WEBVTT - EYL #104 The Dynasty feat. MG the Mortgage Guy 0:00:00.400 --> 0:00:04.280 You just realized your business needed to hire someone yesterday. 0:00:04.800 --> 0:00:09.520 How can you find amazing candidates fast? Easy? Just use Indeed. 0:00:09.960 --> 0:00:12.680 Stop struggling to get your job posts seen on other 0:00:12.760 --> 0:00:16.439 job sites. With Indeed sponsored jobs, your post jumps to 0:00:16.480 --> 0:00:19.000 the top of the page for your relevant candidates, so 0:00:19.120 --> 0:00:22.119 you can reach the people you want faster. According to 0:00:22.160 --> 0:00:26.120 Indeed data, sponsored jobs posted directly on Indeed have forty 0:00:26.120 --> 0:00:30.040 five percent more applications than non sponsored jobs. Don't wait 0:00:30.080 --> 0:00:33.519 any longer. Speed up your hiring right now with Indeed, 0:00:33.960 --> 0:00:36.200 and listeners of this show will get a seventy five 0:00:36.280 --> 0:00:39.440 dollars sponsored job credit to get your jobs more visibility 0:00:39.600 --> 0:00:45.320 at indeed dot com slash pod Katz thirteen. Just go 0:00:45.360 --> 0:00:50.120 to Indeed dot com slash pod Katz thirteen right now 0:00:50.479 --> 0:00:53.040 and support our show by saying you heard about Indeed 0:00:53.080 --> 0:00:57.400 on this podcast. Terms and conditions apply. Hiring Indeed is 0:00:57.440 --> 0:00:58.240 all you need. 0:00:59.160 --> 0:01:04.000 All right, God, welcome back, E y L. A lot 0:01:04.040 --> 0:01:06.480 has changed, as a fact, A lot of fact. 0:01:09.040 --> 0:01:11.560 A lot has changed. Man, It's crazy what a year 0:01:11.600 --> 0:01:11.880 can do. 0:01:11.959 --> 0:01:18.120 Bro nice table as you notice. 0:01:18.440 --> 0:01:21.800 So if you're a loyal listener to E y L, 0:01:22.120 --> 0:01:25.319 you know that you know humble beginnings. When we first started, 0:01:25.319 --> 0:01:27.720 we was figuring our way out and we had a 0:01:27.760 --> 0:01:31.160 few episodes that really changed the trajectory of where we are. 0:01:31.200 --> 0:01:37.280 And the biggest episode twelve, Episode twelve, featuring none other 0:01:37.440 --> 0:01:40.280 than Matt Garland aka MG the Mortgage Guys. 0:01:40.280 --> 0:01:43.440 So we shot the last number, the last number five 0:01:43.800 --> 0:01:44.600 seven zero. 0:01:44.640 --> 0:01:46.000 Zero, that's a fact. 0:01:47.040 --> 0:01:50.360 When we shot the episode, it was over a year go, 0:01:50.400 --> 0:01:53.080 probably a year and a half ago, and you know, 0:01:53.080 --> 0:01:56.240 we was doing good. But that episode, the clips from 0:01:56.240 --> 0:01:58.640 that episode just from viral on Instagram. One clip was 0:01:58.680 --> 0:02:01.000 like one hundred and fifty that in one clip was 0:02:01.000 --> 0:02:03.360 like two hundred thousand and three. It was just like 0:02:03.440 --> 0:02:07.080 going crazy, and that skyrocketed us into the top ten 0:02:07.640 --> 0:02:10.800 in the podcast Charged for the first time, the first 0:02:10.840 --> 0:02:13.040 time ever. It was it was crazy and it was 0:02:14.040 --> 0:02:15.919 it was just a legendary situation. It was the first 0:02:15.919 --> 0:02:18.240 time I think we ever spoke about real estate. It 0:02:18.280 --> 0:02:21.040 was right after Nipsey Hustle passed away, Rest in Peaces 0:02:21.360 --> 0:02:24.320 and then we actually named it, dedicated the episode to him. 0:02:24.680 --> 0:02:27.000 The marathon continues the name of the episode, episode twelve, 0:02:27.520 --> 0:02:29.680 and it was the first time that anybody had really 0:02:29.680 --> 0:02:33.360 broke down the whole house hacking strategy from a multi 0:02:33.400 --> 0:02:37.959 famidly perspective in my opinion, because after that, so everybody, everybody. 0:02:37.560 --> 0:02:40.040 The monopoly money, the four three two one, We even 0:02:40.080 --> 0:02:40.959 talking about fifty. 0:02:45.800 --> 0:02:46.000 You know. 0:02:46.000 --> 0:02:48.240 Ever since then, you know, we just developed a real 0:02:48.320 --> 0:02:51.320 closes bond with Matt and we just been rocking and 0:02:51.360 --> 0:02:53.360 rolling ever since. We've done a bunch of different stuff together. 0:02:53.400 --> 0:02:56.480 We went on tour, hit different cities together and just 0:02:56.520 --> 0:02:59.280 did a bunch of stuff. But what we had not done, 0:03:00.440 --> 0:03:02.000 this is the first time we ever did this is 0:03:02.040 --> 0:03:04.800 have somebody on the podcast twice. Yeah, well we had 0:03:04.840 --> 0:03:06.720 people come on like live podcasts and. 0:03:06.600 --> 0:03:07.280 Like the reunion. 0:03:07.320 --> 0:03:10.520 Interesting, so I'm the first to govern the top double headed, 0:03:11.760 --> 0:03:13.480 the first doublehead doubleheader. 0:03:13.639 --> 0:03:15.480 Yeah, so I think I think it was just it 0:03:15.520 --> 0:03:18.120 was a great time because Matt he's not just somebody 0:03:18.160 --> 0:03:20.359 that's on Instagram that's just talking about real estate, but 0:03:20.440 --> 0:03:22.880 he's actually in the industry, like he works. He's a 0:03:22.919 --> 0:03:26.720 licensed professional, he's a licensed loan officer. He helps thousands 0:03:26.760 --> 0:03:28.919 of people to get mortgages. 0:03:28.520 --> 0:03:29.840 And try to call him, you know. 0:03:30.880 --> 0:03:32.160 Yeah, so you know, I. 0:03:32.200 --> 0:03:33.280 Appreciate your patience. 0:03:34.760 --> 0:03:38.280 So so we spoke and he was talking, and I 0:03:38.320 --> 0:03:40.640 just felt like it was perfect timing to do this. 0:03:40.720 --> 0:03:42.720 A because we haven't had a real estate episode in 0:03:42.760 --> 0:03:44.960 a long time. We've been focusing on stocks. Shot that 0:03:45.000 --> 0:03:47.920 everybody checking out market mondays, shout out to Ian, shout 0:03:47.960 --> 0:03:51.119 out to Trap, shout out to the guys, shot, shout 0:03:51.120 --> 0:03:53.720 out to the Mark. So you know, we've been focusing 0:03:53.960 --> 0:03:57.920 on stock that's what's been in real estate has been 0:03:57.960 --> 0:04:00.480 allowed way longer than the stock market. Estate has been 0:04:00.480 --> 0:04:03.040 around since history, the beginning of time. Like people need 0:04:03.040 --> 0:04:05.600 somewhere to live, right, even when they had huts. So 0:04:05.640 --> 0:04:07.320 it's like before we were doing a lot of real 0:04:07.400 --> 0:04:09.640 estate episodes. We haven't done a real estate episode in months. 0:04:09.800 --> 0:04:12.000 So A, I think I thought we both thought that 0:04:12.200 --> 0:04:15.160 was a good time to do this. B. I mean, Matt, 0:04:15.160 --> 0:04:18.080 it's just become a legend since then. He had three 0:04:18.080 --> 0:04:21.120 thousand followers, now you got one hundred thousand followers. It's 0:04:21.120 --> 0:04:23.640 a historic it's a historically man. 0:04:23.640 --> 0:04:25.200 We've been watching a number. It's a historic. 0:04:25.279 --> 0:04:28.680 Ride DJ He's on tour with Envy before Corona Breakfast 0:04:28.720 --> 0:04:31.400 Club like five times. It's been mediocre. 0:04:31.920 --> 0:04:36.760 Yeah, it's thank you. It's been a blessing man. 0:04:37.240 --> 0:04:40.240 January twenty nineteen, I think I had eighteen hundred people 0:04:40.279 --> 0:04:44.479 on Instagram. Fast forward to today one hundred k or 0:04:44.600 --> 0:04:49.360 organically and people just you know, it surprises me all 0:04:49.360 --> 0:04:52.359 the time that people want to know about mortgages because 0:04:52.360 --> 0:04:54.359 I think it's boring. Like I tell you guys that 0:04:54.400 --> 0:04:56.640 all the time, Like this is boring, Like why would 0:04:56.640 --> 0:04:58.760 I want to do this? Like when we first started talking, 0:04:59.040 --> 0:05:01.480 I'm like, nobody wants to hear about this stuff, and 0:05:01.640 --> 0:05:02.599 it's like no, I'm. 0:05:04.960 --> 0:05:07.159 It's like you'd be surprised, like they want to know 0:05:07.200 --> 0:05:08.200 about all of this information. 0:05:08.560 --> 0:05:09.720 I think a lot has to do with the way 0:05:09.760 --> 0:05:11.560 you're delivering it, you know what I'm saying, So like, 0:05:11.640 --> 0:05:14.719 kudos to you because it's broken down in the language 0:05:14.720 --> 0:05:17.440 that we understand, something familiar, that we know something about, right, 0:05:17.480 --> 0:05:19.279 breaking it down in the way that people can understand it. 0:05:19.400 --> 0:05:22.640 Yeah, I mean, look, the main thing with my delivery 0:05:22.760 --> 0:05:25.719 is just try to make it as simple as possible. 0:05:25.880 --> 0:05:28.320 You know, a lot of these terms, people have no 0:05:28.320 --> 0:05:31.360 clue what they mean. Hell shit, sometimes I don't even know, right, 0:05:31.400 --> 0:05:33.320 I got to Google, do my research. 0:05:32.960 --> 0:05:34.280 And kind of figure it out. 0:05:34.600 --> 0:05:36.360 And what I just try to do is just try 0:05:36.400 --> 0:05:39.120 to make it deliver that message to the folks to 0:05:39.120 --> 0:05:41.560 where they can understand it no matter where they are 0:05:41.920 --> 0:05:44.080 in their real estate journey, whether your first time home 0:05:44.080 --> 0:05:46.920 buyer or you got a hundred properties, you can kind 0:05:46.920 --> 0:05:51.520 of watch my content and get something of value from 0:05:51.600 --> 0:05:53.440 it and it can help you grow. 0:05:53.960 --> 0:05:54.200 Yeah. 0:05:54.279 --> 0:05:57.040 So, and then to icing on the cakes when you 0:05:57.080 --> 0:05:58.600 know we reached out. We spoke a few weeks ago 0:05:58.600 --> 0:06:01.200 east Sideyeah, I'm working on a blue print to help 0:06:01.240 --> 0:06:04.080 people navigate through it. And I'm like, a blueprint, Like, 0:06:04.080 --> 0:06:06.320 what does that mean? He's like, you know, so many people, 0:06:06.400 --> 0:06:08.720 you know, they have no clue about how to buy 0:06:08.720 --> 0:06:11.960 a home, the appraisal process, FSJA loans And he's like, 0:06:11.960 --> 0:06:14.159 you know, it's it's one thing to kind of go 0:06:14.200 --> 0:06:16.280 through all these podcasts and YouTube and kind of put 0:06:16.279 --> 0:06:18.520 it together. But what if you know it was an 0:06:18.560 --> 0:06:20.800 easy go to blueprint. And I'm like, I don't think 0:06:20.880 --> 0:06:22.640 anything is like that in the market. So I'm like, 0:06:22.960 --> 0:06:24.839 let me see, Like, let me see for myself, Like 0:06:24.880 --> 0:06:28.000 before you know what I'm saying, we actually even talk 0:06:28.040 --> 0:06:29.719 about it. Let me can I test out the product? 0:06:29.760 --> 0:06:31.800 He like, sure, so I got it behind the scenes, 0:06:31.960 --> 0:06:33.720 look into it and it was crazy. I saw it 0:06:33.800 --> 0:06:37.960 like the pre appraival processed faha process questions for real 0:06:38.000 --> 0:06:42.400 to home inspections process, the longest culture underwriting time. I'm like, yo, 0:06:42.760 --> 0:06:46.200 this is like your whole twenty year mortgage career. Like like, 0:06:46.480 --> 0:06:48.120 I'm like, yo, how much you charge it for? Like 0:06:48.160 --> 0:06:48.839 this under priced? 0:06:50.720 --> 0:06:52.680 I told him up and I was like, yo, bro yo, 0:06:52.720 --> 0:06:54.039 this dude poured his life into this. 0:06:54.120 --> 0:06:56.839 I'm like, Yo, this is a million dollars is you 0:06:56.880 --> 0:06:58.880 know it's a lot. It took a lot of energy 0:06:58.920 --> 0:07:01.240 out of me to do that. One hundred and fifty 0:07:01.279 --> 0:07:06.039 plus videos. I mean, we got pop quizzes, we have PDFs, 0:07:06.080 --> 0:07:09.600 we have links. I mean, I'm just giving you everything 0:07:09.640 --> 0:07:11.480 that you need to know, no matter if you want 0:07:11.480 --> 0:07:11.720 to go. 0:07:11.680 --> 0:07:15.080 Conventional fha va. You know, your first time home buyer. 0:07:15.120 --> 0:07:18.640 I mean, we're talking about refinancing in the blueprint because 0:07:18.680 --> 0:07:21.760 folks don't even understand refinancing. They don't understand homemaker line 0:07:21.800 --> 0:07:25.520 of credit. We have an asset protection, which you know 0:07:25.640 --> 0:07:27.960 after you buy the house. People think that's just it, 0:07:28.080 --> 0:07:30.760 but you got to protect your legacy too, because real 0:07:30.880 --> 0:07:33.600 estate the key to is building wealth and passing it 0:07:33.640 --> 0:07:36.840 on to your ears. And you can't build wealth without 0:07:36.960 --> 0:07:39.280 life insurance and estate planners. So we have that in 0:07:39.280 --> 0:07:42.080 the course too. I mean, I have homeowners insurance. Like, 0:07:42.080 --> 0:07:43.680 who's talking about homeowners insurance? 0:07:44.040 --> 0:07:44.200 Right? 0:07:44.200 --> 0:07:46.080 People just know they got to get insurance, But do 0:07:46.120 --> 0:07:47.880 you really understand how insurance works? 0:07:48.360 --> 0:07:50.840 I never, I never, I personally never seen anything like it. 0:07:50.920 --> 0:07:54.320 So all of those factors coming into play, I'm like, 0:07:54.440 --> 0:07:57.360 you know what, why don't we just do make history 0:07:57.960 --> 0:08:00.280 and do a double back and get a people million 0:08:00.280 --> 0:08:01.119 dollars worth of games. 0:08:01.160 --> 0:08:02.640 So who were going to do right now? 0:08:02.800 --> 0:08:04.600 I let him get the album cover too. He's like, yo, 0:08:04.680 --> 0:08:05.920 trying to need that blueprint up there. 0:08:05.800 --> 0:08:08.880 Shout out the wholeration. 0:08:11.680 --> 0:08:16.360 So so yeah, man, first and foremost, welcome back, Welcome back. 0:08:16.280 --> 0:08:19.640 Man, happy to be here for a lot has changed 0:08:20.240 --> 0:08:23.760 since what's different, doesn't it? It's definitely different. You know. 0:08:23.840 --> 0:08:25.680 I like the vibe down here. You know E y 0:08:25.800 --> 0:08:28.240 L Studios, New York is in full effect. 0:08:28.720 --> 0:08:28.920 You know. 0:08:28.960 --> 0:08:31.120 I had to get the blueprint album covers behind me 0:08:31.120 --> 0:08:32.480 because it was just a beautiful thing. 0:08:33.920 --> 0:08:36.840 Look, I love the platform that E y L has 0:08:36.880 --> 0:08:40.360 grown into. Even as I'm looking at all the equipment now, 0:08:40.520 --> 0:08:44.400 when I did I did episode twelve, y'all. Guys, y'all 0:08:44.400 --> 0:08:47.920 episode twelve. They had three iPhones. They were they were uneven. 0:08:49.600 --> 0:08:52.880 Fact the sound was like wires on the tables. 0:08:52.320 --> 0:08:55.439 On the table, my son in the background playing video games, 0:08:55.559 --> 0:08:57.040 not loud, you know. 0:08:57.360 --> 0:09:00.400 The sound. We didn't know if it worked properly. More time, 0:09:01.000 --> 0:09:01.560 it was crazy. 0:09:01.840 --> 0:09:04.960 That shows you the growth, right, You guys didn't think 0:09:05.000 --> 0:09:07.880 about it. You didn't sit here and have analysis paralysis. 0:09:07.880 --> 0:09:10.760 You guys actually just executed. I remember when Shoty was 0:09:11.720 --> 0:09:14.760 hashtaging Earned your Leisure before the podcast even came out. 0:09:14.800 --> 0:09:16.480 I'm like, what is he talking about? 0:09:16.640 --> 0:09:18.280 But I knew it was something because he kept on 0:09:18.480 --> 0:09:21.880 hashtagging it every poach Earn your Leisure? 0:09:21.960 --> 0:09:23.000 Like what is he talking about? 0:09:23.080 --> 0:09:24.400 So when we got on the phone he told me 0:09:24.520 --> 0:09:27.880 was doing this, I'm like, okay, a podcast And then, honestly, guys, 0:09:27.880 --> 0:09:32.320 that's another podcast, Like everybody got a podcast, every fund 0:09:33.559 --> 0:09:37.320 everybody podcasting, which is great. But just to see from 0:09:37.480 --> 0:09:42.199 my episode of from this equipment to studio and just 0:09:42.320 --> 0:09:45.280 the quality wasn't even that good as far as the visual, 0:09:45.360 --> 0:09:48.440 you know what I'm saying. But the information power is 0:09:48.559 --> 0:09:51.040 powerful and that just goes to show you you don't 0:09:51.080 --> 0:09:53.480 need to be perfect, you just need to execute. 0:09:53.679 --> 0:09:55.199 You guys didn't know how to do a podcast. 0:09:55.480 --> 0:09:56.079 That's a fact. 0:09:56.280 --> 0:10:00.679 You research boy equipment as you went along, and it 0:10:00.840 --> 0:10:01.480 just took off. 0:10:01.480 --> 0:10:04.400 So I'm excited to be here and speak to you 0:10:04.400 --> 0:10:07.760 guys again and talk to the E Y L Nation 0:10:07.880 --> 0:10:08.319 and all the. 0:10:08.240 --> 0:10:11.600 Earners they nation. I like that. 0:10:13.840 --> 0:10:17.040 I'm gonna text you after that, get the paperwork credit. 0:10:18.400 --> 0:10:20.040 So let's let's let's jump into it. 0:10:20.080 --> 0:10:20.200 Man. 0:10:20.240 --> 0:10:21.640 I got a lot to talk about. But first and 0:10:21.640 --> 0:10:24.000 foremot we want to talk about the state of real 0:10:24.080 --> 0:10:27.480 estate right now. The state of real estate. So it's 0:10:27.559 --> 0:10:30.680 a crazy time that we're living in. Everybody knows obviously 0:10:30.720 --> 0:10:33.560 we in you know, the age of Corona. And I 0:10:33.600 --> 0:10:37.439 remember texting you like when when Corona first hit. I'm like, Yo, 0:10:37.520 --> 0:10:39.600 that's when the stock market was crashing. And I'm like, 0:10:39.600 --> 0:10:41.880 it's real estate market about the crash and he was like, nah, 0:10:42.000 --> 0:10:45.640 it's not. And I'm like how people losing their jobs? 0:10:46.200 --> 0:10:49.760 Stock markets crashing, People can't go to work, like all 0:10:49.800 --> 0:10:51.959 the writings on the wall for another two thousand and 0:10:52.040 --> 0:10:54.720 eight to happen, And you was like, nah, commercial real 0:10:54.800 --> 0:10:58.080 estate might be in trouble, but residential real estate, I'm like, 0:10:58.080 --> 0:11:01.160 all right, we'll see. And then to this day, it 0:11:01.200 --> 0:11:04.319 hasn't crash. It's actually going up. In most most places 0:11:04.440 --> 0:11:06.960 in America, the price the home prices have actually going up. 0:11:07.000 --> 0:11:10.640 It's a shortage of inventory on the marketplace. So where 0:11:10.640 --> 0:11:12.920 we're at right now, as far as the state of 0:11:13.200 --> 0:11:16.400 real estate in the United States of America. 0:11:16.559 --> 0:11:19.240 The market is on fire for residential you know. And 0:11:19.280 --> 0:11:21.320 I told you this back in March. I said, nah, bro, 0:11:21.400 --> 0:11:24.240 it's not going to happen because with people and everybody 0:11:24.320 --> 0:11:26.360 was kind of saying the same thing, like yo, two 0:11:26.360 --> 0:11:28.880 thousand and eight is coming back, wait, don't buy, don't buy. Wait, 0:11:29.440 --> 0:11:31.360 And I said, two thousand and eight was different. That 0:11:31.440 --> 0:11:34.400 was a credit crisis, right, This is a health crisis. 0:11:35.400 --> 0:11:41.880 Credit crisis means that banks, Wall streeters everybody, homeowners, you know, investors, 0:11:41.920 --> 0:11:47.480 everybody was greedy, you know, appraisers, everybody. Right, So when 0:11:47.480 --> 0:11:50.679 the market crashed, the government was reluctant on trying to 0:11:50.760 --> 0:11:51.680 save everybody. 0:11:52.080 --> 0:11:53.480 They didn't want to bail out. 0:11:53.480 --> 0:11:55.679 Everybody, but they had no choice but to bail out 0:11:55.720 --> 0:11:56.520 the big names. 0:11:56.920 --> 0:11:57.160 Right. 0:11:57.920 --> 0:12:00.880 So with this one, I said, now, this is health 0:12:01.480 --> 0:12:03.040 This has nothing to do with nobody. 0:12:03.040 --> 0:12:04.040 This is nobody's fault. 0:12:04.040 --> 0:12:05.480 And if you think about it, if you look at the 0:12:05.520 --> 0:12:08.080 real estate market going into twenty twenty, it was already 0:12:08.080 --> 0:12:11.400 on fire. It was due for a correction at some point, 0:12:11.679 --> 0:12:14.960 because what goes up must have come down, right. 0:12:15.480 --> 0:12:18.000 But I said, nah, this is not gonna crash. 0:12:18.080 --> 0:12:19.840 There's no way, because the government is going to have 0:12:19.880 --> 0:12:23.960 to bail out everybody now, right from the big businesses 0:12:24.480 --> 0:12:28.240 to the everyday person. And when you told me that 0:12:28.280 --> 0:12:30.680 it's gonna crash, that's what was in my mind because 0:12:30.720 --> 0:12:34.880 I knew, especially with the election year, they couldn't just 0:12:35.000 --> 0:12:35.520 let all. 0:12:35.440 --> 0:12:37.360 These people die, people lose their homes. 0:12:37.840 --> 0:12:40.560 There's no way. And as you see, all these stimulus 0:12:40.600 --> 0:12:44.000 packages came out, everybody getting their ppee money and everything. 0:12:45.400 --> 0:12:47.200 It was recklessly Hopefully they wasn't reless. 0:12:47.240 --> 0:12:49.360 Hopefully they wasn't reckless, and hopefully they did the right thing. 0:12:49.440 --> 0:12:52.720 But you know, you have unemployment benefits, people are getting 0:12:52.720 --> 0:12:55.720 them with ease, with no problem, So you know, you 0:12:55.800 --> 0:12:59.480 gotta give the administration credit for what they tried to 0:12:59.520 --> 0:13:03.079 do to help as many people as possible. And that's 0:13:03.120 --> 0:13:04.959 why I just did to feel like the market was 0:13:05.000 --> 0:13:07.880 going to crash, but residential real estate is on fire 0:13:07.960 --> 0:13:11.760 right now all over the country. There's thirty forty offers 0:13:11.800 --> 0:13:14.319 on one house, you know, So if you're a seller 0:13:14.400 --> 0:13:17.840 right now, if you're thinking about selling your home to 0:13:17.920 --> 0:13:20.760 upgrade or downsize, this is the time for the sellers 0:13:20.800 --> 0:13:24.880 right now, because they're going to get twenty thirty percent 0:13:25.120 --> 0:13:28.720 above asking price in some markets right now, because it's. 0:13:28.559 --> 0:13:29.600 Just too hot right now. 0:13:29.640 --> 0:13:32.120 It's too many buyers out there, and with these low 0:13:32.240 --> 0:13:34.680 interest rates, you know, with rates being in the mid 0:13:34.760 --> 0:13:39.920 twos to low threes, depending on your circumstance, Like everybody 0:13:39.920 --> 0:13:41.800 wants to buy a house because money is cheap now, 0:13:42.000 --> 0:13:45.600 right so it's easy to the person who couldn't afford 0:13:45.600 --> 0:13:47.800 the half a million dollar house last year when rates 0:13:47.840 --> 0:13:50.520 were three and a half four percent, Now it's two 0:13:50.600 --> 0:13:50.880 and a half. 0:13:51.000 --> 0:13:52.079 Can can you explain like that? 0:13:52.240 --> 0:13:54.200 Like, because the average person that maybe never brought a 0:13:54.200 --> 0:13:56.439 home might not fully appreciate because they say three and 0:13:56.480 --> 0:13:59.319 a half two and a half, it's only one percent, 0:14:00.160 --> 0:14:02.480 that's not that big of a deal. But because they 0:14:02.559 --> 0:14:04.480 look at it like it's stocks, Like it's like if 0:14:04.480 --> 0:14:05.920 you earn one percent, you know what I'm saying or 0:14:06.040 --> 0:14:08.840 just regular life, one percent doesn't move the needle. But 0:14:08.880 --> 0:14:11.360 in your world of mortgage is one percent is huge, right, 0:14:11.400 --> 0:14:13.040 So if you kind of put that in perspective out. 0:14:13.000 --> 0:14:15.760 Yeah, I mean, look, one percent depending on your loan amount, right, 0:14:15.840 --> 0:14:18.640 that can be three four five hundred dollars a month, 0:14:18.760 --> 0:14:21.960 That could be six thousand, eight thousand, ten thousand a year, 0:14:22.040 --> 0:14:23.920 depending on the size of your loan. 0:14:24.520 --> 0:14:28.520 Right. So the bigger the loan, the lower the rate, 0:14:29.000 --> 0:14:30.400 the cheaper the payment. Right. 0:14:30.440 --> 0:14:34.040 So someone again who couldn't afford the five hundred thousand 0:14:34.040 --> 0:14:36.080 dollars home or get pre approved for a five hundred 0:14:36.080 --> 0:14:38.440 thousand dollar home a year ago because the rate was 0:14:38.480 --> 0:14:41.200 probably three and a half to four percent, now they're 0:14:41.240 --> 0:14:44.000 able to because now that brings their payment down and 0:14:44.040 --> 0:14:46.520 they're able to get approved for now that higher amount. 0:14:47.040 --> 0:14:50.280 So one percent is huge in the real estate. In 0:14:50.320 --> 0:14:53.360 the mortgage world, interest that you're going to pay over 0:14:53.360 --> 0:14:55.600 the life of the loan is also very important too, 0:14:56.560 --> 0:14:59.240 because if you're looking at any house that you buy, 0:14:59.360 --> 0:15:01.440 let's face it, right, the way the mortgage in the 0:15:01.480 --> 0:15:04.440 banking system is set up, it's you know, you're gonna 0:15:04.440 --> 0:15:07.920 pay interest three times more than what the houses actually work. 0:15:08.400 --> 0:15:11.520 But if you're getting a cheaper interest rate, that softens 0:15:11.520 --> 0:15:12.560 the blow a little bit. 0:15:12.680 --> 0:15:15.120 And now you can focus on your. 0:15:14.960 --> 0:15:18.200 Debt strategy, which is repaying back your debt and trying 0:15:18.240 --> 0:15:19.360 to beat that interest trap. 0:15:19.400 --> 0:15:21.400 You know what I'm saying, and you know little things 0:15:21.400 --> 0:15:22.280 you can do to do that. 0:15:22.360 --> 0:15:24.280 You can make one extra payment a year and you 0:15:24.280 --> 0:15:25.680 can pay off your loan in twenty two and a 0:15:25.720 --> 0:15:27.960 half years if you have a thirty year mortgage. You 0:15:28.000 --> 0:15:30.400 know what I tell folks all the time, take your 0:15:30.440 --> 0:15:34.040 income taxes refunds right and apply that every single year 0:15:34.120 --> 0:15:37.320 to your principal balance. That could bring down your debt. 0:15:37.360 --> 0:15:39.880 You can do as little as one hundred dollars a 0:15:40.000 --> 0:15:42.880 month to your principal balance and you'll be surprised how 0:15:42.960 --> 0:15:46.240 much interest you'll save on your mortgage, especially if you 0:15:46.280 --> 0:15:48.720 plan on living in the house the long term, the 0:15:48.760 --> 0:15:52.040 full term of thirty years. You don't want to just 0:15:52.080 --> 0:15:54.480 make your regular payment because you're gonna pay you know, 0:15:54.480 --> 0:15:56.600 on a three hundred, four hundred thousand dollars home, you 0:15:56.640 --> 0:15:58.080 may pay back eight hundred thousand. 0:15:58.280 --> 0:16:00.720 Now that was a gym, what you just said. And 0:16:00.800 --> 0:16:02.600 I learned that in business. I don't want that to 0:16:02.640 --> 0:16:05.080 go on people's head. When I first got into into 0:16:05.120 --> 0:16:09.880 the industry working in finance, I learned that like one 0:16:09.920 --> 0:16:14.160 extra payment a year on your mortgage cut seven years 0:16:14.160 --> 0:16:16.280 off of your mortgage absolutely or eight. 0:16:16.120 --> 0:16:18.720 Seven eighty twenty two and a half years. 0:16:18.920 --> 0:16:22.200 Yeah, so that's that's huge if you think about it, 0:16:22.200 --> 0:16:27.000 it's like one extra payment a year absolutely can really 0:16:27.040 --> 0:16:29.760 take almost a decade off like. 0:16:29.840 --> 0:16:33.400 Basically, and it has to be towards your principal balance only. 0:16:33.440 --> 0:16:35.640 So if you're making a payment, you can't just give 0:16:35.640 --> 0:16:37.840 the bank money because they're automatically going to apply it 0:16:37.840 --> 0:16:41.040 to interest, right, because you have to direct them where 0:16:41.080 --> 0:16:43.280 you want that money to go. How does that even look? 0:16:43.280 --> 0:16:45.880 So if my mortgage is three thousand, I gotta pay 0:16:46.040 --> 0:16:47.280 six thousand if I'm doing that. 0:16:47.680 --> 0:16:49.760 Yeah, So if your mortgage is three, you can pay 0:16:49.800 --> 0:16:52.280 six and you can tell them the difference to go 0:16:52.320 --> 0:16:56.760 to principal balance only. Some online everything is online right 0:16:56.800 --> 0:16:58.280 now with all the banks, right, so you can go 0:16:58.360 --> 0:17:00.600 pay your mortgage and you can specify there are two 0:17:00.600 --> 0:17:02.880 principal balance only. You can write a check, put on 0:17:02.920 --> 0:17:06.120 a check two principal balance only. So depending on how 0:17:06.160 --> 0:17:08.600 you pay your mortgage. Do that, and if it's not 0:17:08.640 --> 0:17:12.000 an online option to pay extra, call the service and 0:17:12.040 --> 0:17:14.720 lender that you're paying your mortgage too, and figure out 0:17:14.760 --> 0:17:17.119 a way to accomplish that goal. Maybe they can just 0:17:17.160 --> 0:17:20.560 do automatic draft from your account something like that and 0:17:20.600 --> 0:17:23.000 set it up to where you can make that extra payment, 0:17:23.440 --> 0:17:23.880 you know, and. 0:17:23.840 --> 0:17:26.080 You'll be surprised if you make two payments extra year. 0:17:26.160 --> 0:17:27.600 That's what in my mind, I'm thinking. If I make 0:17:27.640 --> 0:17:30.480 two extra payments now that's seven ers into fourteen, I'm 0:17:30.480 --> 0:17:31.520 really at a fifteen year. 0:17:31.400 --> 0:17:34.920 Mortgage basically, And I'm glad you brought up fifteen year mortgages, right, 0:17:35.040 --> 0:17:37.560 especially right now folks want to go into fifteen year 0:17:37.600 --> 0:17:40.680 loans And look, the fifteen year rate. The lowest I've 0:17:40.680 --> 0:17:44.000 seen it since we've been in COVID was around two percent, 0:17:44.040 --> 0:17:48.280 which is phenomenas, right, that's incredible. But what I try 0:17:48.320 --> 0:17:51.440 to tell people is maybe not going to that fifteen 0:17:51.520 --> 0:17:55.800 year right now, because life happens. Right, you're committing yourself 0:17:55.840 --> 0:17:58.359 to a much higher payment. And what if you know 0:17:59.040 --> 0:18:02.800 COVID twenty one, God forbid, and it's worse, worse strained 0:18:02.800 --> 0:18:06.000 than this. Now you're committing yourself to that higher payment 0:18:06.800 --> 0:18:08.560 just to try to pay it all early when you 0:18:08.560 --> 0:18:11.479 could have went to a thirty year had a cheaper payment, 0:18:11.600 --> 0:18:15.120 and just manage your principal balance yourself. That way, you're 0:18:15.160 --> 0:18:18.800 not committed to that fifteen year term or that twenty 0:18:18.840 --> 0:18:22.439 year term. You stay with the cheapest possible payment, but 0:18:22.640 --> 0:18:26.800 still you're paying down your debt, you know so, And 0:18:26.840 --> 0:18:28.920 I'm not against twenty year mortgages. 0:18:29.000 --> 0:18:29.600 I think for the. 0:18:29.680 --> 0:18:33.080 Right people it works, right people who have substantial income 0:18:33.119 --> 0:18:36.560 and they can really afford the payment. But most people 0:18:36.640 --> 0:18:39.840