnb is very unstable.

799
00:42:05,560 --> 00:42:08,320
Speaker 4: So what lenders are always going to use right now, guys,

800
00:42:08,480 --> 00:42:12,560
Speaker 4: is market rent right, not rent that you're going to

801
00:42:12,600 --> 00:42:15,440
Speaker 4: get from Airbnb. Or if you've got to make in

802
00:42:15,480 --> 00:42:18,840
Speaker 4: your house a content space or anything like that. The

803
00:42:18,840 --> 00:42:21,680
Speaker 4: guidelines have not caught up to that. But divide and

804
00:42:21,760 --> 00:42:26,440
Speaker 4: conquer is a great, a great strategy for all you

805
00:42:26,600 --> 00:42:29,680
Speaker 4: couples out here who want to be landlords and grow

806
00:42:30,080 --> 00:42:31,600
Speaker 4: your real estate portfolio.

807
00:42:32,400 --> 00:42:35,440
Speaker 8: Now, last thing before we go back to the presentation.

808
00:42:35,880 --> 00:42:37,600
Speaker 5: If they do this, are they putting that in their

809
00:42:37,640 --> 00:42:42,040
Speaker 5: personal names or they're creating LLC's to put these properties.

810
00:42:41,600 --> 00:42:46,799
Speaker 4: In good question, Troy, I'm glad you brought this up right. No,

811
00:42:47,160 --> 00:42:49,440
Speaker 4: this is going to in your personal name. This is

812
00:42:49,480 --> 00:42:53,000
Speaker 4: not going in your LLCs. Guys. When we talk LLC's,

813
00:42:53,320 --> 00:42:56,960
Speaker 4: we're talking real estate investing. Right, We're not talking house

814
00:42:57,000 --> 00:43:01,759
Speaker 4: hacking on the occupied properties. The lender will financial LLC.

815
00:43:02,120 --> 00:43:06,200
Speaker 4: We're looking at you your personal credit, income, your debt

816
00:43:06,200 --> 00:43:10,759
Speaker 4: to income ratio to get qualified for these properties. So

817
00:43:10,800 --> 00:43:14,680
Speaker 4: your LLC is not involved at all. And also I

818
00:43:14,719 --> 00:43:17,720
Speaker 4: want you guys to stop, when you own these homes

819
00:43:17,960 --> 00:43:20,840
Speaker 4: and in your primary residents, especially when you're using programs

820
00:43:20,880 --> 00:43:25,680
Speaker 4: like FHA, stop doing quick claim deeds and putting the

821
00:43:25,760 --> 00:43:30,120
Speaker 4: homes into your LLCs after the fact. What you guys

822
00:43:30,200 --> 00:43:33,720
Speaker 4: can do is trigger what's called a due on sales

823
00:43:33,760 --> 00:43:39,080
Speaker 4: clause type in CHAT do on sales clause. This basically

824
00:43:39,120 --> 00:43:43,120
Speaker 4: means if you change ownership of the property without the

825
00:43:43,160 --> 00:43:48,400
Speaker 4: blenders written permission, they can call your loan doom and

826
00:43:48,440 --> 00:43:51,480
Speaker 4: make it a balloon payment. And if you don't pay

827
00:43:51,520 --> 00:43:55,000
Speaker 4: that with inst amount of time, typically within thirty to

828
00:43:55,080 --> 00:43:58,320
Speaker 4: sixty days, they can foreclose on you because you change

829
00:43:58,320 --> 00:44:02,480
Speaker 4: the ownership of the property. So do not do not,

830
00:44:02,800 --> 00:44:07,040
Speaker 4: I repeat, do not do a quick claim deed and

831
00:44:07,120 --> 00:44:10,160
Speaker 4: put your home into an LLC if you have an

832
00:44:10,280 --> 00:44:15,160
Speaker 4: FHA conventional VA loan without the bank's permission, and nine

833
00:44:15,160 --> 00:44:16,960
Speaker 4: times out of ten if it's f H A A va.

834
00:44:17,000 --> 00:44:19,120
Speaker 4: They're going to tell you now, so don't do it.

835
00:44:19,440 --> 00:44:20,960
Speaker 4: And I know a lot of people like to talk

836
00:44:21,000 --> 00:44:23,120
Speaker 4: about doing stuff like that or here on this internet,

837
00:44:23,280 --> 00:44:25,799
Speaker 4: but don't always listen to the internet. Guys, it's not

838
00:44:25,840 --> 00:44:31,640
Speaker 4: your friend. I'm here to tell you please, please don't

839
00:44:31,680 --> 00:44:33,360
Speaker 4: do it. I see a lot of that going around.

840
00:44:33,480 --> 00:44:34,279
Speaker 4: Please don't do it.

841
00:44:35,400 --> 00:44:37,680
Speaker 6: Well, that's why it's good to have professionals here, and

842
00:44:38,640 --> 00:44:41,080
Speaker 6: you know, conversations like this. This is actually the most

843
00:44:41,120 --> 00:44:45,799
Speaker 6: important conversation that you know. It's a lot of talk

844
00:44:45,880 --> 00:44:48,920
Speaker 6: right now. A lot of people are getting indicted, a

845
00:44:48,920 --> 00:44:54,680
Speaker 6: lot of people have different YouTube lives, like on that leak,

846
00:44:54,800 --> 00:44:59,960
Speaker 6: doing this ig live thing. It's a lot of entertainment.

847
00:45:00,280 --> 00:45:02,880
Speaker 6: But in the grand scheme of life, none of that

848
00:45:02,960 --> 00:45:06,320
Speaker 6: is important. Is this, These conversations are the most important

849
00:45:06,320 --> 00:45:09,279
Speaker 6: conversations in the reality is that this is the only

850
00:45:09,320 --> 00:45:12,080
Speaker 6: thing that could really save you in this new wave

851
00:45:12,200 --> 00:45:16,360
Speaker 6: of artificial intelligence and this new wave of you know,

852
00:45:17,239 --> 00:45:19,800
Speaker 6: mass layoffs, right Like, if you don't know how to invest,

853
00:45:19,840 --> 00:45:22,040
Speaker 6: if you don't own anything, how can you.

854
00:45:22,000 --> 00:45:23,360
Speaker 7: Really expect to survive?

855
00:45:23,480 --> 00:45:27,279
Speaker 6: So I say that to say, the price of this

856
00:45:27,280 --> 00:45:32,920
Speaker 6: submission is free, but we do need support. So we

857
00:45:33,040 --> 00:45:36,720
Speaker 6: have twenty four hundred people. That's encouraging. Should be twenty

858
00:45:36,760 --> 00:45:40,319
Speaker 6: four thousand people, to be honest with you, So hit

859
00:45:40,360 --> 00:45:43,800
Speaker 6: the like button. Six hundred people liked it. It doesn't

860
00:45:43,840 --> 00:45:46,480
Speaker 6: cost anything to like the video. Hit the like button,

861
00:45:46,960 --> 00:45:51,759
Speaker 6: share because ultimately, this actually is life changing information. If

862
00:45:51,760 --> 00:45:54,879
Speaker 6: you could buy a home right and you've only known

863
00:45:54,920 --> 00:45:57,600
Speaker 6: renting your whole entire life, your whole entire family's life,

864
00:45:58,120 --> 00:46:00,279
Speaker 6: you know, what does that do to the traject three

865
00:46:00,320 --> 00:46:02,960
Speaker 6: of your family? So you know, I just think that

866
00:46:03,239 --> 00:46:07,120
Speaker 6: we talk about the problems a lot, but bigger than

867
00:46:07,160 --> 00:46:10,400
Speaker 6: talking about problems, you have to champion the solution. And

868
00:46:10,440 --> 00:46:12,480
Speaker 6: if you don't champion the solution, then you're actually part

869
00:46:12,520 --> 00:46:16,400
Speaker 6: of the problem. So Matt, we are going to continue

870
00:46:16,520 --> 00:46:18,800
Speaker 6: with the program because I know, like I said, we

871
00:46:18,880 --> 00:46:20,719
Speaker 6: kind of got a little derail, but I think it

872
00:46:20,760 --> 00:46:22,360
Speaker 6: was a lot of good questions that people had in

873
00:46:22,400 --> 00:46:23,759
Speaker 6: the chat and I just wanted to kind of make

874
00:46:23,760 --> 00:46:26,239
Speaker 6: sure everybody understood. But we still want to walk them

875
00:46:26,280 --> 00:46:28,200
Speaker 6: through the actual process of buying a home.

876
00:46:28,200 --> 00:46:29,919
Speaker 7: I don't think but fully fully there yet?

877
00:46:31,160 --> 00:46:33,319
Speaker 4: Yeah, Nah, I don't think we're fully there. I think

878
00:46:33,360 --> 00:46:36,600
Speaker 4: we covered a lot of ground for sure, We definitely

879
00:46:36,600 --> 00:46:40,800
Speaker 4: covered a lot of ground. We spoke about getting pre approved,

880
00:46:40,840 --> 00:46:44,800
Speaker 4: the right type of pre approvals that's out there. Let's

881
00:46:44,840 --> 00:46:49,560
Speaker 4: talk about since we're talking about loans, right, let's talk

882
00:46:49,600 --> 00:46:53,280
Speaker 4: about down payment assistance. I want everybody, as I'm saying

883
00:46:53,280 --> 00:46:56,080
Speaker 4: this type this in chat, right, I'm gonna give y'all

884
00:46:56,160 --> 00:46:59,800
Speaker 4: seven down payment assistant loans right now that you guys

885
00:46:59,800 --> 00:47:03,120
Speaker 4: can go on Google research and see if it can

886
00:47:03,160 --> 00:47:07,040
Speaker 4: help you obtained some money. Right, everybody wants some free money.

887
00:47:07,440 --> 00:47:11,000
Speaker 7: Write this down right, Write this down, Write this down?

888
00:47:11,160 --> 00:47:14,080
Speaker 8: Please, that was your moment to go get your right device.

889
00:47:14,320 --> 00:47:19,680
Speaker 4: Please, let's get your notes, all right, give you I'm

890
00:47:19,680 --> 00:47:22,640
Speaker 4: gonna give y'all seven, all right. So you got the

891
00:47:22,760 --> 00:47:30,120
Speaker 4: National Home Buyers Fund in HF. You got the Chenoah

892
00:47:30,160 --> 00:47:37,719
Speaker 4: Fund c h E n o A Fund, you got

893
00:47:37,840 --> 00:47:44,640
Speaker 4: first Home down Payment Assistant loan. You got the Good

894
00:47:45,000 --> 00:47:51,799
Speaker 4: Neighbor next Door that's a HUD program. Bank of America

895
00:47:52,400 --> 00:47:59,560
Speaker 4: has a community home Ownership program. All right. So I

896
00:47:59,600 --> 00:48:08,359
Speaker 4: want to make so you're following, all right. You got

897
00:48:08,480 --> 00:48:22,320
Speaker 4: UH for my New Yorkers. You got the Sony May program,

898
00:48:22,360 --> 00:48:26,400
Speaker 4: all right, so y'all write that down. Y'all take those,

899
00:48:27,000 --> 00:48:33,200
Speaker 4: and y'all run with it. Okay, So you got the

900
00:48:33,280 --> 00:48:39,040
Speaker 4: National Home Buyers Fun, you got the Chenoah Fun, you

901
00:48:39,160 --> 00:48:43,399
Speaker 4: got the good neighbor next door, you got the Bank

902
00:48:43,440 --> 00:48:51,800
Speaker 4: of America Community home Ownership Program. And for my New Yorkers,

903
00:48:51,800 --> 00:48:58,120
Speaker 4: you got the Sony May Mortgage. Google Google Your Life Away,

904
00:48:58,200 --> 00:49:01,520
Speaker 4: Ladies and gentlemen, Google Your Life Away with.

905
00:49:01,680 --> 00:49:02,279
Speaker 7: Your Life Away.

906
00:49:02,320 --> 00:49:07,000
Speaker 6: And these are programs that help people with down payments

907
00:49:07,239 --> 00:49:07,719
Speaker 6: for their home.

908
00:49:07,840 --> 00:49:13,960
Speaker 4: Yes, down payments, down payments, closing costs. Assess that.

909
00:49:15,480 --> 00:49:17,719
Speaker 5: This episode is brought to you by P and C Bank.

910
00:49:18,120 --> 00:49:20,880
Speaker 5: A lot of people think podcasts about work are boring,

911
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Speaker 5: and sure, they definitely can be, but understanding of professional's

912
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Speaker 5: routine shows us how they achieve their success little by little,

913
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Speaker 5: day after day. It's like banking with P and C Bank.

914
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915
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Speaker 5: decisions with your bank, but keeping your money boring is

916
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Speaker 5: what helps you live or more happily fulfilled life. P

917
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Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly

918
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919
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Speaker 5: the PNC Financial Service Group, Inc. P and C Bank

920
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Speaker 5: National Association member FDIC.

921
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Speaker 8: Earners. What's up?

922
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Speaker 5: You have a walk into a small business and everything

923
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Speaker 5: just works like. The checkout is fast, the receipts are digital,

924
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Speaker 5: tipping is a breeze, and you're out the door before

925
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Speaker 5: the line even builds. Odds are they're using Square. We

926
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927
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Speaker 5: feels seamless. Whether it's a local coffee shop, a vendor

928
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Speaker 5: at a pop up market, or even one of our

929
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Speaker 5: merch partners, Square makes it easy for them to take payments,

930
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Speaker 5: manage inventory, and run their business with confidence, all from

931
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Speaker 5: one simple system. If you're a business owner or even

932
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Speaker 5: just thinking about launching something soon, Square is hands down

933
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Speaker 5: one of the best tools out there to help you start, run,

934
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Speaker 5: and grow. It's not just about payments, it's about giving

935
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Speaker 5: you time back so you can focus on what matters

936
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Speaker 5: most ready. To see how Square can transform your business,

937
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938
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Speaker 5: more that Square dot com backslash, go backslash eyl, don't wait,

939
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Speaker 5: don't hesitate. Square handle the back end so you can

940
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Speaker 5: keep pushing your vision forward.

941
00:51:05,760 --> 00:51:09,359
Speaker 1: An illegal alien from Guatemala charged with raping a child

942
00:51:09,440 --> 00:51:13,239
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

943
00:51:13,480 --> 00:51:17,600
Speaker 1: accused of murdering a Texas man of Venezuelan charged with

944
00:51:17,680 --> 00:51:21,600
Speaker 1: filming and selling child pornography in Michigan. These are just

945
00:51:21,680 --> 00:51:25,440
Speaker 1: some of the heinous migrant criminals caught because of President

946
00:51:25,480 --> 00:51:25,920
Speaker 1: Donald J.

947
00:51:26,000 --> 00:51:26,960
Speaker 2: Trump's leadership.

948
00:51:27,239 --> 00:51:30,840
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.

949
00:51:31,200 --> 00:51:34,960
Speaker 1: Under President Trump, attempted illegal border crossings are at the

950
00:51:35,000 --> 00:51:38,840
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal

951
00:51:38,880 --> 00:51:42,680
Speaker 1: aliens have been arrested. If you are here illegally, your

952
00:51:42,800 --> 00:51:46,920
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,

953
00:51:47,239 --> 00:51:47,920
Speaker 1: and deported.

954
00:51:48,360 --> 00:51:49,560
Speaker 2: You will never return.

955
00:51:49,880 --> 00:51:52,880
Speaker 1: But if you register using our CBP home app and

956
00:51:53,000 --> 00:51:55,880
Speaker 1: leave now, you could be allowed to return legally.

957
00:51:56,239 --> 00:51:58,440
Speaker 2: Do what's right. Leave now.

958
00:51:58,800 --> 00:52:03,080
Speaker 1: Under President Trump America's laws, border and families will.

959
00:52:02,960 --> 00:52:07,960
Speaker 3: Be protected sponsored by the United States Department of Homeland Security, et.

960
00:52:07,960 --> 00:52:10,560
Speaker 4: Cetera, et cetera. So google your life away and then

961
00:52:10,640 --> 00:52:13,680
Speaker 4: obviously there's there's tons of things out there again. We

962
00:52:13,760 --> 00:52:17,800
Speaker 4: spoke about VA loans, we talked about VA one hundred

963
00:52:17,840 --> 00:52:23,520
Speaker 4: percent financing, Knacker one hundred percent financing, you have low

964
00:52:23,600 --> 00:52:27,399
Speaker 4: down payment programs like Fanny May Home Ready you could

965
00:52:27,440 --> 00:52:30,799
Speaker 4: do three percent down and a lot of these programs.

966
00:52:31,080 --> 00:52:34,000
Speaker 4: You can stack grants on top of it as well.

967
00:52:34,239 --> 00:52:37,240
Speaker 4: But all you guys gotta do, all you guys gotta

968
00:52:37,280 --> 00:52:40,239
Speaker 4: do and know, honestly, define grant money is. You can

969
00:52:40,400 --> 00:52:43,360
Speaker 4: just go online and just google your county that you

970
00:52:43,480 --> 00:52:47,280
Speaker 4: live in, right, so you know if you're in Westchester County,

971
00:52:47,400 --> 00:52:52,040
Speaker 4: So type in Westchester County home buying grants, closing costs,

972
00:52:52,080 --> 00:52:55,160
Speaker 4: assistant grants right, and a list of things will come

973
00:52:55,280 --> 00:52:58,920
Speaker 4: up there. So no matter if you're in Atlanta, Georgia, right,

974
00:52:59,200 --> 00:53:03,160
Speaker 4: every city state has this information. I just gave you

975
00:53:03,200 --> 00:53:06,440
Speaker 4: a couple just so you can have a good starting place.

976
00:53:06,600 --> 00:53:10,000
Speaker 4: But since we were talking about loans and programs and

977
00:53:10,040 --> 00:53:12,280
Speaker 4: things like that, and I know, look, we're in times

978
00:53:12,280 --> 00:53:15,360
Speaker 4: where not everybody's going to have money for down payment

979
00:53:15,600 --> 00:53:18,520
Speaker 4: and closing costs. That's why the barrier the entry for

980
00:53:18,600 --> 00:53:20,640
Speaker 4: real estate is much harder. And this is why people

981
00:53:20,680 --> 00:53:25,040
Speaker 4: gravitate more towards stocks and investment, which is a great thing, right,

982
00:53:25,080 --> 00:53:27,200
Speaker 4: But let's not forget real estate is a brick and

983
00:53:27,239 --> 00:53:30,080
Speaker 4: mortar is never going to go nowhere. Right. This is

984
00:53:30,160 --> 00:53:33,840
Speaker 4: also an asset class that our people need to own.

985
00:53:34,160 --> 00:53:36,399
Speaker 4: So there are so many programs out there that are

986
00:53:36,400 --> 00:53:40,200
Speaker 4: being underutilized just because people just don't know the information.

987
00:53:40,560 --> 00:53:43,320
Speaker 4: So I just wanted to give y'all that gift right there,

988
00:53:43,560 --> 00:53:46,359
Speaker 4: and hopefully it will help somebody get some money so

989
00:53:46,400 --> 00:53:48,880
Speaker 4: they can achieve the goals of PROME ownership.

990
00:53:49,480 --> 00:53:50,080
Speaker 7: That's good stuff.

991
00:53:50,160 --> 00:53:54,440
Speaker 6: Let's talk about Okay, So how can first time homeby

992
00:53:54,520 --> 00:53:58,000
Speaker 6: is boost their credit score? It manage debt to income

993
00:53:58,080 --> 00:54:03,560
Speaker 6: ratios for better better mortgage approval? Talk about debt to

994
00:54:03,640 --> 00:54:06,920
Speaker 6: income ratio? Can people hear about that? But what does

995
00:54:07,000 --> 00:54:09,520
Speaker 6: the bank look at? What does that really mean? How

996
00:54:09,520 --> 00:54:13,160
Speaker 6: can they avoid having bad debt to income ratio?

997
00:54:14,520 --> 00:54:20,240
Speaker 4: So DTI is extremely important when we're talking conventional faha

998
00:54:20,440 --> 00:54:23,160
Speaker 4: VA loans, right, And this is why I kept on saying,

999
00:54:23,320 --> 00:54:27,560
Speaker 4: if you qualify, right, so, how do you manage your

1000
00:54:27,600 --> 00:54:30,440
Speaker 4: debt to income ratios? Keep your utilization low on your

1001
00:54:30,440 --> 00:54:34,800
Speaker 4: credit cards? Right, and that will also keep your credit

1002
00:54:34,800 --> 00:54:38,800
Speaker 4: scores high. So if you keep your balances below ten percent,

1003
00:54:39,760 --> 00:54:42,440
Speaker 4: that will have and I know the rule of thumb

1004
00:54:42,480 --> 00:54:45,080
Speaker 4: is typically thirty, but you want to be ten percent

1005
00:54:45,200 --> 00:54:48,920
Speaker 4: or lower, that will increase your credit scores to extremely

1006
00:54:49,000 --> 00:54:52,560
Speaker 4: high levels and also have those minimum payments low. If

1007
00:54:52,600 --> 00:54:57,560
Speaker 4: you start paying your credit card payments on the statement

1008
00:54:57,680 --> 00:55:01,160
Speaker 4: closed date versus the do date, that also will increase

1009
00:55:01,200 --> 00:55:04,880
Speaker 4: your credit scores because remember when your statement closes, that's

1010
00:55:04,920 --> 00:55:08,840
Speaker 4: what the creditor is reporting to the credit bureaus when

1011
00:55:08,880 --> 00:55:12,919
Speaker 4: it closes. Right, So if you have a balance, let's

1012
00:55:12,960 --> 00:55:16,480
Speaker 4: just say your credit card limit is twenty five thousand,

1013
00:55:17,120 --> 00:55:19,800
Speaker 4: let's just say ten thousand for easy numbers, right, but

1014
00:55:20,000 --> 00:55:24,560
Speaker 4: you're closing at your availability is three thousand, right, your

1015
00:55:24,600 --> 00:55:27,600
Speaker 4: balance is three thousand, So when it closes, they're going

1016
00:55:27,680 --> 00:55:30,160
Speaker 4: to report to the credit report three thousand dollars. So

1017
00:55:30,200 --> 00:55:34,120
Speaker 4: that's a thirty percent you know mark that you're using.

1018
00:55:34,160 --> 00:55:37,959
Speaker 4: Your utilization is thirty percent, But if you pay down

1019
00:55:38,000 --> 00:55:41,440
Speaker 4: to one thousand on that closed date, it's going to

1020
00:55:41,480 --> 00:55:43,560
Speaker 4: look better for you. So now they're going to report

1021
00:55:43,560 --> 00:55:47,040
Speaker 4: that thousand dollars as your balance, and now you're ten

1022
00:55:47,080 --> 00:55:49,839
Speaker 4: percent or less, and that's going to boost your credit score.

1023
00:55:49,920 --> 00:55:52,960
Speaker 4: So that's an easy tip for everybody out there who

1024
00:55:53,040 --> 00:55:56,640
Speaker 4: might have credit card debt. To keep your utilization low,

1025
00:55:57,040 --> 00:55:59,239
Speaker 4: they will keep your credit score high and also keep

1026
00:55:59,239 --> 00:56:02,920
Speaker 4: your payment loan. Now, also another tip I want to

1027
00:56:02,920 --> 00:56:05,520
Speaker 4: give you guys, is if you have car loans in

1028
00:56:05,560 --> 00:56:09,359
Speaker 4: your personal name. This is extremely important if you have

1029
00:56:09,400 --> 00:56:12,799
Speaker 4: an LLC or you have a business. See if you

1030
00:56:12,840 --> 00:56:17,000
Speaker 4: can go to the bank and refinance that car out

1031
00:56:17,040 --> 00:56:21,000
Speaker 4: of your personal name into your business name. If you

1032
00:56:21,080 --> 00:56:27,200
Speaker 4: can refinance that car into your person into your business name,

1033
00:56:27,840 --> 00:56:33,320
Speaker 4: that will also decrease your debt to income ratio as well.

1034
00:56:34,040 --> 00:56:38,040
Speaker 4: That will keep your utilism your DTI loan because now

1035
00:56:38,120 --> 00:56:44,280
Speaker 4: that payment is not on you, it's it's on the business.

1036
00:56:44,360 --> 00:56:47,640
Speaker 4: So now you have to make sure you have to

1037
00:56:47,680 --> 00:56:53,720
Speaker 4: make sure that the LLC is making a payment from

1038
00:56:54,320 --> 00:56:58,160
Speaker 4: that LLC's bank account for at least twelve months. And

1039
00:56:58,200 --> 00:57:01,400
Speaker 4: then you also want to make sure you file your taxes.

1040
00:57:01,840 --> 00:57:05,560
Speaker 4: You're filing your taxes with that car being shown as

1041
00:57:05,560 --> 00:57:09,719
Speaker 4: an expense to the business, so that way underwriter will

1042
00:57:09,760 --> 00:57:13,440
Speaker 4: go ahead and omit that from your liabilities. Now we

1043
00:57:13,480 --> 00:57:17,640
Speaker 4: all know cars are extremely high right now, You know,

1044
00:57:17,760 --> 00:57:19,720
Speaker 4: hond that core might cost you eight hundred dollars a

1045
00:57:19,760 --> 00:57:22,400
Speaker 4: month these days, you know what I'm saying. So if

1046
00:57:22,440 --> 00:57:26,400
Speaker 4: you can do it strategically, y'all and have your business

1047
00:57:26,480 --> 00:57:28,880
Speaker 4: now because everybody in here probably got an LLC who's

1048
00:57:28,880 --> 00:57:31,560
Speaker 4: watching this right now, and most of you are not

1049
00:57:31,640 --> 00:57:34,720
Speaker 4: doing nothing with these LLCs. This is one thing you

1050
00:57:34,760 --> 00:57:38,800
Speaker 4: can do with your LLCs right create that business for

1051
00:57:38,920 --> 00:57:41,440
Speaker 4: the LLC. Hell, put your car on Toro when you

1052
00:57:41,440 --> 00:57:43,520
Speaker 4: know you're going on vacation, something like that, so now

1053
00:57:43,520 --> 00:57:47,800
Speaker 4: it's a business. Be smart about that. So that's just

1054
00:57:48,040 --> 00:57:52,040
Speaker 4: two little quick hacks that I would give you on tips.

1055
00:57:52,040 --> 00:57:55,240
Speaker 4: I should say that would give you to try to

1056
00:57:55,320 --> 00:57:58,880
Speaker 4: lower your debt to income ratio. But remember, you know,

1057
00:57:59,800 --> 00:58:02,640
Speaker 4: if you don't make sure the business is making money

1058
00:58:02,680 --> 00:58:04,840
Speaker 4: to pay for it, right because I know a lot

1059
00:58:04,840 --> 00:58:08,120
Speaker 4: of people talk about stuff like this, but if your

1060
00:58:08,160 --> 00:58:10,720
Speaker 4: business ain't making no money, then you shouldn't really be

1061
00:58:10,800 --> 00:58:13,040
Speaker 4: having a hot condo anyway. So just I want to

1062
00:58:13,280 --> 00:58:16,800
Speaker 4: just put that disclaim out there. Make sure you got

1063
00:58:16,840 --> 00:58:20,360
Speaker 4: money coming into this business business as well. Figure it out.

1064
00:58:20,680 --> 00:58:24,120
Speaker 4: Everything is figured outable. So that's kind of the two

1065
00:58:24,240 --> 00:58:27,480
Speaker 4: things I would say. To increase your credit scores, but

1066
00:58:27,760 --> 00:58:32,439
Speaker 4: also decrease your DADA income ratio so you have more

1067
00:58:32,680 --> 00:58:34,439
Speaker 4: buying power to buy.

1068
00:58:35,240 --> 00:58:40,080
Speaker 5: Your credit score is vitally important, almost equally as important

1069
00:58:40,440 --> 00:58:42,560
Speaker 5: as your interest rate. And that has been the talk

1070
00:58:42,640 --> 00:58:45,000
Speaker 5: over the past two months, definitely in the stock market,

1071
00:58:45,040 --> 00:58:47,400
Speaker 5: but obviously in the real estate world. So let's talk

1072
00:58:47,400 --> 00:58:51,800
Speaker 5: about navigating interest rates, the timing of it, when the

1073
00:58:51,880 --> 00:58:55,160
Speaker 5: lock them in, float down options, the whole world of

1074
00:58:55,200 --> 00:58:57,280
Speaker 5: interest rates, because we hear it a lot.

1075
00:58:57,600 --> 00:58:57,800
Speaker 8: Right.

1076
00:58:57,920 --> 00:59:01,080
Speaker 5: We saw during the pandemic we were at a historic lows,

1077
00:59:01,520 --> 00:59:04,720
Speaker 5: right two percent, two point eight percent. We got up

1078
00:59:04,720 --> 00:59:07,520
Speaker 5: to seven and a half for coming down Federick Cutt

1079
00:59:07,600 --> 00:59:10,320
Speaker 5: last week November. There seems to be some more talk

1080
00:59:10,320 --> 00:59:12,280
Speaker 5: about the impact and how we navigate this to make

1081
00:59:12,320 --> 00:59:14,000
Speaker 5: sure that we're locking at a good time and a

1082
00:59:14,000 --> 00:59:14,400
Speaker 5: good rate.

1083
00:59:15,160 --> 00:59:17,479
Speaker 4: Boys and girls, I am happier than a pig. And shit,

1084
00:59:19,320 --> 00:59:22,720
Speaker 4: the revolution is about the beginning again, and I cannot wait.

1085
00:59:23,280 --> 00:59:27,920
Speaker 4: Right interest rates are getting lower, and I've been screaming

1086
00:59:27,960 --> 00:59:29,560
Speaker 4: at the top of my lungs for the past two

1087
00:59:29,640 --> 00:59:32,120
Speaker 4: years and telling everybody sit here and buy real estate

1088
00:59:32,480 --> 00:59:34,440
Speaker 4: by real estate bid. These rates are higher because you

1089
00:59:34,440 --> 00:59:38,320
Speaker 4: can always refinance when they become lower. Right, Right now,

1090
00:59:38,320 --> 00:59:40,400
Speaker 4: it's about the happen ladies and gentlemen. There's about to

1091
00:59:40,400 --> 00:59:42,720
Speaker 4: be millions of biers that's going to re into this

1092
00:59:42,800 --> 00:59:45,000
Speaker 4: market as soon as these rates start hitting the fives,

1093
00:59:45,560 --> 00:59:47,640
Speaker 4: which we are not too far off of. Right now.

1094
00:59:47,720 --> 00:59:50,600
Speaker 4: The market closed today on a national average around six

1095
00:59:50,640 --> 00:59:53,120
Speaker 4: and a quarter percent on a thirty Yet conventional mortgage

1096
00:59:53,120 --> 00:59:56,760
Speaker 4: for primary residence FHA loans you can get right now

1097
00:59:57,000 --> 00:59:59,560
Speaker 4: in the mid fives five and a half percent. Right

1098
00:59:59,560 --> 01:00:03,360
Speaker 4: but when that the convention rate goes below six percent, ah, man,

1099
01:00:03,440 --> 01:00:06,000
Speaker 4: it's gonna get crazy out here. So what I would

1100
01:00:06,000 --> 01:00:10,000
Speaker 4: tell people if you are in the market, or in

1101
01:00:10,120 --> 01:00:14,720
Speaker 4: contract or putting in office and you're being aggressive, make

1102
01:00:14,760 --> 01:00:18,400
Speaker 4: sure the lender that you're working with offers a float

1103
01:00:18,440 --> 01:00:24,600
Speaker 4: down option. Okay, everybody type in chat float down option

1104
01:00:25,120 --> 01:00:27,040
Speaker 4: because this is extremely important and a lot of people

1105
01:00:27,040 --> 01:00:31,400
Speaker 4: don't even notice even exists. So a float down is

1106
01:00:31,480 --> 01:00:35,400
Speaker 4: basically when you lock into an interest rate with your

1107
01:00:35,440 --> 01:00:40,320
Speaker 4: lender and you have this float down option if the

1108
01:00:40,440 --> 01:00:45,720
Speaker 4: market drops while you're in contract and at least two

1109
01:00:45,760 --> 01:00:48,480
Speaker 4: weeks before closing. Most lensers will say maybe a week

1110
01:00:48,520 --> 01:00:51,960
Speaker 4: before closing. Some other lenders, right every lender has different guidelines,

1111
01:00:52,200 --> 01:00:55,040
Speaker 4: but typically within a week or two before closing if

1112
01:00:55,080 --> 01:00:58,400
Speaker 4: your rate, if the interest rate drops for your scenario,

1113
01:00:58,960 --> 01:01:02,400
Speaker 4: at least a quarter to half a point again, Every

1114
01:01:02,520 --> 01:01:05,360
Speaker 4: lender has different guidelines, but I'm gonna just say half

1115
01:01:05,440 --> 01:01:08,600
Speaker 4: a point, right, If your rate goes from six and

1116
01:01:08,640 --> 01:01:11,280
Speaker 4: a quarter today in a week from now drops to

1117
01:01:11,360 --> 01:01:15,000
Speaker 4: five and three quarters, you can exercise that float down

1118
01:01:15,080 --> 01:01:17,640
Speaker 4: option and take advantage of the lower rate in the

1119
01:01:17,680 --> 01:01:23,560
Speaker 4: market and basically renegotiate your rate. Now. This will be

1120
01:01:23,600 --> 01:01:27,439
Speaker 4: a cost to you upfront. It could be a half

1121
01:01:27,480 --> 01:01:29,920
Speaker 4: a point a half a percentage of the loan amount,

1122
01:01:30,200 --> 01:01:33,680
Speaker 4: which if it's one hundred thousand dollars loan, you know,

1123
01:01:33,760 --> 01:01:36,520
Speaker 4: it could be five hundred bucks, right, or it could

1124
01:01:36,560 --> 01:01:40,520
Speaker 4: be one point, right. So it just really depends on

1125
01:01:40,560 --> 01:01:42,440
Speaker 4: the lender and their guidelines, but it can cost you

1126
01:01:42,480 --> 01:01:47,120
Speaker 4: anywhere between half a point to one point upfront as

1127
01:01:47,160 --> 01:01:49,919
Speaker 4: a part of your closing costs. But the float down

1128
01:01:50,000 --> 01:01:54,720
Speaker 4: option is a terrific a terrific option for home buyers

1129
01:01:54,960 --> 01:01:57,920
Speaker 4: who want to get into a contract right now but

1130
01:01:59,000 --> 01:02:03,400
Speaker 4: may have some reservations about locking in. I will highly

1131
01:02:03,480 --> 01:02:06,240
Speaker 4: recommend locking in with this option so that way, if

1132
01:02:06,280 --> 01:02:09,400
Speaker 4: it does adjust for your benefit before closing, you can

1133
01:02:09,440 --> 01:02:12,040
Speaker 4: take advantage of that low rate. Because I will tell

1134
01:02:12,080 --> 01:02:16,080
Speaker 4: you this, when the rates do drop, they drop fast,

1135
01:02:16,120 --> 01:02:18,640
Speaker 4: and then they go back up faster, right, so that

1136
01:02:18,840 --> 01:02:21,320
Speaker 4: time and you have to be working with someone who's

1137
01:02:21,360 --> 01:02:25,080
Speaker 4: studying the market constantly, and that timing has to be there.

1138
01:02:25,480 --> 01:02:25,640
Speaker 8: Right.

1139
01:02:25,680 --> 01:02:27,680
Speaker 4: If that tim is not there, because it's head today,

1140
01:02:27,720 --> 01:02:32,040
Speaker 4: it could be going tomorrow. So locking with the float

1141
01:02:32,040 --> 01:02:35,640
Speaker 4: down is a terrific option for everybody out here who's

1142
01:02:35,720 --> 01:02:38,400
Speaker 4: looking to buy real estate.

1143
01:02:38,800 --> 01:02:43,520
Speaker 7: So what was ds R D S c R loan.

1144
01:02:44,200 --> 01:02:47,200
Speaker 4: That's investment properties. Y'all want to go to investment properties. Now,

1145
01:02:47,280 --> 01:02:48,560
Speaker 4: y'all want to keep it here first?

1146
01:02:49,800 --> 01:02:51,520
Speaker 7: All right, Let's keep it here first and we'll go

1147
01:02:51,560 --> 01:02:52,120
Speaker 7: back to that later.

1148
01:02:52,160 --> 01:02:53,600
Speaker 8: All right, we're going to come back to that. I

1149
01:02:53,680 --> 01:02:54,479
Speaker 8: see it in the chat.

1150
01:02:55,040 --> 01:02:58,000
Speaker 4: Yeah, I got to settle down.

1151
01:02:58,360 --> 01:03:01,960
Speaker 8: We see you, bro, We see through it.

1152
01:03:03,520 --> 01:03:07,400
Speaker 4: But yeah, I mean, but that's you know, navigating interest

1153
01:03:07,440 --> 01:03:10,919
Speaker 4: rates in this timeframe. That's what you want to look at. Now.

1154
01:03:10,960 --> 01:03:13,320
Speaker 4: If you're someone who's not in the market right now,

1155
01:03:13,760 --> 01:03:16,000
Speaker 4: you got to really pay attention. Like if you're not

1156
01:03:16,000 --> 01:03:17,880
Speaker 4: in the market to buy, if you say you want

1157
01:03:17,880 --> 01:03:19,400
Speaker 4: to buy in three months, you want to buy in

1158
01:03:19,440 --> 01:03:22,040
Speaker 4: four months, that's when you really have to now start

1159
01:03:22,080 --> 01:03:26,360
Speaker 4: paying attention to the economic news, the economic indicators and

1160
01:03:26,480 --> 01:03:29,880
Speaker 4: looking at you know, everybody's like, oh, the Fed Funds rate,

1161
01:03:29,920 --> 01:03:33,200
Speaker 4: the Fed's funds rate, right, But the Fed Funds rate

1162
01:03:33,680 --> 01:03:38,040
Speaker 4: does not directly control if mortgage rates are going to

1163
01:03:39,120 --> 01:03:42,040
Speaker 4: get lowered. Right. The Fed Funds rate controls the overnight

1164
01:03:42,120 --> 01:03:45,560
Speaker 4: lenden that banks do to another and that really directly

1165
01:03:45,640 --> 01:03:50,480
Speaker 4: impacts short term lending credit cards, auto loans, home equity,

1166
01:03:50,560 --> 01:03:53,920
Speaker 4: line of credits. Mortgage rates when it does get lowered,

1167
01:03:54,000 --> 01:03:57,600
Speaker 4: sometimes go down. But even when they lowered it last week,

1168
01:03:58,240 --> 01:04:02,640
Speaker 4: the mortgage rates ticked up by like ten fifteen basis

1169
01:04:02,680 --> 01:04:06,520
Speaker 4: points slightly higher, right, and it still really hasn't recovered.

1170
01:04:06,840 --> 01:04:09,000
Speaker 4: Like last week it got as low as six point

1171
01:04:09,040 --> 01:04:11,680
Speaker 4: one on a national average. Today is around six and

1172
01:04:11,760 --> 01:04:15,280
Speaker 4: a quarter. Right, So just because the Feds lower the

1173
01:04:15,720 --> 01:04:21,480
Speaker 4: Fed Funds rate, it doesn't necessarily translate to the mortgage market.

1174
01:04:21,520 --> 01:04:24,800
Speaker 4: What I pay attention to is the ten year treasury

1175
01:04:25,160 --> 01:04:28,120
Speaker 4: and the mortgage backed securities. That's what's really going to

1176
01:04:28,200 --> 01:04:31,840
Speaker 4: directly impact the mortgage rates. And this is why you

1177
01:04:31,920 --> 01:04:36,160
Speaker 4: need to be working with an elite loan officer who

1178
01:04:36,160 --> 01:04:41,000
Speaker 4: really understands treasuries MBS's so that way they can give

1179
01:04:41,040 --> 01:04:44,880
Speaker 4: you expert, elite advice because not all loan officers are

1180
01:04:44,880 --> 01:04:45,760
Speaker 4: built alike.

1181
01:04:46,280 --> 01:04:50,720
Speaker 5: MG, are there situations where we can actually lower our

1182
01:04:50,840 --> 01:04:54,240
Speaker 5: rate by buying down the interest rate or potentially open

1183
01:04:54,280 --> 01:04:56,880
Speaker 5: it up at a financial institution where that is an incentive.

1184
01:04:57,240 --> 01:05:01,400
Speaker 5: If I open my account at such JP and that's

1185
01:05:01,480 --> 01:05:03,840
Speaker 5: my borrower, they might give me a quarter off model.

1186
01:05:04,160 --> 01:05:06,720
Speaker 5: Talk about that like as another way of strategy to

1187
01:05:06,760 --> 01:05:07,680
Speaker 5: get that industry done.

1188
01:05:07,680 --> 01:05:10,800
Speaker 4: Absolutely so, if you're going with big retail banks, like

1189
01:05:10,840 --> 01:05:13,200
Speaker 4: you said, the JP Mortgans of the world and stuff

1190
01:05:13,240 --> 01:05:16,560
Speaker 4: like that, sometimes they offer specials if you're opening up

1191
01:05:16,640 --> 01:05:19,600
Speaker 4: other if you're if you're starting another relationship with them, right,

1192
01:05:19,640 --> 01:05:22,280
Speaker 4: if you're bringing money over from another bank, if you're

1193
01:05:22,320 --> 01:05:25,280
Speaker 4: opening up checking accounts, you know, I know, like banks

1194
01:05:25,280 --> 01:05:27,320
Speaker 4: like M and T, if you open up a checking

1195
01:05:27,360 --> 01:05:30,320
Speaker 4: account and you have direct deposit, they'll give you probably

1196
01:05:30,320 --> 01:05:32,480
Speaker 4: an eighth of a percent off. Don't quote me on that,

1197
01:05:33,200 --> 01:05:36,240
Speaker 4: but you know, these things come into the market just

1198
01:05:36,240 --> 01:05:39,800
Speaker 4: depending on the lender that that that you're you're dealing with, right,

1199
01:05:39,840 --> 01:05:41,920
Speaker 4: And that's mostly like the bigger banks would do that

1200
01:05:42,560 --> 01:05:45,600
Speaker 4: if you're bringing in more relationship to that bank, because

1201
01:05:45,600 --> 01:05:51,400
Speaker 4: those those lenders, those retail lenders, they love having multiple accounts.

1202
01:05:51,480 --> 01:05:55,680
Speaker 4: Multiple relationships with one person, right, whether it's business, banking,

1203
01:05:55,840 --> 01:06:01,439
Speaker 4: checking savings, you know, retirement, mortgages, auto. So the more

1204
01:06:01,480 --> 01:06:04,480
Speaker 4: you have with them, the better the deal they'll probably

1205
01:06:04,480 --> 01:06:07,200
Speaker 4: give you on your mortgage rate. Now, when it comes

1206
01:06:07,200 --> 01:06:11,160
Speaker 4: to buying down your rate and buying down points, this

1207
01:06:11,240 --> 01:06:14,240
Speaker 4: is a great strategy you can use as well. It's

1208
01:06:14,320 --> 01:06:16,840
Speaker 4: calling like a two to one buy down strategy where

1209
01:06:16,840 --> 01:06:20,240
Speaker 4: you're using the sellers concession to give you like a

1210
01:06:20,280 --> 01:06:24,240
Speaker 4: teaser rate for the first two years, which is much

1211
01:06:24,280 --> 01:06:27,160
Speaker 4: lower than market. Right. So for example, if today's rate,

1212
01:06:27,200 --> 01:06:29,360
Speaker 4: if you're doing a two to one buy down, and

1213
01:06:29,680 --> 01:06:32,720
Speaker 4: the rate is six and a quarter percent today, right,

1214
01:06:33,160 --> 01:06:35,720
Speaker 4: you use the seller concession to buy down the rate,

1215
01:06:35,840 --> 01:06:38,360
Speaker 4: and year one, your interest rate will be four and

1216
01:06:38,400 --> 01:06:41,520
Speaker 4: a quarter. Year two, the rate will be five in

1217
01:06:41,600 --> 01:06:45,440
Speaker 4: a quarter, and then year three and for the remaining

1218
01:06:45,480 --> 01:06:48,000
Speaker 4: of the loan it will be six in a quarter.

1219
01:06:48,320 --> 01:06:52,000
Speaker 4: So it gives you that option to have a lower

1220
01:06:52,080 --> 01:06:56,720
Speaker 4: payment over the first two years, but hopefully within that

1221
01:06:56,880 --> 01:07:00,320
Speaker 4: timeframe the mortgage rates will drop so you'll be able

1222
01:07:00,320 --> 01:07:03,440
Speaker 4: to refinance that and get into a permanent lower interest

1223
01:07:03,560 --> 01:07:06,960
Speaker 4: rate environment. But two to one buy down is definitely

1224
01:07:06,960 --> 01:07:09,480
Speaker 4: a great option. For those of you who can get

1225
01:07:09,480 --> 01:07:12,880
Speaker 4: a seller's concession to buy down that rate and get

1226
01:07:12,880 --> 01:07:15,520
Speaker 4: that teaser rate. And if you can't get a full concession,

1227
01:07:15,520 --> 01:07:17,360
Speaker 4: because there's a lot of math behind us that I'm

1228
01:07:17,400 --> 01:07:19,560
Speaker 4: not really going into. It's a lot more details than

1229
01:07:19,560 --> 01:07:21,840
Speaker 4: what I'm saying, we'll be here all nightly trying to

1230
01:07:21,840 --> 01:07:23,880
Speaker 4: explain that, and we don't have that type of time.

1231
01:07:24,280 --> 01:07:26,840
Speaker 4: But if you can't get a full concession to do that,

1232
01:07:26,880 --> 01:07:29,680
Speaker 4: because sometimes you can't get a six percent concession or

1233
01:07:29,760 --> 01:07:33,080
Speaker 4: five percent concession to do that, maybe the seller will

1234
01:07:33,080 --> 01:07:35,320
Speaker 4: only give you one or two percent, then you can

1235
01:07:35,360 --> 01:07:37,840
Speaker 4: still use that one or two percent to just do

1236
01:07:37,920 --> 01:07:42,800
Speaker 4: a traditional buydown on your rate. Right, So every point

1237
01:07:42,880 --> 01:07:46,440
Speaker 4: that you pay in discount points, a discount point for

1238
01:07:46,440 --> 01:07:51,120
Speaker 4: those you don't know, is one percent of the loan amount.

1239
01:07:51,160 --> 01:07:53,600
Speaker 4: So if you're paying one point, let's just say again,

1240
01:07:54,000 --> 01:07:56,320
Speaker 4: let's just do a three hundred thousand dollars loan, each

1241
01:07:56,360 --> 01:07:59,400
Speaker 4: point will be the equivalent of three thousand dollars. So

1242
01:07:59,520 --> 01:08:04,080
Speaker 4: if you're buying down one point or three thousand dollars,

1243
01:08:04,440 --> 01:08:06,840
Speaker 4: then if the rate today is six and a quarter,

1244
01:08:07,240 --> 01:08:09,760
Speaker 4: the rate will go to six percent. Right, So one

1245
01:08:09,800 --> 01:08:13,720
Speaker 4: point will bring your rate down a quarter percent, right,

1246
01:08:13,760 --> 01:08:15,800
Speaker 4: so that will give you a little bit of savings,

1247
01:08:16,160 --> 01:08:18,160
Speaker 4: not too much. And this is why you got to

1248
01:08:18,160 --> 01:08:20,320
Speaker 4: really look at the numbers to see if it's even

1249
01:08:20,439 --> 01:08:26,040
Speaker 4: worth met or you putting that three thousand dollars towards

1250
01:08:26,080 --> 01:08:29,680
Speaker 4: buying down your rate to save fifty sixty bucks, or

1251
01:08:29,840 --> 01:08:32,040
Speaker 4: is it best to use that three thousand dollars to

1252
01:08:32,080 --> 01:08:36,080
Speaker 4: pay closing costs the other fees so that way you

1253
01:08:36,200 --> 01:08:38,840
Speaker 4: have more money in your pocket. So, and this is

1254
01:08:38,840 --> 01:08:41,519
Speaker 4: why you got to do a comparison of what makes

1255
01:08:42,000 --> 01:08:43,799
Speaker 4: both cents and sense.

1256
01:08:44,680 --> 01:08:48,320
Speaker 6: That's a fact that's in c So all right, and

1257
01:08:48,800 --> 01:08:50,800
Speaker 6: I understand that this is a lot of information, so

1258
01:08:51,400 --> 01:08:53,759
Speaker 6: you're gonna have to watch this video at least three times.

1259
01:08:53,800 --> 01:08:56,840
Speaker 6: But the thing is also is that it's not that

1260
01:08:56,920 --> 01:08:59,240
Speaker 6: you have to become an expert in every single thing

1261
01:09:00,360 --> 01:09:02,680
Speaker 6: out of this whole hour and a half that we

1262
01:09:02,760 --> 01:09:05,559
Speaker 6: might do this for maybe two things really hit like

1263
01:09:05,600 --> 01:09:08,360
Speaker 6: apply to your situation though that's what you use. Or

1264
01:09:08,400 --> 01:09:10,680
Speaker 6: at the very least, you've just become familiar and you

1265
01:09:10,680 --> 01:09:13,479
Speaker 6: can ask questions. So the thing about this is the

1266
01:09:13,520 --> 01:09:15,519
Speaker 6: thing about asking questions, you have to have a certain

1267
01:09:15,600 --> 01:09:18,760
Speaker 6: level of intelligence to even ask a question. Right, So

1268
01:09:18,800 --> 01:09:23,320
Speaker 6: it's like most of the time people don't ask questions

1269
01:09:23,320 --> 01:09:26,160
Speaker 6: because they don't have enough information to even ask a question.

1270
01:09:26,760 --> 01:09:28,680
Speaker 6: So you don't need to know the answer, but you

1271
01:09:28,760 --> 01:09:30,640
Speaker 6: just have to be able to ask a question. But

1272
01:09:30,760 --> 01:09:33,800
Speaker 6: you can't ask a question if you're not informed enough

1273
01:09:33,840 --> 01:09:36,479
Speaker 6: to ask a question. So even if you have ten

1274
01:09:36,560 --> 01:09:40,960
Speaker 6: percent of the information, well that's better than zero because

1275
01:09:41,000 --> 01:09:46,080
Speaker 6: the ten percent will actually lend you to more information

1276
01:09:46,240 --> 01:09:48,080
Speaker 6: down the line. So now when you talk to a

1277
01:09:48,120 --> 01:09:50,080
Speaker 6: mortgage broker, when you go to the bank, when you're

1278
01:09:50,080 --> 01:09:53,120
Speaker 6: talking to your real estate agent, you can ask them

1279
01:09:53,160 --> 01:09:55,240
Speaker 6: a question. Now they can inform you and they're like, oh,

1280
01:09:55,320 --> 01:09:57,599
Speaker 6: you know, you know about this, Oh yeah, what am

1281
01:09:57,600 --> 01:09:59,760
Speaker 6: I supposed to do with this? Oh okay, yeah? Or now,

1282
01:10:00,240 --> 01:10:03,840
Speaker 6: So that that's the that's the the whole point of it.

1283
01:10:04,040 --> 01:10:07,960
Speaker 6: Like it's not to just become a master in one day.

1284
01:10:08,200 --> 01:10:11,280
Speaker 6: That's not gonna happen. But you know, over the course

1285
01:10:11,320 --> 01:10:16,519
Speaker 6: of time, you you build information, and it's like anything else,

1286
01:10:16,560 --> 01:10:19,479
Speaker 6: the more you do it, the more comfortable you become.

1287
01:10:20,160 --> 01:10:22,840
Speaker 7: And after a while, you you you you know, feel

1288
01:10:22,960 --> 01:10:25,240
Speaker 7: very fluent in the situation. So before we go to.

1289
01:10:26,960 --> 01:10:29,080
Speaker 6: Uh, investments that No people want to talk about investing

1290
01:10:29,840 --> 01:10:31,280
Speaker 6: jumbo jumbo mortgages.

1291
01:10:31,400 --> 01:10:31,920
Speaker 7: What's that?

1292
01:10:32,760 --> 01:10:33,080
Speaker 8: Hm?

1293
01:10:34,680 --> 01:10:38,679
Speaker 4: I love it? Uh So jumbo mortgages. Right. So, typically

1294
01:10:38,680 --> 01:10:43,600
Speaker 4: when we're looking at jumbo mortgages, these are loan amounts

1295
01:10:43,640 --> 01:10:50,120
Speaker 4: above what Fannie Mae Freddie Mac will purchase from a lender.

1296
01:10:50,920 --> 01:10:51,120
Speaker 8: Right.

1297
01:10:52,080 --> 01:10:56,719
Speaker 4: So, and loan loan limits are about to go up anyway.

1298
01:10:57,680 --> 01:11:00,799
Speaker 4: There's a couple of lenders that's already you know, increased

1299
01:11:00,840 --> 01:11:05,360
Speaker 4: date loan limits for twenty twenty five, so you know,

1300
01:11:05,600 --> 01:11:09,680
Speaker 4: a single family in twenty twenty five, Fanny May will

1301
01:11:09,720 --> 01:11:11,640
Speaker 4: go up to eight hundred and two thousand. It's not

1302
01:11:11,680 --> 01:11:14,160
Speaker 4: official yet, but several lenders have already put it out

1303
01:11:14,200 --> 01:11:17,519
Speaker 4: there because we anticipate that they will in November raise

1304
01:11:17,560 --> 01:11:21,519
Speaker 4: the loan limits again. So any loan amount that is

1305
01:11:21,960 --> 01:11:26,320
Speaker 4: that exceeds the threshold that Fannie May and Freddie Mack

1306
01:11:26,320 --> 01:11:32,040
Speaker 4: will buy, right. And so these loans are typically portfolio

1307
01:11:32,120 --> 01:11:35,280
Speaker 4: loans because the government is not backing them, so the

1308
01:11:35,400 --> 01:11:38,880
Speaker 4: lender is lending pretty much their own own money on

1309
01:11:38,960 --> 01:11:42,519
Speaker 4: this one. So the requirements to get qualified for this

1310
01:11:43,040 --> 01:11:46,040
Speaker 4: jumbo mortgage is going to be it's gonna be a

1311
01:11:46,080 --> 01:11:49,640
Speaker 4: lot tougher, especially if you're going full documentation, full documentation,

1312
01:11:49,720 --> 01:11:52,280
Speaker 4: ladies and gentlemens. When you're providing your W two's pay

1313
01:11:52,320 --> 01:11:56,240
Speaker 4: stuffs bank statements, tatoo turns, that's a full documentation loan,

1314
01:11:56,760 --> 01:11:59,360
Speaker 4: So your den to income ratio will have to be,

1315
01:11:59,800 --> 01:12:03,320
Speaker 4: you know, forty three percent all below, and some jumbo

1316
01:12:03,439 --> 01:12:07,519
Speaker 4: lenders want to see forty percent all below, you know,

1317
01:12:07,560 --> 01:12:10,719
Speaker 4: And you can get loan amounts three up to three million,

1318
01:12:10,800 --> 01:12:15,599
Speaker 4: four million, five million, just depending on that lender. So

1319
01:12:16,040 --> 01:12:18,360
Speaker 4: you know, this is when you're trying to buy that

1320
01:12:18,600 --> 01:12:21,639
Speaker 4: mega mansion, that big old dream house of yours, you're

1321
01:12:21,680 --> 01:12:24,800
Speaker 4: going to use a jumbo mortgage. Now, if you are

1322
01:12:24,920 --> 01:12:27,559
Speaker 4: self employed and you're looking to buy your mega mansion

1323
01:12:27,600 --> 01:12:29,920
Speaker 4: or your dream home that maybe cost you two million

1324
01:12:29,960 --> 01:12:32,639
Speaker 4: dollars two and a half million dollars, and you don't

1325
01:12:32,680 --> 01:12:36,040
Speaker 4: file your taxes property and you've write off everything. No't worry.

1326
01:12:36,439 --> 01:12:39,040
Speaker 4: There are loans out there that can help you without

1327
01:12:39,200 --> 01:12:42,960
Speaker 4: providing all this information, like bank statement loans, where we're

1328
01:12:43,040 --> 01:12:47,679
Speaker 4: using the down the deposits that you're receiving in your

1329
01:12:47,880 --> 01:12:51,080
Speaker 4: business bank statements over a twelve month period and the

1330
01:12:51,160 --> 01:12:55,839
Speaker 4: lender will average that out and determine how much income

1331
01:12:55,840 --> 01:12:58,360
Speaker 4: that you're bringing in based off of those deposits, and

1332
01:12:58,400 --> 01:13:01,240
Speaker 4: we can use that to qualify value. This loan is

1333
01:13:01,280 --> 01:13:06,479
Speaker 4: extremely popular amongst entrepreneurs who write, who take full advantage

1334
01:13:06,479 --> 01:13:08,720
Speaker 4: of the tax code. This is going to come at

1335
01:13:08,720 --> 01:13:13,160
Speaker 4: a much higher interest rate than what a paper full

1336
01:13:13,240 --> 01:13:17,759
Speaker 4: documentation jumbo loan is going to get, but it's well

1337
01:13:17,800 --> 01:13:21,320
Speaker 4: worth it to pay that two percent margin higher two

1338
01:13:21,320 --> 01:13:24,639
Speaker 4: and a half percent margin higher and rate than paying

1339
01:13:24,680 --> 01:13:26,840
Speaker 4: probably a couple hundred thousand taxes.

1340
01:13:27,280 --> 01:13:27,479
Speaker 7: Right.

1341
01:13:27,760 --> 01:13:30,160
Speaker 4: So again that's when you need to mortgage plan. If

1342
01:13:30,160 --> 01:13:34,679
Speaker 4: you are self employed and you're looking about this luxury home,

1343
01:13:35,080 --> 01:13:36,840
Speaker 4: you need to have a mortgage plan in place so

1344
01:13:36,960 --> 01:13:39,600
Speaker 4: you know you can weigh out all the pros and

1345
01:13:39,640 --> 01:13:42,880
Speaker 4: cons ahead of time. But there are definitely options out

1346
01:13:42,880 --> 01:13:48,240
Speaker 4: there for all buyers in this jumbo market, whether you're

1347
01:13:48,280 --> 01:13:52,080
Speaker 4: full documentation, whether you're going non traditional and you want

1348
01:13:52,080 --> 01:13:54,840
Speaker 4: to get that luxurious dream home of yours.

1349
01:13:55,760 --> 01:13:58,120
Speaker 5: So just really quick going to the jumbo loan, it's

1350
01:13:58,240 --> 01:14:01,479
Speaker 5: usually a higher interest rate. Prime example, if the interest

1351
01:14:01,560 --> 01:14:04,639
Speaker 5: rates are seven, you could typically see at ten percent.

1352
01:14:05,400 --> 01:14:09,080
Speaker 4: So if you're doing a full documentation loan, and let's

1353
01:14:09,080 --> 01:14:11,400
Speaker 4: just say you're going to like a retail bank like

1354
01:14:11,439 --> 01:14:14,559
Speaker 4: we just mentioned. Honestly, the retail banks are going to

1355
01:14:14,600 --> 01:14:17,519
Speaker 4: give you the best deal. Like a mortgage company, and

1356
01:14:17,520 --> 01:14:22,000
Speaker 4: a mortgage broker cannot compete with a retail bank like

1357
01:14:22,040 --> 01:14:24,559
Speaker 4: a JP Mullgan because they know you got money. So

1358
01:14:24,640 --> 01:14:26,320
Speaker 4: if you go over there and you bring over two

1359
01:14:26,400 --> 01:14:28,920
Speaker 4: hundred and fifty three hundred thousand, the positive that they're

1360
01:14:28,960 --> 01:14:32,800
Speaker 4: going to give you a great, a great deal. Right

1361
01:14:32,920 --> 01:14:35,479
Speaker 4: So their rates right now might be in the files

1362
01:14:36,160 --> 01:14:40,360
Speaker 4: for a two million dollar loan on a thirty ear

1363
01:14:40,360 --> 01:14:43,080
Speaker 4: fix right now because they're letting, they're making their own

1364
01:14:43,120 --> 01:14:46,519
Speaker 4: rules so to speak. Right it's their portfolio money. Now,

1365
01:14:46,600 --> 01:14:51,479
Speaker 4: if you are a non traditional buyer, then that rate

1366
01:14:51,520 --> 01:14:54,840
Speaker 4: today might be somewhere around seven and a half to

1367
01:14:55,040 --> 01:14:58,960
Speaker 4: eight percent on this you know type of paper. If

1368
01:14:58,960 --> 01:15:01,839
Speaker 4: you're doing non traditional finance and like bank statement loans,

1369
01:15:02,000 --> 01:15:04,759
Speaker 4: light doc loans, p and L loans, you know, things

1370
01:15:04,800 --> 01:15:08,479
Speaker 4: of that nature. We're not showing traditional documentation. You're gonna

1371
01:15:08,479 --> 01:15:11,400
Speaker 4: pay a premium for it, right but you're gonna get

1372
01:15:11,439 --> 01:15:15,479
Speaker 4: into the house. And that's most important for these self

1373
01:15:15,479 --> 01:15:18,960
Speaker 4: employee barbers because they can afford that payment if they're

1374
01:15:19,000 --> 01:15:21,800
Speaker 4: buying at that level, they're not really too concerned about

1375
01:15:21,800 --> 01:15:24,760
Speaker 4: that payment shot because they'd rather have a payment that's

1376
01:15:24,920 --> 01:15:27,599
Speaker 4: five hundred or one thousand dollars higher, so that way

1377
01:15:27,600 --> 01:15:30,360
Speaker 4: they don't have to pay one hundred thousand, two hundred

1378
01:15:30,360 --> 01:15:35,559
Speaker 4: thousand in taxes, so it balances itself out. So the

1379
01:15:35,720 --> 01:15:39,680
Speaker 4: interest rate is important, but it's not as equally as

1380
01:15:39,720 --> 01:15:42,440
Speaker 4: important and looking at the full spectrum from a holistic

1381
01:15:42,479 --> 01:15:44,280
Speaker 4: point of view of where you stand.

1382
01:15:45,400 --> 01:15:45,679
Speaker 8: Sure.

1383
01:15:45,760 --> 01:15:48,160
Speaker 6: So all right, so let's get into this investing before

1384
01:15:48,200 --> 01:15:54,880
Speaker 6: we leave. So now let's talk about the.

1385
01:15:55,680 --> 01:15:59,479
Speaker 4: Yeah, so the DFTR loan. So the DSCR loan stands

1386
01:15:59,520 --> 01:16:07,360
Speaker 4: for debt service coverage ratio, so commercial loans, commercial loans,

1387
01:16:08,000 --> 01:16:10,160
Speaker 4: So all right, let me start off like this. So

1388
01:16:10,479 --> 01:16:16,160
Speaker 4: in residential we have DTI right, your debt to income ratio.

1389
01:16:16,640 --> 01:16:21,120
Speaker 4: When you're dealing with commercial lending, we have DSCR debt

1390
01:16:21,160 --> 01:16:25,360
Speaker 4: service coverage ratio. That is the DTI of the property.

1391
01:16:25,840 --> 01:16:30,559
Speaker 4: Right now, lenders have now started allowing over the past

1392
01:16:30,560 --> 01:16:34,439
Speaker 4: couple of years investors who want to buy residential real

1393
01:16:34,560 --> 01:16:39,080
Speaker 4: estate use the same formula and calculation to how we

1394
01:16:39,360 --> 01:16:43,120
Speaker 4: underwrite investment commercial properties. We can now use it in

1395
01:16:43,479 --> 01:16:48,040
Speaker 4: the residential investments space as well. Right, So when you're

1396
01:16:48,080 --> 01:16:51,000
Speaker 4: looking to do a true investment property, now this is

1397
01:16:51,040 --> 01:16:55,120
Speaker 4: when you use your LLC. Okay, we're not looking at

1398
01:16:55,360 --> 01:16:59,280
Speaker 4: your W two's, your TAXO turns, your pay stubs. We

1399
01:16:59,360 --> 01:17:01,920
Speaker 4: don't want to know where your large deposits came from.

1400
01:17:02,120 --> 01:17:04,360
Speaker 4: All of that stuff is irrelevant. The only thing the

1401
01:17:04,439 --> 01:17:06,080
Speaker 4: lenders is real. They're going to do from your personal

1402
01:17:06,120 --> 01:17:08,120
Speaker 4: side is run your credit to make sure your credit

1403
01:17:08,160 --> 01:17:11,439
Speaker 4: is above a six to twenty credit score. Right, and

1404
01:17:11,439 --> 01:17:13,559
Speaker 4: as long as you're above a six to twenty credit score,

1405
01:17:13,680 --> 01:17:16,599
Speaker 4: depending on how big the deal is, in most cases,

1406
01:17:16,800 --> 01:17:22,719
Speaker 4: you should be Okay. Now we're looking at the property itself.

1407
01:17:22,760 --> 01:17:26,400
Speaker 4: When we're looking at dscrs. So the bottom line is

1408
01:17:26,400 --> 01:17:31,320
Speaker 4: is the property cash flowing? If the property is cash flowing,

1409
01:17:31,880 --> 01:17:36,599
Speaker 4: then the lender will lend on this property. So when

1410
01:17:36,640 --> 01:17:39,639
Speaker 4: you're looking at an investment property, you need to know

1411
01:17:39,680 --> 01:17:42,920
Speaker 4: how to analyze that property and underwrite it, not just

1412
01:17:43,000 --> 01:17:47,439
Speaker 4: as an investor, but also from a funding perspective, because

1413
01:17:47,640 --> 01:17:50,120
Speaker 4: we need to know what you're operating cost solved, what

1414
01:17:50,160 --> 01:17:53,960
Speaker 4: are the expenses of the property. Right, we already know

1415
01:17:54,080 --> 01:17:58,120
Speaker 4: property taxes and assurance, but what other expenses are there?

1416
01:17:58,240 --> 01:18:02,320
Speaker 4: Do you have to pay for you know, your utilities.

1417
01:18:02,360 --> 01:18:04,479
Speaker 4: Do you have to pay the light, build the guys,

1418
01:18:04,560 --> 01:18:07,760
Speaker 4: the water, the sewage? Right? What is all these expenses?

1419
01:18:07,800 --> 01:18:12,599
Speaker 4: And then also we're going to look at property management, right,

1420
01:18:12,840 --> 01:18:15,120
Speaker 4: how much is that percentage? Then you have to save

1421
01:18:15,200 --> 01:18:18,240
Speaker 4: for your cap ex expenses, which is your capital expenditures

1422
01:18:18,240 --> 01:18:20,840
Speaker 4: if anything breaks, right, We're going to put all of

1423
01:18:20,840 --> 01:18:25,040
Speaker 4: this into the calculator to see exactly what those expenses

1424
01:18:25,080 --> 01:18:27,479
Speaker 4: come up. And then also what's the gross income. So

1425
01:18:27,600 --> 01:18:30,320
Speaker 4: at the bottom line is we're looking at to make

1426
01:18:30,320 --> 01:18:32,200
Speaker 4: a long story short and to put this whole the

1427
01:18:32,280 --> 01:18:35,000
Speaker 4: layman's terms, because I want to go nobody's had. We

1428
01:18:35,080 --> 01:18:37,760
Speaker 4: want to make sure that the property is paying for

1429
01:18:37,800 --> 01:18:40,640
Speaker 4: itself and the owners of that LLC are making at

1430
01:18:40,720 --> 01:18:44,040
Speaker 4: least a twenty percent profit after all the expenses. That

1431
01:18:44,200 --> 01:18:48,120
Speaker 4: is a one point too, that DSCR ratio that the

1432
01:18:48,200 --> 01:18:51,320
Speaker 4: lender is looking for, and if it does meet this requirement,

1433
01:18:51,880 --> 01:18:56,960
Speaker 4: then the lender will lend on that property. Right. So lenders,

1434
01:18:56,960 --> 01:18:59,599
Speaker 4: and let's be I'm going to be very clear right now,

1435
01:19:00,080 --> 01:19:03,000
Speaker 4: it is much easier to get approved and get funding

1436
01:19:03,080 --> 01:19:07,479
Speaker 4: for investment properties than it is for your first home

1437
01:19:08,280 --> 01:19:11,880
Speaker 4: much easier. There's not as much paperwork, there's not a

1438
01:19:11,960 --> 01:19:15,200
Speaker 4: lot of hassle with it, as long as you know

1439
01:19:15,280 --> 01:19:19,200
Speaker 4: how to present the numbers to the lender properly and

1440
01:19:19,240 --> 01:19:22,559
Speaker 4: not over exaggerating them to try to make the deal work,

1441
01:19:23,320 --> 01:19:25,559
Speaker 4: because we're going to do our own due diligence and

1442
01:19:25,640 --> 01:19:28,400
Speaker 4: if that deal cash flows, and a cash flows property

1443
01:19:28,920 --> 01:19:31,479
Speaker 4: is going to close. Now, typically when you're doing a

1444
01:19:31,560 --> 01:19:34,320
Speaker 4: DSc all loan, this is going to require, at a

1445
01:19:34,439 --> 01:19:38,679
Speaker 4: very minimum, a minimum down payment of twenty percent if

1446
01:19:38,800 --> 01:19:42,599
Speaker 4: it meets the DSR requirement of one point two or percent.

1447
01:19:43,000 --> 01:19:45,800
Speaker 4: If it doesn't meet that requirement, then the lender will

1448
01:19:45,800 --> 01:19:49,320
Speaker 4: require you to put more money down. So this type

1449
01:19:49,360 --> 01:19:53,080
Speaker 4: of loan is strictly for live men, not for freshmen.

1450
01:19:53,640 --> 01:19:55,920
Speaker 4: If you ain't got the money, say hell.

1451
01:19:55,800 --> 01:20:01,160
Speaker 6: No, they're gonna want their money. Rain sleep he that's

1452
01:20:00,960 --> 01:20:02,759
Speaker 6: a fact. No rest in peace.

1453
01:20:02,880 --> 01:20:04,120
Speaker 8: All these rules, man, it's.

1454
01:20:04,040 --> 01:20:09,879
Speaker 6: A biggie okay. Refinancing. Want to talk about that, Yeah.

1455
01:20:09,680 --> 01:20:11,720
Speaker 4: I mean we could, we could talk up. We could

1456
01:20:11,760 --> 01:20:14,160
Speaker 4: talk about that, or we can. You want to take

1457
01:20:14,160 --> 01:20:16,439
Speaker 4: some questions about this cause I saw a thousand and

1458
01:20:16,520 --> 01:20:17,160
Speaker 4: one questions.

1459
01:20:17,400 --> 01:20:19,679
Speaker 5: Yeah, I mean you saw some if you want, Yeah,

1460
01:20:19,680 --> 01:20:23,320
Speaker 5: go ahead, man, all right, questions please.

1461
01:20:23,640 --> 01:20:27,759
Speaker 4: So already and so somebody asks, Rashida says, the minimum

1462
01:20:27,760 --> 01:20:31,400
Speaker 4: down payment of twenty percent. Yes, it's twenty percent, And

1463
01:20:31,439 --> 01:20:34,000
Speaker 4: I want to be clear again on that only if

1464
01:20:34,120 --> 01:20:40,000
Speaker 4: it meets the one point to DSCR requirement. So just

1465
01:20:40,000 --> 01:20:43,439
Speaker 4: because the minimum down payment is there, it doesn't mean

1466
01:20:44,640 --> 01:20:48,840
Speaker 4: that that property will cash flow out of it, right,

1467
01:20:50,160 --> 01:20:51,880
Speaker 4: So you might have to put twenty five percent, you

1468
01:20:51,920 --> 01:20:55,080
Speaker 4: might have to put thirty percent. Whatever it takes to

1469
01:20:55,479 --> 01:20:59,360
Speaker 4: get that property to DSR and the cash flow then

1470
01:20:59,400 --> 01:21:00,120
Speaker 4: you have to do it.

1471
01:21:00,240 --> 01:21:00,439
Speaker 8: Now.

1472
01:21:00,479 --> 01:21:02,400
Speaker 4: Another thing I'm going to talk about DSCR because I

1473
01:21:02,400 --> 01:21:05,080
Speaker 4: saw this question come up earlier, is about the LLC.

1474
01:21:05,520 --> 01:21:08,439
Speaker 4: The LLC does not have to be established for two years.

1475
01:21:08,479 --> 01:21:11,840
Speaker 4: The LLC does not need business credit. The LLC could

1476
01:21:11,880 --> 01:21:14,559
Speaker 4: be a brand new LLC. You can open up the

1477
01:21:14,760 --> 01:21:18,519
Speaker 4: LLC on Monday and get into a contract on Friday

1478
01:21:18,800 --> 01:21:22,840
Speaker 4: with that brand new LLC. Okay, let's be very clear.

1479
01:21:23,280 --> 01:21:26,559
Speaker 4: It could be a brand new LLC because lenders know

1480
01:21:27,400 --> 01:21:33,599
Speaker 4: investors will will use multiple different LLCs for for each

1481
01:21:33,640 --> 01:21:38,360
Speaker 4: investment property they buy. So you have to understand that

1482
01:21:38,360 --> 01:21:40,960
Speaker 4: that you do not need to established business credit. It

1483
01:21:41,000 --> 01:21:43,040
Speaker 4: doesn't need to be something that's been in a long

1484
01:21:43,080 --> 01:21:45,200
Speaker 4: standard because I get that question all the time, so

1485
01:21:45,240 --> 01:21:49,240
Speaker 4: I just want to throw that out there real quick.

1486
01:21:51,160 --> 01:21:54,360
Speaker 4: What else you said something about refinancing, right, shotty, I

1487
01:21:54,360 --> 01:21:55,599
Speaker 4: think that real real quick.

1488
01:21:55,680 --> 01:21:56,760
Speaker 8: Before we go to refinance.

1489
01:21:57,720 --> 01:22:01,599
Speaker 5: Somebody was asking, is there a differentference between this and

1490
01:22:01,640 --> 01:22:04,040
Speaker 5: a hard money loan, because it sounds like the similarities.

1491
01:22:05,040 --> 01:22:08,160
Speaker 8: Can can we draw a similar difference.

1492
01:22:08,960 --> 01:22:12,400
Speaker 4: It's it's a big difference. It's it's nothing. It's separated

1493
01:22:12,400 --> 01:22:15,519
Speaker 4: in apart from hard money. Right, hard money is one thing.

1494
01:22:15,960 --> 01:22:20,160
Speaker 4: DSCR is one thing. Right. DFCR loans doesn't have rehab

1495
01:22:20,240 --> 01:22:25,280
Speaker 4: money attached to it. The DSCR loan is for rental

1496
01:22:25,439 --> 01:22:29,240
Speaker 4: stable rental properties. It's not for rehabbing. When you want

1497
01:22:29,280 --> 01:22:38,439
Speaker 4: to buy a rehab and you do your bird strategy right, buy, renovate, refinance, rent, repeat, right,

1498
01:22:39,080 --> 01:22:43,200
Speaker 4: the DC loan, the DSCR loan is used to refinance

1499
01:22:43,280 --> 01:22:46,040
Speaker 4: out of your hard money loan, the hard money loan,

1500
01:22:46,760 --> 01:22:50,080
Speaker 4: and again that's different formas and calculations. Some you need

1501
01:22:50,160 --> 01:22:54,519
Speaker 4: to be at sixty five seventy max ARV. ARV is

1502
01:22:54,560 --> 01:22:57,639
Speaker 4: your after renovated value, but you know I would recommend

1503
01:22:57,680 --> 01:23:00,720
Speaker 4: if you can get fifty five sixty percent on your

1504
01:23:01,240 --> 01:23:03,519
Speaker 4: hard money deal, it's going to make it easier for

1505
01:23:03,560 --> 01:23:05,680
Speaker 4: you to exit out of that hard money and go

1506
01:23:05,880 --> 01:23:10,240
Speaker 4: into your refinance. Because when you're doing a refinance on

1507
01:23:10,240 --> 01:23:14,000
Speaker 4: the DSCR loan, your loan to value, your loan to

1508
01:23:14,080 --> 01:23:18,960
Speaker 4: value your LTV drops to seventy percent. In some cases

1509
01:23:19,080 --> 01:23:24,000
Speaker 4: maybe seventy five percent LTV, but most you most of

1510
01:23:24,040 --> 01:23:26,759
Speaker 4: the time I tell my people my mentors, use seventy

1511
01:23:26,800 --> 01:23:32,200
Speaker 4: percent ARV because you need to be able to I

1512
01:23:32,200 --> 01:23:36,160
Speaker 4: mean seventy percent as your max period because if you

1513
01:23:36,240 --> 01:23:39,240
Speaker 4: at seventy five, you only have a five percent cushion

1514
01:23:39,280 --> 01:23:41,559
Speaker 4: to get out of that hard money to refinance. So

1515
01:23:41,600 --> 01:23:44,920
Speaker 4: if you start off at fifty five sixty percent ARV

1516
01:23:45,160 --> 01:23:48,120
Speaker 4: on your on your your rehab project, now you have

1517
01:23:48,160 --> 01:23:51,800
Speaker 4: a ten to fifteen percent margin buffer that you can

1518
01:23:51,840 --> 01:23:54,840
Speaker 4: now refinance, maybe pull a little capital out of it too,

1519
01:23:54,960 --> 01:23:57,439
Speaker 4: and now go into your permanent finance and with the

1520
01:23:57,520 --> 01:24:00,320
Speaker 4: DSCLL loan, so your hard money loan is gonna be

1521
01:24:00,439 --> 01:24:02,840
Speaker 4: used to fix buy the property and fix it out.

1522
01:24:03,120 --> 01:24:05,519
Speaker 4: But remember how money the terms are going to be,

1523
01:24:05,680 --> 01:24:08,960
Speaker 4: typically twelve months, you can get past twelve months, but

1524
01:24:09,000 --> 01:24:11,800
Speaker 4: then it's going to get more expensive what you're gonna

1525
01:24:11,800 --> 01:24:14,280
Speaker 4: have to pay to keep extending a hard money loan. Right,

1526
01:24:14,520 --> 01:24:18,799
Speaker 4: but again this is strictly for live men, not for freshmen.

1527
01:24:19,200 --> 01:24:23,439
Speaker 4: Flips flop every day, b every single day. So it's

1528
01:24:23,560 --> 01:24:26,599
Speaker 4: very important that you know your numbers, you know exactly

1529
01:24:26,640 --> 01:24:30,280
Speaker 4: what the hell you're doing, because these construction costs can

1530
01:24:30,320 --> 01:24:35,720
Speaker 4: add up quickly fast, in a hurry.

1531
01:24:35,800 --> 01:24:39,400
Speaker 6: Like like flips flop every day.

1532
01:24:40,920 --> 01:24:41,479
Speaker 4: Every day.

1533
01:24:44,200 --> 01:24:46,919
Speaker 8: You said, like, it's definitely look uppable.

1534
01:24:48,200 --> 01:24:49,879
Speaker 4: Every everything is figure outable.

1535
01:24:50,520 --> 01:24:51,960
Speaker 8: Figure out That's what it was.

1536
01:24:53,479 --> 01:24:54,600
Speaker 4: Everything is figured out of.

1537
01:24:54,760 --> 01:25:00,320
Speaker 8: Bro Okay, okay with that, Yeah, you know it's.

1538
01:24:59,840 --> 01:25:03,679
Speaker 7: A fast Okay, I think we are Okay.

1539
01:25:03,800 --> 01:25:06,200
Speaker 6: I don't want to give too much information because I

1540
01:25:06,240 --> 01:25:11,320
Speaker 6: there is a thing called information overload where your brain

1541
01:25:11,400 --> 01:25:12,400
Speaker 6: just kind of shuts.

1542
01:25:12,120 --> 01:25:13,000
Speaker 7: Down after a while.

1543
01:25:13,080 --> 01:25:16,720
Speaker 6: Right, And we've we've we've been going hard at this

1544
01:25:16,760 --> 01:25:21,519
Speaker 6: for about it over an hour and twenty minutes. We

1545
01:25:21,640 --> 01:25:25,640
Speaker 6: are gonna be doing let's just have a sidebar conversation.

1546
01:25:26,040 --> 01:25:27,880
Speaker 6: So this is a new series that we're gonna be

1547
01:25:27,880 --> 01:25:30,160
Speaker 6: doing for ey l as opposed to just the regular

1548
01:25:30,200 --> 01:25:34,599
Speaker 6: traditional interviews. This is actually the first, and we're going

1549
01:25:34,720 --> 01:25:37,760
Speaker 6: to every week for about maybe ten weeks. We'll see,

1550
01:25:37,760 --> 01:25:39,920
Speaker 6: we'll see how it goes. But we're gonna be doing

1551
01:25:40,000 --> 01:25:44,880
Speaker 6: different topics like how we're doing this right now, we're

1552
01:25:44,880 --> 01:25:48,200
Speaker 6: gonna be We're gonna be doing different topics, getting real

1553
01:25:48,240 --> 01:25:52,439
Speaker 6: time feedback. So you guys in the chat, what do

1554
01:25:52,479 --> 01:25:54,640
Speaker 6: you think what would you like to see? Like, what

1555
01:25:54,800 --> 01:25:58,280
Speaker 6: other topics would you like to see in the vein

1556
01:25:58,320 --> 01:26:01,320
Speaker 6: of this where it's just straight in information, it's not

1557
01:26:01,360 --> 01:26:05,880
Speaker 6: necessarily an interview, it's more so just straight teaching for

1558
01:26:06,120 --> 01:26:09,400
Speaker 6: over an hour. So what other topics it could be?

1559
01:26:09,400 --> 01:26:14,960
Speaker 6: Anything would you be interested in learning about? And I

1560
01:26:15,000 --> 01:26:17,240
Speaker 6: think it's going to be this time Thursday, nine o'clock.

1561
01:26:18,160 --> 01:26:22,120
Speaker 6: We're taking over a new time, new day. So yeah,

1562
01:26:22,120 --> 01:26:24,880
Speaker 6: this was this was the first one. Yeah, so let's

1563
01:26:24,920 --> 01:26:29,679
Speaker 6: see what else. Somebody said, book selling options, trading, tax lanes,

1564
01:26:29,760 --> 01:26:32,559
Speaker 6: credit stocks, anything in real estate.

1565
01:26:33,160 --> 01:26:33,719
Speaker 8: It's crazy.

1566
01:26:34,280 --> 01:26:35,960
Speaker 5: As you were talking, man, I'm like, there's so much

1567
01:26:36,000 --> 01:26:38,280
Speaker 5: more we can do, and even the three of us,

1568
01:26:38,320 --> 01:26:40,400
Speaker 5: like even the stuff that we're learning now. So somebody

1569
01:26:40,400 --> 01:26:44,080
Speaker 5: put property management, Well, we've all kind of been property

1570
01:26:44,120 --> 01:26:46,479
Speaker 5: managing over the past year and a half. They talked

1571
01:26:46,520 --> 01:26:48,880
Speaker 5: about two or three K loans, right that talk, we

1572
01:26:48,880 --> 01:26:52,040
Speaker 5: can talk about construction loans, these things. We're actually going

1573
01:26:52,080 --> 01:26:54,519
Speaker 5: through these processes and learning them as well. So I

1574
01:26:54,560 --> 01:26:58,320
Speaker 5: can't wait to share some of the information that I'm

1575
01:26:58,400 --> 01:27:01,240
Speaker 5: learning right now, right because people just think yes, investment

1576
01:27:01,320 --> 01:27:04,920
Speaker 5: stocks like yeah, but like we live like lives too,

1577
01:27:05,120 --> 01:27:06,599
Speaker 5: and like a lot of things happen in their lives.

1578
01:27:06,640 --> 01:27:09,240
Speaker 5: So there's so much more week and share. I'm happy

1579
01:27:09,240 --> 01:27:11,240
Speaker 5: that everybody enjoyed it all.

1580
01:27:11,320 --> 01:27:16,080
Speaker 6: Right, Well, before we leave, Matt, so, okay, you actually

1581
01:27:16,200 --> 01:27:19,439
Speaker 6: you know, you get people mortgages and things of that nature, right, so.

1582
01:27:20,880 --> 01:27:24,720
Speaker 7: You work you still work with clients absolutely, So what

1583
01:27:25,200 --> 01:27:26,960
Speaker 7: what is that? How does that work?

1584
01:27:27,680 --> 01:27:30,680
Speaker 4: So we still work with clients. We are accepted, as

1585
01:27:30,760 --> 01:27:36,519
Speaker 4: Keana would say, we are accepting clients every day. You

1586
01:27:36,800 --> 01:27:44,120
Speaker 4: don't say, shout out to Kea, we are accepting clients. Yeah.

1587
01:27:44,200 --> 01:27:47,759
Speaker 4: So if anybody wants to work with me and my team,

1588
01:27:47,760 --> 01:27:50,160
Speaker 4: I'm gonna put in the chat the email. Just email

1589
01:27:50,280 --> 01:27:54,120
Speaker 4: us Gallan Group at u and MB dot com. Galland

1590
01:27:54,160 --> 01:27:57,880
Speaker 4: Group at un MB dot com. We would love to

1591
01:27:57,920 --> 01:27:59,920
Speaker 4: help you all. You can go to my Instagram page

1592
01:28:01,160 --> 01:28:03,960
Speaker 4: and you know you can click the link of my bio.

1593
01:28:04,080 --> 01:28:06,559
Speaker 4: You have all the resources there, but I just put

1594
01:28:06,600 --> 01:28:09,000
Speaker 4: it in the chat as well. Email us and just

1595
01:28:09,040 --> 01:28:11,360
Speaker 4: putting the subject that you saw us, you saw me

1596
01:28:11,479 --> 01:28:15,519
Speaker 4: on EYL Live Thursday night. You know what I'm saying.

1597
01:28:15,960 --> 01:28:18,960
Speaker 4: And you know, me and my team could definitely service you.

1598
01:28:19,280 --> 01:28:21,200
Speaker 4: But I want to speak to something and I'm glad

1599
01:28:21,200 --> 01:28:23,240
Speaker 4: that you guys asked me that question, so I definitely

1600
01:28:23,280 --> 01:28:23,920
Speaker 4: appreciate that.

1601
01:28:24,040 --> 01:28:24,200
Speaker 8: Right.

1602
01:28:25,800 --> 01:28:28,120
Speaker 4: I know, we're talking about home buying and we're talking

1603
01:28:28,120 --> 01:28:31,080
Speaker 4: about real estate investing, but I want to talk about

1604
01:28:31,120 --> 01:28:35,120
Speaker 4: something that we I never really spoke about, and people

1605
01:28:35,640 --> 01:28:40,800
Speaker 4: in this industry really don't speak about. Is representation. Right.

1606
01:28:41,439 --> 01:28:46,400
Speaker 4: We don't have enough black and brown loan officers in

1607
01:28:46,520 --> 01:28:50,080
Speaker 4: America that are helping people that look like us, that

1608
01:28:50,160 --> 01:28:54,040
Speaker 4: walk like us, that talk like us. And you know,

1609
01:28:54,240 --> 01:28:56,640
Speaker 4: it's mind blown to me that this is one of

1610
01:28:56,680 --> 01:29:01,320
Speaker 4: the most overlook industries in really state that people don't

1611
01:29:01,320 --> 01:29:04,400
Speaker 4: think about getting into. Right. So when most people think

1612
01:29:04,439 --> 01:29:06,760
Speaker 4: about getting into real estate, they want to be an

1613
01:29:06,760 --> 01:29:09,040
Speaker 4: investor or they say, you know what, I want to

1614
01:29:09,040 --> 01:29:11,240
Speaker 4: wholesale or I want to be a real estate agent.

1615
01:29:11,439 --> 01:29:15,040
Speaker 4: But I'm gonna tell you all, do not discount being

1616
01:29:15,280 --> 01:29:18,920
Speaker 4: a loan officer. This is one of the most this

1617
01:29:20,240 --> 01:29:23,720
Speaker 4: career has changed my life. Right, I'm a college dropout,

1618
01:29:24,479 --> 01:29:28,439
Speaker 4: I have Queens, New York Andrew Jackson High School education, Bailey,

1619
01:29:29,080 --> 01:29:31,680
Speaker 4: and I've been able to provide a lifestyle for my

1620
01:29:31,840 --> 01:29:37,880
Speaker 4: family and live a life all because of being in

1621
01:29:37,920 --> 01:29:41,439
Speaker 4: the mortgage industry. So you got to really look at, right,

1622
01:29:41,760 --> 01:29:46,759
Speaker 4: black home ownership and the mortgage industry, the discrimination laws.

1623
01:29:46,840 --> 01:29:49,799
Speaker 4: Like black people sixty seventy eighty years ago, we couldn't

1624
01:29:49,800 --> 01:29:50,599
Speaker 4: even get loans.

1625
01:29:51,040 --> 01:29:51,200
Speaker 7: Right.

1626
01:29:51,320 --> 01:29:55,439
Speaker 4: We talk about FAHA tonight. Decades ago, we couldn't even

1627
01:29:55,479 --> 01:30:00,160
Speaker 4: get FAHA mortgages. They were not it was law, and

1628
01:30:00,200 --> 01:30:04,840
Speaker 4: I get FAH loans. Right. We need more representation of

1629
01:30:04,960 --> 01:30:06,599
Speaker 4: people on this side of the fence.

1630
01:30:06,720 --> 01:30:06,960
Speaker 7: Right.

1631
01:30:07,439 --> 01:30:10,479
Speaker 4: There's statistically there's probably a little bit over three hundred

1632
01:30:10,560 --> 01:30:17,160
Speaker 4: thousand loan officers, licensed loan officers in America right now. Right.

1633
01:30:17,240 --> 01:30:20,720
Speaker 4: The crazy stat is seventy to seventy five percent of

1634
01:30:20,760 --> 01:30:25,880
Speaker 4: that is white, seven to eight percent of that is

1635
01:30:25,960 --> 01:30:31,200
Speaker 4: African American, with another twelve to thirteen percent Hispanic. So

1636
01:30:31,280 --> 01:30:35,400
Speaker 4: that means there's a huge opportunity. When I say huge,

1637
01:30:35,640 --> 01:30:39,280
Speaker 4: there's a huge opportunity for everyone who is watching this

1638
01:30:39,479 --> 01:30:44,240
Speaker 4: right now to get into this business and have a

1639
01:30:44,280 --> 01:30:46,920
Speaker 4: great career. It does not cost you a lot of

1640
01:30:46,960 --> 01:30:51,360
Speaker 4: money to get your license. Couple hundred dollars twenty five

1641
01:30:51,479 --> 01:30:55,320
Speaker 4: hours course, you pass the state exam, you get your

1642
01:30:55,320 --> 01:30:59,439
Speaker 4: background check, you get sponsored by lender, and you can

1643
01:31:00,120 --> 01:31:03,479
Speaker 4: get into this business. Now. Is it easy? No? Is

1644
01:31:03,479 --> 01:31:07,080
Speaker 4: it going to be tough? Yes, But if you are

1645
01:31:08,240 --> 01:31:11,880
Speaker 4: a hustler, if you are someone who's looking to grind

1646
01:31:11,960 --> 01:31:15,320
Speaker 4: and get into real estate, you can come into this

1647
01:31:15,360 --> 01:31:18,479
Speaker 4: business and get licensed in multiple states and do business

1648
01:31:18,920 --> 01:31:21,759
Speaker 4: from your laptop and get that WiFi money.

1649
01:31:22,280 --> 01:31:22,519
Speaker 8: Right.

1650
01:31:22,920 --> 01:31:27,960
Speaker 4: So, one of the things that I'm like passionate about

1651
01:31:28,040 --> 01:31:34,080
Speaker 4: right now is not just for myself, but I feel like,

1652
01:31:34,200 --> 01:31:36,760
Speaker 4: and you ask me something early about like in the

1653
01:31:36,800 --> 01:31:40,400
Speaker 4: past five year, how things have changed, what you guys

1654
01:31:40,520 --> 01:31:43,840
Speaker 4: would earn your leisure. Has helped me really figure out,

1655
01:31:44,400 --> 01:31:48,960
Speaker 4: is that Yo, I'm needed. I'm necessary. Like the information

1656
01:31:49,080 --> 01:31:51,799
Speaker 4: that I have, I didn't know that I was needed,

1657
01:31:52,640 --> 01:31:54,840
Speaker 4: And it's only because I've been in this business so

1658
01:31:54,960 --> 01:31:58,200
Speaker 4: long it just became second nature. So what I want

1659
01:31:58,200 --> 01:32:01,840
Speaker 4: to do is now usher in the new blood that's

1660
01:32:01,840 --> 01:32:05,360
Speaker 4: coming in. I want to grow my mortgage team to

1661
01:32:05,600 --> 01:32:08,840
Speaker 4: unprecedented levels so that way we can close that wealth

1662
01:32:08,880 --> 01:32:12,200
Speaker 4: gap in real estate and help people that look like us. So,

1663
01:32:12,320 --> 01:32:15,160
Speaker 4: if you're a loan officer right now watching this, not

1664
01:32:15,200 --> 01:32:17,200
Speaker 4: only if you want to do loans on me, that's fine,

1665
01:32:17,240 --> 01:32:19,000
Speaker 4: but if you're a loan officer watching this and you

1666
01:32:19,040 --> 01:32:21,599
Speaker 4: want to come work with me and my team, shoot

1667
01:32:21,600 --> 01:32:24,040
Speaker 4: me a DM, tell me where your license at and

1668
01:32:24,120 --> 01:32:26,960
Speaker 4: let's set up a call and let's work together. And

1669
01:32:27,040 --> 01:32:30,439
Speaker 4: if you're somebody who's thinking about getting into this business

1670
01:32:30,560 --> 01:32:33,240
Speaker 4: and wants to learn more about it, Monday, I'm going

1671
01:32:33,280 --> 01:32:37,599
Speaker 4: to hold the webinar free webinar, everybody, come learn about

1672
01:32:37,640 --> 01:32:40,519
Speaker 4: the loan officer business, learn what it takes to really

1673
01:32:40,600 --> 01:32:44,240
Speaker 4: be a loan officer, what you need to do. I'm

1674
01:32:44,280 --> 01:32:46,760
Speaker 4: going to give you like the schools that I recommend,

1675
01:32:47,360 --> 01:32:50,320
Speaker 4: and I'll answer all your questions on this webinar because

1676
01:32:50,360 --> 01:32:54,479
Speaker 4: I want to make sure that we have representation. You

1677
01:32:54,520 --> 01:32:57,840
Speaker 4: know what I'm saying. We need representation. We need more

1678
01:32:57,840 --> 01:33:01,479
Speaker 4: black appraisers, we need more black inspectors, we need more

1679
01:33:01,479 --> 01:33:05,559
Speaker 4: black financial of hazes, we need more black everything right,

1680
01:33:05,720 --> 01:33:08,320
Speaker 4: and we definitely need more black seven to eight percent

1681
01:33:08,439 --> 01:33:12,360
Speaker 4: is only black. That's crazy. So we need more of us, man.

1682
01:33:12,479 --> 01:33:15,040
Speaker 4: And I'm thankful that you guys gave me the floor

1683
01:33:15,120 --> 01:33:17,559
Speaker 4: right now to just even say that, because it's something

1684
01:33:17,560 --> 01:33:20,840
Speaker 4: that I don't speak about. And I know I speak

1685
01:33:20,840 --> 01:33:23,360
Speaker 4: about home buying and hacks and all this other good

1686
01:33:23,360 --> 01:33:26,200
Speaker 4: stuff to buy property and run it up. But now

1687
01:33:26,240 --> 01:33:28,840
Speaker 4: I want to start speaking to how can you turn

1688
01:33:29,560 --> 01:33:32,160
Speaker 4: yourself and get yourself a career that you can make

1689
01:33:32,240 --> 01:33:35,960
Speaker 4: six seven figures in. Yes, you can make seven figures

1690
01:33:36,040 --> 01:33:37,840
Speaker 4: doing this, and you can do it from behind your

1691
01:33:37,880 --> 01:33:40,920
Speaker 4: computer with Wi Fi and the phone right and will

1692
01:33:41,000 --> 01:33:44,920
Speaker 4: hustle and ambition and good leadership. So come join me

1693
01:33:45,479 --> 01:33:46,479
Speaker 4: and come to the dark.

1694
01:33:46,320 --> 01:33:50,080
Speaker 7: Side, baby, you have it, MG, come to the.

1695
01:33:52,600 --> 01:33:59,679
Speaker 4: Come to the dark side, baby, Welcome, Welcome to my world.

1696
01:34:00,360 --> 01:34:03,080
Speaker 6: Uh MG the mortgage guy on Instagram that I see

1697
01:34:03,120 --> 01:34:04,560
Speaker 6: some people ask what's his Instagram?

1698
01:34:04,720 --> 01:34:05,000
Speaker 8: MG?

1699
01:34:05,760 --> 01:34:08,160
Speaker 6: The mortgage guy And like I said, man, this was dope.

1700
01:34:08,240 --> 01:34:10,280
Speaker 6: Maybe we can do a part too, if you guys

1701
01:34:10,280 --> 01:34:12,360
Speaker 6: are interested, because a lot of stuff that we didn't

1702
01:34:12,360 --> 01:34:14,760
Speaker 6: even really get you to talk about, So maybe we

1703
01:34:14,760 --> 01:34:17,200
Speaker 6: could have a part too sometimes downline. But like I said,

1704
01:34:17,200 --> 01:34:18,639
Speaker 6: this is going to be a new series that we're

1705
01:34:18,640 --> 01:34:22,080
Speaker 6: going to be doing, as far as you know, the

1706
01:34:22,080 --> 01:34:26,439
Speaker 6: webinar series on YouTube on Thursday nights, and it's going

1707
01:34:26,520 --> 01:34:30,400
Speaker 6: to be just straight information on a variety of different topics.

1708
01:34:31,000 --> 01:34:32,960
Speaker 7: So this is dope. Yeah, if you.

1709
01:34:33,000 --> 01:34:35,680
Speaker 6: Enjoyed this, put some fire and chat you send this

1710
01:34:35,760 --> 01:34:38,200
Speaker 6: out to man. This is this is somebody's Christmas gift. Man,

1711
01:34:38,840 --> 01:34:40,680
Speaker 6: not only should you watch it for yourself, but send

1712
01:34:40,680 --> 01:34:43,759
Speaker 6: it out to your coworker, send it to your cousin,

1713
01:34:43,840 --> 01:34:47,280
Speaker 6: send it to you know, whoever, you know, whoever you

1714
01:34:48,520 --> 01:34:53,040
Speaker 6: have love for, and encourage them to watch it as well, because,

1715
01:34:53,080 --> 01:34:56,240
Speaker 6: like I said, it's just information. So at the very least,

1716
01:34:56,280 --> 01:34:58,000
Speaker 6: I think even if they're not in a position to

1717
01:34:58,000 --> 01:35:01,200
Speaker 6: buy a home right now, have the information will better

1718
01:35:01,240 --> 01:35:04,679
Speaker 6: equip them when they are in that situation down the line,

1719
01:35:04,720 --> 01:35:07,960
Speaker 6: as opposed to just going in blind and making a

1720
01:35:08,000 --> 01:35:08,719
Speaker 6: lot of mistakes.

1721
01:35:08,720 --> 01:35:09,120
Speaker 7: For sure.

1722
01:35:09,240 --> 01:35:11,479
Speaker 5: Yeah, I think it makes it super dope as that

1723
01:35:11,560 --> 01:35:13,920
Speaker 5: for nearly six years, people have watched us ask.

1724
01:35:13,880 --> 01:35:15,759
Speaker 8: Questions and said, oh, I was going to ask that question.

1725
01:35:16,200 --> 01:35:18,200
Speaker 5: But now they get to watch us ask questions and

1726
01:35:18,240 --> 01:35:19,880
Speaker 5: we get to see the questions that they want to hear,

1727
01:35:19,960 --> 01:35:22,920
Speaker 5: and we can incorporate both which just as the evolution. Man,

1728
01:35:22,960 --> 01:35:24,280
Speaker 5: So I think it's incredible.

1729
01:35:24,360 --> 01:35:24,519
Speaker 8: MG.

1730
01:35:24,680 --> 01:35:28,200
Speaker 5: We appreciate you, my brother as always super knowledgeable.

1731
01:35:28,200 --> 01:35:28,400
Speaker 7: Man.

1732
01:35:29,240 --> 01:35:31,680
Speaker 5: I'm sure plenty of people's lives were blessed with the

1733
01:35:31,680 --> 01:35:33,840
Speaker 5: information and people are going to execute on it. Man,

1734
01:35:33,880 --> 01:35:36,240
Speaker 5: Which is the most important part seeing people execute on

1735
01:35:36,240 --> 01:35:41,519
Speaker 5: the information is the full fledged moment of like fulfillment, right,

1736
01:35:41,560 --> 01:35:43,400
Speaker 5: Like we can give it, but if nobody's using it,

1737
01:35:43,640 --> 01:35:44,280
Speaker 5: what's the point.

1738
01:35:44,600 --> 01:35:46,880
Speaker 8: So shout everybody and.

1739
01:35:47,479 --> 01:35:52,000
Speaker 7: Say, this will be saved on YouTube under the live section.

1740
01:35:52,439 --> 01:35:55,519
Speaker 6: It will also be on all the audio podcast outlets,

1741
01:35:55,560 --> 01:35:58,840
Speaker 6: so it'll be on Apple, It'll be on Spotify, just

1742
01:35:58,880 --> 01:36:02,400
Speaker 6: like a regular episode would be. So make sure that

1743
01:36:02,439 --> 01:36:03,640
Speaker 6: you know if you want to listen to it on

1744
01:36:03,640 --> 01:36:04,920
Speaker 6: the audio side, you can listen to it.

1745
01:36:04,960 --> 01:36:06,080
Speaker 7: Did and.

1746
01:36:07,439 --> 01:36:10,320
Speaker 6: Man, so much great information, as I said, will be

1747
01:36:10,360 --> 01:36:15,000
Speaker 6: back Sunday with Mike vick Eyo University. Make sure you subscribe.

1748
01:36:15,000 --> 01:36:17,519
Speaker 6: That's a platform that we have that provides so much

1749
01:36:17,520 --> 01:36:20,479
Speaker 6: greater information when it comes to credit, real estate, stocks, choice,

1750
01:36:20,479 --> 01:36:23,320
Speaker 6: stock option clash. Want talk about your options thing that

1751
01:36:23,360 --> 01:36:24,080
Speaker 6: you did with you.

1752
01:36:24,320 --> 01:36:25,880
Speaker 8: Yeah, Man, shout out to everybody that was in the

1753
01:36:26,000 --> 01:36:27,200
Speaker 8: chat shot. I see some FG.

1754
01:36:27,280 --> 01:36:29,759
Speaker 5: You got that that Mike Ron call man, We've been

1755
01:36:29,760 --> 01:36:31,600
Speaker 5: talking about it for the past two months. Actually, our

1756
01:36:31,680 --> 01:36:34,760
Speaker 5: last class we talked about data center specifically and some

1757
01:36:34,800 --> 01:36:36,000
Speaker 5: of the things that are going to be needed to

1758
01:36:36,000 --> 01:36:38,479
Speaker 5: make sure those things run efficiently, one of them being security,

1759
01:36:38,720 --> 01:36:40,080
Speaker 5: one of them being storage.

1760
01:36:40,200 --> 01:36:41,920
Speaker 8: And as we saw yesterday and Mike.

1761
01:36:41,800 --> 01:36:44,519
Speaker 5: Kron reported and blew the quarter away, we were up

1762
01:36:44,560 --> 01:36:48,799
Speaker 5: eighteen percent and so plenty of people made seven percent

1763
01:36:48,800 --> 01:36:51,559
Speaker 5: on their money. Think about that. We made ninety seven

1764
01:36:51,600 --> 01:36:54,880
Speaker 5: percent on your money within twenty four hours, which is incredible.

1765
01:36:55,160 --> 01:36:57,920
Speaker 5: But it talks again to execution. That's I can provide

1766
01:36:57,920 --> 01:37:00,160
Speaker 5: the information, show you how to do the research, but

1767
01:37:00,320 --> 01:37:02,680
Speaker 5: until you execute, it doesn't feel really and a lot

1768
01:37:02,680 --> 01:37:04,240
Speaker 5: of people did, so shout out to everybody that did.

1769
01:37:05,160 --> 01:37:07,800
Speaker 4: Yeah, and if you join EYL University, you got the

1770
01:37:07,800 --> 01:37:11,680
Speaker 4: Homeboys Blueprint in there too, man, So take advantage of

1771
01:37:11,720 --> 01:37:14,720
Speaker 4: the Homeboys Blueprint Volume one and volume two. Shout out

1772
01:37:14,760 --> 01:37:18,120
Speaker 4: to all the earnest. So when you join EYL University,

1773
01:37:18,120 --> 01:37:21,200
Speaker 4: there's a lot of real estate content in there, plus

1774
01:37:21,240 --> 01:37:24,679
Speaker 4: real estate courses, so you can't go wrong by being

1775
01:37:24,720 --> 01:37:26,840
Speaker 4: a part of EYL University.

1776
01:37:26,920 --> 01:37:29,920
Speaker 6: Man joined today, I appreciate that so all right, man,

1777
01:37:29,960 --> 01:37:31,360
Speaker 6: any last words before we leave.

1778
01:37:32,920 --> 01:37:35,680
Speaker 4: Thank you, Thank you. This was dope. I love this

1779
01:37:35,760 --> 01:37:39,640
Speaker 4: new platform. I definitely think you guys should continue to

1780
01:37:39,680 --> 01:37:44,080
Speaker 4: expand on this and I'm forever grateful for always the

1781
01:37:44,120 --> 01:37:47,400
Speaker 4: opportunities that you guys, you know, give me to come

1782
01:37:47,479 --> 01:37:50,200
Speaker 4: on the platform. I don't take it lightly, So thank

1783
01:37:50,280 --> 01:37:53,760
Speaker 4: you all, all of you guys. I appreciate the love,

1784
01:37:53,840 --> 01:37:56,200
Speaker 4: but you know, and again, thank you to the people. Man,

1785
01:37:56,200 --> 01:38:00,120
Speaker 4: we got twenty four hundred people. This was basically a

1786
01:38:00,280 --> 01:38:03,760
Speaker 4: super large seminar. You know what I'm saying. You think

1787
01:38:03,800 --> 01:38:06,880
Speaker 4: about twenty four hundred people, that's not no small crowd.

1788
01:38:07,200 --> 01:38:09,880
Speaker 4: That's that's a big crowd. So we can't take that lightly.

1789
01:38:09,920 --> 01:38:12,040
Speaker 4: So shout out to all the twenty four hundred people

1790
01:38:12,439 --> 01:38:15,600
Speaker 4: that came here on a Thursday night, nine pm to

1791
01:38:15,680 --> 01:38:18,400
Speaker 4: get this education, to tap in with me, to tap

1792
01:38:18,400 --> 01:38:21,000
Speaker 4: in with my bros. And you know, hopefully you guys

1793
01:38:21,000 --> 01:38:23,240
Speaker 4: got value from it if you did, drop some gems

1794
01:38:23,240 --> 01:38:25,719
Speaker 4: and some fires in a chat. And thank you guys

1795
01:38:25,720 --> 01:38:28,920
Speaker 4: for always supporting me. And I love y'all, and I

1796
01:38:28,960 --> 01:38:32,880
Speaker 4: just want to see everybody grow, and you know, we

1797
01:38:32,920 --> 01:38:36,480
Speaker 4: all deserve to be rich, you know, for you order today.

1798
01:38:36,680 --> 01:38:37,800
Speaker 8: You deserve to be rich.

1799
01:38:38,320 --> 01:38:45,439
Speaker 4: Fact today you deserve to be rich man. So you're

1800
01:38:45,439 --> 01:38:48,000
Speaker 4: gonna get rich tapping into this channel man by hooker

1801
01:38:48,040 --> 01:38:50,599
Speaker 4: by crook man, You're gonna get it. So make sure

1802
01:38:50,600 --> 01:38:53,160
Speaker 4: you're tapping into all the resources. And make sure you

1803
01:38:53,160 --> 01:38:56,360
Speaker 4: guys follow me an MG the mortgage Guy, Instagram and YouTube.

1804
01:38:56,400 --> 01:38:58,040
Speaker 4: And you know, for those of you who want to

1805
01:38:58,040 --> 01:39:00,360
Speaker 4: tend the webinar to learn about loan officers against a

1806
01:39:00,360 --> 01:39:02,360
Speaker 4: free webinar, seven pm is going to go for an

1807
01:39:02,360 --> 01:39:05,479
Speaker 4: hour because we got market Mondays eight pm, So it's

1808
01:39:05,479 --> 01:39:08,320
Speaker 4: called be one hour and I'm gonna answer your questions

1809
01:39:08,360 --> 01:39:10,240
Speaker 4: and I'm gonna show you where to go to get licensed.

1810
01:39:10,320 --> 01:39:12,840
Speaker 4: And you know, answers many questions I can in the

1811
01:39:12,920 --> 01:39:16,160
Speaker 4: hour and hopefully I see you guys on the dock side. Baby,

1812
01:39:16,400 --> 01:39:17,400
Speaker 4: let's got he.

1813
01:39:17,760 --> 01:39:18,400
Speaker 7: Do it all right?

1814
01:39:18,439 --> 01:39:19,559
Speaker 8: Gods, We love y'all.

1815
01:39:19,560 --> 01:39:22,719
Speaker 7: Take care, spread the word, Thank you peace.

1816
01:39:25,560 --> 01:39:29,160
Speaker 1: An illegal alien from Guatemala charged with raping a child

1817
01:39:29,240 --> 01:39:33,040
Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

1818
01:39:33,280 --> 01:39:37,439
Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with

1819
01:39:37,479 --> 01:39:41,400
Speaker 1: filming and selling child pornography in Michigan. These are just

1820
01:39:41,479 --> 01:39:45,240
Speaker 1: some of the heinous migrant criminals caught because of President

1821
01:39:45,280 --> 01:39:45,720
Speaker 1: Donald J.

1822
01:39:45,800 --> 01:39:46,760
Speaker 2: Trump's leadership.

1823
01:39:47,040 --> 01:39:50,640
Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.

1824
01:39:51,000 --> 01:39:55,600
Speaker 1: Under President Trump, attempted illegal border crossings are at the lowest.

1825
01:39:55,280 --> 01:39:57,400
Speaker 2: Levels ever recorded, and over.

1826
01:39:57,320 --> 01:40:00,519
Speaker 1: One hundred thousand illegal aliens have been arrested. If you

1827
01:40:00,600 --> 01:40:04,479
Speaker 1: are here illegally, your next you will be fine nearly

1828
01:40:04,560 --> 01:40:07,720
Speaker 1: one thousand dollars a day, imprisoned, and deported.

1829
01:40:08,200 --> 01:40:09,360
Speaker 2: You will never return.

1830
01:40:09,680 --> 01:40:12,680
Speaker 1: But if you register using our CBP home app and

1831
01:40:12,800 --> 01:40:15,679
Speaker 1: leave now, you could be allowed to return legally.

1832
01:40:16,040 --> 01:40:18,280
Speaker 2: Do what's right. Leave now.

1833
01:40:18,600 --> 01:40:23,400
Speaker 1: Under President Trump, America's laws, border and families will be protected.

1834
01:40:23,479 --> 01:40:25,639
Speaker 3: Sponsored by the United States Department of Homeland Security.