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Speaker 2: All right, God, welcome back, E y L. A lot
Speaker 2: has changed, as a fact, A lot of fact.
Speaker 3: A lot has changed. Man, It's crazy what a year
Speaker 3: can do.
Speaker 4: Bro nice table as you notice.
Speaker 2: So if you're a loyal listener to E y L,
Speaker 2: you know that you know humble beginnings. When we first started,
Speaker 2: we was figuring our way out and we had a
Speaker 2: few episodes that really changed the trajectory of where we are.
Speaker 2: And the biggest episode twelve, Episode twelve, featuring none other
Speaker 2: than Matt Garland aka MG the Mortgage Guys.
Speaker 4: So we shot the last number, the last number five
Speaker 4: seven zero.
Speaker 3: Zero, that's a fact.
Speaker 2: When we shot the episode, it was over a year go,
Speaker 2: probably a year and a half ago, and you know,
Speaker 2: we was doing good. But that episode, the clips from
Speaker 2: that episode just from viral on Instagram. One clip was
Speaker 2: like one hundred and fifty that in one clip was
Speaker 2: like two hundred thousand and three. It was just like
Speaker 2: going crazy, and that skyrocketed us into the top ten
Speaker 2: in the podcast Charged for the first time, the first
Speaker 2: time ever. It was it was crazy and it was
Speaker 2: it was just a legendary situation. It was the first
Speaker 2: time I think we ever spoke about real estate. It
Speaker 2: was right after Nipsey Hustle passed away, Rest in Peaces
Speaker 2: and then we actually named it, dedicated the episode to him.
Speaker 2: The marathon continues the name of the episode, episode twelve,
Speaker 2: and it was the first time that anybody had really
Speaker 2: broke down the whole house hacking strategy from a multi
Speaker 2: famidly perspective in my opinion, because after that, so everybody, everybody.
Speaker 5: The monopoly money, the four three two one, We even
Speaker 5: talking about fifty.
Speaker 3: You know.
Speaker 2: Ever since then, you know, we just developed a real
Speaker 2: closes bond with Matt and we just been rocking and
Speaker 2: rolling ever since. We've done a bunch of different stuff together.
Speaker 2: We went on tour, hit different cities together and just
Speaker 2: did a bunch of stuff. But what we had not done,
Speaker 2: this is the first time we ever did this is
Speaker 2: have somebody on the podcast twice. Yeah, well we had
Speaker 2: people come on like live podcasts and.
Speaker 3: Like the reunion.
Speaker 4: Interesting, so I'm the first to govern the top double headed,
Speaker 4: the first doublehead doubleheader.
Speaker 2: Yeah, so I think I think it was just it
Speaker 2: was a great time because Matt he's not just somebody
Speaker 2: that's on Instagram that's just talking about real estate, but
Speaker 2: he's actually in the industry, like he works. He's a
Speaker 2: licensed professional, he's a licensed loan officer. He helps thousands
Speaker 2: of people to get mortgages.
Speaker 4: And try to call him, you know.
Speaker 3: Yeah, so you know, I.
Speaker 4: Appreciate your patience.
Speaker 2: So so we spoke and he was talking, and I
Speaker 2: just felt like it was perfect timing to do this.
Speaker 2: A because we haven't had a real estate episode in
Speaker 2: a long time. We've been focusing on stocks. Shot that
Speaker 2: everybody checking out market mondays, shout out to Ian, shout
Speaker 2: out to Trap, shout out to the guys, shot, shout
Speaker 2: out to the Mark. So you know, we've been focusing
Speaker 2: on stock that's what's been in real estate has been
Speaker 2: allowed way longer than the stock market. Estate has been
Speaker 2: around since history, the beginning of time. Like people need
Speaker 2: somewhere to live, right, even when they had huts. So
Speaker 2: it's like before we were doing a lot of real
Speaker 2: estate episodes. We haven't done a real estate episode in months.
Speaker 2: So A, I think I thought we both thought that
Speaker 2: was a good time to do this. B. I mean, Matt,
Speaker 2: it's just become a legend since then. He had three
Speaker 2: thousand followers, now you got one hundred thousand followers. It's
Speaker 2: a historic it's a historically man.
Speaker 4: We've been watching a number. It's a historic.
Speaker 2: Ride DJ He's on tour with Envy before Corona Breakfast
Speaker 2: Club like five times. It's been mediocre.
Speaker 4: Yeah, it's thank you. It's been a blessing man.
Speaker 6: January twenty nineteen, I think I had eighteen hundred people
Speaker 6: on Instagram. Fast forward to today one hundred k or
Speaker 6: organically and people just you know, it surprises me all
Speaker 6: the time that people want to know about mortgages because
Speaker 6: I think it's boring. Like I tell you guys that
Speaker 6: all the time, Like this is boring, Like why would
Speaker 6: I want to do this? Like when we first started talking,
Speaker 6: I'm like, nobody wants to hear about this stuff, and
Speaker 6: it's like no, I'm.
Speaker 4: It's like you'd be surprised, like they want to know
Speaker 4: about all of this information.
Speaker 5: I think a lot has to do with the way
Speaker 5: you're delivering it, you know what I'm saying, So like,
Speaker 5: kudos to you because it's broken down in the language
Speaker 5: that we understand, something familiar, that we know something about, right,
Speaker 5: breaking it down in the way that people can understand it.
Speaker 6: Yeah, I mean, look, the main thing with my delivery
Speaker 6: is just try to make it as simple as possible.
Speaker 6: You know, a lot of these terms, people have no
Speaker 6: clue what they mean. Hell shit, sometimes I don't even know, right,
Speaker 6: I got to Google, do my research.
Speaker 4: And kind of figure it out.
Speaker 6: And what I just try to do is just try
Speaker 6: to make it deliver that message to the folks to
Speaker 6: where they can understand it no matter where they are
Speaker 6: in their real estate journey, whether your first time home
Speaker 6: buyer or you got a hundred properties, you can kind
Speaker 6: of watch my content and get something of value from
Speaker 6: it and it can help you grow.
Speaker 3: Yeah.
Speaker 2: So, and then to icing on the cakes when you
Speaker 2: know we reached out. We spoke a few weeks ago
Speaker 2: east Sideyeah, I'm working on a blue print to help
Speaker 2: people navigate through it. And I'm like, a blueprint, Like,
Speaker 2: what does that mean? He's like, you know, so many people,
Speaker 2: you know, they have no clue about how to buy
Speaker 2: a home, the appraisal process, FSJA loans And he's like,
Speaker 2: you know, it's it's one thing to kind of go
Speaker 2: through all these podcasts and YouTube and kind of put
Speaker 2: it together. But what if you know it was an
Speaker 2: easy go to blueprint. And I'm like, I don't think
Speaker 2: anything is like that in the market. So I'm like,
Speaker 2: let me see, Like, let me see for myself, Like
Speaker 2: before you know what I'm saying, we actually even talk
Speaker 2: about it. Let me can I test out the product?
Speaker 2: He like, sure, so I got it behind the scenes,
Speaker 2: look into it and it was crazy. I saw it
Speaker 2: like the pre appraival processed faha process questions for real
Speaker 2: to home inspections process, the longest culture underwriting time. I'm like, yo,
Speaker 2: this is like your whole twenty year mortgage career. Like like,
Speaker 2: I'm like, yo, how much you charge it for? Like
Speaker 2: this under priced?
Speaker 4: I told him up and I was like, yo, bro yo,
Speaker 4: this dude poured his life into this.
Speaker 6: I'm like, Yo, this is a million dollars is you
Speaker 6: know it's a lot. It took a lot of energy
Speaker 6: out of me to do that. One hundred and fifty
Speaker 6: plus videos. I mean, we got pop quizzes, we have PDFs,
Speaker 6: we have links. I mean, I'm just giving you everything
Speaker 6: that you need to know, no matter if you want
Speaker 6: to go.
Speaker 4: Conventional fha va. You know, your first time home buyer.
Speaker 6: I mean, we're talking about refinancing in the blueprint because
Speaker 6: folks don't even understand refinancing. They don't understand homemaker line
Speaker 6: of credit. We have an asset protection, which you know
Speaker 6: after you buy the house. People think that's just it,
Speaker 6: but you got to protect your legacy too, because real
Speaker 6: estate the key to is building wealth and passing it
Speaker 6: on to your ears. And you can't build wealth without
Speaker 6: life insurance and estate planners. So we have that in
Speaker 6: the course too. I mean, I have homeowners insurance. Like,
Speaker 6: who's talking about homeowners insurance?
Speaker 4: Right?
Speaker 6: People just know they got to get insurance, But do
Speaker 6: you really understand how insurance works?
Speaker 2: I never, I never, I personally never seen anything like it.
Speaker 2: So all of those factors coming into play, I'm like,
Speaker 2: you know what, why don't we just do make history
Speaker 2: and do a double back and get a people million
Speaker 2: dollars worth of games.
Speaker 3: So who were going to do right now?
Speaker 5: I let him get the album cover too. He's like, yo,
Speaker 5: trying to need that blueprint up there.
Speaker 3: Shout out the wholeration.
Speaker 2: So so yeah, man, first and foremost, welcome back, Welcome back.
Speaker 4: Man, happy to be here for a lot has changed
Speaker 4: since what's different, doesn't it? It's definitely different. You know.
Speaker 6: I like the vibe down here. You know E y
Speaker 6: L Studios, New York is in full effect.
Speaker 4: You know.
Speaker 6: I had to get the blueprint album covers behind me
Speaker 6: because it was just a beautiful thing.
Speaker 4: Look, I love the platform that E y L has
Speaker 4: grown into. Even as I'm looking at all the equipment now,
Speaker 4: when I did I did episode twelve, y'all. Guys, y'all
Speaker 4: episode twelve. They had three iPhones. They were they were uneven.
Speaker 4: Fact the sound was like wires on the tables.
Speaker 6: On the table, my son in the background playing video games,
Speaker 6: not loud, you know.
Speaker 4: The sound. We didn't know if it worked properly. More time,
Speaker 4: it was crazy.
Speaker 6: That shows you the growth, right, You guys didn't think
Speaker 6: about it. You didn't sit here and have analysis paralysis.
Speaker 6: You guys actually just executed. I remember when Shoty was
Speaker 6: hashtaging Earned your Leisure before the podcast even came out.
Speaker 4: I'm like, what is he talking about?
Speaker 6: But I knew it was something because he kept on
Speaker 6: hashtagging it every poach Earn your Leisure?
Speaker 4: Like what is he talking about?
Speaker 6: So when we got on the phone he told me
Speaker 6: was doing this, I'm like, okay, a podcast And then, honestly, guys,
Speaker 6: that's another podcast, Like everybody got a podcast, every fund
Speaker 6: everybody podcasting, which is great. But just to see from
Speaker 6: my episode of from this equipment to studio and just
Speaker 6: the quality wasn't even that good as far as the visual,
Speaker 6: you know what I'm saying. But the information power is
Speaker 6: powerful and that just goes to show you you don't
Speaker 6: need to be perfect, you just need to execute.
Speaker 4: You guys didn't know how to do a podcast.
Speaker 3: That's a fact.
Speaker 4: You research boy equipment as you went along, and it
Speaker 4: just took off.
Speaker 6: So I'm excited to be here and speak to you
Speaker 6: guys again and talk to the E Y L Nation
Speaker 6: and all the.
Speaker 3: Earners they nation. I like that.
Speaker 4: I'm gonna text you after that, get the paperwork credit.
Speaker 3: So let's let's let's jump into it.
Speaker 4: Man.
Speaker 2: I got a lot to talk about. But first and
Speaker 2: foremot we want to talk about the state of real
Speaker 2: estate right now. The state of real estate. So it's
Speaker 2: a crazy time that we're living in. Everybody knows obviously
Speaker 2: we in you know, the age of Corona. And I
Speaker 2: remember texting you like when when Corona first hit. I'm like, Yo,
Speaker 2: that's when the stock market was crashing. And I'm like,
Speaker 2: it's real estate market about the crash and he was like, nah,
Speaker 2: it's not. And I'm like how people losing their jobs?
Speaker 2: Stock markets crashing, People can't go to work, like all
Speaker 2: the writings on the wall for another two thousand and
Speaker 2: eight to happen, And you was like, nah, commercial real
Speaker 2: estate might be in trouble, but residential real estate, I'm like,
Speaker 2: all right, we'll see. And then to this day, it
Speaker 2: hasn't crash. It's actually going up. In most most places
Speaker 2: in America, the price the home prices have actually going up.
Speaker 2: It's a shortage of inventory on the marketplace. So where
Speaker 2: we're at right now, as far as the state of
Speaker 2: real estate in the United States of America.
Speaker 6: The market is on fire for residential you know. And
Speaker 6: I told you this back in March. I said, nah, bro,
Speaker 6: it's not going to happen because with people and everybody
Speaker 6: was kind of saying the same thing, like yo, two
Speaker 6: thousand and eight is coming back, wait, don't buy, don't buy. Wait,
Speaker 6: And I said, two thousand and eight was different. That
Speaker 6: was a credit crisis, right, This is a health crisis.
Speaker 6: Credit crisis means that banks, Wall streeters everybody, homeowners, you know, investors,
Speaker 6: everybody was greedy, you know, appraisers, everybody. Right, So when
Speaker 6: the market crashed, the government was reluctant on trying to
Speaker 6: save everybody.
Speaker 4: They didn't want to bail out.
Speaker 6: Everybody, but they had no choice but to bail out
Speaker 6: the big names.
Speaker 3: Right.
Speaker 6: So with this one, I said, now, this is health
Speaker 6: This has nothing to do with nobody.
Speaker 4: This is nobody's fault.
Speaker 6: And if you think about it, if you look at the
Speaker 6: real estate market going into twenty twenty, it was already
Speaker 6: on fire. It was due for a correction at some point,
Speaker 6: because what goes up must have come down, right.
Speaker 4: But I said, nah, this is not gonna crash.
Speaker 6: There's no way, because the government is going to have
Speaker 6: to bail out everybody now, right from the big businesses
Speaker 6: to the everyday person. And when you told me that
Speaker 6: it's gonna crash, that's what was in my mind because
Speaker 6: I knew, especially with the election year, they couldn't just
Speaker 6: let all.
Speaker 4: These people die, people lose their homes.
Speaker 6: There's no way. And as you see, all these stimulus
Speaker 6: packages came out, everybody getting their ppee money and everything.
Speaker 4: It was recklessly Hopefully they wasn't reless.
Speaker 6: Hopefully they wasn't reckless, and hopefully they did the right thing.
Speaker 6: But you know, you have unemployment benefits, people are getting
Speaker 6: them with ease, with no problem, So you know, you
Speaker 6: gotta give the administration credit for what they tried to
Speaker 6: do to help as many people as possible. And that's
Speaker 6: why I just did to feel like the market was
Speaker 6: going to crash, but residential real estate is on fire
Speaker 6: right now all over the country. There's thirty forty offers
Speaker 6: on one house, you know, So if you're a seller
Speaker 6: right now, if you're thinking about selling your home to
Speaker 6: upgrade or downsize, this is the time for the sellers
Speaker 6: right now, because they're going to get twenty thirty percent
Speaker 6: above asking price in some markets right now, because it's.
Speaker 4: Just too hot right now.
Speaker 6: It's too many buyers out there, and with these low
Speaker 6: interest rates, you know, with rates being in the mid
Speaker 6: twos to low threes, depending on your circumstance, Like everybody
Speaker 6: wants to buy a house because money is cheap now,
Speaker 6: right so it's easy to the person who couldn't afford
Speaker 6: the half a million dollar house last year when rates
Speaker 6: were three and a half four percent, Now it's two
Speaker 6: and a half.
Speaker 3: Can can you explain like that?
Speaker 2: Like, because the average person that maybe never brought a
Speaker 2: home might not fully appreciate because they say three and
Speaker 2: a half two and a half, it's only one percent,
Speaker 2: that's not that big of a deal. But because they
Speaker 2: look at it like it's stocks, Like it's like if
Speaker 2: you earn one percent, you know what I'm saying or
Speaker 2: just regular life, one percent doesn't move the needle. But
Speaker 2: in your world of mortgage is one percent is huge, right,
Speaker 2: So if you kind of put that in perspective out.
Speaker 6: Yeah, I mean, look, one percent depending on your loan amount, right,
Speaker 6: that can be three four five hundred dollars a month,
Speaker 6: That could be six thousand, eight thousand, ten thousand a year,
Speaker 6: depending on the size of your loan.
Speaker 4: Right. So the bigger the loan, the lower the rate,
Speaker 4: the cheaper the payment. Right.
Speaker 6: So someone again who couldn't afford the five hundred thousand
Speaker 6: dollars home or get pre approved for a five hundred
Speaker 6: thousand dollar home a year ago because the rate was
Speaker 6: probably three and a half to four percent, now they're
Speaker 6: able to because now that brings their payment down and
Speaker 6: they're able to get approved for now that higher amount.
Speaker 4: So one percent is huge in the real estate. In
Speaker 4: the mortgage world, interest that you're going to pay over
Speaker 4: the life of the loan is also very important too,
Speaker 4: because if you're looking at any house that you buy,
Speaker 4: let's face it, right, the way the mortgage in the
Speaker 4: banking system is set up, it's you know, you're gonna
Speaker 4: pay interest three times more than what the houses actually work.
Speaker 6: But if you're getting a cheaper interest rate, that softens
Speaker 6: the blow a little bit.
Speaker 4: And now you can focus on your.
Speaker 6: Debt strategy, which is repaying back your debt and trying
Speaker 6: to beat that interest trap.
Speaker 4: You know what I'm saying, and you know little things
Speaker 4: you can do to do that.
Speaker 6: You can make one extra payment a year and you
Speaker 6: can pay off your loan in twenty two and a
Speaker 6: half years if you have a thirty year mortgage. You
Speaker 6: know what I tell folks all the time, take your
Speaker 6: income taxes refunds right and apply that every single year
Speaker 6: to your principal balance. That could bring down your debt.
Speaker 6: You can do as little as one hundred dollars a
Speaker 6: month to your principal balance and you'll be surprised how
Speaker 6: much interest you'll save on your mortgage, especially if you
Speaker 6: plan on living in the house the long term, the
Speaker 6: full term of thirty years. You don't want to just
Speaker 6: make your regular payment because you're gonna pay you know,
Speaker 6: on a three hundred, four hundred thousand dollars home, you
Speaker 6: may pay back eight hundred thousand.
Speaker 2: Now that was a gym, what you just said. And
Speaker 2: I learned that in business. I don't want that to
Speaker 2: go on people's head. When I first got into into
Speaker 2: the industry working in finance, I learned that like one
Speaker 2: extra payment a year on your mortgage cut seven years
Speaker 2: off of your mortgage absolutely or eight.
Speaker 4: Seven eighty twenty two and a half years.
Speaker 2: Yeah, so that's that's huge if you think about it,
Speaker 2: it's like one extra payment a year absolutely can really
Speaker 2: take almost a decade off like.
Speaker 6: Basically, and it has to be towards your principal balance only.
Speaker 6: So if you're making a payment, you can't just give
Speaker 6: the bank money because they're automatically going to apply it
Speaker 6: to interest, right, because you have to direct them where
Speaker 6: you want that money to go. How does that even look?
Speaker 5: So if my mortgage is three thousand, I gotta pay
Speaker 5: six thousand if I'm doing that.
Speaker 6: Yeah, So if your mortgage is three, you can pay
Speaker 6: six and you can tell them the difference to go
Speaker 6: to principal balance only. Some online everything is online right
Speaker 6: now with all the banks, right, so you can go
Speaker 6: pay your mortgage and you can specify there are two
Speaker 6: principal balance only. You can write a check, put on
Speaker 6: a check two principal balance only. So depending on how
Speaker 6: you pay your mortgage. Do that, and if it's not
Speaker 6: an online option to pay extra, call the service and
Speaker 6: lender that you're paying your mortgage too, and figure out
Speaker 6: a way to accomplish that goal. Maybe they can just
Speaker 6: do automatic draft from your account something like that and
Speaker 6: set it up to where you can make that extra payment,
Speaker 6: you know, and.
Speaker 4: You'll be surprised if you make two payments extra year.
Speaker 4: That's what in my mind, I'm thinking. If I make
Speaker 4: two extra payments now that's seven ers into fourteen, I'm
Speaker 4: really at a fifteen year.
Speaker 6: Mortgage basically, And I'm glad you brought up fifteen year mortgages, right,
Speaker 6: especially right now folks want to go into fifteen year
Speaker 6: loans And look, the fifteen year rate. The lowest I've
Speaker 6: seen it since we've been in COVID was around two percent,
Speaker 6: which is phenomenas, right, that's incredible. But what I try
Speaker 6: to tell people is maybe not going to that fifteen
Speaker 6: year right now, because life happens. Right, you're committing yourself
Speaker 6: to a much higher payment. And what if you know
Speaker 6: COVID twenty one, God forbid, and it's worse, worse strained
Speaker 6: than this. Now you're committing yourself to that higher payment
Speaker 6: just to try to pay it all early when you
Speaker 6: could have went to a thirty year had a cheaper payment,
Speaker 6: and just manage your principal balance yourself. That way, you're
Speaker 6: not committed to that fifteen year term or that twenty
Speaker 6: year term. You stay with the cheapest possible payment, but
Speaker 6: still you're paying down your debt, you know so, And
Speaker 6: I'm not against twenty year mortgages.
Speaker 4: I think for the.
Speaker 6: Right people it works, right people who have substantial income
Speaker 6: and they can really afford the payment. But most people
Speaker 6: are trying to pay off their long fast, which I get,
Speaker 6: but they're now cash strapped, right, they're becoming house rich
Speaker 6: and cash poor because they're making their payment so much
Speaker 6: higher because they're just focusing on I just want to
Speaker 6: get rid of it, which again I understand, But you
Speaker 6: got to be a little bit smarter right now, because
Speaker 6: anything could happen.
Speaker 4: As we've seen. We woke up in twenty twenty Kobe
Speaker 4: dead with God bless you know, then COVID came. Like
Speaker 4: this year has been crazy, you know what I'm saying.
Speaker 6: So, like, if this doesn't teach anybody anything, you got
Speaker 6: to have cash flow right now. You got to have
Speaker 6: liquidity because anything can happen. So that's why I just
Speaker 6: try to tell home own future homeowners and current homeowners
Speaker 6: who are refinancing, if you don't have to go to
Speaker 6: the fifteen year, just stay with the twenty or.
Speaker 4: Thirty years, so that way you can have a little
Speaker 4: bit more cash flow. Can I go back to something
Speaker 4: you said, because when you say, I'm like, oh, how
Speaker 4: does that work? Because I've heard of corrections.
Speaker 5: Obviously in the stock market, and we know that's maybe
Speaker 5: eight to ten percent or eighteen percent. What does that
Speaker 5: look What does the correction look like in the real
Speaker 5: estate world? Is that interest rates go up? Like, what
Speaker 5: is the correction in the real estate world?
Speaker 6: I mean it could be rates go up. It could
Speaker 6: be home prices depreciate, you know, it could be lenders
Speaker 6: tightening up their guidelines. You know, all of these things
Speaker 6: could be corrections in the market that can affect the
Speaker 6: buying power of Americans. Right if home prices decline like
Speaker 6: you thought it was, I mean, it sucks. But what
Speaker 6: goes up must come down at some point. So that's
Speaker 6: why overleveraging is not over leveraging is key, you know,
Speaker 6: And this is why I talk a lot about rehabs,
Speaker 6: rehab loans, and things of that nature, because I want
Speaker 6: first time home buyers to think like investors when you're
Speaker 6: buying these homes.
Speaker 4: Buy them the.
Speaker 6: Same way that you'll see a Caesar by them, or
Speaker 6: Envy buy them, or any investor that you guys are
Speaker 6: following online by the same way they're buying. You know,
Speaker 6: there's nothing special about anybody who's flipping real estate or
Speaker 6: doing anything. They just have more knowledge than you, and
Speaker 6: they know where to look and where to find these properties.
Speaker 6: You can do the same thing. The information is available,
Speaker 6: you know, there's no excuse. It's not like ten fifteen
Speaker 6: years ago when I first came into business, there was
Speaker 6: no social media. Right you can hashtag and follow a
Speaker 6: hashtag and you'll see hundreds of people flipping houses and
Speaker 6: they're giving you all this information. So now you just
Speaker 6: gotta apply it. And if you're a first time home
Speaker 6: buy there's so many different programs out there for you
Speaker 6: to get the rehab money to be able to.
Speaker 4: Now buy a home that's undervalue.
Speaker 6: Put that money into it, force the appreciation, and now
Speaker 6: you have equity in that home, and God forbid, the
Speaker 6: house does appreciate You. Still good because if you lose
Speaker 6: ten percent equity because the market is decline, and five
Speaker 6: percent equity, you're not over leverage, you're not upside down.
Speaker 6: So I try to promote don't buy retail if you
Speaker 6: don't have to. But I understand you have to in
Speaker 6: some cases buy retail because the school district's family needs
Speaker 6: thinks of that nature, and you don't have a choice.
Speaker 6: But still try to buy the ugliest house in the
Speaker 6: best neighborhood.
Speaker 2: So let me ask you this, because you know, obviously
Speaker 2: you said that it's a seller's market. Absolutely, the interest
Speaker 2: rates are extremely low right now, so that would say
Speaker 2: would be better.
Speaker 3: It's good for the buyer so.
Speaker 6: To get alan, but it's great for the seller because
Speaker 6: they're going to have multiple offers on their home.
Speaker 2: Okay, So for people that's looking at maybe purchase a home,
Speaker 2: is this a good time to or should because like average,
Speaker 2: like let's say somebody hasn't brought a home yet and
Speaker 2: they looking at it, Like, all right, I got money
Speaker 2: saved and low interest rates, it's a good time for
Speaker 2: me to buy a home. But if it's a seller's market,
Speaker 2: should they be looking to buy a home or should
Speaker 2: they just be waiting for it to be a buyas
Speaker 2: market Again.
Speaker 6: Good question, right, So this is what I tell everybody.
Speaker 6: If you have financial security, if you have down payment,
Speaker 6: closing costs and reserves, and you have the knowledge and
Speaker 6: your mindset is right and everything is where it needs
Speaker 6: to go, you have your team, and if your goal
Speaker 6: in twenty twenty, prior to COVID was to purchase, then
Speaker 6: I personally.
Speaker 4: Believe you should still purchase.
Speaker 6: Right because the money is dirt cheap. Now on the
Speaker 6: flip side, should you wait till the quote unquote buyers
Speaker 6: market come and the homes depreciate. When the hell is
Speaker 6: that going to be? No one has a crystal ball
Speaker 6: that could come five years from now, and then the
Speaker 6: race could be seven percent then, So like, I don't
Speaker 6: care if the homes go down ten to fifteen percent,
Speaker 6: but now I'm paying seven percent on the money, right,
Speaker 6: So you got to look at the whole opportunity costs
Speaker 6: for yourself of what's going to be best for you.
Speaker 6: Everybody's going to have an pain on this, right, everybody has.
Speaker 6: Everybody's an expert, everybody's an economists, you know what I'm saying, Like,
Speaker 6: everybody knows when the crash is going to happen. People
Speaker 6: will say, oh, the foreclosure crazy on waver is going
Speaker 6: to happen next year.
Speaker 4: How do you know that? How do you know that?
Speaker 4: No one knows? You know what I'm saying.
Speaker 6: So for me, if you're financially secure and you want
Speaker 6: to buy real estate and you want to get in
Speaker 6: the game, and you want to invest and invest, do it.
Speaker 6: Just be smart about it. Take into consideration. If you're
Speaker 6: buying rental properties, make sure you're doing your due diligence.
Speaker 6: If it has tenants in the property, make sure you
Speaker 6: ask it for proof that they're paining. You know what
Speaker 6: I'm saying, because anybody can tell you anything. Yeah, I
Speaker 6: got three tenants in here, they're all good. Okay, show me.
Speaker 4: The proof, home seller, you know what I'm saying.
Speaker 6: Let me see two to three months of your bank statement,
Speaker 6: showing these deposits going in, show me the proof. Be smart,
Speaker 6: and that's what it's all about. Doing your due diligence
Speaker 6: and applying that information and going out there and executing
Speaker 6: at a high level and being a CEO of your
Speaker 6: real estate business. Even if it's your first home, it
Speaker 6: doesn't matter. You still got to be a CEO. You
Speaker 6: can't be out here emotional and I think I said
Speaker 6: that on the last episode two, and I've been saying
Speaker 6: it's pretty much my whole career because at one point
Speaker 6: I was emotional when I was buying homes. I wasn't
Speaker 6: really looking at numbers. I was just happy to be
Speaker 6: able to buy real estate. And I made a lot
Speaker 6: of bad decisions, which you know, I share with you guys,
Speaker 6: are just paid for. Like it was bad decisions and
Speaker 6: I just had to pay for it, and it sucks.
Speaker 6: But these were lessons and this is why my message
Speaker 6: my message, and I try to educate everybody to tell
Speaker 6: them like, look, you just got to do the numbers
Speaker 6: and don't be scared. Just be sharp and understand what
Speaker 6: you're doing. But don't worry about what could have, should
Speaker 6: have or what can happen, because if it's going to happen,
Speaker 6: everything's going to happen in God's time anyway, it's nothing
Speaker 6: you can do about it. So just be smart to
Speaker 6: have your reserves and be prepared for the worst. You
Speaker 6: know what Ian said, you need five five years of reserves,
Speaker 6: sixty months. It's like, you know what I'm saying, So
Speaker 6: like many people ain't in that position. To have five years.
Speaker 6: But if you using your last dollar to buy real estate,
Speaker 6: then you're playing yourself. Yeah, you're really playing yourself. You
Speaker 6: should not be house rich in cash, Paul, like you
Speaker 6: have to do your due diligeny.
Speaker 4: Yeah.
Speaker 5: One of the other things you said on episode twelve
Speaker 5: was that the equity in your home is monopoly money. Correct,
Speaker 5: And I feel like maybe thousands of people must have
Speaker 5: heard that right because the refive rates have been low
Speaker 5: and thousands of Americas been doing it right.
Speaker 4: So what has that been like for your business during Corona, Well,
Speaker 4: it is a pandemic. Some people call it a pandemic
Speaker 4: or plandemic.
Speaker 6: I'm calling it a pandemic because right now, if you're
Speaker 6: in a real estate industry, God bless you, you know,
Speaker 6: and you're having record breaking years all across the board
Speaker 6: in the industry, from the appraisers to the relators to shit,
Speaker 6: even the loan processors and loan assistance. They're levering up
Speaker 6: their bag because it's so much viole that companies need
Speaker 6: to hire. And now, look, I ain't gonna tell all
Speaker 6: my business, but I had to pay some people some
Speaker 6: money that I never.
Speaker 4: Thought I would have to pay them.
Speaker 6: To come work for me right because you need talent
Speaker 6: right now because there's so much volume coming in. It's
Speaker 6: not enough bodies in the real estate industry to handle
Speaker 6: the amount of people who want to do a refinance
Speaker 6: right now or buy a house. It's absolutely incredible, So
Speaker 6: what is enough for my business? It's blowing up. It's
Speaker 6: a great thing. I love it, but it's also overwhelming.
Speaker 6: It's stressful, like you're dealing with people's lives and that's
Speaker 6: never an easy thing. When you're trying to help someone
Speaker 6: ouither save money on their mortgage, pull money out to
Speaker 6: go buy other real estate, and then helping them do
Speaker 6: those transactions. So you know, it's late night, early mornings,
Speaker 6: lack of sleep, you know, lack of time spending at
Speaker 6: home with the fam and everything like that. It's a
Speaker 6: lot right now, so a lot of things being sacrificed.
Speaker 6: And it's for the greater good obviously, but it's a
Speaker 6: lot man. So yeah, you're making money, but it's also
Speaker 6: a lot of responsibility that comes with it. Because you're
Speaker 6: trying to service so many people. It gets overwhelmings and
Speaker 6: that's important to having that balance.
Speaker 4: We talk about that a lot, just having balance in
Speaker 4: your life.
Speaker 5: And like we've been watching the news and it looks
Speaker 5: like the races are going to stay that way for
Speaker 5: a while.
Speaker 6: So business is going to be business, you know, God willing,
Speaker 6: you know, race will stay low. Me personally, I hope
Speaker 6: they do go back up a little bit, slow things down.
Speaker 6: That's just me, you know what I'm saying. I'd rather
Speaker 6: go up a little bit, get rid of some of
Speaker 6: these people so we can all breathe and get back
Speaker 6: to regular life so to speak.
Speaker 4: In our world.
Speaker 6: You know, the mortgage businesses set the break records this
Speaker 6: year in twenty twenty. Trillions of dollars are being went
Speaker 6: in twenty twenty. Like, I can't wait till the final
Speaker 6: number it's talied up to just see what.
Speaker 4: The mortgage business did.
Speaker 6: But it's it's incredible right now, what we're on pace
Speaker 6: to do right now, it's a couple of trillion dollars.
Speaker 6: Like I don't think people understand that it's a lot
Speaker 6: of money being lent. And people think COVID and quarantine
Speaker 6: slowed things.
Speaker 4: Or stop anything. It didn't stop anything.
Speaker 6: It may have slowed certain components down, like appraisals getting
Speaker 6: tired of reports and things of that nature, but it
Speaker 6: didn't slow nothing. Now people are buying homes. And that's
Speaker 6: why I tell folks all the time, if you're looking
Speaker 6: to buy, buy, what are you waiting for?
Speaker 4: Go ahead? Because your opportunity may not be there.
Speaker 3: Yeah, so let me ask you this.
Speaker 2: As far as this is a business show, so a
Speaker 2: lot of people that listen to ernalisia Is are entrepreneurs
Speaker 2: or aspiring entrepreneurs. One of the hardest things for entrepreneurs,
Speaker 2: business people, ten hety nine contractors, things of that nature
Speaker 2: is to buy a home because it's like a lot
Speaker 2: of times, one of the benefits of being with business
Speaker 2: owners that you get to write.
Speaker 3: Off a lot.
Speaker 2: Absolutely, But the problem with that when it comes to
Speaker 2: getting a mortgage is that you don't show enough income.
Speaker 2: So now it's like, you know, you're in a tough
Speaker 2: spot because yeah, you might have made two hundred thousand dollars,
Speaker 2: but you only paying taxes on twenty thousand.
Speaker 4: No blessed americass like that.
Speaker 2: Or seven hundred fifty dollars.
Speaker 5: Yeah, yeah, beautiful, beautiful old living.
Speaker 3: So but yeah, it's like it's hard to get a mortgage.
Speaker 2: But you was actually enlightened me, Like there's different programs
Speaker 2: for business owners, like especially like bank statement loan things
Speaker 2: that you could We haven't really covered that.
Speaker 3: Can you talk about that?
Speaker 6: Yeah, So you have loans out there that fall into
Speaker 6: that non QM category, non qualified mortgage. It basically means
Speaker 6: Fanny Mae or Freddie Mack who buys conventional loans from banks, right,
Speaker 6: they won't purchase this type of loan. But there's private
Speaker 6: lenders out there that will fund bank statement loans whereas
Speaker 6: you can put as little as ten percent down. You
Speaker 6: can borrow up to four million dollars with this type
Speaker 6: of loan, and we're using the deposits as.
Speaker 4: Your income for your business.
Speaker 6: So you can use either twelve months or twenty four
Speaker 6: months of those deposits in your business.
Speaker 4: Bank account and that can be used to qualify you
Speaker 4: for your loans.
Speaker 6: So it's no tax returns, there's no W two's obviously
Speaker 6: as your self employed, we're not looking at any of
Speaker 6: that stuff. We just need to see twelve months of
Speaker 6: your business bank statements and we use that for your
Speaker 6: income to qualify, and you could put down as little
Speaker 6: as ten percent with these loans.
Speaker 3: How's the interest rates?
Speaker 2: Oh?
Speaker 4: Yeah, the rich interest rate.
Speaker 6: You're gonna pay for it like you're gonna pay it
Speaker 6: like you're gonna talk probably like in the right now
Speaker 6: six to eight percent range, depending on the lender, you
Speaker 6: know what I'm saying. And you know, when you're talking six,
Speaker 6: you're probably gonna have to be more thirty percent thirty
Speaker 6: five percent down, you know, high credit you know, minimum
Speaker 6: credit score for this program six sixty. But you want
Speaker 6: to get that lower rate, you're gonna have to probably
Speaker 6: be in the high sevens with a larger down payment.
Speaker 6: But if you're talking ten percent down, you know, jumbo
Speaker 6: bank statement loan, you're probably gonna get clobberd for like
Speaker 6: seven and a half percent.
Speaker 3: Can you refinance later?
Speaker 6: Absolutely, you can always refinance right and it here's another gym.
Speaker 6: If you use the bank statement program and you get
Speaker 6: into let's just say you're raighted seven percent. Right, file
Speaker 6: your taxes and your business has been in business for
Speaker 6: five years, like legally in business, right, Like you have
Speaker 6: your filing receipt in this document. Freddie Mac has a
Speaker 6: program where you can use one year tax returns as
Speaker 6: a business owner.
Speaker 4: Right.
Speaker 6: So now this is a conventional loan, so you can
Speaker 6: refinance into the conventional loan. Just file your taxes the
Speaker 6: right way, show the income. Now pay the tax the
Speaker 6: tax man they what you owe them, or get into
Speaker 6: a payment arrangement so that way you have a monthly
Speaker 6: payment on your tax bill that's outstanding. We include that
Speaker 6: tax payment into your debt to income ratio. And now
Speaker 6: you can use one year your tax returns and you
Speaker 6: don't those negative tax returns. We don't even have to
Speaker 6: look at it. So you can just use the one
Speaker 6: year and then refinance into a conventional loan. After you
Speaker 6: do the bank statement loan.
Speaker 4: How long you have to stay in the property.
Speaker 6: If you're doing a primary residences one year I can perceive.
Speaker 6: But obviously bank stamer loans is not just for priminent residents.
Speaker 6: You can do vacation homes with it, you can do
Speaker 6: investment properties.
Speaker 2: What it is well, but that's that's big, especially for
Speaker 2: business owners because if you compare, it's like a hard money.
Speaker 2: Hard money's like ten percent.
Speaker 4: Yeah, hard money.
Speaker 6: Right now, COVID rates are probably going to be ten
Speaker 6: to thirteen fourteen percent depending on who you're working with.
Speaker 4: Yes, only in your LLC's name.
Speaker 6: So these bank statement loans just to clarify us in
Speaker 6: your personal name. Still it's not in your LLC's name.
Speaker 6: So when you go asset based or hard money, that's
Speaker 6: strictly in your LLC's name. And that's why the rate
Speaker 6: is even higher because it's all LLC based.
Speaker 2: But that's extremely valuable. And even if it's six percent
Speaker 2: or even eight percent, it's still depending on how much
Speaker 2: income you're not showing, because you gotta realize it's like
Speaker 2: it's a trade off, right, you either show a bunch
Speaker 2: of income. By showing a bunch of income, you have
Speaker 2: to pay taxes on that money. Correct, So like let's
Speaker 2: say you're making two hundred thousand dollars and you're showing
Speaker 2: twenty thousand. In order to qualify, you need to show
Speaker 2: one hundred thousand, So now you got to show eighty
Speaker 2: thousand dollars more or correct, So now you could potentially
Speaker 2: be paying thirty thousand more taxes. So even if you're
Speaker 2: paying twice as much or even three times as much
Speaker 2: on an interest rate, it might not equal that at
Speaker 2: least up front. And then you always have the opportunity,
Speaker 2: even if you're paying a higher amount to refinance down
Speaker 2: the line. Absolutely, you always have the opportunity to sell
Speaker 2: the property, you always have the opportunity if it's a
Speaker 2: multi family home to generate income to kind of upset that.
Speaker 2: So that's something that business owners should definitely be aware
Speaker 2: of because, like I said, that's a decision that business
Speaker 2: owners have to make all the time, Like, all right,
Speaker 2: do I sacrifice? Do I show more income and pay
Speaker 2: more taxes? Or do I just rent an apartment forever
Speaker 2: because I don't have enough money to just buy a
Speaker 2: home and cash something that you know, if you if
Speaker 2: you don't, if you don't own business, it's not a
Speaker 2: big deal. But not just business owners, but also like
Speaker 2: I said, teney nine, contract.
Speaker 6: Independent contractors are considered self employed in the mortgage world
Speaker 6: because you're not having any taxes taken out of your checks.
Speaker 6: So you're self employed, So you're filing a schedule C, right,
Speaker 6: and you have to pay taxes. So it's the same thing,
Speaker 6: you know, but if you're if you're ten ninety nine,
Speaker 6: you're gonna have to I would probably set yourself up
Speaker 6: as a business so that way you can get better
Speaker 6: tax benefits of having yourself incorporated or LLC versus just
Speaker 6: having it yourself as an ESQ, I mean schedule see
Speaker 6: filing but you know, like you.
Speaker 4: Said, pick your poison, right.
Speaker 6: You want to pay seven hundred and fifty dollars like
Speaker 6: you know, or you want to go buy real estate,
Speaker 6: So you're gonna have to pick what's your poison right now.
Speaker 6: So if you want to have, this program gives you
Speaker 6: the option of having your cake and eating it too,
Speaker 6: paying less taxes, using the deposits to qualify, and you
Speaker 6: still buy in real estate. You're just gonna have to
Speaker 6: pay a premium for it. So for me, I think
Speaker 6: the program is amazing and it helps so many entrepreneurs
Speaker 6: get into the real estate business.
Speaker 4: Yeah, get you a good CPA. Yeah, get you a
Speaker 4: get you a great get you a great CPA.
Speaker 3: That's a fact.
Speaker 5: So you have you have a question, Seorge, No, I
Speaker 5: wanted to go into one of the things that you
Speaker 5: mentioned before, and that's the appraisal process. Okay, because obviously
Speaker 5: I've spoke about this a number of times of how
Speaker 5: my family was robbed of thousands of dollars doing.
Speaker 4: During the appraisal process.
Speaker 5: And one of the things in speaking to you, what
Speaker 5: I came to find out was something called the AMC.
Speaker 4: Can you explain what that is? A little partch there.
Speaker 6: So AMC stands for Appraisal Management Company. So when the
Speaker 6: market crashed, the government said it was the bank's fault
Speaker 6: in the appraises. So they took the control away from
Speaker 6: the banks and the brokers, the mortgage brokers.
Speaker 4: They took the.
Speaker 6: Appraisal control away from us, that process away from us. Right,
Speaker 6: we can't have direct contact with an appraiser, so when
Speaker 6: we do a deal, we go through the appraisal management company.
Speaker 6: The appraisal management company now picks from a round robbing
Speaker 6: of appraisers that's approved with whatever Linda they're working with,
Speaker 6: and then they're the ones who have the communication with
Speaker 6: the appraiser. They set up the order with them. You
Speaker 6: gotta contact this person whatever.
Speaker 5: Right in my mind, I'm thinking the government did this
Speaker 5: because it's like if I was an appraiser, I know
Speaker 5: you work at the bank.
Speaker 4: You're telling me, like, yo, just give them a good
Speaker 4: rate so we can make money on the deals.
Speaker 6: Is that why it was kind of like this, Let
Speaker 6: me tell you how I went to tell you the story.
Speaker 4: Let me tell you how it went. In a wild
Speaker 4: cowboy days, it would say, Yo, Giovanni, I need this
Speaker 4: deal to do this eight hundred thousand I know it's
Speaker 4: probably on the worth seven.
Speaker 6: Well, what can you do? We can make we can
Speaker 6: pay you extra, and Giovanni will come back with the
Speaker 6: appraiser report of eight hundred thousand dollars. And there was
Speaker 6: no systems in place back then and no technology like
Speaker 6: we have now where underwriters were really vetting that appraisal.
Speaker 6: They would just close on it. Right, they will take
Speaker 6: their words. So the market was being inflated, and what
Speaker 6: they're saying is true. You know this call ispan this
Speaker 6: s bad. We had too much contact. Right, If you're
Speaker 6: on a praiser and you know I'm sending you a
Speaker 6: lot of business. Look, if I need you to make.
Speaker 4: This happen, make it happen.
Speaker 6: And they would because there was really no regulation behind it.
Speaker 6: Now with the appraisal management company, that's out of the window.
Speaker 6: You can't even talk to the appraiser. It's illegal for
Speaker 6: US Sloan officers to talk to appraisers now, So I
Speaker 6: don't know who to hell the appraiser is going to
Speaker 6: be on a deal until I get the actual report,
Speaker 6: And even when I get the report, I can't make
Speaker 6: contact with them if I want to dispute something.
Speaker 4: I have questions I think there's errors.
Speaker 6: It all has to funnel back through the AMC, and
Speaker 6: then the AMC goes back.
Speaker 4: To that appraiser to make whatever corrections.
Speaker 5: And so my thing is like, and I've seen this
Speaker 5: a lot, is like, I wonder how many.
Speaker 4: People look like us that are in this this management company.
Speaker 6: Oh, it's slim to none. Because in most cases, right,
Speaker 6: we need black appraisers. We need we need people that
Speaker 6: look like us going into our neighborhoods valuate our property
Speaker 6: because we know the true value of our areas in
Speaker 6: our neighborhoods. Most most of these folks don't. And that's
Speaker 6: when you see people getting these homes of praise and
Speaker 6: like your situation, they devalued.
Speaker 5: You, came in, spent ten minutes here, I paid them
Speaker 5: seven hundred dollars, devalued me.
Speaker 4: We lost like one hundred thousand on the deal.
Speaker 6: It's terrible, you know, it's terrible. So if anybody's looking
Speaker 6: to get into the real estate industry, looking to becoming
Speaker 6: an appraiser, there's a serious need to become an appraiser,
Speaker 6: and especially if you're a minority, this could be a
Speaker 6: good way for you to learn the real estate market
Speaker 6: because you learn how to value properties. Right, and if
Speaker 6: you're going to invest, what better knowledge to have than
Speaker 6: being an appraiser. It pays well, and it pays well
Speaker 6: ten minutes ten minutes, but you gotta think about it though,
Speaker 6: it doesn't pay that well no more for the appraises,
Speaker 6: right because now you have that AMC of the company.
Speaker 6: So now that AMC has to eat too off that
Speaker 6: same fee. So now the appraises actually make less. And
Speaker 6: that's why you see a lot of sloppy work now, right,
Speaker 6: because they're not making as much money as they used to.
Speaker 6: Now what you see a lot of now they'll make
Speaker 6: the So two, there's two appraisal reports. Right, it's either
Speaker 6: going to come back as is or subject to repairs.
Speaker 3: Right.
Speaker 4: So if it comes back as is.
Speaker 6: I mean the house is fine how it is, right,
Speaker 6: but it comes back subject to repairs.
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Speaker 6: Here's then whatever the appraiser list on that report that
Speaker 6: needs to be repair, it needs to be repaired prior
Speaker 6: to closing, and then they have to come back out
Speaker 6: and do a reinspection.
Speaker 4: That's another trip fee that.
Speaker 6: Could be an extra one to five hundred dollars just
Speaker 6: depending on the property.
Speaker 4: Type and everything like that. So that's how they're making
Speaker 4: more money. You know what I'm saying.
Speaker 6: They're making up for that loss is because now praisers
Speaker 6: are going in and they're looking for cracks, they're looking
Speaker 6: for mold, they're looking for whatever's out of order, you
Speaker 6: know what I'm saying, So that way they can put
Speaker 6: that feed on.
Speaker 5: The appraiser is different from the home inspector. Right even
Speaker 5: though they come in and they look at the property,
Speaker 5: they may say, hey, you need a new furnace, Hey
Speaker 5: that bathroom needs new plumbing.
Speaker 4: That's different from the home inspection.
Speaker 6: Ger Absolutely, home inspection. The home inspect is coming in
Speaker 6: to look at the house and they're going to see
Speaker 6: about the mechanics of the house to make sure the roof,
Speaker 6: the baller, the heat, the plumbing, electrical everything is where
Speaker 6: it needs to be. And what they feel like needs
Speaker 6: repairs and what's the cost to cure those repairs, right,
Speaker 6: and then they're going to give you probably a thirty
Speaker 6: to fifty page report with all this information in there
Speaker 6: right telling you this is wrong, this is wrong, it's wrong.
Speaker 6: So the home inspector is going to be thorough right.
Speaker 6: They're not spending ten minutes, they're spending two three hours,
Speaker 6: you know, depending on the size of the home, and
Speaker 6: they're looking through everything. But even with a home inspection,
Speaker 6: you're really not going to know your home until you
Speaker 6: live in it, you know, but this would give you
Speaker 6: a good idea of what you're buying, right, So it's
Speaker 6: very important get a home inspection. And there's a lot
Speaker 6: of times that I'm starting to see on deals with
Speaker 6: folks are opting out of home inspections because they think
Speaker 6: it's a good house so it was just recently renovated.
Speaker 4: If it's a.
Speaker 6: Flip, definitely get a home inspection because these investors are
Speaker 6: being cheap with their materials and they work, so you
Speaker 6: need to go in there and double check and have
Speaker 6: somebody with professional adds that you don't have to kind
Speaker 6: of look at this stuff because a lot of them
Speaker 6: are putting cheap materials.
Speaker 5: I'm thinking like, yeah, they're probably gonna bring the cheapest
Speaker 5: material to get done.
Speaker 4: The fastest, the quickest.
Speaker 6: Absolutely, they trying to turn and burn, you know what
Speaker 6: I'm saying. So don't don't devalue your home and home inspection,
Speaker 6: you know what I'm saying. Make sure that you take
Speaker 6: serious notes. You're looking be there, you know, ask questions,
Speaker 6: learn about it because if you're going to invest, that's
Speaker 6: also free not free training, right because you're paying for it,
Speaker 6: but it's still training if you if you use that
Speaker 6: information that you're learning because now they work for you.
Speaker 6: Now they got to tell you this stuff, right, what's
Speaker 6: wrong with this? Blah blah blah blah blah. Now you're
Speaker 6: starting to learn, right. So that's another hack, so to speak.
Speaker 6: If you're trying to get into real estate and you're
Speaker 6: buying your first house, take the process serious, learn the
Speaker 6: entire process, everything that you need to know, so that
Speaker 6: way when it's time to do more deals, you already
Speaker 6: have the knowledge and no one can take it from you.
Speaker 4: You have the blue print. You have the blueprints.
Speaker 2: So you know one thing that or Alesia, we're not
Speaker 2: just tied to America. We get support from all over
Speaker 2: the world.
Speaker 3: Like literally, we get tons of support in Canada.
Speaker 2: Shout out to Toronto, Shout out to Montreal, Shout out
Speaker 2: to Vancouver, Shout out to the whole country in Canada.
Speaker 2: Shout out to the Caribbean, all the countries in Caribbean,
Speaker 2: Shouts of dr Shout to pr Shout to Jamaica, Shout
Speaker 2: out to Antigua.
Speaker 4: Guys are like number one in all these countries.
Speaker 2: We gotta shout to the Caribbean. Shouts to London. London,
Speaker 2: the UK is a big hub for us. Shout out
Speaker 2: to London, Shout out to everybody out there, and shout
Speaker 2: out to everybody in Africa. We've been doing a lot
Speaker 2: of stuff in Africa. We're going to go there. Yeah,
Speaker 2: Shout out to the whole continent in Africa. Shout out
Speaker 2: to Asia. Shout out that all over the world, every continent.
Speaker 2: So you know, a lot of post of our continent
Speaker 2: is kind of you know, based around America because that's
Speaker 2: where we're from and that's where we live. But we
Speaker 2: want to talk to people and get people information that
Speaker 2: because you know a lot of people live in especially
Speaker 2: like the you know, London, Toronto, Jamaica, they have family
Speaker 2: in America and you know, they go back and forth
Speaker 2: and they might want to invest in America. So there's
Speaker 2: different programs and things for like international people as well.
Speaker 6: Right, absolutely, absolutely, So you have what's called foreign national loans,
Speaker 6: where if you're not living here or a US citizen,
Speaker 6: you still have the ability to get a loan and
Speaker 6: buy investment properties here in the US. So it's called
Speaker 6: the foreign national loan, and depending on the lender, you
Speaker 6: can put down as little as twenty to thirty five
Speaker 6: percent down payment on these loans and it's not a
Speaker 6: real difficult process to get approved for a foreign national.
Speaker 6: Right there's only a handful of lenders that will take
Speaker 6: these type of loans. There's not too many of them.
Speaker 6: So if you are, you know, overseas, and you want
Speaker 6: to get a foreign national loan, just do a simple
Speaker 6: Google search and you'll see a bunch of lenders that
Speaker 6: will come up.
Speaker 4: They will tell you there.
Speaker 6: Are different requirements, but the baseline of it is no
Speaker 6: credit score requirement because obviously you're not US citizen. Some
Speaker 6: lenders will want you to have a US bank account
Speaker 6: and have the money transferred over to the US. Some
Speaker 6: lenders don't they'll accept the money coming in from overseas
Speaker 6: the day of closing, but a lot of them want
Speaker 6: you to have the money in the US already, so
Speaker 6: check with the lender for their particular guidelines on what
Speaker 6: they require. If you're self employed, then you have to
Speaker 6: get a letter from your account or your CPA just
Speaker 6: verifying where.
Speaker 4: Your income is and how long you've been in business
Speaker 4: and a lot of good standing and things of that nature.
Speaker 6: If you are a W two employee, I'm not sure
Speaker 6: if they even call it W two employees over there,
Speaker 6: but whatever you guys call it. If you work for
Speaker 6: somebody and you get a paycheck from someone else, then
Speaker 6: we have to get a letter also from your employer
Speaker 6: just to verify your employment. Some lenders will rub I'm
Speaker 6: not rough, but run like you through a certain country,
Speaker 6: I forget the name what they call it, and just
Speaker 6: do make sure you're not on like any terrorist list
Speaker 6: or anything like that. Fair enough, Well, you know, got
Speaker 6: to make sure that you're not, you know, doing nothing
Speaker 6: crazy out here. But you know there are options out
Speaker 6: there for foreign investors to invest here in the United
Speaker 6: States and buy investment properties. I've helped ton of foreign investors,
Speaker 6: especially in the Philadelphia market. Like you know, a couple
Speaker 6: of years ago, everybody in China was coming in to
Speaker 6: Philly and buying up all of Philly.
Speaker 4: Right.
Speaker 6: Shout out to my guy Malik caught out there in
Speaker 6: Philly said we did a lot of deals out there together.
Speaker 6: But shout out to my god real estate coach Cartter.
Speaker 6: But yeah, it's opportunities out there for foreign investors to
Speaker 6: invest here in the United States. So COVID slowed it
Speaker 6: down a little bit, so you know, it's not too
Speaker 6: many banks like it was prior to COVID that are
Speaker 6: doing it, but you can still, you know, find good
Speaker 6: financing out there.
Speaker 2: What are some of the biggest hurdles that stop people
Speaker 2: from buying home credit score? Is it down not having
Speaker 2: enough for the down payment, because that's something that you
Speaker 2: know a lot of times people. Is it just not
Speaker 2: having a proper education, like what it's above, you know.
Speaker 6: Not having a proper education first and foremost. That's the
Speaker 6: biggest thing I see. People don't they fear what they
Speaker 6: don't know, right, So most people who don't buy a home,
Speaker 6: and when you speak to them, they don't know nothing
Speaker 6: about the process. They don't know nothing about loans, they
Speaker 6: don't understand interest rates. It's just overwhelming for them. Right,
Speaker 6: So that's first things. First is the knowledge. Then credit,
Speaker 6: credit is probably the second biggest thing. People have bad
Speaker 6: credit out here and they need to get worry about
Speaker 6: fixing their credit and stop spending so much.
Speaker 4: Then I would probably say.
Speaker 6: Cash the capital, you know, I think that's probably the
Speaker 6: third thing that I see that hold people back, especially
Speaker 6: in cities like New York.
Speaker 4: LA was very expensive to buy real estate.
Speaker 6: You know, a two family here is a million dollars, right,
Speaker 6: you got to talk about you need probably three point five.
Speaker 4: Sid plus closing costs.
Speaker 6: I mean before you know you can be close to
Speaker 6: one hundred k you know that you need to buy
Speaker 6: a house. So it's a lot that happens. I mean,
Speaker 6: it's a lot that stops home buyers. But these are
Speaker 6: the things that I see.
Speaker 4: The top three that stop the lack of education, credit
Speaker 4: and capital. Yeah, like what you said, we don't know
Speaker 4: what we don't know, right, And part of that is
Speaker 4: the question. And so like when we're getting into this process,
Speaker 4: what are some things when we're trying to find the
Speaker 4: right loan officer or the right commercial bank or investment bank,
Speaker 4: what are the questions that we should be asking before
Speaker 4: we take that step.
Speaker 6: When you're interviewing your loan offices. Right, oh man, there's
Speaker 6: tons of questions that you need to ask them. First
Speaker 6: of all, do they own any property themselves?
Speaker 4: Right? Are they investing? Are they homeowners themselves? Right?
Speaker 6: How long have they been in the business? Very important
Speaker 6: question to me because look, it's nothing wrong with rookie
Speaker 6: loan officers, right, but they don't have the experience. They
Speaker 6: don't have the product knowledge yet, they don't know how
Speaker 6: to maneuver, right, They're going to be more reacting. They're
Speaker 6: been proactive because they're learning on the job. So I experience.
Speaker 6: You know, how many deals are you really closing? How
Speaker 6: many did you close last month?
Speaker 4: Right?
Speaker 6: Just to get an idea of what that person is
Speaker 6: closing people, Are they really truly honestly helping?
Speaker 5: How much is a season person? How many how many
Speaker 5: closings that they're having a season loan officer?
Speaker 4: I mean you could be seasoned and still you know,
Speaker 4: not cool. Right.
Speaker 6: So I mean, if you're a top producer, in my opinion,
Speaker 6: you closing well over one hundred plus deals a year.
Speaker 6: You know, if you're a top producing loan officer. But
Speaker 6: the mega producers are closing a couple hundred loans a year.
Speaker 4: You know, they're they're out here really killing it.
Speaker 6: So, but you know, the average loan officer is probably
Speaker 6: closing four deals a month somewhere around there, which is
Speaker 6: not bad. You know, depending on your compensation level, you
Speaker 6: can still make a great living closing four or five
Speaker 6: deals a month. But you know, you want to ask
Speaker 6: these people these questions. Do they have a team, very important,
Speaker 6: especially in times right now where everybody's overwhelmed and busy.
Speaker 6: Are you the only person that they're going to speak to?
Speaker 4: Right? So team is very important. Are they underwriting their
Speaker 4: loans in house? Right? Is their underwright and being sourced
Speaker 4: to somewhere else? Or what kind of control do they have?
Speaker 6: You know, these are all the things that are very
Speaker 6: important because you want to know that your deal is
Speaker 6: going to be able to go through the system with
Speaker 6: no issues.
Speaker 2: So, speaking of the mortgage industry and working with a
Speaker 2: mortgage professional, you're a mortgage you're a loan officer, correct,
Speaker 2: So we haven't had this conversation either. We talk about
Speaker 2: like investing in real estate, but there's always two sides
Speaker 2: of the coin. So you can make money actually working
Speaker 2: in real estate as well. Like you know, we've interviewed
Speaker 2: to Keanu Wats we talk about like being a.
Speaker 3: Real estate agent or realter.
Speaker 2: So, like, how what are the opportunities for people if
Speaker 2: they want to become like where you are as far
Speaker 2: as a loan officer?
Speaker 3: How do you do that? Like you have to go
Speaker 3: to school for that? Is it like a test that
Speaker 3: you take? Like do you how do you get hired?
Speaker 3: Like what's the deal?
Speaker 6: Well, so first and first you have to get license, right,
Speaker 6: So you have to get license.
Speaker 4: You have to take the.
Speaker 6: Safe test and that's I think twenty five hours, which
Speaker 6: is not a long period of time. It's not a
Speaker 6: lot of hours, right, you can do that in the week.
Speaker 6: You can do it online with no problem. Of course,
Speaker 6: you're a couple hundred bucks. Once you pass the class,
Speaker 6: then you have to take the federal exam. And when
Speaker 6: you pass the federal exam, then you have to submit
Speaker 6: your information to NMLS, you know, National Mortgage Licenses System.
Speaker 4: That's the acronym.
Speaker 6: You keep saying, yeah, actually, and I'm saying that because
Speaker 6: I'm official telling you I'm a licensed loan officer, Like
Speaker 6: I'm not an Internet guy. I always say this, right,
Speaker 6: and that's why I started saying my license number one
Speaker 6: to be compliant.
Speaker 4: At one point I knew about her. Yeah, I heard
Speaker 4: every video. Every video is like NMLS number five weeks.
Speaker 4: I almost forgot.
Speaker 3: Right.
Speaker 6: But it's important that once you once you pass, then
Speaker 6: you you submit all your documentation got to get fingerprinted.
Speaker 6: I mean, we're getting your credit gets looked at. So
Speaker 6: you can't really have bad credit. If you have any
Speaker 6: issues on your credit, you have the right explanations of why,
Speaker 6: if you have outstanding child support and things like that.
Speaker 6: This is serious. This is not like you. Just when
Speaker 6: I came into business, there was no licensing. They literally
Speaker 6: gave me a phone book and said call people.
Speaker 4: Right.
Speaker 6: I didn't know a damn thing. But now after the crash,
Speaker 6: they make people get licensed now.
Speaker 4: So if you're a license loan offic shout out to
Speaker 4: all the licensed loan offices, by the way, that's how
Speaker 4: you start to get licensed.
Speaker 6: But that doesn't mean you're going to get a job,
Speaker 6: right because most banks right now don't have time to
Speaker 6: hire and train new loan officers. It's too busy, right,
Speaker 6: So you have to find either a mortgage company, a
Speaker 6: mortgage broker or even a big bank right that's willing
Speaker 6: to take the chance with you and hire you. Or
Speaker 6: I would recommend anybody looking to get in the business
Speaker 6: try to join a team, right because if you join
Speaker 6: the team, like I run a team right my own division.
Speaker 4: But I won't hire anybody. No, sorry, not right now,
Speaker 4: it's not even not right now. Please don't hit me
Speaker 4: up on that.
Speaker 6: You need to hear his experience minimum, right, But there
Speaker 6: are there are people in my position that will hire
Speaker 6: new people because they may have the capacity to train.
Speaker 4: I don't have that capacity right now.
Speaker 6: Unfortunately, at some point I will, but not not today, right,
Speaker 6: But get on the team so that way you can
Speaker 6: get that experience, you can get that train and you
Speaker 6: can mess up and have somebody to guide you and
Speaker 6: hold your hand. Because there's a lot that goes into
Speaker 6: originated loan. People think, you know, especially with the digital
Speaker 6: stuff that we have and the information and technology era
Speaker 6: that we're in, it's so easy to go on these
Speaker 6: websites and people get a pre qualification letter and they
Speaker 6: think it's so easy. Right, It's not that easy. It's
Speaker 6: something these guidelines. If you look at the underwriting guidelines
Speaker 6: even for like an FAHA loan. Right, the underwriting guidelines
Speaker 6: is over a thousand pages. That's a lot of information,
Speaker 6: you know what I'm saying, And we have to be
Speaker 6: Godeline goats like you know what I'm saying, Like, we
Speaker 6: have to know our guidelines. This is our bible, this
Speaker 6: is this is how guidelines, this is how we make
Speaker 6: our living right. So for me, I study these guidelines.
Speaker 6: I live in these guidelines. They tell you everything you
Speaker 6: need to do to execute right, and and then you
Speaker 6: have to now be able to articulate that to someone
Speaker 6: who has no clue.
Speaker 4: Right. So it's not it's.
Speaker 3: Like, what are some of the guidelines that you have
Speaker 3: to memorize?
Speaker 6: Man, Everything guidelines changed today, all certain things right, like
Speaker 6: especially in COVID Right, things are changing rapidly. It seems
Speaker 6: like almost every other week there's something coming out from
Speaker 6: the government saying this or that right, especially with self
Speaker 6: employee borrowers making sure that their businesses operate and they're running.
Speaker 6: If you if you're buying investment properties, they want to
Speaker 6: make sure now that rent is being collected, especially if
Speaker 6: you're refinancing and you're using an income to qualify.
Speaker 4: Right.
Speaker 6: We got a document you're receiving rent now right There's
Speaker 6: a lot that's happening, and all of our discussing blueprint,
Speaker 6: by the way, but there's a lot happening in the
Speaker 6: market right now, and it happens at a rapid pace.
Speaker 6: We wake up and the guidelines are changed, and then
Speaker 6: we have to just learn them and adapt, and it
Speaker 6: affects every loan that's in the pipeline. Sometimes they'll give
Speaker 6: you like, oh, it's going to be December first or
Speaker 6: January first, twenty twenty, but sometimes they say effective immediately.
Speaker 4: Remember we had a conversation.
Speaker 5: I was reading an article and I think they gave
Speaker 5: you like a week.
Speaker 4: I think it was September. It was for the refinance
Speaker 4: feed that.
Speaker 6: Yeah, they added the refinance fee, and the whole industry
Speaker 6: got pissed off, Like the entire mortgage industry was pissed, right,
Speaker 6: and then they they delayed it to December first.
Speaker 3: What did that?
Speaker 6: So they added so Fannie Mae and Freddie mac came out.
Speaker 6: I think this was August that they're taxing lenders now,
Speaker 6: basically saying, hey, y'all doing a lot of refinances.
Speaker 4: Rate is low.
Speaker 6: We need to make some of my stimulus money too, basically,
Speaker 6: and we're going to tax y'all half a point per
Speaker 6: every refule that you're going to sell to Fanny Mae
Speaker 6: and Freddy Mack, effective immediately. So that means that you're
Speaker 6: gonna sell to them, right. So they basically said, we
Speaker 6: want our money, and you have. You could have a
Speaker 6: pipeline of a thousand loans, two thousand loans in your
Speaker 6: pipeline right now.
Speaker 4: You gotta pay a half a point per loan.
Speaker 6: That could be twenty thirty forty fifty million dollars worth
Speaker 6: of loans, one hundred million dollars a long times are
Speaker 6: half a point that you didn't expect. They're taking your revenue, right,
Speaker 6: but they're not gonna take the lenders revenue.
Speaker 4: I know it is. It's gonna take your revenue. You're
Speaker 4: gonna get charged, charge you more. We're gonna we're gonna
Speaker 4: charge you more because we're not gonna pay for that,
Speaker 4: right And and anytime things like this happened, it gets
Speaker 4: passed on to the consumer like the lenders are not
Speaker 4: gonna pay for it, you know. So the industry went
Speaker 4: crazy and they decided to delay it to December first,
Speaker 4: so people who are.
Speaker 6: Originating refinances right now. That half a point is already
Speaker 6: built into your rate sheets already. You know what I'm saying,
Speaker 6: Which in town made interest rates for refinances to pay
Speaker 6: then on which Linda go up by eight to three
Speaker 6: eighths of a point over the past week because now.
Speaker 4: It's loans that's sold by a certain period of time.
Speaker 6: So we have to cut. Once loans are closed, it
Speaker 6: takes a while for it to get sold to the agencies,
Speaker 6: you know what I'm saying. So you got to price
Speaker 6: that in now because you don't know when they're gonna
Speaker 6: buy it from you, you know what I'm saying.
Speaker 4: So the potentially is going to be a spike in refinances,
Speaker 4: I would assume it's already a spike. It's been a
Speaker 4: spiking more so in November.
Speaker 6: It started right now because people people want to get
Speaker 6: in before December first, but they don't understand that it's
Speaker 6: already started for them, right because they think December first
Speaker 6: then it's going to start. No, it started already because
Speaker 6: the loans that if I take an application October first,
Speaker 6: it's not closing to the middle of November, maybe December,
Speaker 6: depending on the volume. Right, it's already you're already getting
Speaker 6: sold at the December first, so that fee has to
Speaker 6: be already priced in already, you know what I'm saying.
Speaker 6: So like, if you got an application after October first,
Speaker 6: you probably don't even know that you it's already built
Speaker 6: and your interest.
Speaker 4: Right.
Speaker 2: I want to talk about the education cause it's like,
Speaker 2: I mean, told me you was doing this blueprint, and
Speaker 2: I really thought about it, and I'm like, you know,
Speaker 2: all years that we go to school, high school, college,
Speaker 2: they never really teach you how to buy a home.
Speaker 2: And if you really think about it, there's a lot
Speaker 2: to go into buying a home. Right, It's like where
Speaker 2: do you start? Do you look on Zillow? Do you
Speaker 2: look online? Do you get a real estate agent? How
Speaker 2: do you know which mortgage? Because it's not like it's
Speaker 2: just one kind of mortgage. It's like a VA loan,
Speaker 2: there's fah loans, there's jumbo mortgage loans. We talked about
Speaker 2: bank statement loans for a national. How you know if
Speaker 2: you're not getting ripped off?
Speaker 4: Right?
Speaker 2: How you know if you're not getting the best interest.
Speaker 2: How do you know if you're not working with the
Speaker 2: best professional. If you're doing a rehab project, how does
Speaker 2: that work? And it's like, and that's my whole thing
Speaker 2: with education is like, to me, that's the greatest investment.
Speaker 2: So it's like, yeah, you kind of sometimes you pay
Speaker 2: for convenience, right cause it's like, if you're a single mom,
Speaker 2: you got three kids and you're making you're making a
Speaker 2: nice amount of money. You can buy a home, but
Speaker 2: the money's not really the issue. With the time that's
Speaker 2: an issue absolutely, right. Or if you a dad and
Speaker 2: you're working two jobs, you're making enough money, but you
Speaker 2: don't have time. You don't have time to scour YouTube
Speaker 2: for thirty seven hours to try to put different pieces together.
Speaker 2: So he told me that you was doing a blueprint.
Speaker 2: I'm like, that's crazy because I never really, I've never
Speaker 2: heard of anybody putting together like a curriculum for home buyers.
Speaker 2: Like but to me, that makes perfect sense because, like
Speaker 2: I said, we don't learn how to buy a home
Speaker 2: in school, like you literally have to figure it out,
Speaker 2: and especially you might not have had.
Speaker 3: Parents that owned home.
Speaker 2: Absolutely, So it's like, what was your inspiration in developing
Speaker 2: that curriculum?
Speaker 4: Honestly?
Speaker 6: The people, right you know, all the followers man, people
Speaker 6: who reach out to me, you know, every single day,
Speaker 6: asking questions that I think they should know already, you
Speaker 6: know what I'm saying, And when you really hear you know,
Speaker 6: folks acting the same questions, just in a different languages,
Speaker 6: like Okay, you know there's Google and YouTube University, right,
Speaker 6: and they're not taking the time to Google or go
Speaker 6: to YouTube University. And if they are, it's so much
Speaker 6: information that they don't know what to believe because it's
Speaker 6: all contradicting it stuff right, So with me, I would
Speaker 6: say this too. Folks been asking me to write a
Speaker 6: book for first time home buyers, and I ain't gonna
Speaker 6: hold you. I'm not writing no book. Like all the
Speaker 6: time to sit here and write no book and do
Speaker 6: all of this stuff. So like I like to do videos,
Speaker 6: I do content, So that to me was like a
Speaker 6: natural thing, Like wait a minute.
Speaker 4: Instead of me doing.
Speaker 6: A book called The home Buyers Blueprint, Volume one, well,
Speaker 6: I'm gonna just do a course and do it to
Speaker 6: where it's you know, super detailed from the beginning to
Speaker 6: the end of everything that I believe that a home
Speaker 6: a future home buyer should know. You know, from getting started,
Speaker 6: how to prepare your file, what's the income documentation that's
Speaker 6: needed for the different sources of income. There's so many
Speaker 6: different sources of streams of income now from you know,
Speaker 6: you got marketing Monday, you got stocks. You know, that's
Speaker 6: capital gains, right, you can use capital gains as income
Speaker 6: if it's fouled properly. You know, I'm breaking all of
Speaker 6: this stuff down. People don't think about that, you know,
Speaker 6: capital gains income. You're not thinking about well, if you're
Speaker 6: getting money from a trust, if you're getting money from
Speaker 6: rental properties. Like, I'm breaking all of this stuff down
Speaker 6: so that way you don't have to really think about it.
Speaker 4: Like it's there.
Speaker 6: We're breaking down all the three I think most popular
Speaker 6: loans out there, FHA, conventional VA loans. And you know
Speaker 6: those those chapters by itself, I mean they're like two
Speaker 6: hours long. So like these these these chapters are filled
Speaker 6: with just information, you know, how to get approved, what
Speaker 6: a land is looking like. And I'm talking from an
Speaker 6: underwriter's perspective on this tool, which is very important. I'm
Speaker 6: not talking to you as a guy who just did
Speaker 6: a couple of homes and and you know heir his
Speaker 6: his a course, right, I'm teaching you from the underwriting
Speaker 6: perspective of what we're looking for and how you can
Speaker 6: avoid this and what you have to do to get
Speaker 6: approved for this loan, that loan or that loan. Right,
Speaker 6: then we're breaking down home when you're out home shopping right,
Speaker 6: what to look for, how to hire the right real
Speaker 6: to you know, how to hire the right loan officer.
Speaker 6: What's the difference between prequus pre approvals discount points which
Speaker 6: people don't really understand. How do you determine if you're
Speaker 6: getting a good deal or not? You know, going through
Speaker 6: the closing costs. People don't even know what it's closing costs.
Speaker 6: Sometimes it like blows my mind. They don't even know
Speaker 6: it's closing costs and they don't understand why it costs
Speaker 6: so much. I'm breaking all of this down. How to
Speaker 6: read the closing disclosure so that way it's not foreign
Speaker 6: to you. You understand how to read it and how
Speaker 6: to analyze it. I'm giving you tools and this to
Speaker 6: where you can look to see where the market rates at,
Speaker 6: to see if this loan officer bank has quote you
Speaker 6: something that fits in line for where you need to be. Like,
Speaker 6: I'm breaking it all down, step by step blueprint for
Speaker 6: you to get your game on tracks, not your push
Speaker 6: like we're trying to get you on track, Like this
Speaker 6: is about making sure that you are fully knowledgeable about
Speaker 6: the whole on buying process because it's a process. It's
Speaker 6: not like I know everybody on the gram. You see
Speaker 6: them with the boomerangs and the keys in the hand
Speaker 6: and the big ass keys.
Speaker 4: You know, they have the closing table drinking the champagne.
Speaker 4: I don't like no disrespect because you work hard to
Speaker 4: do that.
Speaker 6: You know what I'm saying. Oh yeah, they work hard
Speaker 6: to do the shimmy. You know, do your shimmy, do
Speaker 6: your boomerang. Celebrates your success as you should, right. The professional,
Speaker 6: the homeowners, the sellers celebrated. But for me, I'm like, yo,
Speaker 6: there's a lot that went on to get you there.
Speaker 4: What happened?
Speaker 3: Right?
Speaker 6: So when I when I try to post anytime I close,
Speaker 6: I like to post a story. I want the people
Speaker 6: to talk about it because I really feel like they
Speaker 6: can educate now the people behind them because they went
Speaker 6: through the process. So the blueprints giving you again step
Speaker 6: by step booklet for you to get your game more
Speaker 6: track that you would push back get it A lot
Speaker 6: of knowledge is twelve hours, one hundred and fifty videos
Speaker 6: it's a lot of information. It's pop quizes in there.
Speaker 6: This is for not just for the first time home buying.
Speaker 6: I want to say this too. This is for the
Speaker 6: new real estate agent. This is for the new loan officer.
Speaker 6: You guys are getting newly licensed, but you're learning the laws.
Speaker 6: The licenses are based off of laws. It's not based
Speaker 6: off a product knowledge. It's not based off of that information.
Speaker 6: You have to learn that on your own. And that's
Speaker 6: a new beat. It's kind of like overwhelming at first,
Speaker 6: It's like, what the hell does all of this mean?
Speaker 4: What am I doing? You know what I'm saying.
Speaker 6: So, if you want to get into the business, this
Speaker 6: is a good step for you, a good training manual
Speaker 6: for you so you can understand how these products work.
Speaker 4: Especially for the realtors. There's a lot of Like New
Speaker 4: York I think probably has thirty thousand licensed realtors, who
Speaker 4: knows right, eighty five percent of them have no clue
Speaker 4: about the mortgage process. They have no clue about mortgage loans.
Speaker 4: They're so uneducated when it comes to this stuff. They
Speaker 4: can't have conversations with their clients to educate them more.
Speaker 4: You know, the great realtors understand products like.
Speaker 6: Shout out to Keanu. You mentioned her earlier, amazing agent.
Speaker 6: She understands loan products, right, we have conversations about loans.
Speaker 6: She understands guidelines. Those are the relatives who are the
Speaker 6: most successful, who can put the deals together right and
Speaker 6: from the mortgage too now to the closing table and
Speaker 6: make sure you get a scene this transaction. So this
Speaker 6: blueprint is just not for the first time home buyer.
Speaker 6: It's for the up and coming real estate professional who
Speaker 6: want to learn this business.
Speaker 5: Even when I look through it, man, as a homeowner,
Speaker 5: I was I just learned things. I was like, even
Speaker 5: from the appraisal contingencies and sales concessions and refine sid
Speaker 5: I was just like, damn, there's so much I didn't
Speaker 5: know in myself and I have a home and I
Speaker 5: went through this process myself and learned. And so I
Speaker 5: mean kudos to you for that.
Speaker 4: Man.
Speaker 5: It's like you poured twenty years of your life and
Speaker 5: you duplicated yourself and gave it to the people.
Speaker 6: Yeah, it's like, look here you go investing yourself. Right,
Speaker 6: you want to buy a house, you can. This can
Speaker 6: save you tens of thousands of dollars in closing courts
Speaker 6: and or unnecessary fees. If you retain this information in
Speaker 6: the proper way, right, and if you and if you
Speaker 6: utilize it quite frankly, I'm teaching you said, refinance, and
Speaker 6: folks don't know about refinancing, right, that's important part. You
Speaker 6: got to know how to refinance. People just think, oh,
Speaker 6: I'm just go to the bank who has my loan? Okay, great,
Speaker 6: But what's the process, what's your strategy behind it? And
Speaker 6: this is kind of why I included refinancing and homemaking
Speaker 6: line of credits into the blueprint. So that way folks
Speaker 6: understand how these products work after you buy the house
Speaker 6: if you want to restructure your debt, because refinance is
Speaker 6: all just restructuring of your debt, but you need to
Speaker 6: know how to restructure it. And so that way you
Speaker 6: understand if the timing is right. Okay, I already have
Speaker 6: all my ducks in the row here, Linda close me.
Speaker 4: Yeah, you know what I'm saying.
Speaker 2: Nah, it's crazy, like Ty said, like you know, you
Speaker 2: don't You never really realize how much information until you
Speaker 2: actually look through something. So I was looking through it,
Speaker 2: I'm like, yeah, there's a lot of information and it's
Speaker 2: like yeah, I mean, you know, God bless you if
Speaker 2: you could figure if you know all of it yourself
Speaker 2: or you can figure it out. But me, I always
Speaker 2: invest in my education. That was the first thing I
Speaker 2: did when I was seventeen years old. Like my first
Speaker 2: real purchase wasn't a car. I didn't have a car
Speaker 2: until I was an adult. Really, Robert Kawasaki, I not
Speaker 2: only brought the book Rich Dad, Poor Dad, I brought
Speaker 2: the course like the CD that's when courses was CDs CDs,
Speaker 2: it was CDs, And I mean I never really regretted
Speaker 2: that I forgot how much I paid a couple hundred
Speaker 2: dollars something like that at the time. I was seventeen
Speaker 2: years old, and I realized the importance of investing in
Speaker 2: my education back then. And actually it was funny because
Speaker 2: I was in prep school, so I was in school
Speaker 2: when I brought it. But I knew that self education,
Speaker 2: as Mickey Fax would say, self education is makes you
Speaker 2: a fortune. Formal education can make you a portion, but
Speaker 2: self education can make you a fortunate a far.
Speaker 3: That's a fact.
Speaker 2: Out to Mickey Man, Mickey Fact, that's my guy man.
Speaker 2: So now I mean I salute you and putting that together.
Speaker 4: Man.
Speaker 2: I know that was a lot of a lot of work,
Speaker 2: a lot of long hours, and you're doing something special
Speaker 2: right here.
Speaker 4: Right absolutely, man. So look, I love EYL.
Speaker 6: I love everything about the platform, and you guys played
Speaker 6: a major role in my popularity on social media and people,
Speaker 6: you know, finding out who I am and learning learning
Speaker 6: the mortgage business and being able to help people execute
Speaker 6: on their real estate transactions. So I'm dropping the home
Speaker 6: Buys blueprint right now, right.
Speaker 4: Right now. Surprise, surprise, drop right now.
Speaker 6: So the regular price on this is seven hundred bucks, guys,
Speaker 6: right but for all you guys, all the earners, for
Speaker 6: all the eyl nation out there, all right, we're gonna
Speaker 6: do fifty percent off. Okay, fifty percent off of the
Speaker 6: seven hundred dollars, which is three forty nine. I'm gonna
Speaker 6: do it for the first five hundred people, all right.
Speaker 6: So if you go to my Instagram page MG the
Speaker 6: Mortgage Guy, you can click the link in my bio
Speaker 6: right now, the link is there for you to purchase. Again,
Speaker 6: it's seven hundred bucks, fifty percent off for the first
Speaker 6: five hundred people. Shout out to e y L.
Speaker 4: Yes, that's appreciation.
Speaker 6: Look, and I know I know we're gonna have people
Speaker 6: in the comments, so I'm gonna address this now. Yes,
Speaker 6: you can probably find a lot of this information for free.
Speaker 4: Right.
Speaker 6: Yes, you can go to Google, you can go to
Speaker 6: YouTube university, blah blah blah. Great, do that if you
Speaker 6: want to write. But this, again, is a step by
Speaker 6: step blueprint for you to get your game on track,
Speaker 6: not your wig pushback. There's nothing in the market that's
Speaker 6: comparable to this. You can't go to YouTube and find
Speaker 6: one hundred and fifty videos that's going to lay out
Speaker 6: the entire process for you. And it's coming from a
Speaker 6: credible license professional that does this every single day and
Speaker 6: closes hundreds of loans a year. Right, I'm giving you
Speaker 6: the game. These YouTube videos, this Google can't teach you
Speaker 6: what I'm teaching you and for you to be able
Speaker 6: to understand and be able to apply it. So, like
Speaker 6: you go to college, A lot of stuff you can
Speaker 6: learn without going to college, but a lot of you
Speaker 6: pay thirty forty fifty, one hundred grand. Trust me, because
Speaker 6: I see your credit reports.
Speaker 3: I never understood that.
Speaker 2: Like you know, it's like you pay fifty thousand dollars
Speaker 2: to go to liberal arts school to major in history. Yeah,
Speaker 2: to put yourself in debt because you don't have the
Speaker 2: money to pay it. Absolutely to be broke, and you
Speaker 2: don't want to invest in your education a couple hundred
Speaker 2: dollars to get you thousands.
Speaker 5: And what you left out when you go to YouTube
Speaker 5: university is how do they assess what you're learning? And
Speaker 5: I think that's one of the best things about your
Speaker 5: blueprint is like there's assessments. Right, you can't go on
Speaker 5: until you actually absolutely learn from the video.
Speaker 6: You learn, you retain, you pass your assessment, Now you
Speaker 6: move on. Right, this is a course. This is not
Speaker 6: just videos and just YouTube type of content. This is
Speaker 6: a course. This is a lecture. Right, you go to college,
Speaker 6: you'll spend all this money. But our people in our community,
Speaker 6: if it's free, it's for me, right, Like I want
Speaker 6: it because it's free. But no, you have to invest
Speaker 6: into yourself.
Speaker 4: Right.
Speaker 6: I invest into myself for almost twenty years in the
Speaker 6: mortgage business. I'm constantly taking courses in class is to
Speaker 6: better myself.
Speaker 4: You know, I'm doing so much.
Speaker 6: I spend so much money on my brain, right to
Speaker 6: feed my brain so that way I can have intelligent
Speaker 6: conversations with anyone.
Speaker 4: In the room. And I know I'm a college dropout.
Speaker 4: They didn't teach me nothing. I wasn't interested.
Speaker 6: And I don't remember them having a home buying course
Speaker 6: or class in college, which they should, but they don't
Speaker 6: have it, you know what I'm saying. High school, they
Speaker 6: don't have it. They don't talk about any of this
Speaker 6: stuff because they don't want us to know this information.
Speaker 6: So yes, can you get probably some of this information
Speaker 6: for free on these other things. Absolutely, But ultimately, at
Speaker 6: the end of the day, nothing's going to be put
Speaker 6: together for you where you can have this for your life.
Speaker 6: And I'm going to update it. And that's another thing.
Speaker 6: I don't even think I told you guys that I'm
Speaker 6: updating the course as godlines changed, you know what I'm saying.
Speaker 6: So Godlines changed ten twenty times next year, there's going
Speaker 6: to be new videos in this.
Speaker 3: Court, added to the situation, add.
Speaker 4: Into the course every time something that I notice a
Speaker 4: value one of about them.
Speaker 6: Yeah, and it's volume one, right, So this is volume one,
Speaker 6: but I'm going to keep it's going to continue to
Speaker 6: go because you're going to see twenty twenty one updates,
Speaker 6: you know, faha, Like I have sections for this already.
Speaker 6: That's not going to be published now obviously, but once
Speaker 6: it happens, because it will happen, it's going to be
Speaker 6: in the course.
Speaker 4: Right.
Speaker 6: So if someone is looking to buy a year from now,
Speaker 6: they can take this course and get the updates all
Speaker 6: through the year and be in position and ready to
Speaker 6: execute because now they already know when it happened. And
Speaker 6: this is going to happen real time. If I get
Speaker 6: up a guideline change today, it's going to be in
Speaker 6: the course tomorrow, you know what I'm saying. And I'm
Speaker 6: going to put out the emails to everybody. Hey, this
Speaker 6: new video is uploaded to the course. Make sure you
Speaker 6: check it out. It's very important, whatever, et cetera, et cetera.
Speaker 6: Then we got volume two coming out.
Speaker 4: All I'm thinking about is in school, when I was
Speaker 4: hens the whole cover.
Speaker 5: I was in school, right, And when you bought a
Speaker 5: book one semester and the next semester was a new edition, you.
Speaker 4: Have to pay another three fifty for it. Absolutely. I'm
Speaker 4: just like, yo, damn, they could have just updated this.
Speaker 4: It's only two to different pages.
Speaker 6: Exactly, but you got to pay another three fifty four
Speaker 6: hundred dollars for a textbook that and then you're like,
Speaker 6: you're never.
Speaker 4: Gonna use it ever again. You might use it during
Speaker 4: the semester, but once once that class is done, you
Speaker 4: ain't never used it.
Speaker 6: This is something that you can use, you know, for life.
Speaker 6: And then also now you can teach your inner circle
Speaker 6: and your people and your community behind this material and
Speaker 6: keep that going.
Speaker 4: Yeah, it's important. Man. Everybody gonna need a place to live,
Speaker 4: so that's important.
Speaker 3: Absolutely, appreciate you, brother, Appreciate you, brother.
Speaker 2: So once again, man, y'all definitely need to check out
Speaker 2: that blueprint. It's in Matt's bios. We're gonna put it
Speaker 2: in the link and the description of this so if
Speaker 2: you're watching it on YouTube or if you're listening on
Speaker 2: Apple or Spotify, we'll put it in a description. We'll
Speaker 2: also put it on our website. EUYO earn your leisure
Speaker 2: than dot com.
Speaker 4: Appreciate that.
Speaker 2: Yeah, we'll put it on the alumni tab on our website.
Speaker 2: So Matt Man, once again, bro, it's always always a pleasure.
Speaker 2: How can the people hit you up if you have that.
Speaker 3: Do that?
Speaker 4: How can how can they that sounds better? Yeah, So
Speaker 4: look MG the mortgage guy on Instagram or YouTube.
Speaker 6: You can guys follow me there, Please don't d m me.
Speaker 6: If you do dm me, you will speak to the
Speaker 6: order responder. I'm so thankful for Facebook for showing me
Speaker 6: how you can put an order responder in the d MS.
Speaker 6: And I say this humbly because there's too many people
Speaker 6: reaching out and I can't.
Speaker 4: I can't answer everybody's d MS.
Speaker 6: And that's why I did the blueprint because a lot
Speaker 6: of the questions you guys are asking me, it's in
Speaker 6: the blueprint. So now just go get it and you
Speaker 6: have all the questions you need answer. So if you
Speaker 6: do dm me, understand when you see that quick response,
Speaker 6: that's the order response.
Speaker 3: Right.
Speaker 4: That's just not me. But I do jump on lives.
Speaker 6: All the time on YouTube and Instagram, and I treat
Speaker 6: those like home buying seminars, right. I bring people up
Speaker 6: for Q and are all the time. So if you
Speaker 6: attend one of my Instagram lives or YouTube lives, you'll
Speaker 6: see you'll learn a lot from that.
Speaker 3: Or EYL University.
Speaker 4: Almost importantly most important.
Speaker 2: Is a letter faculty member university.
Speaker 6: I am a letter faculty member at and I need
Speaker 6: a varsity jacket getting you know, But you know I
Speaker 6: am a member of e y L University. I have
Speaker 6: classes I don't even want to call those classes. We
Speaker 6: call it the break Bread session. So every other Sunday
Speaker 6: I host the break BREASD Session. I mean, our longest
Speaker 6: break bread session was four hours. Guy, it was crazy.
Speaker 6: And it's like a couple hundred earners on there and
Speaker 6: just it's like Q and E all day long and
Speaker 6: just camaraderie.
Speaker 4: Shout out to all the earners. Man.
Speaker 6: I love these calls. I look forward to my st
Speaker 6: when I have to do this. I just got to
Speaker 6: tell them like, hey, look, today can't be four hours.
Speaker 6: Maybe I gotta tell them at the beginning, like listen,
Speaker 6: two hours, follow the guidelines, can't ask eighteen thousand questions.
Speaker 4: But you know, it's a lot of information being poured.
Speaker 6: In these sessions, and we're talking about everything real estate
Speaker 6: right from commercial real estate, we're talking about residential real estate.
Speaker 6: So it's not just for first time home buys these calls.
Speaker 6: It's you know, everybody's at a different level, so everyone's
Speaker 6: learning at a different level. And the beautiful thing about
Speaker 6: y L University, there's so many different investors a part
Speaker 6: of eyl University, and they're on these calls and they're
Speaker 6: giving game to the other students, right, So it's just
Speaker 6: not me talking all the time. There's other folks that
Speaker 6: you wouldn't even know. We got guys in that that
Speaker 6: own twenty thirty properties, you know, and they're doing big
Speaker 6: things and they've invested into e y L University become
Speaker 6: a part of the community. So if you guys are
Speaker 6: not ey L University members, you guys need to become
Speaker 6: an EYL you member today. I'm telling you it's the
Speaker 6: best investment you can ever do.
Speaker 2: There, you have it, you know what to say now
Speaker 2: that we definitely we definitely are We think that you
Speaker 2: that you you know, are a lettered faculty.
Speaker 5: Letter jacket on the what I appreciate that. Yes, we
Speaker 5: gotta do something records. Now, he's been here twice, so
Speaker 5: we called them alumni.
Speaker 4: We might have to. I'm gonna think of something we
Speaker 4: need a new name for.
Speaker 2: Like, Yeah, graduated ey L with honors with honest two times.
Speaker 4: I'm I like that knocked it out the parts. Nobody's
Speaker 4: been on here twice. You're the first one to be
Speaker 4: in here, so that makes it even more special. Damn,
Speaker 4: that's fire. Shout out to me Troy.
Speaker 5: Yeah, shout everybody on Patreon dot com. Y'all know that's
Speaker 5: our proudly paid program. Our Tier five members have access
Speaker 5: to myself and Shoddy. So I just want to give
Speaker 5: a big shout out to Leslie who joined a Tier
Speaker 5: five and my man Jay, shout out to you. I
Speaker 5: can't wait to talk to you, my brother, and shout
Speaker 5: everybody that's part of our investment group on Facebook and
Speaker 5: all of our members on E Y L University. It
Speaker 5: is an incredible place to learn. Like he said, I
Speaker 5: mean you you just put it out there, man. But
Speaker 5: like being a part of the investment group on Facebook
Speaker 5: is just incredible because you get to watch people say like, Yo,
Speaker 5: I'm a Philly, I'm looking for uh somebody that's in construction,
Speaker 5: or I'm in Atlanta I need real to So it's
Speaker 5: just a huge community.
Speaker 4: Purchase this property exactly. I'm looking a person that I
Speaker 4: need a part of in this and.
Speaker 5: So amazing the community has grown, man, So shout out
Speaker 5: to everybody that's part of that and we appreciate you.
Speaker 5: And shout everybody that is supporting the merch. We got
Speaker 5: some really big things on the way. Talking about the merch,
Speaker 5: the merch is on the way. We got some new
Speaker 5: lines that are about to drop. Our collections are coming
Speaker 5: together really nicely and I can't wait to put them
Speaker 5: mouth for you.
Speaker 2: I'll see it, yeah for sure, man. So once again,
Speaker 2: thank you guys for rocking with us. Matt, It's always
Speaker 2: a pleasure, bro. Thank you, Like I said, honor to
Speaker 2: have you as a faculty member at the Eyo University.
Speaker 2: And congratulations on your blueprint. I highly encourage everybody to
Speaker 2: go check that out. First five hundred people fifty percent off.
Speaker 2: Thank you again for that is in a bio now
Speaker 2: yeah right now, so yeah, man, we made history the
Speaker 2: first time. We're gonna make history again. Thank you guys
Speaker 2: for rocking with us. We'll see you next week.
Speaker 3: Peace, Peace, Peace.
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