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Speaker 1: Welcome to my show. I'm Rashon McDonald, a host of

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Speaker 1: Money Making Conversations Masterclass, where we encourage people to stop

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Speaker 1: reading other people's success stories and start planning your own. Now,

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Speaker 1: you don't want to miss an episode, so please take

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Speaker 1: a MoMA right now to follow or subscribe to Money

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Speaker 1: Making Conversations Masterclass.

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Speaker 2: It's free.

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Speaker 1: You can follow me on iHeartRadio, app, Spotify, Apple Podcasts,

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Speaker 1: or wherever you listen to your podcast. New Money Making

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Speaker 1: Conversations Masterclass episodes drop daily. I want to keep you

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Speaker 1: on alert because my guests provide tips on how you

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Speaker 1: can uplift your community, improve your financial planning, motivation, or

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Speaker 1: advice on how to be a successful entrepreneur. Now, let's

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Speaker 1: get this podcast started. My guest is an independent mortgage broker.

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Speaker 1: She's committed to delivering exceptional service to a focus on

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Speaker 1: accountability and securing the right mortgage for your home. They'll

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Speaker 1: ensure a smooth and seamless home buying process. Please work

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Speaker 1: with the Money Making Conversations Masterclass. Latre's price get stalled

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Speaker 1: like French that gest you got to put that get

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Speaker 1: star except from Houston, Texas. The tree so you know

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Speaker 1: down there y'all do all the San Antonio people just started.

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Speaker 2: How you doing? My friend the tree, So, how you doing?

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

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Speaker 2: Finance? What's your what's your background?

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Speaker 1: When you start talking about, you know, mortgage brokering and

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Speaker 1: brokery and accountability and finance, give us a little history

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Speaker 1: on you before we get started and get deep into

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Speaker 1: this interview.

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

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

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

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

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Speaker 4: and investment accounting, and then like around twenty twelve or so,

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Speaker 4: I moved over to doing.

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Speaker 3: Auto of financing.

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

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

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

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Speaker 3: We focused a lot.

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Speaker 4: On first time buyers and just pretty much took care

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Speaker 4: of them to make sure that they were not being

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Speaker 4: taken advantage of and getting good interest rates and good

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Speaker 4: payments that they could maintain. Because a lot of the

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Speaker 4: customers were like your college students and first time buyers

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Speaker 4: who had just who had just actually just graduated from college.

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Speaker 4: And then right in the middle of all that, you know, well,

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

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

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

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

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

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

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

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

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Speaker 4: an independent mortgage broker where I.

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Speaker 2: Have my I don't think you just took a leap.

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Speaker 2: You're a planner.

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Speaker 1: You're a planner now because you're dealing with numbers, so

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Speaker 1: you already know about taxes, you already know about understanding

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Speaker 1: the you know that profit margin that you have to

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Speaker 1: achieve now. As in the car dealer industry, first of all,

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Speaker 1: are rarely meet a person of color who said they

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Speaker 1: went in the car dealership. You know, you re meet

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Speaker 1: car sellers of car mechanics of people of color. How

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Speaker 1: did y'all get into the auto industry from a dealership standpoint.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 1: So cool, now, just be could I ask this one

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Speaker 1: car question about car dealerships. You know, you know, I've

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Speaker 1: had a lot of used cars in my life and

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Speaker 1: I've traded them in. Now, should I have haggled to

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Speaker 1: get the price down the trees because I always traded

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Speaker 1: in my used car, which would have been a better

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Speaker 1: rite that you way that you would have recommended, and

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Speaker 1: just listening and people listening may follow your advice or

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Speaker 1: they might do their own thing.

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Speaker 2: What would you suggest haggling a trade in and used I.

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Speaker 3: Think that you should do.

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Speaker 4: Definitely negotiate and make sure that you get in the

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Speaker 4: right deal. And you know a lot of people they

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Speaker 4: go to Kelly Bluebook to reference the value for their car,

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Speaker 4: but I personally recommend you going to Nada dot com

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Speaker 4: their Power by Genie Powers and Associates now and they

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Speaker 4: tend to give a better explanation of what the value

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Speaker 4: is of your car because it gives it whether or

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Speaker 4: not if it's in good condition or a bad condition,

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Speaker 4: or if it's even in a syllable condition, and so

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Speaker 4: you can kind of you can negotiate off of those numbers.

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Speaker 4: A lot of times of dealerships they don't. They just

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Speaker 4: assume that you don't really know what the value of

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Speaker 4: your car is. And if you come in and you

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Speaker 4: and you're educated and you can, you know, discuss on

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Speaker 4: those particular parameters, you could say, well, no, you know

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Speaker 4: my car, you know, I just did this, this and

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Speaker 4: this to my car, so it's actually valued at this

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Speaker 4: particular number.

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Speaker 3: This is what I would like to have because they're.

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

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

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Speaker 4: that they get.

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Speaker 2: Yeah, like anything, do your homework.

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Speaker 1: Yes, going there and have a stand a value stand

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Speaker 1: on your vehicle before you start trying to ask somebody

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Speaker 1: what they think is going to cost.

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Speaker 2: Yes, them, because.

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

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Speaker 1: Stay with us more Money Making Conversation master Class coming

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Speaker 1: up next. Welcome back to Money Making Conversation masteric Class

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Speaker 1: with me Rashaun McDonald.

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Speaker 2: Well.

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Speaker 1: I brought you on the show to talk about being

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Speaker 1: an independent mortgage broker.

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Speaker 2: The word independent is powerful. Yes, you know.

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Speaker 1: How are you an independent mortgage broker? First question? Secondly,

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Speaker 1: why are you an independent mortgage broker?

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Speaker 3: Okay?

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Speaker 4: I am an independent mortgage broker because I basically hold

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

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Speaker 4: and I established relationships with various lenders to provide different

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

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Speaker 4: that will catered to individuals who may be self employed

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

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

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

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

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Speaker 4: there's all type of lenders out there. And so as

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Speaker 4: a broker, you serve as that advocate for your borrower

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Speaker 4: to make sure that they're getting the right loan product

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Speaker 4: and not necessarily just getting approved, but you know, do

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Speaker 4: they have the right product that fits their particular needs

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Speaker 4: and so forth.

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Speaker 2: Okay, so, but but why.

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

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

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Speaker 4: a company.

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Speaker 3: It was a builder.

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

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

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

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

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

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Speaker 4: and so forth.

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Speaker 3: And so I was faced with.

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Speaker 4: Having to go and find something, find new employment and

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Speaker 4: so forth. And so I just noticed that, you know,

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Speaker 4: the commission negotiations just did not fit my needs. And

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Speaker 4: so I'll just figure I might as well just go

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

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Speaker 4: keep my commissions.

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Speaker 1: At the same time, there are certain things as you

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Speaker 1: gain equity. That's the big thing. That's the goal in

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Speaker 1: any house is to gain equity. Explain to us the

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Speaker 1: value of reverse mortgages when you hit a certain age

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Speaker 1: and you have a certain equity in your house.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: And you know, it's unfortunate that people typically do not

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Speaker 4: have enough education, you know, about them because what happens

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

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

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

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

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Speaker 4: they want to keep the keep the home and the

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

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

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

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

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Speaker 1: Okay, let me ask you this question right quickly. The

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Speaker 1: tree I'm talking to, the tree's price gets started. And

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Speaker 1: independent mortgage broker based in Houston, Texas. Okay, you take

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Speaker 1: out a lump sum? How does that work? How you

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Speaker 1: paying it back? If you have no money and you

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Speaker 1: having financial issues and you do a lump sum or

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Speaker 1: how exactly walk me through how a reverse mortgage works

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Speaker 1: and how exactly does it benefit because if you if

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Speaker 1: you take some money, they're going to want it back.

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Speaker 1: So how are they making those payments back of the

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Speaker 1: lump sum? Are the monthly songs that they're requesting.

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

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

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

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Speaker 4: like when the person passes away, the family can either

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

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Speaker 1: Yeah, I'll see what you're saying. So so let's use

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Speaker 1: some numbers. So if the house is two hundred and

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Speaker 1: fifty thousand dollars, then you can do a reverse mortgage

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Speaker 1: on the equity or the value of the home.

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

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

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

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Speaker 1: Okay, cool, So that means that you can do a

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Speaker 1: reverse mortgage on one hundred and twenty five thousand dollars.

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Speaker 2: Yes, if it's two hundred and fifty.

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Speaker 1: Thousand dollars house, and then they receiving payments, they don't

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Speaker 1: have to make any payments back.

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Speaker 2: But that's why you were saying, Rashan.

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Speaker 1: Generally people who do these reverse mortgages are in their seventies.

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Speaker 2: Yes, because it's not something you want to do in

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Speaker 2: your fifties.

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Speaker 1: No, no, okay, cool, Now that.

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Speaker 4: I have to be at least sixty two years old.

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

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Speaker 4: that range are around the seventy five.

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Speaker 1: It's range, right, so it has to be sixty two

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Speaker 1: years old. So do you handle those type of situations?

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Speaker 1: There do zero down payment programs. Okay, I'm speaking to

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Speaker 1: Lutrese's price. Get stared. What exactly is that zero down

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Speaker 1: payment program?

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Speaker 4: What they do is they loan the amount that's needed

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Speaker 4: for the down payment.

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Speaker 3: It's up to like three percent of the loan.

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Speaker 4: And what they do is they put the loan, they

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Speaker 4: attach it to the actual mortgage itself, and then it

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Speaker 4: is paid. It is paid off once the loan is

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Speaker 4: either sold or either refinance, but up until then it

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

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

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

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Speaker 4: So what happens is some people they'll use like the

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

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Speaker 4: the down payment, and then the remaining of the five

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

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

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Speaker 5: Money Making Conversations Masterclass. No need for you to do

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Speaker 5: me a favor right now to follow or subscribe to

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Speaker 5: Money Making Conversation. It's free and you can find it

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Speaker 5: get your podcasts. Please do me that favor, follow or

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Speaker 5: subscribe money any Making Conversations. Welcome back to Money Making

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Speaker 5: Conversations master Class hosted by me Rashaan McDonald. Money Making

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Speaker 5: Conversation master Class continues online and Moneymaking Conversations dot com

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Speaker 5: and follow Money Making Conversations master Class on Facebook, X

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Speaker 5: and Instagram. Let's walk through the process of how you

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Speaker 5: handle clients latrese when they come to you, the educational process.

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Speaker 5: How does your business model for you work and how

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Speaker 5: does it benefit the customers that come to you.

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

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

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Speaker 4: how soon do they need to buy.

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Speaker 3: A home.

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Speaker 4: And then I'll ask like key points like how long

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Speaker 4: they've been on their job, what their credit score is like,

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Speaker 4: and what you know? Do they have any money for

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Speaker 4: down payment? You know anything and savings And I just

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

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

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

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

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

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

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

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

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

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

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

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

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Speaker 4: because that particular program allows for a higher DTI versus

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Speaker 4: someone who could go conventional, who may have like a

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

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Speaker 4: around three percent and go up to like about five percent.

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Speaker 3: And so I guess to answer you a.

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Speaker 1: Question, is or it permits their interest rate.

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

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

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

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

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

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Speaker 4: you know, interest rates.

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Speaker 1: Okay, let's talk to it, because there's a lot of

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Speaker 1: people out there in that five hundred ranges probably listening

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Speaker 1: to my show now. But you can still help people

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Speaker 1: that's a pretty low score. Now, that's a pretty low

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Speaker 1: score out there trying to buy a home. Yes, how

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Speaker 1: do you help somebody in that five hundred to six

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Speaker 1: hundred credit score range get in the house, because right

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Speaker 1: now I think that's I think this be nearly impossible.

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Speaker 2: But you're saying you can make that happen.

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

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

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

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

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

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

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

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

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

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Speaker 2: Okay, cool.

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Speaker 1: So that means that, again, do you work with individuals

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Speaker 1: latrees over a six month period or do you coach

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Speaker 1: them along? Somebody comes to you, say in January and

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Speaker 1: they said look, this is where I stand them at

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Speaker 1: five hundred, and you said, well, come back to me,

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Speaker 1: do your homework. You get your credits trade by making

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Speaker 1: consistent monthly payment. Let's see, we can get that credit

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Speaker 1: score up. Because right now, if you roll into a

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Speaker 1: plan right now, your interest rates is going to be

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Speaker 1: higher and your down.

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Speaker 2: Payment is going to be higher. Do you work with

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Speaker 2: individuals like that.

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Speaker 3: Latrese, Yes, I do.

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

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

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Speaker 4: and so forth. I have to be very careful about,

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Speaker 4: you know, credit counseling, per se, but I do offer

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

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Speaker 4: give them what's called a what if scenario, And it

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

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Speaker 4: not the credit bureau, but but the credit reporting agencies

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Speaker 4: that I use. They have a report called what if

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Speaker 4: scenario and I go in and I'll put you know,

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Speaker 4: like say that they paid these particular credit cards down

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Speaker 4: or what have you, this is what it could possibly

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Speaker 4: look like if they did this and so forth, and

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Speaker 4: I would give that to them, and you know, we'll

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Speaker 4: work over you know, their plan over those months and

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Speaker 4: so forth, and I will say about sixty percent of

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Speaker 4: the people actually follow through. And really, do you know

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Speaker 4: come back and say, okay, listen, it's.

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Speaker 2: All about follow through.

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Speaker 1: It's all about your dream, all about whether you want

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Speaker 1: to make it happen. Yes, and that's what we're talking about, right, Yes,

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Speaker 1: making it, putting it, putting forth one hundred percent. Now

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Speaker 1: in this world as being an independent mortgage broker, what

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Speaker 1: frustrates you about it? And what benefits do you feel

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Speaker 1: you bring to the table.

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

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

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

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Speaker 4: is not honest and forthcoming.

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Speaker 2: Do you ever get mad in the little tree?

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Speaker 1: Do you ever get mad if some of your customers

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Speaker 1: come on that this is money making conversations? Okay, somebody

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

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Speaker 2: Now.

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Speaker 3: Yeah.

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Speaker 1: Basically, the reason she's an independent because a lot of

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Speaker 1: traditional outlets won't even look at you, they won't even

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Speaker 1: walk in the front door. She is giving you an

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Speaker 1: opportunity because early in our conversation she spoke about she

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Speaker 1: sets up relationships. She's kind of like it's a lot

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Speaker 1: of people out there, like independent insurance people. Well, you

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Speaker 1: can come there and they can do insurance with anybody

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Speaker 1: out there. And that's what you're saying that you can

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Speaker 1: do as an independent You're not limited to one particular

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Speaker 1: financial outlet.

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Speaker 2: Correct, Yes.

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Speaker 1: And now with that being said, do you have a

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Speaker 1: place you'll go to outlet? You don't have to say

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Speaker 1: the name and why is that outlet that you go

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Speaker 1: to you feel works for you the most in your

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Speaker 1: independent platform and the type of customers that you bring

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Speaker 1: to the table.

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

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

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

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

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

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

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

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

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Speaker 4: would just say.

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Speaker 3: The customers that they cater to are more of like

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Speaker 3: you know, your well.

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Speaker 4: Your experienced buyers is where's your first time buyers? But

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Speaker 4: a particular product that I like that they have there

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Speaker 4: is there one time construction loan, like say you want

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

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

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

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

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Speaker 4: I really like about them.

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

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Speaker 3: that they offer.

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Speaker 2: Cool.

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Speaker 1: As we close out the interview, I want to talk

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Speaker 1: about the benefits of utilizing FHA two thousand and three

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Speaker 1: is it two thousand and three K program.

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Speaker 3: Two or three K?

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Speaker 4: That is that is a home innovation, yes, And what's

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Speaker 4: I don't know is you can buy a fixer upper

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

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

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

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

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Speaker 3: And it just it could be something.

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Speaker 4: As low as as you know, replacing windows all the

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

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

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Speaker 4: and so forth.

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Speaker 3: And so.

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Speaker 1: That particular problem when you stay that when you stay

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Speaker 1: in the f A h A and F stands.

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Speaker 4: For what Federal Housing Association and that that's basically the

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Speaker 4: the the government agency that monitors those particular types of

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Speaker 4: loans and they and that's it's it's basically there to

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Speaker 4: protect the lenders against the the you know, in case

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Speaker 4: the bar defaults.

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Speaker 3: On the loan.

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Speaker 2: Okay, cool, okay cool.

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Speaker 1: And this particular program you're telling me, a lot of

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Speaker 1: people are not aware of it. And I always get

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Speaker 1: mad when I hear that, and I say mad, mad,

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Speaker 1: but I guess frustrated mad because there are so many

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Speaker 1: programs out there that are to benefit the buyer, but

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Speaker 1: nobody knows because guess what, they're not promoted. So how

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Speaker 1: does one find out by programs like this that can

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Speaker 1: benefit them that somehow don't make it trickle down to

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Speaker 1: the people that need them.

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Speaker 4: Well, I mean you would have to consult a mortgage broker,

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Speaker 4: you know, because it's not you know, just everyday knowledge

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Speaker 4: that is out there.

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Speaker 3: Now. Most people know about.

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Speaker 4: FAH loans, but they're not as well aware of the

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Speaker 4: of the FAHA two or three K program that is

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Speaker 4: there a lot of times people think that they have

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Speaker 4: to buy the house first and then finance the renovations

446
00:23:49,280 --> 00:23:51,600
Speaker 4: and so forth. But if this particular product, you can

447
00:23:51,640 --> 00:23:53,240
Speaker 4: do both at the same time being.

448
00:23:53,119 --> 00:23:56,119
Speaker 1: An independent broker. First of all, that's fearlessness. You seem

449
00:23:56,119 --> 00:23:59,280
Speaker 1: to be a person. If someone wanted to do this

450
00:23:59,320 --> 00:24:01,639
Speaker 1: for a living, somebody wanted to step out on faith

451
00:24:02,000 --> 00:24:04,840
Speaker 1: or just go for a leap. What steps would you

452
00:24:04,920 --> 00:24:08,320
Speaker 1: tell people to make sure that you did that you

453
00:24:08,400 --> 00:24:11,720
Speaker 1: will not do that would help them be successful as

454
00:24:11,800 --> 00:24:17,960
Speaker 1: independent as an independent mortgage broker, I would do, you

455
00:24:18,040 --> 00:24:20,600
Speaker 1: would not do because you made the mistakes to respond

456
00:24:21,080 --> 00:24:22,600
Speaker 1: that was I can tell you right now. There were

457
00:24:22,640 --> 00:24:25,679
Speaker 1: some things I did when I started my company and

458
00:24:25,800 --> 00:24:28,160
Speaker 1: I hired people who were not qualified for the job.

459
00:24:28,560 --> 00:24:31,680
Speaker 1: They were family, they were old friends, and I paid

460
00:24:31,720 --> 00:24:35,560
Speaker 1: them checks. They were overpaid because I knew they needed to,

461
00:24:35,720 --> 00:24:39,560
Speaker 1: you know, paid a certain amount of expenses for their family.

462
00:24:39,600 --> 00:24:41,840
Speaker 2: I didn't. I just had the bad business model.

463
00:24:41,920 --> 00:24:45,040
Speaker 1: Yes, and I would never do that again and so,

464
00:24:45,840 --> 00:24:48,240
Speaker 1: and it was a hard decision because it eventually it

465
00:24:48,320 --> 00:24:50,800
Speaker 1: led to me laying these same people off that I

466
00:24:50,840 --> 00:24:54,720
Speaker 1: was trying to support. So those are bad business decisions.

467
00:24:55,000 --> 00:24:57,919
Speaker 1: Now you became an independent mortgage broker, what did you

468
00:24:58,040 --> 00:25:02,320
Speaker 1: do or would recommend so people would make the same

469
00:25:02,359 --> 00:25:04,400
Speaker 1: mistakes that you did, because we all make mistakes when

470
00:25:04,440 --> 00:25:05,439
Speaker 1: we start businesses.

471
00:25:05,880 --> 00:25:08,720
Speaker 3: I would say that I would have had more capital.

472
00:25:10,920 --> 00:25:16,159
Speaker 4: Before deciding to not move forward with with with other employment.

473
00:25:16,240 --> 00:25:18,960
Speaker 4: And that's because what I had to do was since

474
00:25:19,000 --> 00:25:21,199
Speaker 4: I did not have as much capital, I had to

475
00:25:21,280 --> 00:25:25,280
Speaker 4: kind of like do a lot of side gigs and

476
00:25:25,320 --> 00:25:28,199
Speaker 4: so forth that took me away from my business and

477
00:25:28,240 --> 00:25:31,040
Speaker 4: so forth, and so and then also to have a

478
00:25:31,080 --> 00:25:34,680
Speaker 4: stronger pipeline. You know, even though I had been had

479
00:25:34,720 --> 00:25:37,160
Speaker 4: been originating loans for as long as I had been,

480
00:25:37,480 --> 00:25:41,199
Speaker 4: I don't feel like I had a full enough pipeline

481
00:25:41,240 --> 00:25:43,919
Speaker 4: to really take off. So not having a capital and

482
00:25:43,920 --> 00:25:47,639
Speaker 4: not having a full pipeline, that that kind of stagnated me,

483
00:25:47,680 --> 00:25:49,280
Speaker 4: and it made it a little bit more difficult to

484
00:25:49,359 --> 00:25:52,280
Speaker 4: really you know, get going and so forth, and so

485
00:25:52,359 --> 00:25:54,800
Speaker 4: and then also the time frame. It was during a

486
00:25:54,840 --> 00:25:59,159
Speaker 4: time when interest rates were just out of control, and

487
00:25:59,240 --> 00:26:01,600
Speaker 4: it made it really hard to get people, you know,

488
00:26:02,520 --> 00:26:04,639
Speaker 4: approved and so forth, and so I would say to

489
00:26:04,720 --> 00:26:10,480
Speaker 4: definitely look at the economic you know market at that

490
00:26:10,560 --> 00:26:14,240
Speaker 4: particular time, make sure you have that strong, solid pipeline,

491
00:26:14,280 --> 00:26:17,560
Speaker 4: and then have that capital so that you can focus

492
00:26:17,600 --> 00:26:21,080
Speaker 4: more on the business versus you know, just just going

493
00:26:21,160 --> 00:26:21,480
Speaker 4: for it.

494
00:26:21,560 --> 00:26:23,480
Speaker 2: Thank you for listening to this episode.

495
00:26:23,640 --> 00:26:25,280
Speaker 6: Now I need for you to do me a favor

496
00:26:26,000 --> 00:26:29,399
Speaker 6: right now to follow or subscribe to Money Making Conversation.

497
00:26:29,720 --> 00:26:33,959
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498
00:26:34,320 --> 00:26:38,159
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499
00:26:38,240 --> 00:26:42,520
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500
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Speaker 2: Keep winning.