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Speaker 1: Earners. What's up. You ever walk into a small business

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Speaker 1: This episode is brought to you by P and C Bank,

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Speaker 1: a lot of people think podcasts about work are boring,

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Speaker 1: and sure they definitely can be, but understanding of professional's

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Speaker 1: day after day. It's like banking with P and C Bank.

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Speaker 1: It might seem boring to save, plan and make calculated

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Speaker 1: what helps you live or more happily fulfilled life. P

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC. Yeah, yeah, we bet, we bat.

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Speaker 2: We're back again, okay man, Yes, busy week, busy week.

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Speaker 1: Work don't stop, so we don't stop.

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Speaker 2: Oh yeah, so yes, very timely episode. As you if

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Speaker 2: you've been following us, you know what we've been doing

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Speaker 2: these how to series. The last one shot that Chris

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Speaker 2: Saye was how to you know, start investing in stocks.

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Speaker 2: We've done we've done one on real estate with Matt,

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Speaker 2: We've done technology, artificial intelligence, We've done taxes, We've done

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Speaker 2: how to teach your kids about money, variety of different stuff.

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Speaker 2: So this one, we wanted to go back to real estate,

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Speaker 2: but we want to take it from a different, a

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Speaker 2: different lens. Last time we did like, you know, how

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Speaker 2: to actually buy a home as far as like mortgages

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Speaker 2: and the financial side of it. But we wanted to

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Speaker 2: do the things you need to know before buying a home.

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Speaker 2: So it's very, very, very important because a lot of times,

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Speaker 2: one of the biggest things that I think people are

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Speaker 2: not fully aware of or educated on is what actually

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Speaker 2: happens after you know, you get an approval for a mortgage. Right,

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Speaker 2: There's a lot of expenses, there's a lot of nuanced

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Speaker 2: things that go on to play in you realize it

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Speaker 2: when it's too late, and then it kind of you know,

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Speaker 2: puts you in a tough spot financially a lot of

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Speaker 2: times because you're not prepared or you didn't know, or

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Speaker 2: you could have made out better if one thing was

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Speaker 2: done better. So we wanted to have a whole entire

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Speaker 2: live with this is going to go over the things

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Speaker 2: that you need to know before buying a home. So

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Speaker 2: you need to know all of these things because if not,

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Speaker 2: then you'll be surprised.

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Speaker 1: Yeah, I think one of those things is like again

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Speaker 1: we wish we would have known. I think it's for

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Speaker 1: every level. Right, if you're first time buyer, if you've

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Speaker 1: bought real estate before, rules change, laws change, provisions changed,

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Speaker 1: and so you got to stay up to date with

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Speaker 1: this thing. It's not a game. And again, number one,

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Speaker 1: it's going to save your time, but most importantly it's

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Speaker 1: going to save you money, right, because sometimes you prepare

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Speaker 1: to get the home and everybody thinks down payment, down payment,

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Speaker 1: down payment, and there's so many other costs and nuances

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Speaker 1: like you said that, you know that could throw our

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Speaker 1: budget off and we won't even be prepared to have

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Speaker 1: the home. Right we get that pre approval letter and

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Speaker 1: it's like, oh, I can get this amount, not so fast,

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Speaker 1: and so we don't know step by step today to

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Speaker 1: help everybody get on the right foot. One gets it

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Speaker 1: have in real estate.

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Speaker 2: Yeah, so we're gonna we're gonna get into it, and

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Speaker 2: we have a professional it's gonna walk us through it

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Speaker 2: that's extremely qualified to have this conversation. One of the

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Speaker 2: top when you look at real estate agents, but somebody

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Speaker 2: has actually built the real estate agency and one of

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Speaker 2: the top in Atlanta, one of the top in America.

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Speaker 2: Keanu Watson who's been doing this for a very long

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Speaker 2: time and has sold millions, hundreds of millions of boty

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Speaker 2: dollars of real estate throughout the courture of her career,

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Speaker 2: and like I said, actually has.

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Speaker 3: An agency with other agents under her.

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Speaker 2: So she's probably the most qualified person to speak about

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Speaker 2: this from a real estate aspect, because that's the whole

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Speaker 2: point of having some a professional helping you sell your

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Speaker 2: home or helping you buy a home is actually they're

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Speaker 2: supposed to be walking you through all this other stuff.

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Speaker 2: So on one side, you have somebody like Matt who's

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Speaker 2: at the bank who's given you the finances to actually

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Speaker 2: buy the home. But then you have somebody that's in

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Speaker 2: the field that's actually walking the property, that actually has

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Speaker 2: to do the inspections, that has to you know, negotiate

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Speaker 2: with the other seller or buyer and earnest money and

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Speaker 2: all that type of stuff. So you got to hear

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Speaker 2: from both perspective because it's important. So we're gonna bring

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Speaker 2: her up, and before we do, don't forget You Deserve

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Speaker 2: to Be Rich New York Times bestseller. You can go

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Speaker 2: to You Deserve to Be Rich book dot com. Make

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Speaker 2: sure you get your copy. That's vidally important for your

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Speaker 2: financial journey.

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Speaker 1: For sure.

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Speaker 3: Good place is done, essential essential.

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Speaker 1: Hey hey, how are you? We are great? How are

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Speaker 1: you feeling today?

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Speaker 4: I'm incredible, cannot complain. Life is good.

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Speaker 1: I would never expect anything less from you.

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Speaker 3: Keana for sure.

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Speaker 2: So Keanu Watson friend of the show. She's done several

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Speaker 2: episodes with us before live events invest Fest. You know,

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Speaker 2: the Hope gambit. So somebody that has added a lot

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Speaker 2: of value to not only your clients, but a lot

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Speaker 2: of people online that have gotten information and inspiration from

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Speaker 2: the real estate cyber Also, like I said, from the

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Speaker 2: entrepreneurship side, as well as far as I know personally,

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Speaker 2: a few people that actually have become real estate agents

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Speaker 2: because of you. Yep, and not even knowing you, just

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Speaker 2: just following your page.

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Speaker 3: You gave them.

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Speaker 2: Inspiration to actually become a real estate agent. So, first

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Speaker 2: of all, thank you for joining us. Appreciate it, thank.

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Speaker 4: You, thank you for having me. I can't wait to

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Speaker 4: dive into this episode.

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Speaker 3: Yeah, no, I feel like it's an.

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Speaker 4: Important information they need to know. It's just so much

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Speaker 4: information online. I think everybody feel like you can use

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Speaker 4: technology and AI, you can chat, GPT, everything, but you

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Speaker 4: really can't like when it comes to buying a property

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Speaker 4: and understanding contingents, these financial obligations and all those details.

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Speaker 4: That is not a googleable, that's not google information. You

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Speaker 4: need to have an expert that can really walk you

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Speaker 4: through those details in those layers. So I'm ready to

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Speaker 4: share that and really set the record straight so a

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Speaker 4: lot of people won't be so afraid of home ownership

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Speaker 4: but understand the value and what to expect.

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Speaker 2: You haven't, so all right, so everybody get ready hit

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Speaker 2: the like, but share. Okay, So, as I said, you know,

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Speaker 2: Keana is going to go. So how we're going through this,

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Speaker 2: how we've been doing this is that you know, we

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Speaker 2: have slides. Will interrupt the slides and kind of ask

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Speaker 2: questions and then we'll just feed it off.

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Speaker 3: Now.

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Speaker 2: But I know that you put together a presentation to

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Speaker 2: kind of go over what you think is important for

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Speaker 2: people to know before purchasing a home. So I guess

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Speaker 2: we could jump we could jump right into it.

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Speaker 4: Okay, let's jump right into it. And this is just

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Speaker 4: introducing myself who I am, what I offer. I'm glad

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Speaker 4: that you went over that I do have a real

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Speaker 4: estate company in Atlanta. I have at this moment twenty

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Speaker 4: agents in counting that work with Watson Realty Code. We're

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Speaker 4: here in Buckhead, and we also have great partnerships with

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Speaker 4: developers or with a lot of developers to list and

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Speaker 4: sell their properties. But don't be afraid this how this

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Speaker 4: particular interview is all about first time buyers of people

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Speaker 4: looking to purchase a home. I started my career off

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Speaker 4: working with first time buyers and helping them navigate the process.

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Speaker 4: So I want to make sure you guys understand that

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Speaker 4: I have a training academy Agents who is for Success

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Speaker 4: where I have mentored several thousands of people across the

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Speaker 4: United States in outside of the country to really learn

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Speaker 4: how to navigate the real estate world. And beyond that,

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Speaker 4: I've gotten plenty of accolades for marketing sales recognitions. I

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Speaker 4: do have my master's degree. I clearly understand business real estate.

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Speaker 4: So I want to just kind of dive back right

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Speaker 4: into this and jump into something that I want to

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Speaker 4: say first, because we always asking what are the things

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Speaker 4: like what should you know when it's time to buy

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Speaker 4: your first property? And the number one thing that I

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Speaker 4: think that most people need to know is before we

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Speaker 4: just jump into it. Everybody does not qualify for down

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Speaker 4: payment assistance just because you're buying your first house. All right,

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Speaker 4: let's jump right into it. Things you should know before

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Speaker 4: buying a home. I personally feel like when you're buying

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Speaker 4: your first property, you hear all these stories everywhere, and

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Speaker 4: that story is I'm going to qualify for some type

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Speaker 4: of down payment assistance, and because I'm buying my first home,

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Speaker 4: the government are some big thing within the world is

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Speaker 4: going to give me money. The truth is that is

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Speaker 4: not the case. You do not automatically qualify for down

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Speaker 4: payment assistance or any type of assistance just because you're

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Speaker 4: purchasing your first home. You need to understand that these

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Speaker 4: programs are designed for people that are in low come

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Speaker 4: income to moderate areas. So if you are beyond that amount,

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Speaker 4: or if you have more than a certain amount of

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Speaker 4: money saved, or if your credit score is not at

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Speaker 4: a certain place, you're not going to qualify. So, for example,

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Speaker 4: I'm licensed in the state of Georgia. We have what's

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Speaker 4: called the Georgia Dream. Most people look at the Georgia

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Speaker 4: Dream and say, yes, I'm going to use this to

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Speaker 4: buy my first house. Well, the minimum credit score you

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Speaker 4: have to have a six to forty minimum credit score.

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Speaker 4: You can't have more than twenty thousand dollars saved, and

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Speaker 4: you have to actually have a you have to be

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Speaker 4: in a low income to the moderate area, so you

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Speaker 4: can't make above like sixty five thousand dollars in certain areas,

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Speaker 4: and then certain areas you can't make above fifty nine thousand.

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Speaker 4: So you have to really understand the qualifying factors for

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Speaker 4: these to have down payment assistants. So when you're thinking

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Speaker 4: about buying your first home, I always advise you to

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Speaker 4: start with a real estate professional. We get a bad rep. Oh,

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Speaker 4: they didn't show me the house, they didn't find me

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Speaker 4: the house. But a real estate professional actually has relationships

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Speaker 4: with a lot of different lenders, a lot of different

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Speaker 4: brokers that can actually guide you when it comes to

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Speaker 4: getting some down payment assistance, and then debunk that myth

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Speaker 4: of if you qualify or not. If you don't qualify,

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Speaker 4: then you should be in a position to start saving

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Speaker 4: for your down payment and your out of pocket expenses.

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Speaker 4: So when you're looking to purchase a home, I think

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Speaker 4: it's important that you understand your out of pocket expenses

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Speaker 4: and debunk the myth that somebody is just going to

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Speaker 4: give you money to purchase your first home. If you

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Speaker 4: do qualify, it's great, you should be able to utilize

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Speaker 4: it to buy your first property. But if you don't qualify,

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Speaker 4: don't be discouraged and get a better understanding of what

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Speaker 4: you do qualify for. So that's just one of the

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Speaker 4: biggest things I feel like I have to tell first

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Speaker 4: time buyers. Sometimes I have people making over one hundred

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Speaker 4: and fifty thousand a year, like, hey, I want down

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Speaker 4: payment assistants from my first house. You don't qualify, So

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Speaker 4: you have to position yourself to buy your first home

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Speaker 4: and understand the importance of home ownership.

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Speaker 1: Yeah, there's a piece then that that gets confusing as well, Right,

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Speaker 1: Like what do I qualify for? Right? So the homelessit

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Speaker 1: down payment assistance is one thing, But sometimes people get

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Speaker 1: these pre approval letters and it's like, I'm a proof

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Speaker 1: of four hundred thousand. That doesn't necessarily necessarily mean you're

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Speaker 1: getting four hundred thousand. I think there's a common misconception

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Speaker 1: happens around it. Can you clear that up for us?

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Speaker 4: Yes, the common misconception is they will do an approval,

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Speaker 4: but your approval has to depend on your loan type. Right,

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Speaker 4: certain loan types will go up to fifty nine percent

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Speaker 4: or sixty percent of your debt to income ratio. Some

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Speaker 4: are going to go forty percent of your debt to

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Speaker 4: income ratio. But if you understand how you want to

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Speaker 4: live your life, most people have different You have different calculations.

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Speaker 4: Like you, guys have you deserve to be rich, and

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Speaker 4: I'm sure you tell them about how you may want

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Speaker 4: to live about thirty percent or forty percent of your income.

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Speaker 4: So if you're living off of that, why would you

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Speaker 4: want your mortgage to take up forty percent when your

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Speaker 4: mortgage needs to take up maybe thirty percent or twenty

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Speaker 4: five percent so you can have the other remaining balance

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Speaker 4: to do what to live and pay the utility bills

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Speaker 4: and save and invest. So I would say, instead of

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Speaker 4: focusing on what I'm approved for, make sure you guys

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Speaker 4: need to get what is called a g FE. A

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Speaker 4: GFE is a good faith estimate. When you're talking to

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Speaker 4: a lender. You can go online and put anything online

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Speaker 4: and they're shoot you out and approval. That's a pre

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Speaker 4: qualification letter. They didn't take the time to understand what

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Speaker 4: your debt to income ratio is. They did not take

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Speaker 4: the time to have you submit your bank statements, submit

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Speaker 4: all of your income that you're making, so they can

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Speaker 4: really calculate what you are comfortable paying per month. So

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Speaker 4: it's not about how much I can spend, it's how

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Speaker 4: much I want to spend. So when you get a GFF,

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Speaker 4: they're going to do an estimate of your out of

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Speaker 4: pocket expenses. It breaks down your mortgage amount, it breaks

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Speaker 4: down the amount of money you have to put down,

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Speaker 4: the interest rate at the time, we'll talk about interestate letters,

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Speaker 4: the interest rate at the time, and then it shoots

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Speaker 4: out okay, based on this, this is what your monthly

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Speaker 4: payment will be with the GFF. It helps you to

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Speaker 4: avoid saying I'm approved of four hundred thousand, where you

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Speaker 4: really need to say I'm ready to spend two thousand

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Speaker 4: dollars a month on the mortgage, and this is how

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Speaker 4: much I.

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Speaker 1: Need to search for gotcha.

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Speaker 4: So it really helps a lot. I think that so

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Speaker 4: many people are thinking, I just got approve for this amount.

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Speaker 4: A Linda will approve you for the MAC. That's their

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Speaker 4: job is to approve you for It's your job to

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Speaker 4: protect yourself and say I don't want to spend the max.

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Speaker 4: I have a certain budget of what I want to

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Speaker 4: spend per month, and then you go retroactive with that

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Speaker 4: good faith estimate, and then your pre approval amount needs

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Speaker 4: to reflect that, and you need to stay within that

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Speaker 4: budget because you don't want to be house poor. So

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Speaker 4: as we move on, I hope that really makes sense

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Speaker 4: for you guys. Too many people are just thinking about

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Speaker 4: the total picture and not understanding home ownership is designed

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Speaker 4: for you to build wealth. But you can't build wealth

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Speaker 4: when you're putting all of your income just directly into

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Speaker 4: the property. So you have a lot of financial responsibility

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Speaker 4: as well when it comes to being a homeowner. So

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Speaker 4: when I broke that down, what is your budget? You

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Speaker 4: know what your budget is. So if you're already paying

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Speaker 4: rent somewhere, which most of you are, and if you're

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Speaker 4: not paying rent anywhere, calculate what you want to contribute

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Speaker 4: towards your overhead. Because you think about a mortgage, your

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Speaker 4: mortgage payment does not include your light bill, it does

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Speaker 4: not include maintenance, it does not include your water bill,

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Speaker 4: it doesn't include groceries like it doesn't include what you

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Speaker 4: need to live. So when you work on that, create

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Speaker 4: a very comprehensive budget and don't go beyond that. Because

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Speaker 4: you have to plan for the long term commitment. One

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Speaker 4: thing I always say about buying a property that you

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Speaker 4: have to understand the purchase price that you use to

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Speaker 4: buy the property is stuck to you forever. You can't

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Speaker 4: renegotiate the purchase price. You can go back and renegotiate

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Speaker 4: what the interest rate is and refinance and possibly get

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Speaker 4: a lower monthly payment. But the way that the economy

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Speaker 4: is going now and the interest rates are going now,

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Speaker 4: who can predict when the rates are going to be

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Speaker 4: low enough to refinance. So always go into it the

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Speaker 4: first time being very cognizant of what you want to

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Speaker 4: spend per month.

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Speaker 2: Okay, all right, let's go to you have a slide

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Speaker 2: with some housing related exp housing related.

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Speaker 3: Expenses, jump to that. So yeah, let's let's let's talk

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Speaker 3: about that.

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Speaker 4: Yeah, okay, guys, so let's just talk about some housing

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Speaker 4: related expenses that you need to in. Right, you have

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Speaker 4: your monthly mortgage payment, and your monthly mortgage payment includes

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Speaker 4: your actual mortgage amount that you financed, the interest that

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Speaker 4: you're paying back on the loan, as well as if

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Speaker 4: you do if you have to pay private mortgage insurance,

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Speaker 4: that dollar amount will also be included inside of your

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Speaker 4: monthly payment, you have to pay your property taxes, which

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Speaker 4: is considered your es growth and your property taxes. That's

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Speaker 4: one thing that does fluctuate. Your property taxes is the

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Speaker 4: one thing that fluctuates that most people do not account for.

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Speaker 4: I saw this big thing on TikTok, so let's just

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Speaker 4: dress this head on. People are like, wow, my property

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Speaker 4: taxes went up. My property taxes went up so high.

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Speaker 4: No one told me about it. Well, it's a fluctuating expense.

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Speaker 4: And the reason that it goes up, it goes up

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Speaker 4: if the value of the area that you purchased in

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Speaker 4: actually appreciates in value. So let me explain to you

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Speaker 4: what a value appreciation is. So you know, no, you

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Speaker 4: may not like in these property taxes, but why it

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Speaker 4: benefits you in the long run. If you buy a

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Speaker 4: property for a half million dollars and in two years

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Speaker 4: that house is now evaluated for six hundred thousand dollars

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Speaker 4: five hundred thousand minus that from six hundred thousand, you

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Speaker 4: have one hundred thousand dollars in equity. That means your

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Speaker 4: home is now worth an additional one hundred thousand dollars

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Speaker 4: from the time that you purchased it. So when a

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Speaker 4: tax assessor goes back out to the property and assess

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Speaker 4: your values, they're going to increase your taxes because now

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Speaker 4: your home is valued at more. That benefits you if

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Speaker 4: you want to do a couple of things. One, let's

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Speaker 4: just say you suddenly need to sell your house and

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Speaker 4: move to New York. You know you wanted to hang

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Speaker 4: out with eyl. If you need to sell your house

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Speaker 4: from it and move from Atlanta to New York, you

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Speaker 4: put your house on the market. You have that difference

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Speaker 4: in equity and you could actually try to make the

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Speaker 4: numbers in the market sell it for six hundred thousand.

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Speaker 4: After agent fees, you'll come home with probably seventy thousand dollars. Right.

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Speaker 4: That is what equity is. That's why it's so valuable.

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Speaker 4: But if you just hold onto the proper and in

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Speaker 4: a couple more years you want to actually do a

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Speaker 4: equity line of credit, a home equity line of credit,

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Speaker 4: where you say, hey, thank my house is now worth

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Speaker 4: six hundred thousand, I need fifty thousand dollars. Can I

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Speaker 4: leverage this house and get fifty thousand dollars to start

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Speaker 4: my own business? That is why equity is so important. So, yes,

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Speaker 4: your taxes will go up because they fluctuate, but getting

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Speaker 4: home equity is something you should be proud of as

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Speaker 4: a homeowner who wants to buy an area that's not appreciating,

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Speaker 4: that defeats the purpose of homeownership.

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Speaker 1: So yeah, here's the question inside of that, right, because

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Speaker 1: a lot of people will be doing renovations on their home.

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Speaker 1: They're upgrading their home. Right, how often is the tax

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Speaker 1: assessor coming? Right? Is it every six months? Is it

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Speaker 1: one year, every two years? So that people can prepare

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Speaker 1: because a lot of times people will allocate their budget

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Speaker 1: based on what the property tax is. Now, obviously, as

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Speaker 1: you do improvements, that will go up hopefully if you're

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Speaker 1: in the right area. How often is that guy or

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Speaker 1: that woman coming.

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Speaker 4: They don't actually come out to your property. They look

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Speaker 4: at what has been sold in the area. So you're

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Speaker 4: thinking about a tax assessor. It's all digital. They're just

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Speaker 4: looking at what has been sold in the area. So

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Speaker 4: if your neighbor sells their property and they did some upgrades,

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Speaker 4: it's going to affect you. They're gonna look, oh, so

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Speaker 4: this house, actually this sold for seven hundred thousand. We

388
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Speaker 4: have no idea what you did inside of your property.

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Speaker 4: But what we're gonna do is say, now this area, now,

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Speaker 4: this entire area is worth this dollar amount. So when

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Speaker 4: these things happen consistently, the only time someone is going

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Speaker 4: into your property, and I don't want to get to

393
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Speaker 4: ahead of the game, is when you get an appraisal.

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Speaker 4: You guys know what an appraisal is. So an appraisal

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Speaker 4: will go into your property when you're ready to sell

396
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Speaker 4: your property, or as a homeowner, if a home buyer,

397
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Speaker 4: if you have so, if you're ready to buy a property,

398
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Speaker 4: your lender will not give you any money. There is

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Speaker 4: no lender in the United States of America that will

400
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Speaker 4: lend you money without you getting an appraisal. An appraisal

401
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Speaker 4: is a third party company. So no, you can't just

402
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Speaker 4: say I'm calling my friend that's an appraiser and they're

403
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Speaker 4: gonna come out and tell me what this house is worth.

404
00:20:00,000 --> 00:20:02,159
Speaker 4: It's not how it works. A lender will assign an

405
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Speaker 4: appraiser to your actual file. The appraisal goes out and

406
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Speaker 4: they will compare the condition of the property that you're

407
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Speaker 4: interested in purchasing to three other properties that have sold

408
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Speaker 4: on the market. When you get your appraisal back, they're

409
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Speaker 4: going to measure the square footage of the home, they're

410
00:20:16,000 --> 00:20:17,879
Speaker 4: going to look at the condition, they're going to look

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Speaker 4: at market conditions, and then they're going to tell you.

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Speaker 4: If you let's say you placed an offer on the

413
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Speaker 4: house for five hundred thousand, the appraiser is going to say, hey,

414
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Speaker 4: this house is worth five hundred thousand, which is great,

415
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Speaker 4: or they're going to say, hey, you got a deal.

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Speaker 4: This house is worth five hundred and fifty thousand. That

417
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Speaker 4: means you have instant equity. Or if they come back

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Speaker 4: and say this house is only worth four hundred and

419
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Speaker 4: seventy five thousand, let's just say that does happen. That

420
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Speaker 4: means it's coming in below the actual price that you

421
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Speaker 4: said you will purchase it for. That is your agent's

422
00:20:47,160 --> 00:20:50,399
Speaker 4: responsibility to submit an amendment to reduce the purchase price,

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Speaker 4: a copy of the appraisal, and advocate on your behalf

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Speaker 4: to say they're not going to pay the difference, the

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Speaker 4: lender is not going to pay the difference, and I'm

426
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Speaker 4: only going to buy this property for what it is worth.

427
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Speaker 4: So that kind of leads into why you need a

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Speaker 4: real estate professional. A lot of times y'all don't understand

429
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Speaker 4: the contingencies when you're supposed to get money back what

430
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Speaker 4: you're supposed to do, and that's what happens with an appraisal.

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Speaker 4: So all of that kind of leads into your taxes.

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Speaker 4: But to further ask the question, yes, it is important

433
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Speaker 4: that your home is praised that value when you walk in,

434
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Speaker 4: so that way you can have appreciation and equity when

435
00:21:25,840 --> 00:21:28,000
Speaker 4: you have in the instance you're trying to get out

436
00:21:28,040 --> 00:21:28,199
Speaker 4: of it.

437
00:21:28,480 --> 00:21:30,639
Speaker 1: Yeah, so let's talk about some of these other fees, right,

438
00:21:30,640 --> 00:21:32,960
Speaker 1: because we know about the mortgage, some people know about

439
00:21:32,960 --> 00:21:35,760
Speaker 1: the property tax, we know about homeowners insurance. But there's

440
00:21:35,800 --> 00:21:37,000
Speaker 1: some other fees that wait.

441
00:21:37,080 --> 00:21:38,880
Speaker 2: But before we go to the other slots. So because

442
00:21:38,880 --> 00:21:40,600
Speaker 2: we didn't, we didn't. I just want to make sure

443
00:21:40,600 --> 00:21:43,359
Speaker 2: people get that the whole thing. So can we go

444
00:21:43,400 --> 00:21:44,760
Speaker 2: back to the Can we go back to the slot?

445
00:21:45,600 --> 00:21:45,760
Speaker 1: Yep?

446
00:21:46,200 --> 00:21:51,639
Speaker 2: So utilities is a big one because this is why

447
00:21:51,680 --> 00:21:54,879
Speaker 2: a lot of people's using you know, different type of

448
00:21:55,200 --> 00:21:58,199
Speaker 2: energy efficient things for their homes and that that that

449
00:21:58,200 --> 00:22:01,399
Speaker 2: can save a lot of money, right, and even setting

450
00:22:01,440 --> 00:22:05,199
Speaker 2: up utility a lot of times as a process, water, gas,

451
00:22:05,440 --> 00:22:07,720
Speaker 2: all that type of stuff. And then of course the

452
00:22:07,720 --> 00:22:10,760
Speaker 2: homeowner's insurance. But the homeowners insurance is vitally important now,

453
00:22:11,080 --> 00:22:14,480
Speaker 2: especially you look at California fires, you look at Florida,

454
00:22:14,600 --> 00:22:20,800
Speaker 2: you look at floods. So, okay, the taxes we just

455
00:22:20,840 --> 00:22:23,399
Speaker 2: talked about that, that's important. The mortgage is pretty going

456
00:22:23,480 --> 00:22:25,720
Speaker 2: to be straightforward as far as on the bank side,

457
00:22:25,760 --> 00:22:30,280
Speaker 2: you shouldn't understand those terms. But this homeowner's insurance and

458
00:22:30,280 --> 00:22:32,760
Speaker 2: the utilities can you can you talk about that because

459
00:22:32,800 --> 00:22:36,360
Speaker 2: that's something that people need to really have an understanding

460
00:22:37,080 --> 00:22:40,000
Speaker 2: of what they're getting themselves into before they actually.

461
00:22:39,640 --> 00:22:40,120
Speaker 3: Get the home.

462
00:22:40,880 --> 00:22:45,520
Speaker 4: Absolutely, so let's jump into utilities. If you're looking for

463
00:22:45,560 --> 00:22:48,720
Speaker 4: a single family home, it would be ideal and I

464
00:22:48,760 --> 00:22:51,240
Speaker 4: want you to write this down. Oftentimes agents don't do

465
00:22:51,320 --> 00:22:55,920
Speaker 4: this as the previous homeowners provide you with a statement

466
00:22:56,000 --> 00:22:58,240
Speaker 4: of what their utility bills are, Like, what are they're

467
00:22:58,280 --> 00:23:00,720
Speaker 4: paying on average for their life field? What are they

468
00:23:00,720 --> 00:23:03,280
Speaker 4: paying on average for their gas bill? Those are two

469
00:23:03,280 --> 00:23:06,680
Speaker 4: controllable expenses that you don't really consider when you're buying

470
00:23:06,680 --> 00:23:09,479
Speaker 4: a home. Why is this important. Let's just say you're

471
00:23:09,520 --> 00:23:12,480
Speaker 4: buying a five thousand square foot home on a basement

472
00:23:13,359 --> 00:23:17,639
Speaker 4: and you're coming from a two bedroom apartment that's maybe

473
00:23:17,720 --> 00:23:20,840
Speaker 4: thirteen hundred square feed, the difference in the amount of

474
00:23:20,880 --> 00:23:23,399
Speaker 4: heat that's required to heat that space, the amount of

475
00:23:23,520 --> 00:23:26,439
Speaker 4: HVAC that's required to cool that space. It could be

476
00:23:26,560 --> 00:23:29,920
Speaker 4: almost the cost of it could really be thousands of dollars.

477
00:23:30,119 --> 00:23:32,679
Speaker 4: So while you're out here assessing what your expenses should be,

478
00:23:33,320 --> 00:23:37,720
Speaker 4: ensure that you get that information from the current homeowner

479
00:23:37,840 --> 00:23:41,080
Speaker 4: before making your purchase. So utilities are such a big deal.

480
00:23:41,440 --> 00:23:44,879
Speaker 4: And then when we talk about homeowners homeowners association fees,

481
00:23:46,240 --> 00:23:47,760
Speaker 4: So you guys are in New York, so a lot

482
00:23:47,760 --> 00:23:51,000
Speaker 4: of times you guys are buying not y'all, you know,

483
00:23:51,040 --> 00:23:53,040
Speaker 4: you deserve to be rich, but a lot of people

484
00:23:53,119 --> 00:23:57,240
Speaker 4: are buying condos, townhouses, things like that, and there a

485
00:23:57,240 --> 00:23:59,720
Speaker 4: lot of times those fees are included. So you get

486
00:23:59,720 --> 00:24:03,280
Speaker 4: into a HOA, they'll say, here's an additional I saw

487
00:24:03,320 --> 00:24:06,800
Speaker 4: a condo here in Atlanta where the hoafee is fourteen

488
00:24:06,880 --> 00:24:11,320
Speaker 4: hundred dollars a month, but it includes the utilities, and

489
00:24:11,320 --> 00:24:14,720
Speaker 4: then it includes amenities, so it includes so it kind

490
00:24:14,720 --> 00:24:17,560
Speaker 4: of offsets, but you have to understand how that will

491
00:24:17,600 --> 00:24:21,600
Speaker 4: affect your monthly payment. So hoafe's is a huge deal.

492
00:24:21,920 --> 00:24:24,040
Speaker 4: I think we get a big, bad rep I don't

493
00:24:24,040 --> 00:24:26,520
Speaker 4: want a house in the HOA. It's good to it

494
00:24:26,560 --> 00:24:28,359
Speaker 4: and it's not so good. The good parts of it

495
00:24:28,520 --> 00:24:30,800
Speaker 4: HOA is if you are in a neighborhood, a single

496
00:24:30,800 --> 00:24:34,119
Speaker 4: family neighborhood, and everybody has to maintain the exterior a

497
00:24:34,119 --> 00:24:37,080
Speaker 4: certain way, everybody has to maintain the grass their yards

498
00:24:37,119 --> 00:24:40,199
Speaker 4: a certain way. It actually helps with your value appreciation.

499
00:24:40,480 --> 00:24:42,880
Speaker 4: You're gonna hear me say value appreciation a lot because

500
00:24:42,920 --> 00:24:45,760
Speaker 4: I want you to understand that is the number one

501
00:24:45,920 --> 00:24:50,360
Speaker 4: reason for getting into real estate and owning a property

502
00:24:50,480 --> 00:24:54,760
Speaker 4: is value appreciation and ownership. That's it. So of course

503
00:24:55,160 --> 00:24:57,720
Speaker 4: hoafees is something you need to consider and see what

504
00:24:57,760 --> 00:25:02,520
Speaker 4: they're what's included in that routine maintenance. I most recently

505
00:25:02,600 --> 00:25:05,080
Speaker 4: was consulting with someone and they have to get an

506
00:25:05,200 --> 00:25:10,560
Speaker 4: entire new HVAC system. They got a quote for twenty

507
00:25:10,600 --> 00:25:15,760
Speaker 4: thousand dollars. Like, you can't call the landlord. You are

508
00:25:15,880 --> 00:25:19,439
Speaker 4: the landlord. You are in charge of those fee of

509
00:25:19,440 --> 00:25:23,159
Speaker 4: that maintenance. So getting routine maintenance on your property and

510
00:25:23,200 --> 00:25:25,800
Speaker 4: accounting for those additional expenses. I hate to scare people.

511
00:25:25,840 --> 00:25:29,040
Speaker 4: Everybody has this scare tactic. I'm gonna tell you, and

512
00:25:29,080 --> 00:25:32,280
Speaker 4: this is not even like look into any type of

513
00:25:32,320 --> 00:25:36,119
Speaker 4: home warranty companies that offer complete protection. So when you

514
00:25:36,160 --> 00:25:38,199
Speaker 4: get a home warranty company that helps you with the

515
00:25:38,280 --> 00:25:40,840
Speaker 4: room tine maintenance. So instead of you being responsible for

516
00:25:40,880 --> 00:25:44,280
Speaker 4: that twenty thousand dollars fee to replace the system, if

517
00:25:44,280 --> 00:25:47,080
Speaker 4: you were paying a monthly fee into a home warranty company,

518
00:25:47,359 --> 00:25:49,280
Speaker 4: then you could call them the same way you would

519
00:25:49,320 --> 00:25:51,560
Speaker 4: call your landlord. Why do I want to say this

520
00:25:51,680 --> 00:25:53,880
Speaker 4: because I'm sick of people try to scare people into

521
00:25:53,920 --> 00:25:56,840
Speaker 4: not owning a home, saying my landlord can pay for that. Well,

522
00:25:56,880 --> 00:25:58,840
Speaker 4: if you were paying a fifty dollars fee per month

523
00:25:59,080 --> 00:26:02,440
Speaker 4: and your h VAC system went out tomorrow, you would

524
00:26:02,520 --> 00:26:04,919
Speaker 4: be able to call your home warranty company to cover it.

525
00:26:05,080 --> 00:26:07,320
Speaker 4: So don't allow these expenses to scare you. But be

526
00:26:07,840 --> 00:26:10,520
Speaker 4: very aware that these expenses are there. So your job

527
00:26:10,600 --> 00:26:14,280
Speaker 4: is to protect yourself. So again, unexpected expenses are going

528
00:26:14,320 --> 00:26:16,560
Speaker 4: to happen. You're going to have to get your gutters

529
00:26:16,600 --> 00:26:18,679
Speaker 4: cleaned every year. You're going to have to get your

530
00:26:18,880 --> 00:26:21,720
Speaker 4: extere of your property pressure washed every year. Some people

531
00:26:21,760 --> 00:26:24,199
Speaker 4: do it every quarter. You have to consider that you

532
00:26:24,240 --> 00:26:27,280
Speaker 4: want a home inspector to come inspect your property every

533
00:26:27,400 --> 00:26:30,280
Speaker 4: single year, not just when you buy the home. When

534
00:26:30,320 --> 00:26:32,440
Speaker 4: you initially buy the home, you do get a home

535
00:26:32,480 --> 00:26:35,840
Speaker 4: inspection because you're negotiating with the seller for any defects

536
00:26:35,840 --> 00:26:37,800
Speaker 4: in the property and you don't want to purchase a

537
00:26:37,840 --> 00:26:40,920
Speaker 4: property with the defect. But what happens when you live

538
00:26:40,960 --> 00:26:44,119
Speaker 4: in a home. There could be underground lenks that you

539
00:26:44,200 --> 00:26:47,280
Speaker 4: are not aware of that continue to happen. Your HVAC

540
00:26:47,320 --> 00:26:49,520
Speaker 4: could be at the bottom of like at the end

541
00:26:49,520 --> 00:26:52,560
Speaker 4: of its lifespan. So you get a home inspection every

542
00:26:52,600 --> 00:26:55,199
Speaker 4: single year. That's about five or six hundred dollars. But

543
00:26:55,359 --> 00:26:58,760
Speaker 4: what it does is preventative maintenance. That preventative maintenance, now

544
00:26:58,800 --> 00:27:01,520
Speaker 4: you can call your home warranty, your handyman to address

545
00:27:01,560 --> 00:27:05,080
Speaker 4: issues before they become too expensive. No one talks about

546
00:27:05,119 --> 00:27:07,600
Speaker 4: that type of maintenance, but that's what it requires to

547
00:27:07,640 --> 00:27:11,640
Speaker 4: maintain a home. So outside of that, you have the utilities,

548
00:27:11,920 --> 00:27:15,400
Speaker 4: you have the just maintaining the integrity of your property.

549
00:27:15,640 --> 00:27:17,600
Speaker 4: But then you also got to account for certain things.

550
00:27:17,680 --> 00:27:19,920
Speaker 4: And I'm going to focus on single family homes because

551
00:27:19,920 --> 00:27:22,960
Speaker 4: it's completely different maintenance than having a condo. A single

552
00:27:23,000 --> 00:27:25,160
Speaker 4: family home, you may want to take into your budget.

553
00:27:25,440 --> 00:27:27,359
Speaker 4: At what point do I have to replace the roof.

554
00:27:27,400 --> 00:27:30,240
Speaker 4: An average roof span is fifteen to twenty five years,

555
00:27:30,480 --> 00:27:32,600
Speaker 4: so you have to think about that. At what point

556
00:27:32,640 --> 00:27:35,360
Speaker 4: do I have to replace the hvac system? They keep

557
00:27:35,520 --> 00:27:38,399
Speaker 4: changing the free on in different things. In the HVAC system,

558
00:27:38,600 --> 00:27:41,359
Speaker 4: that's typically five to ten years. Some of them are

559
00:27:41,359 --> 00:27:43,600
Speaker 4: saying twenty years. So what you want to do is

560
00:27:43,640 --> 00:27:47,560
Speaker 4: budget that and I will not stress this enough. Get

561
00:27:47,600 --> 00:27:51,640
Speaker 4: a home warranty. Get a home warranty, and then make

562
00:27:51,640 --> 00:27:54,439
Speaker 4: sure when you purchase your property you're getting scheduled and

563
00:27:54,600 --> 00:27:58,280
Speaker 4: consistent maintenance of your home. That is how not.

564
00:27:59,480 --> 00:28:02,399
Speaker 1: There's a part we talk about the homeowners insurance, but

565
00:28:02,880 --> 00:28:05,080
Speaker 1: most people don't know about mortgage insurance. And I'm assuming

566
00:28:05,080 --> 00:28:07,320
Speaker 1: if a lot of people are doing being first time

567
00:28:07,359 --> 00:28:10,000
Speaker 1: home owners and they don't have the twenty five percent

568
00:28:10,040 --> 00:28:12,240
Speaker 1: down payment or twenty percent down payment, you're going to

569
00:28:12,240 --> 00:28:15,119
Speaker 1: flow in this category. So talk about what that is

570
00:28:15,280 --> 00:28:17,880
Speaker 1: and kind of give it like an explanation of what

571
00:28:18,160 --> 00:28:19,600
Speaker 1: mortgage insurance actually entails.

572
00:28:20,119 --> 00:28:23,960
Speaker 4: Yeah, so mortgage insurance covers the lender. Mortgage insurance does

573
00:28:23,960 --> 00:28:27,040
Speaker 4: not cover your property. It covers the lender in case

574
00:28:27,080 --> 00:28:30,480
Speaker 4: you default on the loan. So when you're paying mortgage insurance.

575
00:28:30,480 --> 00:28:32,040
Speaker 4: A lot of people are like, do I have to

576
00:28:32,040 --> 00:28:35,679
Speaker 4: pay it? Yes, you have to pay mortgage insurance unless

577
00:28:35,720 --> 00:28:38,479
Speaker 4: you're putting twenty percent down. If you're putting less than

578
00:28:38,480 --> 00:28:42,160
Speaker 4: twenty percent down. At some point, though, what does happen?

579
00:28:42,200 --> 00:28:44,640
Speaker 4: You do pay the private mortgage insurance. But at some

580
00:28:44,720 --> 00:28:48,320
Speaker 4: point when you have invested more than twenty percent towards

581
00:28:48,320 --> 00:28:52,000
Speaker 4: the principle of your mortgage, you can actually call your

582
00:28:52,000 --> 00:28:55,600
Speaker 4: mortgage lender and say, hey, I have invested this much.

583
00:28:55,840 --> 00:28:58,600
Speaker 4: I want the mortgage insurance to come off. The mortgage

584
00:28:58,640 --> 00:29:01,400
Speaker 4: insurance will not cover your house if it's damage. The

585
00:29:01,440 --> 00:29:04,080
Speaker 4: mortgage uran insurance doesn't cover your house, God forbid, if

586
00:29:04,080 --> 00:29:08,120
Speaker 4: there's a fire. It only covers the lender because the

587
00:29:08,200 --> 00:29:10,680
Speaker 4: lender is taking a chance on you because you don't

588
00:29:10,680 --> 00:29:13,200
Speaker 4: have enough skin in the game. You have enough skin

589
00:29:13,240 --> 00:29:15,040
Speaker 4: in the game for them to say, hey, we're going

590
00:29:15,120 --> 00:29:18,800
Speaker 4: to give you this mortgage, but you're putting less than

591
00:29:18,840 --> 00:29:22,600
Speaker 4: twenty percent down, so we need insurance on top of

592
00:29:22,600 --> 00:29:25,280
Speaker 4: what on top of what we're giving you, just in

593
00:29:25,280 --> 00:29:28,560
Speaker 4: case you default and you cannot satisfy the law. That

594
00:29:28,680 --> 00:29:31,480
Speaker 4: is what mortgage insurance is. And you can't get around it.

595
00:29:31,840 --> 00:29:34,440
Speaker 2: So, what's some best practices as far as for the

596
00:29:34,440 --> 00:29:37,719
Speaker 2: homeowners insurance right? For the homeowners insurance, what's best practice

597
00:29:37,720 --> 00:29:42,320
Speaker 2: that people should be aware of getting a homeowner insurance policy?

598
00:29:42,400 --> 00:29:45,840
Speaker 4: You get what you pay for cheaper is not always better.

599
00:29:46,160 --> 00:29:49,040
Speaker 4: And I feel like oftentimes when you're shopping with different

600
00:29:49,160 --> 00:29:52,600
Speaker 4: home insurance companies, and I have great relationships with homeowners

601
00:29:52,600 --> 00:29:55,440
Speaker 4: insurance companies, you're just thinking this is going to affect

602
00:29:55,440 --> 00:29:56,240
Speaker 4: my monthly payment.

603
00:29:56,320 --> 00:29:56,680
Speaker 1: It is.

604
00:29:57,240 --> 00:29:59,600
Speaker 4: They take the calculation of what it will cost you

605
00:29:59,640 --> 00:30:02,000
Speaker 4: for a twelve months and then you're paying on it

606
00:30:02,080 --> 00:30:04,640
Speaker 4: every single month as a part of yours growth. Your

607
00:30:04,720 --> 00:30:07,800
Speaker 4: es grows include your insurance and your taxes. Right, So

608
00:30:07,920 --> 00:30:11,800
Speaker 4: when you're thinking about, Okay, I have to pay this amount,

609
00:30:12,000 --> 00:30:14,600
Speaker 4: I would say shop and tell them the truth. If

610
00:30:14,640 --> 00:30:18,440
Speaker 4: you have three Rolex rotchets in the house, right, and

611
00:30:18,520 --> 00:30:20,560
Speaker 4: you just did an upgrade in your kitchen and did

612
00:30:20,640 --> 00:30:24,120
Speaker 4: soft closed cabinets and wolf appliances, you need to tell

613
00:30:24,160 --> 00:30:27,120
Speaker 4: your insurance company about this because what happens is you're

614
00:30:27,120 --> 00:30:28,960
Speaker 4: getting insured at the house. Let's say you buy a

615
00:30:28,960 --> 00:30:32,320
Speaker 4: house with you know, ge appliances. You're just happy to

616
00:30:32,360 --> 00:30:35,720
Speaker 4: own a home. You read the book I Deserve to

617
00:30:35,720 --> 00:30:39,240
Speaker 4: Be Rich. You do a stock option play, and now

618
00:30:39,240 --> 00:30:41,560
Speaker 4: you want to renovate your kitchen now, and you go

619
00:30:41,600 --> 00:30:44,480
Speaker 4: and do this whole renovation. It's one hundred thousand dollars renovation,

620
00:30:44,880 --> 00:30:47,440
Speaker 4: and you don't report it to your homeowner's insurance company.

621
00:30:47,680 --> 00:30:50,360
Speaker 4: What happens in the interim if your house catches on fire,

622
00:30:50,520 --> 00:30:52,560
Speaker 4: like I said, like what happened in LA and things

623
00:30:52,600 --> 00:30:55,280
Speaker 4: like that, if you never paid the difference in that cost,

624
00:30:55,320 --> 00:30:58,240
Speaker 4: it's not covered. So that's why keeping up with your

625
00:30:58,240 --> 00:31:02,120
Speaker 4: homeowner's insurance and making sure that you tell your preferred

626
00:31:02,200 --> 00:31:06,440
Speaker 4: insurance agency the truth about your assets. They can understand

627
00:31:06,440 --> 00:31:09,720
Speaker 4: how much it would cost to actually rebuild the property.

628
00:31:09,880 --> 00:31:13,440
Speaker 4: Because there's different levels to insurance, cheaper is never better.

629
00:31:13,840 --> 00:31:16,080
Speaker 4: I will always say, be educated about the level of

630
00:31:16,080 --> 00:31:19,480
Speaker 4: insurance that you receive so in case something happens, because

631
00:31:19,480 --> 00:31:21,520
Speaker 4: that is what insurance is for your cover.

632
00:31:22,640 --> 00:31:25,400
Speaker 2: And then also it's important because they had a study

633
00:31:25,400 --> 00:31:27,760
Speaker 2: that like I think thirty percent of homeowners actually they're

634
00:31:27,800 --> 00:31:30,080
Speaker 2: paying more money and all the ancillary stuff than the

635
00:31:30,120 --> 00:31:31,080
Speaker 2: actual mortgage.

636
00:31:31,280 --> 00:31:33,640
Speaker 3: So you got to have a budget.

637
00:31:34,400 --> 00:31:36,040
Speaker 2: You got to have an idea of how much money

638
00:31:36,040 --> 00:31:38,680
Speaker 2: you're going to spend because if not, if your budget

639
00:31:38,720 --> 00:31:41,040
Speaker 2: is like twenty five hundred and your mortgage is two thousand,

640
00:31:41,080 --> 00:31:43,760
Speaker 2: you think that I got a five hundred dollars surplus.

641
00:31:44,040 --> 00:31:47,080
Speaker 2: But then when you add all these utilities and the taxes,

642
00:31:47,240 --> 00:31:51,480
Speaker 2: and then the insurance and then you know maintenance upkeep,

643
00:31:52,360 --> 00:31:55,240
Speaker 2: and the budget is actually your two thousand dollars a

644
00:31:55,320 --> 00:31:58,800
Speaker 2: month mortgage actually turns into forty five hundred dollars a

645
00:31:58,800 --> 00:32:02,000
Speaker 2: month that you actually end up spending. That causes a

646
00:32:02,040 --> 00:32:02,800
Speaker 2: lot of problems.

647
00:32:04,080 --> 00:32:05,920
Speaker 1: And one of those taxes that I don't even see

648
00:32:05,920 --> 00:32:08,800
Speaker 1: in there is school tax right, Like everybody wants to

649
00:32:08,840 --> 00:32:10,640
Speaker 1: live in a great neighborhood and go to the great

650
00:32:10,720 --> 00:32:14,000
Speaker 1: school for that cost, and so that's something that's getting

651
00:32:14,000 --> 00:32:18,120
Speaker 1: paid semi annualy or sometimes quarterly. So just keep that

652
00:32:18,160 --> 00:32:19,480
Speaker 1: in mind, like when you want to move to that

653
00:32:19,520 --> 00:32:23,040
Speaker 1: great neighborhood, because it's preceded school. The people that own

654
00:32:23,080 --> 00:32:26,080
Speaker 1: property there, they're paying school taxes, which is another amount

655
00:32:26,120 --> 00:32:28,080
Speaker 1: that you're gonna have to put into that budget that

656
00:32:28,120 --> 00:32:30,280
Speaker 1: you apparently thought you had when you were starting a

657
00:32:30,320 --> 00:32:31,280
Speaker 1: buying process.

658
00:32:31,920 --> 00:32:33,800
Speaker 4: Oh and this is one thing I want to tell

659
00:32:33,800 --> 00:32:36,960
Speaker 4: you guys that I'm a professional, right, so it shouldn't

660
00:32:37,040 --> 00:32:39,120
Speaker 4: happen to me. But it happened to me too. With

661
00:32:39,200 --> 00:32:42,880
Speaker 4: homeowners insurance one of my investment properties. I'm just like,

662
00:32:42,920 --> 00:32:45,840
Speaker 4: why is this monthly note so high? What happened? Right?

663
00:32:46,360 --> 00:32:49,320
Speaker 4: I did put down twenty percent, so I just pay yearly.

664
00:32:49,360 --> 00:32:54,240
Speaker 4: I pay annually. And it slipped my mind to renegotiate

665
00:32:54,280 --> 00:32:58,440
Speaker 4: the terms of my homeowner's insurance policy. So they increased

666
00:32:58,440 --> 00:33:01,560
Speaker 4: my homeowners insurance policy beyond the limit that I wanted,

667
00:33:01,720 --> 00:33:05,320
Speaker 4: was comfortable with. So always remember you have to advocate

668
00:33:05,360 --> 00:33:08,240
Speaker 4: for yourself and every year when it's time to renew

669
00:33:08,240 --> 00:33:10,640
Speaker 4: that policy, you do know you don't have to be

670
00:33:10,680 --> 00:33:14,000
Speaker 4: stuck with who you started with. You can actually shop around.

671
00:33:14,160 --> 00:33:16,760
Speaker 4: Let them know you're shopping around, shop three different people.

672
00:33:17,080 --> 00:33:19,840
Speaker 4: Tell them you're shopping. Get the lowest rate, and then

673
00:33:19,880 --> 00:33:22,640
Speaker 4: every but get the lowest rate that has the highest coverage.

674
00:33:22,800 --> 00:33:24,719
Speaker 4: Let me say, at one one time, get the lowest

675
00:33:24,800 --> 00:33:27,960
Speaker 4: rate that has the highest coverage, and that will help

676
00:33:28,000 --> 00:33:29,880
Speaker 4: with controlling your overhead expenses.

677
00:33:30,880 --> 00:33:33,320
Speaker 1: Probably important, rightly important? All right, So how do we

678
00:33:33,360 --> 00:33:34,840
Speaker 1: avoid overextending ourselves?

679
00:33:36,640 --> 00:33:39,520
Speaker 4: Stop trying to keep up with the Joneses. I'm serious

680
00:33:39,760 --> 00:33:42,680
Speaker 4: that we have to stop. I probably you're probably gonna

681
00:33:42,720 --> 00:33:44,760
Speaker 4: look at my page to say, who is she to talk?

682
00:33:44,800 --> 00:33:47,200
Speaker 4: All she posts these multimillion dollar properties. Well that's how

683
00:33:47,240 --> 00:33:50,240
Speaker 4: I started. That's not how I started, you know. And

684
00:33:50,880 --> 00:33:53,520
Speaker 4: you got to understand your first home, depending on who

685
00:33:53,560 --> 00:33:56,080
Speaker 4: you are and where you are in your life, may

686
00:33:56,120 --> 00:33:59,040
Speaker 4: not be that multi million dollar mansion that you want,

687
00:33:59,400 --> 00:34:02,760
Speaker 4: but that's starter home will set the foundation for you

688
00:34:02,840 --> 00:34:05,800
Speaker 4: to get to that next level. So assess your budget.

689
00:34:06,400 --> 00:34:08,719
Speaker 4: You know, there are so many rules about how much

690
00:34:08,760 --> 00:34:11,120
Speaker 4: you should save, how much you should live off of,

691
00:34:11,560 --> 00:34:14,120
Speaker 4: and how much you know you should invest in just

692
00:34:14,239 --> 00:34:17,880
Speaker 4: your overhead expenses of living life. So what is your budget?

693
00:34:17,880 --> 00:34:20,080
Speaker 4: Is it going to be the thirty percent rule? You know,

694
00:34:20,120 --> 00:34:22,320
Speaker 4: if it's like thirty you know, everybody has a different

695
00:34:22,400 --> 00:34:24,960
Speaker 4: rule that they live by. I saw someone that said

696
00:34:24,960 --> 00:34:28,320
Speaker 4: they're living off thirty percent of their income. They're investing.

697
00:34:28,920 --> 00:34:32,400
Speaker 4: Do you hear this? They're investing like forty percent of

698
00:34:32,440 --> 00:34:36,040
Speaker 4: their income and then they're just saving the remaining balance.

699
00:34:36,120 --> 00:34:39,719
Speaker 4: So what is your Assess your real budget and don't

700
00:34:39,719 --> 00:34:42,080
Speaker 4: go beyond it, and I would say add a contingency

701
00:34:42,080 --> 00:34:44,440
Speaker 4: of about five percent. So if you think you can

702
00:34:44,600 --> 00:34:47,000
Speaker 4: live off thirty percent of your income, reduce it to

703
00:34:47,080 --> 00:34:50,080
Speaker 4: twenty five percent. That way you can account for inflation.

704
00:34:50,160 --> 00:34:52,160
Speaker 4: We're living in the data and age of inflation. We

705
00:34:52,200 --> 00:34:56,640
Speaker 4: cannot control the costs of gas, groceries, and living expenses.

706
00:34:58,120 --> 00:35:01,840
Speaker 4: Next up, have an emergency saving. Have an emergency savings

707
00:35:01,880 --> 00:35:05,280
Speaker 4: because things can happen as a homeowner. Like as a homeowner,

708
00:35:05,320 --> 00:35:08,440
Speaker 4: you are responsible for those for any of the overhead

709
00:35:08,480 --> 00:35:11,239
Speaker 4: or any expenses to maintain your property. So make sure

710
00:35:11,280 --> 00:35:13,759
Speaker 4: you have enough money to save, and just consider the

711
00:35:13,800 --> 00:35:16,560
Speaker 4: future changes that you may have in your life. So

712
00:35:16,640 --> 00:35:18,480
Speaker 4: don't always think that this is going to be where

713
00:35:18,480 --> 00:35:20,759
Speaker 4: I always am going. You know, where I start is

714
00:35:20,760 --> 00:35:23,440
Speaker 4: where I'm going to finish. Real estate is nothing like that.

715
00:35:23,480 --> 00:35:27,719
Speaker 4: You can start with a townhouse that's affordable. You can

716
00:35:27,760 --> 00:35:30,080
Speaker 4: live in that townhouse. You can start with a multi

717
00:35:30,080 --> 00:35:32,279
Speaker 4: family home, which a lot of people like to house

718
00:35:32,320 --> 00:35:35,120
Speaker 4: haack that is affordable, live in one side, have the

719
00:35:35,160 --> 00:35:38,239
Speaker 4: other side covering the mortgage. And then by the time

720
00:35:38,280 --> 00:35:40,400
Speaker 4: you're ready to move on to your next level because

721
00:35:40,440 --> 00:35:42,360
Speaker 4: you have invested in the business or you've gotten a

722
00:35:42,400 --> 00:35:45,319
Speaker 4: promotion at your job, you can now elevate to the

723
00:35:45,320 --> 00:35:47,799
Speaker 4: next level by selling that property. Leveraging in as a

724
00:35:47,840 --> 00:35:53,600
Speaker 4: rental and build your wealth and not feel So build

725
00:35:53,600 --> 00:35:56,279
Speaker 4: your wealth and not feel like I'm behind. That is

726
00:35:56,320 --> 00:35:59,000
Speaker 4: why most people over leverage. You feel like you're behind

727
00:35:59,080 --> 00:36:01,600
Speaker 4: and you're not. You just bought one property. You are

728
00:36:01,680 --> 00:36:04,400
Speaker 4: headed most of the people in the world. So just

729
00:36:04,440 --> 00:36:06,680
Speaker 4: buy that property and not don't worry about keeping up

730
00:36:06,719 --> 00:36:07,360
Speaker 4: with the Joneses.

731
00:36:08,320 --> 00:36:08,920
Speaker 1: That's a fact.

732
00:36:08,960 --> 00:36:13,360
Speaker 2: That's good information. Okay, all right, So then we have

733
00:36:13,520 --> 00:36:16,680
Speaker 2: to understand the cost of homeownership.

734
00:36:17,200 --> 00:36:20,000
Speaker 3: Oh yeah, quite important.

735
00:36:20,640 --> 00:36:24,640
Speaker 4: Yes, the cost of home ownership is it depends on

736
00:36:24,680 --> 00:36:27,000
Speaker 4: the program that you get, right. There's so many different

737
00:36:27,080 --> 00:36:30,239
Speaker 4: loan programs that are available. Let's just go over them.

738
00:36:30,239 --> 00:36:34,360
Speaker 4: You have FAHA financing, which is the most popular financing.

739
00:36:34,719 --> 00:36:37,640
Speaker 4: That on financing requires three point five percent as a

740
00:36:37,719 --> 00:36:41,400
Speaker 4: down payment. However, your one time cost is going to

741
00:36:41,400 --> 00:36:44,040
Speaker 4: be your down payment, and then you have closing costs

742
00:36:44,360 --> 00:36:47,680
Speaker 4: down payment closing costs. So when you're getting a loan

743
00:36:48,200 --> 00:36:52,759
Speaker 4: FAHA financing three point five percent down. You have conventional financing,

744
00:36:52,760 --> 00:36:56,000
Speaker 4: which is twenty percent down, five percent down or three

745
00:36:56,040 --> 00:36:59,160
Speaker 4: percent down depending on the program that you use. You

746
00:36:59,280 --> 00:37:03,560
Speaker 4: have VA financing, which is one hundred percent financing I'm

747
00:37:03,560 --> 00:37:05,919
Speaker 4: only talking about the down payment. We're not talking about

748
00:37:05,920 --> 00:37:08,960
Speaker 4: closing costs. So those are like the three different financings

749
00:37:09,000 --> 00:37:12,200
Speaker 4: that you can use. Then you have one time costs.

750
00:37:12,560 --> 00:37:15,399
Speaker 4: Those one time costs are your closing fees. What are

751
00:37:15,400 --> 00:37:17,680
Speaker 4: closing costs. Closing costs are the costs for them to

752
00:37:17,760 --> 00:37:21,200
Speaker 4: run clear title on your property. You're paying attorney's fees,

753
00:37:21,480 --> 00:37:25,400
Speaker 4: you're paying any HOA fees, any activation fees. That is

754
00:37:25,440 --> 00:37:27,680
Speaker 4: what goes into your closing costs, and they can typically

755
00:37:27,760 --> 00:37:31,480
Speaker 4: be between two to five percent of the entire purchase

756
00:37:31,480 --> 00:37:35,239
Speaker 4: price of the home. Right, your home inspection fees you

757
00:37:35,280 --> 00:37:37,840
Speaker 4: have to pay that. You're still going to pay for

758
00:37:37,880 --> 00:37:41,080
Speaker 4: your home appraisal. Your home appraisal is ordered through the lender,

759
00:37:41,120 --> 00:37:44,400
Speaker 4: but you pay out of pocket for a home appraisal.

760
00:37:44,680 --> 00:37:46,879
Speaker 4: And then you have to pay your moving expenses. Of course,

761
00:37:46,880 --> 00:37:50,080
Speaker 4: you're going to have to move, transfer and get utilities

762
00:37:50,080 --> 00:37:53,200
Speaker 4: in your name, and maybe hire a moving service unless

763
00:37:53,200 --> 00:37:55,960
Speaker 4: you're going to hire some of your friends. Right, But

764
00:37:56,000 --> 00:37:59,360
Speaker 4: the ongoing cost of home ownership is property taxes, and

765
00:37:59,440 --> 00:38:02,760
Speaker 4: they will go up. Property taxes is something that's ongoing.

766
00:38:03,080 --> 00:38:06,080
Speaker 4: Another ongoing expense is going to be maintaining the property.

767
00:38:06,440 --> 00:38:09,080
Speaker 4: Maintenance of the property is something you are responsible for

768
00:38:09,480 --> 00:38:12,520
Speaker 4: as a homeowner. You are always going to have to

769
00:38:12,560 --> 00:38:16,440
Speaker 4: pay for homeowners insurance. That is ongoing expenses you're responsible

770
00:38:16,480 --> 00:38:19,920
Speaker 4: for as a homeowner, and of course the mortgage because

771
00:38:19,920 --> 00:38:21,759
Speaker 4: if you don't pay the mortgage, the bank is going

772
00:38:21,800 --> 00:38:24,560
Speaker 4: to take the home back, so you're being foreclosure. So

773
00:38:24,760 --> 00:38:27,080
Speaker 4: when you're thinking about the ongoing expenses and then the

774
00:38:27,120 --> 00:38:30,319
Speaker 4: one time upfront expenses, be prepared to handle both.

775
00:38:31,160 --> 00:38:33,600
Speaker 2: Well, let's also talk about let's skip the one point

776
00:38:33,640 --> 00:38:38,280
Speaker 2: one the DTI, the debt debt to income ratio.

777
00:38:38,800 --> 00:38:41,080
Speaker 3: So let's let's let's go over that if we can.

778
00:38:41,520 --> 00:38:43,839
Speaker 4: Yeah, So most people think like, how do I get

779
00:38:43,840 --> 00:38:46,560
Speaker 4: approved for the mortgage? It's how they calculate your debt

780
00:38:46,600 --> 00:38:49,160
Speaker 4: to income. Your debt to income is how they're going

781
00:38:49,200 --> 00:38:51,960
Speaker 4: to say, how much more money, how much more debt

782
00:38:52,320 --> 00:38:54,719
Speaker 4: can we approve you for? Because getting a mortgage is

783
00:38:54,760 --> 00:38:57,040
Speaker 4: a debt, but it is a good debt, right, So

784
00:38:57,160 --> 00:38:59,360
Speaker 4: to calculate your debt to income ratio, you need to

785
00:38:59,400 --> 00:39:04,680
Speaker 4: take your money recurring, monthly, recurring debt payments. So let's

786
00:39:04,719 --> 00:39:06,480
Speaker 4: just say you, oh, I'm going to make it simple.

787
00:39:06,560 --> 00:39:09,200
Speaker 4: Ten thousand dollars in student loans, but you paid one

788
00:39:09,280 --> 00:39:11,360
Speaker 4: hundred dollars a month, so you got that one hundred

789
00:39:11,360 --> 00:39:13,400
Speaker 4: dollars a month that you're paying. Let's say you have

790
00:39:13,480 --> 00:39:15,719
Speaker 4: a three hundred dollars a month car insurance, that car

791
00:39:16,080 --> 00:39:19,080
Speaker 4: car payment that you're paying. So recurring bills are what

792
00:39:19,120 --> 00:39:21,960
Speaker 4: they account to your debt to income ratio, and then

793
00:39:22,000 --> 00:39:25,440
Speaker 4: you divide that by your monthly income. And when you

794
00:39:25,840 --> 00:39:28,320
Speaker 4: make that division, that is how much they say, okay,

795
00:39:28,360 --> 00:39:31,560
Speaker 4: this is your calculation for your DTI ratio. And then

796
00:39:31,600 --> 00:39:33,560
Speaker 4: they input that in the system and say, well, based

797
00:39:33,600 --> 00:39:36,640
Speaker 4: on this amount, we can approve you for this dollar amount.

798
00:39:36,680 --> 00:39:40,040
Speaker 4: That's how you get these automatic approvals. But you still

799
00:39:40,080 --> 00:39:44,760
Speaker 4: need to remember get a what GFE, a good faith estimate.

800
00:39:45,160 --> 00:39:47,359
Speaker 4: Make sure a lender does not have you just out

801
00:39:47,360 --> 00:39:51,160
Speaker 4: here with the prequalification and putting your hard earned money

802
00:39:51,160 --> 00:39:53,960
Speaker 4: at risk. And you let's just say you've paid. You know,

803
00:39:54,120 --> 00:39:57,000
Speaker 4: people are paying earnest money. They're paying for home inspections

804
00:39:57,000 --> 00:39:59,680
Speaker 4: and appraisals, and then a lender never did the detailed

805
00:39:59,680 --> 00:40:01,840
Speaker 4: work and they do a deep dive into your file.

806
00:40:02,400 --> 00:40:04,839
Speaker 4: Now all that money is wasted because you technically don't

807
00:40:04,880 --> 00:40:07,359
Speaker 4: qualify for the loan amount. So it's better to do

808
00:40:07,400 --> 00:40:10,200
Speaker 4: all that upfront, submit your paper work up front, be

809
00:40:10,280 --> 00:40:13,880
Speaker 4: transparent about your income, your debts, so that way the

810
00:40:13,920 --> 00:40:16,920
Speaker 4: calculation makes sense and you don't be house rich and

811
00:40:17,000 --> 00:40:17,960
Speaker 4: income for But.

812
00:40:17,960 --> 00:40:20,319
Speaker 2: Then also it's important to do your own as well,

813
00:40:20,360 --> 00:40:22,760
Speaker 2: because especially if you come from if you come from renting,

814
00:40:22,800 --> 00:40:25,719
Speaker 2: like if you rent an apartment for two thousand dollars, you

815
00:40:25,760 --> 00:40:29,799
Speaker 2: pay two thousand dollars. And nowadays even luxury apartments, Like

816
00:40:29,840 --> 00:40:31,479
Speaker 2: before you used to have to pay first and last

817
00:40:31,520 --> 00:40:33,840
Speaker 2: month rent, but like with the luxury apartments, now you

818
00:40:33,920 --> 00:40:37,120
Speaker 2: just pay five hundred dollars. So you pay a security

819
00:40:37,120 --> 00:40:40,200
Speaker 2: deposit of five hundred dollars and you get the apartment.

820
00:40:40,239 --> 00:40:44,279
Speaker 2: Now you gotta pay the electric. There's usually like something

821
00:40:44,320 --> 00:40:47,919
Speaker 2: like kind of maintenance fee, trash removal, like one hundred

822
00:40:47,920 --> 00:40:51,160
Speaker 2: and fifty dollars. But what I'm saying is this, if

823
00:40:51,200 --> 00:40:53,440
Speaker 2: you get approved for two thousand dollars, if you get

824
00:40:53,440 --> 00:40:55,640
Speaker 2: approved for the mortgage, that doesn't mean that you can

825
00:40:55,680 --> 00:40:59,960
Speaker 2: actually pay that mortgage, right you gotta, Now you gotta

826
00:41:00,440 --> 00:41:03,520
Speaker 2: and all those other things. If you're live in an apartment,

827
00:41:03,560 --> 00:41:06,160
Speaker 2: you're not gonna be paying an additional two thousand dollars,

828
00:41:06,440 --> 00:41:08,759
Speaker 2: but you could be paying an additional two thousand dollars

829
00:41:08,760 --> 00:41:11,120
Speaker 2: as a homeowner. So if you go into it and

830
00:41:11,160 --> 00:41:13,600
Speaker 2: you just think, I from like a renter's mindset of like, Okay,

831
00:41:13,840 --> 00:41:15,879
Speaker 2: the mortgage is two thousand dollars, I'm going to pay

832
00:41:15,880 --> 00:41:17,800
Speaker 2: two thousand dollars. I might add a couple one hundred

833
00:41:17,840 --> 00:41:19,800
Speaker 2: in fort you know, now you might have that you

834
00:41:19,920 --> 00:41:23,120
Speaker 2: might have to add an additional fifteen hundred dollars then,

835
00:41:23,640 --> 00:41:25,600
Speaker 2: So if you look at it from that standpoint, like

836
00:41:25,680 --> 00:41:27,960
Speaker 2: the bank, even though the bank gives you disapproval and

837
00:41:28,000 --> 00:41:31,520
Speaker 2: says that you're qualified for this, like you should do

838
00:41:31,640 --> 00:41:33,880
Speaker 2: the numbers on your own as well to see what

839
00:41:33,960 --> 00:41:38,000
Speaker 2: the real cost is going to be every month, because

840
00:41:38,239 --> 00:41:41,120
Speaker 2: that could be something that you know, can really put

841
00:41:41,120 --> 00:41:43,160
Speaker 2: you in a bad financial situation.

842
00:41:43,320 --> 00:41:47,560
Speaker 1: And were talking payments like for mortgages and insurance. That's

843
00:41:47,640 --> 00:41:50,239
Speaker 1: not even including like you have to live, right and

844
00:41:50,360 --> 00:41:53,120
Speaker 1: you may have children, and you may have credit card debt,

845
00:41:53,400 --> 00:41:55,960
Speaker 1: and you may have student loan debt, right, like, all

846
00:41:56,040 --> 00:41:58,600
Speaker 1: those things have to be taken into account, and so

847
00:41:58,680 --> 00:42:02,120
Speaker 1: it's important before you make that decision to make sure

848
00:42:02,160 --> 00:42:04,840
Speaker 1: that you lay this all out. The next thing, obviously

849
00:42:05,000 --> 00:42:08,479
Speaker 1: is your credit score. Like that's important for multitude of reasons.

850
00:42:08,520 --> 00:42:11,680
Speaker 1: I think everybody understands that. So imagine this right, Like

851
00:42:12,200 --> 00:42:15,040
Speaker 1: I know my credit score, right, I've been trying to

852
00:42:15,120 --> 00:42:17,880
Speaker 1: get this down payment. Twenty percent has been the number,

853
00:42:18,480 --> 00:42:20,319
Speaker 1: but I can't really get to the twenty percent. It's

854
00:42:20,360 --> 00:42:22,879
Speaker 1: tough for me to pay my rent, pay my student loans,

855
00:42:22,920 --> 00:42:24,640
Speaker 1: all my debts. And try to say, if you get

856
00:42:24,640 --> 00:42:28,200
Speaker 1: to twenty percent, what are some of the procedures of

857
00:42:28,280 --> 00:42:30,279
Speaker 1: some programs that I can if I don't have twenty

858
00:42:30,320 --> 00:42:31,680
Speaker 1: percent down to buy this home.

859
00:42:32,920 --> 00:42:35,279
Speaker 4: If you don't have twenty percent down, I would say

860
00:42:36,400 --> 00:42:38,680
Speaker 4: you first want to figure out what mortgage type you

861
00:42:38,680 --> 00:42:42,520
Speaker 4: would approve could be approved for. There are conventional financing

862
00:42:42,600 --> 00:42:46,239
Speaker 4: programs that are really good programs in there's a three

863
00:42:46,320 --> 00:42:49,080
Speaker 4: percent down home Ready program that they could qualify for,

864
00:42:50,000 --> 00:42:52,640
Speaker 4: and that is a conventional loan product. Or you can

865
00:42:52,680 --> 00:42:56,240
Speaker 4: do a conventional product that's five percent down. You're putting

866
00:42:56,280 --> 00:42:58,080
Speaker 4: five percent down, but just keep in mind you're going

867
00:42:58,120 --> 00:43:01,239
Speaker 4: to have to pay that private mortgage insurance because they're

868
00:43:01,280 --> 00:43:03,200
Speaker 4: taking a risk on you. But if you're in a

869
00:43:03,239 --> 00:43:05,960
Speaker 4: position where it's like I cannot save twenty percent down,

870
00:43:06,120 --> 00:43:11,480
Speaker 4: but I have saved quite enough. You need to meet

871
00:43:11,520 --> 00:43:13,640
Speaker 4: with the lender. And I say this all the time.

872
00:43:13,680 --> 00:43:16,200
Speaker 4: People are so afraid if they pull my credit, then

873
00:43:16,239 --> 00:43:18,440
Speaker 4: my score is going to go down so much. Throughout

874
00:43:18,440 --> 00:43:20,320
Speaker 4: the process of buying a home, they're probably going to

875
00:43:20,360 --> 00:43:22,799
Speaker 4: pull your credit three times. So if your score can

876
00:43:22,920 --> 00:43:27,000
Speaker 4: if your credit cannot handle a one time pull to

877
00:43:27,080 --> 00:43:30,760
Speaker 4: prepare you, then you're mentally not ready for home ownership.

878
00:43:31,760 --> 00:43:33,439
Speaker 4: I would tell them to give you what it's called

879
00:43:33,440 --> 00:43:35,879
Speaker 4: a home ready plan. So when they do a home

880
00:43:35,920 --> 00:43:39,040
Speaker 4: ready plan, what is that tell your lender listen, I

881
00:43:39,120 --> 00:43:40,920
Speaker 4: want you to give me a home ready plan. And

882
00:43:41,000 --> 00:43:43,240
Speaker 4: a home ready plan. They're going to run your credit,

883
00:43:43,680 --> 00:43:46,480
Speaker 4: they're going to assess all of your income, they're going

884
00:43:46,560 --> 00:43:48,800
Speaker 4: to do your debt to income ratio. They're going to

885
00:43:48,880 --> 00:43:50,839
Speaker 4: talk to you about how much you want to spend

886
00:43:50,880 --> 00:43:52,920
Speaker 4: per month, and if your score is not where it

887
00:43:53,000 --> 00:43:54,600
Speaker 4: needs to be, they can do what it's called a

888
00:43:54,880 --> 00:43:58,279
Speaker 4: rapid rescore. A lender has the option to do a

889
00:43:58,440 --> 00:44:01,320
Speaker 4: rapid rescore where they'll tell you where you could focus

890
00:44:01,400 --> 00:44:04,200
Speaker 4: your energies, like maybe your paying debt down with your

891
00:44:04,239 --> 00:44:06,800
Speaker 4: paying debt down in a to a credit card or

892
00:44:06,880 --> 00:44:09,759
Speaker 4: to a space that doesn't affect your score going up.

893
00:44:10,160 --> 00:44:12,280
Speaker 4: But a lender will tell you exactly where to allocate

894
00:44:12,360 --> 00:44:14,640
Speaker 4: those funds so they can get your score exactly where

895
00:44:14,680 --> 00:44:17,120
Speaker 4: you need it to be and then connect you to

896
00:44:17,239 --> 00:44:20,680
Speaker 4: the right loan program. You think that it's just one person. No,

897
00:44:20,760 --> 00:44:22,720
Speaker 4: when you met, when you're working with the mortgage broker,

898
00:44:23,000 --> 00:44:26,640
Speaker 4: they're shopping your profile to several different lenders that are

899
00:44:26,640 --> 00:44:28,799
Speaker 4: willing to take a risk on you, and then they'll

900
00:44:28,920 --> 00:44:31,920
Speaker 4: understand your buying power. That is how you empower yourself.

901
00:44:31,960 --> 00:44:35,239
Speaker 4: You empower yourself by taking the first step. You can

902
00:44:35,280 --> 00:44:37,000
Speaker 4: do as much as you want to in the background.

903
00:44:37,480 --> 00:44:39,560
Speaker 4: But if you if I were you, and you have

904
00:44:39,800 --> 00:44:43,080
Speaker 4: at least twenty five thousand dollars saved, and you feel

905
00:44:43,120 --> 00:44:44,880
Speaker 4: like I can't get further and I have like a

906
00:44:44,920 --> 00:44:47,000
Speaker 4: six to twenty credit score, but buying a house is

907
00:44:47,080 --> 00:44:50,360
Speaker 4: on my goal list. Now is the time to consult

908
00:44:50,400 --> 00:44:53,799
Speaker 4: with the lender. Because home prices are not going down.

909
00:44:54,920 --> 00:44:55,440
Speaker 3: We see that.

910
00:44:56,000 --> 00:44:58,480
Speaker 4: So if you can get in early enough, that helps

911
00:44:58,520 --> 00:45:02,000
Speaker 4: you because what you but gonociation power is high, so

912
00:45:02,200 --> 00:45:04,640
Speaker 4: you can negotiate. I just ran some numbers and again

913
00:45:04,680 --> 00:45:06,520
Speaker 4: I can only speak for the metro Atlanta area, but

914
00:45:06,600 --> 00:45:10,480
Speaker 4: I have agents in every city, especially New Jersey. I

915
00:45:10,520 --> 00:45:13,120
Speaker 4: got a lot of agents in New Jersey and they

916
00:45:13,200 --> 00:45:15,880
Speaker 4: are telling me they're able to leverage and negotiate and

917
00:45:16,000 --> 00:45:20,000
Speaker 4: get more concessions from the seller and actually are getting

918
00:45:20,080 --> 00:45:23,319
Speaker 4: more people to reduce the asking price because there are

919
00:45:23,440 --> 00:45:25,960
Speaker 4: not many buyers on the market right now, right so

920
00:45:26,080 --> 00:45:28,640
Speaker 4: you can leverage that to reduce your out of pocket expenses.

921
00:45:28,840 --> 00:45:30,680
Speaker 4: And when you get a seller concession, what is a

922
00:45:30,719 --> 00:45:34,120
Speaker 4: seller concession? Let me tell you. A seller concession is saying,

923
00:45:34,160 --> 00:45:37,200
Speaker 4: in exchange for you purchasing my property, I'm going to

924
00:45:37,280 --> 00:45:40,520
Speaker 4: contribute this dollar amount towards your closing costs and that

925
00:45:40,680 --> 00:45:44,440
Speaker 4: reduces your upfront out of pocket expenses. So and typically

926
00:45:44,680 --> 00:45:47,440
Speaker 4: depending on the loan type, they can go up to

927
00:45:47,600 --> 00:45:52,399
Speaker 4: three percent. As a reminder, they cannot go above three

928
00:45:52,520 --> 00:45:55,400
Speaker 4: percent of the purchase price. Even a dollar above it,

929
00:45:55,719 --> 00:45:58,400
Speaker 4: they have to reject it from the lending standpoint. So

930
00:45:58,480 --> 00:46:02,880
Speaker 4: when you're using your leveraging the negotiating power, you're the

931
00:46:03,000 --> 00:46:05,920
Speaker 4: out of pocketed senses and you're reducing the costs to

932
00:46:06,600 --> 00:46:09,440
Speaker 4: just the home, even with interest rates being where they are.

933
00:46:09,880 --> 00:46:12,319
Speaker 4: When rates go down a point. My whole my rule

934
00:46:12,440 --> 00:46:14,680
Speaker 4: is at least a point and a half, because you'll

935
00:46:14,719 --> 00:46:16,520
Speaker 4: see a difference. If rates go down a point and

936
00:46:16,520 --> 00:46:19,800
Speaker 4: a half, call your lender refinance. Now you're able to

937
00:46:19,840 --> 00:46:22,680
Speaker 4: get a lower monthly payment, even lower than you already

938
00:46:22,719 --> 00:46:25,480
Speaker 4: allocate it. But you've already used all your levers to

939
00:46:25,600 --> 00:46:28,880
Speaker 4: negotiate the purchase price, which will never change, and then

940
00:46:28,920 --> 00:46:31,680
Speaker 4: the reduction of out of pocketed senses, which will never change.

941
00:46:32,120 --> 00:46:34,800
Speaker 4: That is how you win in today's market when you

942
00:46:34,920 --> 00:46:35,520
Speaker 4: are a buyer.

943
00:46:37,960 --> 00:46:41,360
Speaker 2: No, that's good information because you said all this stuff

944
00:46:41,400 --> 00:46:43,360
Speaker 2: and stuff that nobody really knows. You just go and

945
00:46:43,440 --> 00:46:46,160
Speaker 2: buy a home and you just wing it in a

946
00:46:46,239 --> 00:46:48,000
Speaker 2: lot of times, man, it puts you on a lot

947
00:46:48,080 --> 00:46:50,920
Speaker 2: of trouble. Even could cause somebody the foreclothes on their home.

948
00:46:51,880 --> 00:46:56,080
Speaker 2: Let's talk about the different types of loans if we

949
00:46:56,160 --> 00:46:56,759
Speaker 2: can or know it.

950
00:46:56,880 --> 00:47:03,040
Speaker 4: Is absolutely so, there are technically there are different loan types.

951
00:47:03,080 --> 00:47:07,040
Speaker 4: You have faha financing. Faha financing is really kind of

952
00:47:07,120 --> 00:47:11,160
Speaker 4: put together for it's like first time for really designed

953
00:47:11,160 --> 00:47:13,279
Speaker 4: for first time home buyers. But you can be a

954
00:47:13,360 --> 00:47:15,600
Speaker 4: second time home buyer and use it. You can have

955
00:47:15,760 --> 00:47:18,200
Speaker 4: low credit scores, you can have a low credit score

956
00:47:18,239 --> 00:47:20,200
Speaker 4: as low as five hundred. I've seen people offer the

957
00:47:20,280 --> 00:47:23,560
Speaker 4: program and your down payment is three point five percent.

958
00:47:23,640 --> 00:47:25,959
Speaker 4: Now you can put down more. That's the part people

959
00:47:26,040 --> 00:47:28,840
Speaker 4: don't know. You can put down more, which will affect

960
00:47:28,880 --> 00:47:31,600
Speaker 4: your monthly payment, but typically you can put down as

961
00:47:31,640 --> 00:47:34,520
Speaker 4: little as three point five percent. They actually are a

962
00:47:34,560 --> 00:47:36,440
Speaker 4: little bit more lenient when it comes to your debt

963
00:47:36,480 --> 00:47:39,600
Speaker 4: to income ratios. And you can use this loan type

964
00:47:39,680 --> 00:47:43,000
Speaker 4: to purchase a home a multifamily up to four units.

965
00:47:43,360 --> 00:47:46,520
Speaker 4: So FAHA is the most popular loan type for first

966
00:47:46,560 --> 00:47:49,640
Speaker 4: time home buyers. A lot of the down payment assistance

967
00:47:49,680 --> 00:47:52,360
Speaker 4: programs that you heard we speak of, they're attached to

968
00:47:52,400 --> 00:47:55,200
Speaker 4: the FAHA financing. So I would encourage you, if you

969
00:47:55,239 --> 00:47:57,640
Speaker 4: are a first time home buyer, meet with the lender,

970
00:47:57,920 --> 00:48:00,439
Speaker 4: get with the professional and find out what your full

971
00:48:00,520 --> 00:48:03,000
Speaker 4: picture is and what you're approved for. So that's one

972
00:48:03,080 --> 00:48:05,880
Speaker 4: loan type. The next loan type is going to be

973
00:48:06,000 --> 00:48:12,600
Speaker 4: conventional financing. Conventional financing is the traditional financing, and there's

974
00:48:12,640 --> 00:48:16,440
Speaker 4: several different conventional financing. Most people are using conventional financing

975
00:48:16,719 --> 00:48:19,480
Speaker 4: to purchase their homes. They have the Home Ready program

976
00:48:19,560 --> 00:48:22,359
Speaker 4: with as little as three percent down, you have your

977
00:48:22,440 --> 00:48:24,839
Speaker 4: jumbo loans, and a jumbo loan is a loan where

978
00:48:24,880 --> 00:48:29,600
Speaker 4: you're absolutely more than likely putting twenty percent down. You're

979
00:48:29,680 --> 00:48:32,799
Speaker 4: buying a home that is actually higher than what they

980
00:48:32,880 --> 00:48:36,080
Speaker 4: will allow you to loan on, and so you get

981
00:48:36,160 --> 00:48:39,480
Speaker 4: jumbo loans. Within a conventional financing program, you have a

982
00:48:39,640 --> 00:48:44,200
Speaker 4: five percent down. In a conventional financing program, they actually

983
00:48:44,320 --> 00:48:47,560
Speaker 4: have a higher credit score minimum, but it works best

984
00:48:47,560 --> 00:48:50,600
Speaker 4: for people with strong credit. And you are going to

985
00:48:50,840 --> 00:48:53,719
Speaker 4: have the option if you put twenty percent down to

986
00:48:53,920 --> 00:48:56,680
Speaker 4: not have the private mortgage insurance. So that is why

987
00:48:56,760 --> 00:48:59,719
Speaker 4: when you're doing an FAH loan, you have to have

988
00:49:00,040 --> 00:49:03,640
Speaker 4: rate mortgage insurance. You don't have a choice. Right. Then

989
00:49:03,719 --> 00:49:07,800
Speaker 4: another loan type is going to be your VA financing,

990
00:49:07,840 --> 00:49:10,279
Speaker 4: and this is for veterans. If you're a veteran and

991
00:49:10,400 --> 00:49:13,640
Speaker 4: you're looking to purchase a home, they have lower credit

992
00:49:13,719 --> 00:49:16,000
Speaker 4: scores and you can see it's about five to eighty

993
00:49:16,080 --> 00:49:18,320
Speaker 4: on the credit score. But you have no down payment.

994
00:49:19,080 --> 00:49:22,160
Speaker 4: You're only responsible for the closing costs. That's right, no

995
00:49:22,640 --> 00:49:25,399
Speaker 4: down payment. Let me say this one more time. Zero

996
00:49:25,640 --> 00:49:28,719
Speaker 4: down payment. You're only responsible for the closing costs. But

997
00:49:28,920 --> 00:49:32,320
Speaker 4: what happens is when you're getting a conventional loan, you

998
00:49:32,400 --> 00:49:34,759
Speaker 4: have to put three percent down. You pay that at

999
00:49:34,800 --> 00:49:37,759
Speaker 4: the closing table. The VA financing says we're going to

1000
00:49:37,800 --> 00:49:40,479
Speaker 4: do no down payment, but there is a funding fee.

1001
00:49:41,560 --> 00:49:44,200
Speaker 4: But the funding fee is wrapped into the loan, so

1002
00:49:44,280 --> 00:49:46,520
Speaker 4: you don't have to pay it out of pocket. But

1003
00:49:46,600 --> 00:49:49,000
Speaker 4: you're still responsible for your closing costs. So keep that

1004
00:49:49,120 --> 00:49:52,000
Speaker 4: in mind. And this is only for military veterans. So

1005
00:49:52,239 --> 00:49:54,960
Speaker 4: I really think that the VA benefits in the VA

1006
00:49:55,120 --> 00:49:58,520
Speaker 4: loan is underused. I'm from Fabbo, North Carolina. It is

1007
00:49:58,560 --> 00:50:01,200
Speaker 4: a military town. I think that anyone that's served in

1008
00:50:01,239 --> 00:50:04,120
Speaker 4: the military should use their VA benefit. You deserve it,

1009
00:50:04,280 --> 00:50:07,239
Speaker 4: you worked hard for it. It's the only financing that

1010
00:50:07,680 --> 00:50:10,320
Speaker 4: is giving you one hundred percent financing, a very lenient

1011
00:50:10,440 --> 00:50:12,920
Speaker 4: back end system, and you're able to get in with

1012
00:50:13,120 --> 00:50:15,279
Speaker 4: very little money out of pocket, and that is the goal.

1013
00:50:15,719 --> 00:50:17,880
Speaker 4: There's little money out of pocket at front as possible.

1014
00:50:18,600 --> 00:50:20,000
Speaker 4: You can become a homeowner.

1015
00:50:21,000 --> 00:50:23,520
Speaker 1: And this this loan is for primary residence. Correct, This

1016
00:50:23,640 --> 00:50:26,560
Speaker 1: is not like primary residence.

1017
00:50:26,600 --> 00:50:27,720
Speaker 4: It's your primary residence.

1018
00:50:28,200 --> 00:50:30,760
Speaker 1: And quick question when you talked about the jumbo loon, seriously,

1019
00:50:31,160 --> 00:50:33,279
Speaker 1: what is the threshold? Because I feel like obviously it

1020
00:50:33,400 --> 00:50:35,040
Speaker 1: changes over So what is it not the threshold for

1021
00:50:35,120 --> 00:50:39,160
Speaker 1: a jumbolone? What is the amount that you have to

1022
00:50:39,280 --> 00:50:40,480
Speaker 1: have in order to qualify?

1023
00:50:41,480 --> 00:50:46,279
Speaker 4: It just depends on the lender. Jumbo loans they shift, right,

1024
00:50:46,400 --> 00:50:48,600
Speaker 4: So when people say I was approved for a loan, right,

1025
00:50:49,440 --> 00:50:51,680
Speaker 4: it depends on your lending. So let me give you

1026
00:50:51,719 --> 00:50:55,719
Speaker 4: an example. I closed the deal in December. The house

1027
00:50:55,840 --> 00:50:58,759
Speaker 4: was three million dollars, but the lender, based on the

1028
00:50:58,920 --> 00:51:01,600
Speaker 4: risk and the profile of the client, was like, we're

1029
00:51:01,760 --> 00:51:04,680
Speaker 4: only able to lend them based on what their debt

1030
00:51:04,760 --> 00:51:08,480
Speaker 4: to income ratio and their profile two point five million.

1031
00:51:09,280 --> 00:51:11,800
Speaker 4: So the difference between two point five million and the

1032
00:51:11,880 --> 00:51:14,560
Speaker 4: three million, they had to bring a half million dollars

1033
00:51:14,600 --> 00:51:16,960
Speaker 4: to the closing table. So a jumbo loan is when

1034
00:51:16,960 --> 00:51:19,840
Speaker 4: you're buying homes that are multiples of millions of dollars

1035
00:51:20,200 --> 00:51:23,200
Speaker 4: and depending on the risk that you are, the lender

1036
00:51:23,320 --> 00:51:25,800
Speaker 4: is going to shop that around. But you are always

1037
00:51:25,880 --> 00:51:28,399
Speaker 4: going to add minimum put twenty percent down no matter

1038
00:51:28,480 --> 00:51:30,839
Speaker 4: what on a jumbo loan, but it could be more

1039
00:51:31,120 --> 00:51:33,600
Speaker 4: depending on your profile and your debt to income ratio

1040
00:51:34,000 --> 00:51:36,279
Speaker 4: because the lender is the one taking the risk on

1041
00:51:36,920 --> 00:51:40,840
Speaker 4: that jumbo loan. So your state, your state you're in

1042
00:51:41,000 --> 00:51:43,560
Speaker 4: that fluctuates how much you can qualify for for a

1043
00:51:43,640 --> 00:51:46,279
Speaker 4: jumbo loan because they take into account like California, of

1044
00:51:46,360 --> 00:51:49,160
Speaker 4: course the lending is higher New York, the lending is

1045
00:51:49,239 --> 00:51:52,239
Speaker 4: higher Atlanta. They're going in alignment with what the lending

1046
00:51:52,280 --> 00:51:54,920
Speaker 4: should be here, then your credit profile, and then what

1047
00:51:55,520 --> 00:51:58,320
Speaker 4: your debt to income ratio. That is how they calculated.

1048
00:52:00,160 --> 00:52:03,759
Speaker 2: So going off script, let's talk about some things like

1049
00:52:04,320 --> 00:52:07,200
Speaker 2: what is best practices to negotiate, Like if somebody's buying

1050
00:52:07,719 --> 00:52:09,880
Speaker 2: a seller because I know there's earn this money, sometimes

1051
00:52:09,920 --> 00:52:13,000
Speaker 2: you can negotiate different fees and stuff like that. So

1052
00:52:14,000 --> 00:52:18,520
Speaker 2: from a negotiation standpoint, what are some things that can

1053
00:52:18,600 --> 00:52:22,000
Speaker 2: be negotiationd or at the very least looked at when

1054
00:52:22,440 --> 00:52:23,800
Speaker 2: purchasing a home from somebody.

1055
00:52:24,840 --> 00:52:27,160
Speaker 4: Let me break down what the buyers are responsible for

1056
00:52:27,800 --> 00:52:30,640
Speaker 4: when it comes to buying a house. I think that

1057
00:52:30,840 --> 00:52:34,080
Speaker 4: really helps. Let's start with number one. With this new

1058
00:52:34,160 --> 00:52:37,880
Speaker 4: settlement from the National Association of Realtors, what has happened

1059
00:52:37,960 --> 00:52:39,759
Speaker 4: is and this we didn't speak on this enough, but

1060
00:52:39,840 --> 00:52:43,440
Speaker 4: we need to. People used to say hire me as

1061
00:52:43,480 --> 00:52:47,040
Speaker 4: your buyer's agent. My services are free. And now with

1062
00:52:47,160 --> 00:52:50,600
Speaker 4: this new lawsuit, the services were never free. The sellers

1063
00:52:50,760 --> 00:52:54,920
Speaker 4: actually did a lawsuit against the National Association of realter saying, listen,

1064
00:52:55,320 --> 00:52:58,960
Speaker 4: when we sell our property, we're paying for seller agent representation.

1065
00:52:59,880 --> 00:53:02,480
Speaker 4: A buyer is in the field look into buyer property,

1066
00:53:02,840 --> 00:53:06,440
Speaker 4: they should pay for their own buyer agent representation. So

1067
00:53:06,760 --> 00:53:11,960
Speaker 4: now you are responsible for the compensation of your buyer's agent,

1068
00:53:12,160 --> 00:53:16,000
Speaker 4: unless your buyer's agent can negotiate it from the seller.

1069
00:53:16,560 --> 00:53:21,240
Speaker 4: We no longer advertise or market. When I list a property,

1070
00:53:21,239 --> 00:53:23,160
Speaker 4: I will say, well, I'm going to pay a buyer's

1071
00:53:23,160 --> 00:53:26,080
Speaker 4: agent this percentage in order to bring me a buyer.

1072
00:53:26,160 --> 00:53:29,160
Speaker 4: We can no longer negotiate that. So you're responsible for that.

1073
00:53:29,320 --> 00:53:32,600
Speaker 4: And typically that fee is can be up to three percent.

1074
00:53:33,640 --> 00:53:36,560
Speaker 4: So how do you negotiate. You let a buyer's agent, No, listen,

1075
00:53:36,640 --> 00:53:38,920
Speaker 4: I'm only willing to pay you whatever that percentage is,

1076
00:53:39,719 --> 00:53:44,440
Speaker 4: and you sign a buyer compensation agreement agreeing to that price.

1077
00:53:44,760 --> 00:53:48,600
Speaker 4: But also they are going to advocate for the seller

1078
00:53:48,719 --> 00:53:51,279
Speaker 4: to pay their compensation, So that's going to be the

1079
00:53:51,360 --> 00:53:55,520
Speaker 4: first thing that you need to actually negotiate. Secondly, you

1080
00:53:55,640 --> 00:53:58,440
Speaker 4: can save money. I don't I personally don't feel like

1081
00:53:58,520 --> 00:54:03,520
Speaker 4: you should your energy is best used, and you're negotiating

1082
00:54:03,880 --> 00:54:07,480
Speaker 4: the seller to contribute to your closing costs. When you're

1083
00:54:07,480 --> 00:54:11,640
Speaker 4: thinking about earnest money. Earnest money is actually applied to

1084
00:54:12,000 --> 00:54:14,040
Speaker 4: your your bottom line numbers when you get to the

1085
00:54:14,080 --> 00:54:16,600
Speaker 4: closing table. So if you want to win an offer

1086
00:54:16,719 --> 00:54:18,719
Speaker 4: and you're like, listen, as long as I have an

1087
00:54:18,760 --> 00:54:20,800
Speaker 4: agent that I trust, and I can just say this,

1088
00:54:21,239 --> 00:54:23,920
Speaker 4: I have never lost a client's earnest money. I know

1089
00:54:24,040 --> 00:54:25,919
Speaker 4: the dates, I know the timelines, I know the rules.

1090
00:54:27,600 --> 00:54:29,400
Speaker 3: Just happened with Jada? Are you familiar with this?

1091
00:54:30,000 --> 00:54:33,000
Speaker 4: I know exactly. Let me let me. I want to

1092
00:54:33,080 --> 00:54:35,520
Speaker 4: let me be as vague as possible.

1093
00:54:35,239 --> 00:54:39,280
Speaker 3: And you know I can't beau in Atlanta.

1094
00:54:39,400 --> 00:54:40,240
Speaker 4: That was not ideal.

1095
00:54:40,440 --> 00:54:42,920
Speaker 3: But I can tell you about well. She said it publicly,

1096
00:54:42,960 --> 00:54:43,880
Speaker 3: That's why I was speaking about it.

1097
00:54:44,280 --> 00:54:47,360
Speaker 4: Let me tell you what happened. What happens is this,

1098
00:54:47,480 --> 00:54:49,719
Speaker 4: there's contingencies to the contract. So when you saw that

1099
00:54:49,840 --> 00:54:51,920
Speaker 4: Jada lost her earnest money and she didn't want to

1100
00:54:51,920 --> 00:54:55,600
Speaker 4: move into the property, there are contingencies. So a contingency

1101
00:54:55,719 --> 00:54:58,080
Speaker 4: is the timeline that you have to meet that all

1102
00:54:58,160 --> 00:55:00,279
Speaker 4: parties can use to get out of the con tracks,

1103
00:55:00,280 --> 00:55:04,200
Speaker 4: specifically the buyer. So when you submit twenty five thousand

1104
00:55:04,320 --> 00:55:06,840
Speaker 4: earns money on the let's just say for a contract,

1105
00:55:06,880 --> 00:55:10,120
Speaker 4: you have a couple contingencies. One, you have your due

1106
00:55:10,120 --> 00:55:13,239
Speaker 4: diligence period. A due diligence period in the state of

1107
00:55:13,320 --> 00:55:15,960
Speaker 4: Georgia and most other states do have. This is your

1108
00:55:16,040 --> 00:55:21,760
Speaker 4: time period to inspect the property and negotiate repairs prior

1109
00:55:22,000 --> 00:55:25,719
Speaker 4: to moving on to the next contingency. So if you

1110
00:55:25,880 --> 00:55:29,120
Speaker 4: have a fourteen day due diligence within that fourteen days

1111
00:55:29,520 --> 00:55:31,799
Speaker 4: in the State of Georgia again keeping up and other

1112
00:55:31,840 --> 00:55:35,160
Speaker 4: states do have this too. If you get a home inspection,

1113
00:55:35,440 --> 00:55:38,680
Speaker 4: you get a roof inspection, and you come back and say, hey, seller,

1114
00:55:38,800 --> 00:55:40,800
Speaker 4: I did not like this inspection. I want you to

1115
00:55:40,880 --> 00:55:44,160
Speaker 4: make these corrections prior to closing, and your agent puts

1116
00:55:44,239 --> 00:55:46,800
Speaker 4: down those corrections. If the seller does not agree to it,

1117
00:55:47,520 --> 00:55:50,520
Speaker 4: you can terminate your contract within that due diligence period

1118
00:55:50,560 --> 00:55:53,680
Speaker 4: and get your money back. Once you pass the due

1119
00:55:53,680 --> 00:55:57,120
Speaker 4: diligence period, then you have the financing contingency and the

1120
00:55:57,239 --> 00:56:01,200
Speaker 4: appraisal contingency. The financing continue agency is the time period

1121
00:56:01,280 --> 00:56:05,200
Speaker 4: that a lender has to provide a letter of commitment

1122
00:56:05,320 --> 00:56:08,000
Speaker 4: to the law. So when you first get your mortgage

1123
00:56:08,040 --> 00:56:11,600
Speaker 4: approval letter, that's an approval, but they have to now

1124
00:56:11,760 --> 00:56:15,400
Speaker 4: take the actual binding contract that you signed, and now

1125
00:56:15,480 --> 00:56:18,799
Speaker 4: they start submitting that binding contract along with all your

1126
00:56:18,880 --> 00:56:22,000
Speaker 4: other documents to an underwriter, and an underwriter will come

1127
00:56:22,040 --> 00:56:24,440
Speaker 4: back and say, this is a letter of commitment. We

1128
00:56:24,560 --> 00:56:29,040
Speaker 4: are committed to actually funding this property. Then you have

1129
00:56:29,200 --> 00:56:32,279
Speaker 4: your third one, which is your appraisal contingency, and we

1130
00:56:32,360 --> 00:56:35,040
Speaker 4: spoke on that. So in that appraisal contingency, if the

1131
00:56:35,120 --> 00:56:38,000
Speaker 4: home does not appraise that value, then your agent needs

1132
00:56:38,040 --> 00:56:40,239
Speaker 4: to do an amendment to reduce the purchase price. The

1133
00:56:40,320 --> 00:56:42,640
Speaker 4: seller does not. Let me say this again, the seller

1134
00:56:42,800 --> 00:56:47,239
Speaker 4: does not have to agree to reduce the price. They

1135
00:56:47,320 --> 00:56:49,280
Speaker 4: do not. So if you pay for a home inspection

1136
00:56:49,360 --> 00:56:51,279
Speaker 4: and you paid for the appraisal, and the seller say,

1137
00:56:51,320 --> 00:56:53,880
Speaker 4: I don't care what your appraisal said, my home appraised

1138
00:56:53,880 --> 00:56:56,719
Speaker 4: at this value. You can terminate the contract and you

1139
00:56:56,880 --> 00:56:59,239
Speaker 4: can get your earnest money back, But all the other

1140
00:56:59,360 --> 00:57:02,040
Speaker 4: expenses that you spent to purchase the property you will

1141
00:57:02,120 --> 00:57:05,160
Speaker 4: not get refunded to you. So in the case of data,

1142
00:57:05,880 --> 00:57:08,040
Speaker 4: I think it was a little bit of buyer's remorse.

1143
00:57:08,520 --> 00:57:11,560
Speaker 4: Probably when she was under contract to purchase the property,

1144
00:57:11,640 --> 00:57:14,200
Speaker 4: and I think it was like thinking about the exposure,

1145
00:57:15,040 --> 00:57:17,680
Speaker 4: you know, of buying that property. I don't think that.

1146
00:57:18,800 --> 00:57:23,680
Speaker 4: I think it. This is what happens when you buy

1147
00:57:23,720 --> 00:57:26,400
Speaker 4: a property. You need to hear from an experience agent

1148
00:57:26,480 --> 00:57:30,080
Speaker 4: that understands how to protect your privacy. So you should

1149
00:57:30,200 --> 00:57:33,560
Speaker 4: if you are a celebrity or a semi celebrity. We

1150
00:57:33,720 --> 00:57:35,680
Speaker 4: have this issue all the time, and I hate to

1151
00:57:35,760 --> 00:57:37,960
Speaker 4: say it, especially when you guys are working with us,

1152
00:57:38,160 --> 00:57:40,840
Speaker 4: and we're very social on social media people and that's

1153
00:57:40,880 --> 00:57:42,880
Speaker 4: how we get our business. But when you're protecting the

1154
00:57:42,920 --> 00:57:45,400
Speaker 4: best interests of your clients, the number one thing they

1155
00:57:45,400 --> 00:57:47,440
Speaker 4: should be doing is purchasing the home in the name

1156
00:57:47,480 --> 00:57:51,920
Speaker 4: of an anonymous LLC, or they should also be buying

1157
00:57:51,960 --> 00:57:53,760
Speaker 4: it in the name of a trust. And then the

1158
00:57:53,920 --> 00:57:56,160
Speaker 4: second layer that you need to add. I have closed

1159
00:57:56,160 --> 00:57:59,400
Speaker 4: plenty of deals that y'all know about that nobody else

1160
00:57:59,400 --> 00:58:02,080
Speaker 4: will ever find. Get it out of my name, because

1161
00:58:02,120 --> 00:58:05,480
Speaker 4: anything that I sell is public knowledge. So what I

1162
00:58:05,600 --> 00:58:07,520
Speaker 4: do is I don't close the deals under my name.

1163
00:58:07,560 --> 00:58:09,680
Speaker 4: I close it under the name of the other agent

1164
00:58:09,760 --> 00:58:11,840
Speaker 4: on the other end. So when someone comes to my

1165
00:58:12,000 --> 00:58:13,760
Speaker 4: page and try to see who she worked with. They

1166
00:58:13,800 --> 00:58:16,360
Speaker 4: can't find it and you can't find them. And I

1167
00:58:16,440 --> 00:58:19,280
Speaker 4: think she had an issue with her privacy being exposed.

1168
00:58:19,560 --> 00:58:24,280
Speaker 4: She was afraid of actually closing on that property because

1169
00:58:24,320 --> 00:58:27,080
Speaker 4: she is a single woman in Atlanta, and I don't

1170
00:58:27,080 --> 00:58:30,560
Speaker 4: think that she felt comfortable. So she passed all of

1171
00:58:30,720 --> 00:58:34,400
Speaker 4: her contingencies. So when she should have made that decision

1172
00:58:34,440 --> 00:58:37,440
Speaker 4: within for the state of Georgia, within her due diligence period,

1173
00:58:38,000 --> 00:58:41,040
Speaker 4: you can terminate for any reason. You can wake up

1174
00:58:41,120 --> 00:58:43,200
Speaker 4: and say I just decided I don't want this house,

1175
00:58:43,280 --> 00:58:45,560
Speaker 4: and you get your earnest money back. It doesn't have

1176
00:58:45,680 --> 00:58:47,800
Speaker 4: to be a reason. In the State of Georgia. She

1177
00:58:48,120 --> 00:58:52,920
Speaker 4: passed that contingency, then she changed her mind, and her

1178
00:58:53,040 --> 00:58:55,880
Speaker 4: agent should have explained that to her, like I always

1179
00:58:55,960 --> 00:58:58,480
Speaker 4: explain whens soon as your due diligence period comes, the

1180
00:58:58,560 --> 00:59:01,120
Speaker 4: day before, you get an email, this is the last

1181
00:59:01,240 --> 00:59:04,280
Speaker 4: day to terminate. Do you still want this house? My

1182
00:59:04,400 --> 00:59:07,440
Speaker 4: team calls, do you still want this house? Otherwise, when

1183
00:59:07,480 --> 00:59:10,840
Speaker 4: you pass this one contingency, the only way out of

1184
00:59:10,880 --> 00:59:16,760
Speaker 4: the contract is what financing or appraisal. So she passed

1185
00:59:16,800 --> 00:59:19,840
Speaker 4: the contingency, and she changed her mind and that's okay,

1186
00:59:19,920 --> 00:59:22,160
Speaker 4: but you got to do that within your due diligence period.

1187
00:59:22,440 --> 00:59:25,040
Speaker 4: That's why it's important to take your time when buying.

1188
00:59:25,520 --> 00:59:28,120
Speaker 4: And also, if you are a public figure, take the

1189
00:59:28,240 --> 00:59:31,480
Speaker 4: time to make sure the person that's representing you understands

1190
00:59:31,520 --> 00:59:35,160
Speaker 4: how to protect you, because I want to I got

1191
00:59:35,280 --> 00:59:37,920
Speaker 4: to just say this, as a minority business in Atlanta,

1192
00:59:38,200 --> 00:59:40,880
Speaker 4: I see it happen so often. We're popular. I'm popular,

1193
00:59:41,280 --> 00:59:43,400
Speaker 4: and then I work with other popular people, and there's

1194
00:59:43,400 --> 00:59:45,480
Speaker 4: so many other people that are minorities too. We want

1195
00:59:45,520 --> 00:59:48,000
Speaker 4: to get the luxury business right, but we can't put

1196
00:59:48,040 --> 00:59:49,960
Speaker 4: them out there. We got to be comfortable with our

1197
00:59:50,080 --> 00:59:52,960
Speaker 4: names being in the rooms instead of our blasting their

1198
00:59:53,040 --> 00:59:56,480
Speaker 4: addresses and their personal information all over social media, which

1199
00:59:56,560 --> 00:59:58,840
Speaker 4: is probably why she ended up having the remorse she

1200
00:59:59,000 --> 01:00:01,400
Speaker 4: did have, and she got out of that kind and

1201
01:00:01,480 --> 01:00:04,880
Speaker 4: she decided to terminate the contract because she wasn't comfortable.

1202
01:00:05,440 --> 01:00:08,520
Speaker 4: She did subsequently end up buying something after that though,

1203
01:00:08,800 --> 01:00:11,080
Speaker 4: and I think they followed those rules and it made

1204
01:00:11,120 --> 01:00:11,880
Speaker 4: her more comfortable.

1205
01:00:12,400 --> 01:00:15,640
Speaker 1: So let's protect each other in terms of inspection, because

1206
01:00:15,640 --> 01:00:18,040
Speaker 1: you brought this up, and this is important. If I'm

1207
01:00:18,080 --> 01:00:20,240
Speaker 1: going I'm looking at a property, some of the things

1208
01:00:20,280 --> 01:00:22,080
Speaker 1: you can see with your eye, right, like I can

1209
01:00:22,160 --> 01:00:24,400
Speaker 1: see like the roof may need to be repaired. But

1210
01:00:24,480 --> 01:00:26,439
Speaker 1: then there's some things that you're not going to see.

1211
01:00:26,520 --> 01:00:28,600
Speaker 1: So what are the questions that we should be asking

1212
01:00:29,920 --> 01:00:32,400
Speaker 1: while expecially has happened. I'll give you a prime example.

1213
01:00:32,440 --> 01:00:35,760
Speaker 1: I'm in a home right now. My plumbing right to

1214
01:00:35,880 --> 01:00:39,400
Speaker 1: the city line had a belly in it. Right. That

1215
01:00:39,600 --> 01:00:42,600
Speaker 1: repair cost me over twenty thousand dollars. Right, That's not

1216
01:00:42,760 --> 01:00:44,840
Speaker 1: something I can see with the naked eye. So what

1217
01:00:44,960 --> 01:00:47,280
Speaker 1: are you telling clients as you're going to inspection the

1218
01:00:47,360 --> 01:00:50,480
Speaker 1: questions that you should be asking. Obviously, agent condition is important,

1219
01:00:50,520 --> 01:00:51,360
Speaker 1: but what are some other things?

1220
01:00:52,480 --> 01:00:55,200
Speaker 4: There are different levels to home inspections, right, So let's

1221
01:00:55,200 --> 01:00:57,600
Speaker 4: just say you're buying a new construction property. You could

1222
01:00:57,640 --> 01:01:01,000
Speaker 4: just literally get the general and inspection of the property.

1223
01:01:01,320 --> 01:01:03,520
Speaker 4: But if you are buying a property that is a

1224
01:01:03,600 --> 01:01:06,920
Speaker 4: little older, you need to get a home inspector. You

1225
01:01:07,040 --> 01:01:09,680
Speaker 4: need to hire an engineer, and you need to hire

1226
01:01:09,720 --> 01:01:13,000
Speaker 4: a plumber, a plumber that will actually inspect the pipes

1227
01:01:13,040 --> 01:01:15,760
Speaker 4: that actually go from your house to the road when

1228
01:01:15,760 --> 01:01:17,720
Speaker 4: you didn't do an inspection from your house to the road,

1229
01:01:17,760 --> 01:01:21,200
Speaker 4: because that's what you're responsible for. Then I know exactly

1230
01:01:21,280 --> 01:01:23,440
Speaker 4: what you're talking about, and right where the city is

1231
01:01:23,520 --> 01:01:27,640
Speaker 4: responsible before you're responsible. If it's on your side, you

1232
01:01:27,800 --> 01:01:29,520
Speaker 4: have to pay for the repair of fits. On their side,

1233
01:01:29,760 --> 01:01:32,080
Speaker 4: they have to pay for it. But because you probably

1234
01:01:32,160 --> 01:01:35,120
Speaker 4: just did the general home inspection, it was missed because

1235
01:01:35,160 --> 01:01:37,800
Speaker 4: you need to actually do it. Costs a lot of

1236
01:01:37,960 --> 01:01:42,320
Speaker 4: money to buy a house, so most especially if you're

1237
01:01:42,320 --> 01:01:44,480
Speaker 4: getting an older home, so I'll have a whole list.

1238
01:01:44,520 --> 01:01:48,400
Speaker 4: You can get a hire an individual roof inspector, a

1239
01:01:48,520 --> 01:01:53,600
Speaker 4: plumbing inspector, a general home inspector at HVAC inspector. So

1240
01:01:53,880 --> 01:01:55,960
Speaker 4: when you're getting all these inspections, it can cost you

1241
01:01:56,160 --> 01:01:59,360
Speaker 4: up to fifteen hundred dollars, but it protects your best

1242
01:01:59,440 --> 01:02:02,800
Speaker 4: interest in the long run. Whatever you don't do upfront,

1243
01:02:02,880 --> 01:02:05,640
Speaker 4: you paid for in the end, as you're seeing for yourself.

1244
01:02:06,000 --> 01:02:08,520
Speaker 4: Had you paid for that inspection for the plumbing where

1245
01:02:08,560 --> 01:02:10,800
Speaker 4: they use one of those lights to go down the

1246
01:02:10,840 --> 01:02:12,880
Speaker 4: plumbing hole, you would have saw this and you could

1247
01:02:12,880 --> 01:02:15,480
Speaker 4: have negotiated this with the sealer prior to closing.

1248
01:02:16,320 --> 01:02:18,680
Speaker 2: What do you what do you say about a real

1249
01:02:18,760 --> 01:02:21,400
Speaker 2: estate attorney? How important is that and how do you

1250
01:02:21,480 --> 01:02:26,320
Speaker 2: get the right one because then I look at looking

1251
01:02:26,360 --> 01:02:31,560
Speaker 2: at the land and making doing like the geological test

1252
01:02:32,320 --> 01:02:35,200
Speaker 2: on the land and stuff like that. So that's important

1253
01:02:35,240 --> 01:02:36,800
Speaker 2: as well, right, Yes, So.

1254
01:02:36,880 --> 01:02:39,280
Speaker 4: If you're looking to purchase land and doing geological tests,

1255
01:02:39,360 --> 01:02:41,480
Speaker 4: keep in mind every state is different. So where you

1256
01:02:41,600 --> 01:02:44,840
Speaker 4: all are in like New York, the attorneys negotiate the contract,

1257
01:02:45,320 --> 01:02:50,720
Speaker 4: and Chicago, the attorney's negotiate the contract. Here in Atlanta,

1258
01:02:51,040 --> 01:02:54,360
Speaker 4: the agents negotiate the contract. Our closing attorney doesn't come

1259
01:02:54,400 --> 01:02:57,600
Speaker 4: into play until it's time until we're under contract and

1260
01:02:57,640 --> 01:03:01,240
Speaker 4: they're just running clear title. Right, So how important is

1261
01:03:01,280 --> 01:03:03,880
Speaker 4: it to hire the right people? So if you're getting

1262
01:03:04,040 --> 01:03:06,919
Speaker 4: land and you know you're buying land to build a home,

1263
01:03:07,440 --> 01:03:10,640
Speaker 4: then you need to hire an engineer so that way

1264
01:03:10,720 --> 01:03:13,479
Speaker 4: someone can actually look at the land, and you should

1265
01:03:13,520 --> 01:03:15,640
Speaker 4: also if you should, you should know hopefully you know

1266
01:03:16,080 --> 01:03:18,000
Speaker 4: if you're going to build, you know exactly who you

1267
01:03:18,040 --> 01:03:20,320
Speaker 4: want your builder to be, so they can do the

1268
01:03:20,400 --> 01:03:22,160
Speaker 4: soil test or you can hire someone to do the

1269
01:03:22,240 --> 01:03:24,960
Speaker 4: soil test, and then also make sure that whatever you

1270
01:03:25,040 --> 01:03:29,080
Speaker 4: want to build on the lot, the setbacks that it's

1271
01:03:29,160 --> 01:03:32,000
Speaker 4: also set up, the setbacks understanding what you can build

1272
01:03:32,080 --> 01:03:34,480
Speaker 4: in the area. That's when it comes to actually hiring

1273
01:03:34,520 --> 01:03:37,720
Speaker 4: the professional. Your attorney is not going to know that information.

1274
01:03:38,120 --> 01:03:41,200
Speaker 4: Now you can order your own survey, but nine times

1275
01:03:41,240 --> 01:03:43,880
Speaker 4: out of ten, the average person doesn't even know how

1276
01:03:43,920 --> 01:03:45,960
Speaker 4: to read the survey. They don't know what they're looking at.

1277
01:03:46,240 --> 01:03:48,080
Speaker 4: But when you get but if you hire the right

1278
01:03:48,120 --> 01:03:51,160
Speaker 4: people up front, I feel like what happens is again

1279
01:03:51,240 --> 01:03:53,360
Speaker 4: this is Google University. It's like I could buy my

1280
01:03:53,480 --> 01:03:55,560
Speaker 4: own land, and then you get the land, you do

1281
01:03:55,680 --> 01:03:57,400
Speaker 4: the soil test. Now the house that you wanted to

1282
01:03:57,440 --> 01:03:59,720
Speaker 4: build you can't build on because you try to save

1283
01:03:59,760 --> 01:04:02,280
Speaker 4: money upfront by not hiring a professional, and now you

1284
01:04:02,360 --> 01:04:03,840
Speaker 4: got to go back and hire a professional.

1285
01:04:03,920 --> 01:04:07,000
Speaker 1: On the end. You you are preaching right now to

1286
01:04:07,120 --> 01:04:09,440
Speaker 1: pocket for your reports. I didn't realize what's so important.

1287
01:04:09,800 --> 01:04:11,640
Speaker 1: And even when you buy an own right, you think

1288
01:04:11,720 --> 01:04:13,840
Speaker 1: you can build things that you want on the land,

1289
01:04:13,880 --> 01:04:16,240
Speaker 1: and it's like, well, you got to get permits for that,

1290
01:04:16,360 --> 01:04:18,680
Speaker 1: Like even the permit process. Talk to people about that.

1291
01:04:18,720 --> 01:04:21,720
Speaker 1: I don't think people really understand that process. Right to

1292
01:04:21,760 --> 01:04:22,280
Speaker 1: do everything?

1293
01:04:22,520 --> 01:04:25,320
Speaker 4: Yeah, I think that we again we have to realize

1294
01:04:25,360 --> 01:04:27,960
Speaker 4: that there's a reason that there are people that have

1295
01:04:28,120 --> 01:04:30,640
Speaker 4: dedicated their lives to doing those jobs. So you buy

1296
01:04:30,720 --> 01:04:33,040
Speaker 4: this land and you're told that you can do an

1297
01:04:33,120 --> 01:04:35,200
Speaker 4: a d U, Right, so I could just build me

1298
01:04:35,280 --> 01:04:37,520
Speaker 4: a little house in the back of my house because

1299
01:04:37,560 --> 01:04:39,560
Speaker 4: I got all this land. And then you go to

1300
01:04:39,600 --> 01:04:41,560
Speaker 4: get the permit and there's like, well we rezoned this

1301
01:04:41,880 --> 01:04:43,640
Speaker 4: and now you got to get it rezoned for that,

1302
01:04:44,120 --> 01:04:45,760
Speaker 4: and you got it. They're not trying to help you

1303
01:04:46,480 --> 01:04:48,280
Speaker 4: because their work for they work for the city. They

1304
01:04:48,400 --> 01:04:49,960
Speaker 4: just like, here's the paperwork, let me know when you

1305
01:04:50,120 --> 01:04:53,320
Speaker 4: get it submitted before you you This is what you

1306
01:04:53,360 --> 01:04:56,480
Speaker 4: should be doing within your inspection period. This is what

1307
01:04:56,600 --> 01:04:58,440
Speaker 4: you're this is why you should be If you know

1308
01:04:58,600 --> 01:05:00,200
Speaker 4: that you are buying a property and you you got

1309
01:05:00,280 --> 01:05:02,680
Speaker 4: four acres and you want to build a pool, and

1310
01:05:02,760 --> 01:05:04,920
Speaker 4: you want to do an ADU, you should hire a

1311
01:05:05,080 --> 01:05:08,600
Speaker 4: general contractor to walk you through that process. Pay them

1312
01:05:08,680 --> 01:05:11,200
Speaker 4: their fee whatever that feed is, so that way you

1313
01:05:11,360 --> 01:05:14,000
Speaker 4: understand where you are and what your limitations could or

1314
01:05:14,040 --> 01:05:16,640
Speaker 4: could not be on that property. You can't just get

1315
01:05:16,760 --> 01:05:19,880
Speaker 4: land and start building. It doesn't work like that. I

1316
01:05:19,960 --> 01:05:21,640
Speaker 4: mean we wish it did. It doesn't work like that,

1317
01:05:21,760 --> 01:05:23,680
Speaker 4: not in the state of Georgia, not New York. Now

1318
01:05:23,720 --> 01:05:27,480
Speaker 4: there are certain player areas that don't require gcs, like Texas.

1319
01:05:27,600 --> 01:05:30,880
Speaker 4: Texas has different zoning laws, but they still have processes.

1320
01:05:31,520 --> 01:05:33,960
Speaker 4: And I think the best way for us to avoid

1321
01:05:34,040 --> 01:05:37,680
Speaker 4: the pitfalls of buying land thinking we can build whatever

1322
01:05:37,720 --> 01:05:40,080
Speaker 4: we want to do, or buying land to build a

1323
01:05:40,120 --> 01:05:42,840
Speaker 4: big house and then not hire in not getting your

1324
01:05:43,320 --> 01:05:47,120
Speaker 4: own inspections. I represent developers, but I can tell you

1325
01:05:47,240 --> 01:05:50,640
Speaker 4: right now, if I was buying a house from any person,

1326
01:05:50,760 --> 01:05:52,800
Speaker 4: I don't care what developer it is I'm going to get.

1327
01:05:53,000 --> 01:05:55,800
Speaker 4: If I'm buying land, I'm getting my own soil tests

1328
01:05:55,880 --> 01:05:58,240
Speaker 4: with my own engineer. I don't care what you give me.

1329
01:05:58,600 --> 01:06:01,720
Speaker 4: I'm getting my own service with my own surveyor. I

1330
01:06:01,800 --> 01:06:04,360
Speaker 4: don't care what you give me. Because you have to

1331
01:06:04,440 --> 01:06:06,920
Speaker 4: keep in mind you're the one responsible for paying the mortgage,

1332
01:06:07,040 --> 01:06:10,760
Speaker 4: not them. This is your this is your asset, so

1333
01:06:10,880 --> 01:06:13,360
Speaker 4: why are you putting it in the hands of someone else.

1334
01:06:14,080 --> 01:06:16,520
Speaker 4: You should always make sure that you're financially prepared to

1335
01:06:16,640 --> 01:06:19,200
Speaker 4: invest in yourself and in your own knowledge and in

1336
01:06:19,280 --> 01:06:21,520
Speaker 4: the own paperwork you need, so in the event it

1337
01:06:21,600 --> 01:06:24,320
Speaker 4: doesn't work out and you're within your due diligence period,

1338
01:06:24,600 --> 01:06:26,560
Speaker 4: you can terminate and move on and get your earnest

1339
01:06:26,640 --> 01:06:27,080
Speaker 4: money back.

1340
01:06:28,200 --> 01:06:30,440
Speaker 3: What are some red flags to look out for and

1341
01:06:30,560 --> 01:06:31,960
Speaker 3: somebody's buying a home.

1342
01:06:32,520 --> 01:06:35,120
Speaker 4: Oh, I would say the number one red flag to

1343
01:06:35,160 --> 01:06:40,080
Speaker 4: look out for is one when you're walking into the property,

1344
01:06:40,880 --> 01:06:42,520
Speaker 4: make sure that you take a second just to look

1345
01:06:42,560 --> 01:06:46,000
Speaker 4: into the utility closet kind of look at it. You're

1346
01:06:46,120 --> 01:06:48,400
Speaker 4: not you may not be an HVAC check, but I

1347
01:06:48,440 --> 01:06:51,600
Speaker 4: can tell you water should not be dripping down from anything,

1348
01:06:52,200 --> 01:06:56,200
Speaker 4: So check into that. If you have an opportunity, turn

1349
01:06:56,240 --> 01:06:58,800
Speaker 4: the water on in the bathtub. Turn the water on

1350
01:06:58,880 --> 01:07:01,240
Speaker 4: and see how the water pressure. That helps you. If

1351
01:07:01,280 --> 01:07:03,600
Speaker 4: it's low water pressure in certain bathrooms and it's high

1352
01:07:03,640 --> 01:07:06,760
Speaker 4: water pressure in certain bathrooms, that could be a plumbing issue.

1353
01:07:07,280 --> 01:07:09,600
Speaker 4: When you're in the living room, like not stop hard,

1354
01:07:09,680 --> 01:07:11,760
Speaker 4: this is like this ain't like stop the yard or nothing,

1355
01:07:11,880 --> 01:07:14,840
Speaker 4: but stop down a little bit on the subfloor to

1356
01:07:14,880 --> 01:07:16,640
Speaker 4: see if you could have like a squeaky or an

1357
01:07:16,760 --> 01:07:20,000
Speaker 4: uneven floor and you possibly could have a subfloor issue.

1358
01:07:20,280 --> 01:07:22,200
Speaker 4: Those are things I would look out for, especially if

1359
01:07:22,200 --> 01:07:24,920
Speaker 4: you're getting a resale home. If you walk into a

1360
01:07:25,000 --> 01:07:28,160
Speaker 4: basement and it's done, but you're like, hey, this looks

1361
01:07:28,200 --> 01:07:30,840
Speaker 4: like a done basement, but it just seems like the

1362
01:07:30,920 --> 01:07:34,360
Speaker 4: quality of craftsmanship is not there. Look up, go look

1363
01:07:34,400 --> 01:07:36,080
Speaker 4: that address up with the city and see if they

1364
01:07:36,120 --> 01:07:39,240
Speaker 4: ever got permits to complete that basement, and then ask

1365
01:07:39,320 --> 01:07:41,640
Speaker 4: the seller to provide you with any permits they did

1366
01:07:41,720 --> 01:07:44,320
Speaker 4: to complete the basement, because if they hired just some

1367
01:07:44,720 --> 01:07:47,640
Speaker 4: Joe blow to do some things and it wasn't permitted

1368
01:07:48,080 --> 01:07:51,440
Speaker 4: permitted work on the basement, it's hard to record that

1369
01:07:51,720 --> 01:07:55,640
Speaker 4: actual square footage. So now the square footage is not

1370
01:07:55,720 --> 01:07:58,320
Speaker 4: recorded with the city because it was never recorded, so

1371
01:07:58,440 --> 01:08:00,720
Speaker 4: you can't even use it for your value appreciation and

1372
01:08:00,840 --> 01:08:02,960
Speaker 4: you want to check behind the work. Those are things

1373
01:08:03,000 --> 01:08:05,880
Speaker 4: that you can easily do on your own when you're

1374
01:08:05,960 --> 01:08:06,960
Speaker 4: looking at property.

1375
01:08:08,440 --> 01:08:10,720
Speaker 1: You spoke about this, and I think it's probably one

1376
01:08:10,760 --> 01:08:14,880
Speaker 1: of the most important pieces of the process. People overlook it.

1377
01:08:15,400 --> 01:08:18,960
Speaker 1: They don't really you know, adequate enough money toward it.

1378
01:08:19,080 --> 01:08:20,160
Speaker 1: And that's the closing cost.

1379
01:08:20,720 --> 01:08:21,880
Speaker 3: Oh yeah, talk.

1380
01:08:21,760 --> 01:08:24,160
Speaker 1: About that, the time it takes, what you should be

1381
01:08:24,280 --> 01:08:27,679
Speaker 1: doing to prepare for it, the best strategies when getting

1382
01:08:27,680 --> 01:08:30,680
Speaker 1: to that point, because again, this is something that if

1383
01:08:30,680 --> 01:08:32,479
Speaker 1: you're not in this process and you not to get

1384
01:08:32,520 --> 01:08:34,080
Speaker 1: to the you never get to the closing point. You

1385
01:08:34,200 --> 01:08:36,760
Speaker 1: really don't have a good idea of what it takes.

1386
01:08:38,520 --> 01:08:40,720
Speaker 4: This is what you should do. If you know that

1387
01:08:40,840 --> 01:08:43,839
Speaker 4: you want to buy a house and it's five hundred thousand,

1388
01:08:44,320 --> 01:08:46,280
Speaker 4: you need to calculate so you're in this. Say you're

1389
01:08:46,280 --> 01:08:49,559
Speaker 4: getting a conventional loan, So go ahead and calculate five

1390
01:08:49,600 --> 01:08:52,320
Speaker 4: percent of half a million dollars. That's your down payment.

1391
01:08:53,400 --> 01:08:55,840
Speaker 4: And now calculate three percent of a half a million

1392
01:08:55,880 --> 01:09:00,720
Speaker 4: dollars that is your clothing cost. Then calculate late, don't

1393
01:09:00,760 --> 01:09:05,960
Speaker 4: forget another three percent for buyer's agent compensation. You are

1394
01:09:06,040 --> 01:09:09,640
Speaker 4: now responsible for that cost. Now, I don't want to

1395
01:09:09,680 --> 01:09:14,559
Speaker 4: scare you. Ninety nine percent, ninety nine percent of sellers

1396
01:09:14,640 --> 01:09:19,040
Speaker 4: are still paying buyer's agent compensation because they understand because

1397
01:09:19,080 --> 01:09:20,720
Speaker 4: it has been embedded in them and they want to

1398
01:09:20,760 --> 01:09:24,160
Speaker 4: get their property sold. But buyers need to know, based

1399
01:09:24,200 --> 01:09:27,280
Speaker 4: on that new lawsuit, that is your responsibility. So five percent,

1400
01:09:27,680 --> 01:09:30,320
Speaker 4: three percent, three percent. So if I were you, I

1401
01:09:30,360 --> 01:09:33,760
Speaker 4: would calculate ten percent of whatever a purchase price to be,

1402
01:09:34,479 --> 01:09:36,360
Speaker 4: and that is the amount of money I need to

1403
01:09:36,400 --> 01:09:40,439
Speaker 4: have saved. That's what that's what you have to have saved.

1404
01:09:41,120 --> 01:09:44,639
Speaker 4: That's including all of the expenses, and then think about

1405
01:09:44,680 --> 01:09:46,960
Speaker 4: it as a plus if you save on that dollar

1406
01:09:47,000 --> 01:09:49,640
Speaker 4: amount because now your agent has advocated for you, and

1407
01:09:49,680 --> 01:09:51,759
Speaker 4: now you don't have to pay a buyer agent compensation

1408
01:09:51,880 --> 01:09:54,639
Speaker 4: that takes away three percent and they're able to get

1409
01:09:54,760 --> 01:09:57,599
Speaker 4: one point five percent from the seller towards your closing costs.

1410
01:09:57,880 --> 01:09:59,960
Speaker 4: Now you're you know, you're up four and a half percent,

1411
01:10:00,479 --> 01:10:02,120
Speaker 4: but the money is still in your bank account.

1412
01:10:02,479 --> 01:10:02,880
Speaker 1: Good for you.

1413
01:10:03,080 --> 01:10:05,800
Speaker 4: Now you have some savings. But don't go into buying

1414
01:10:05,840 --> 01:10:07,920
Speaker 4: a home thinking you don't need any money. We used

1415
01:10:07,960 --> 01:10:10,519
Speaker 4: to say that, and we used to do that, and

1416
01:10:10,680 --> 01:10:12,479
Speaker 4: times have changed. This is how to buy a house

1417
01:10:12,520 --> 01:10:14,559
Speaker 4: in twenty twenty five. This is not how to buy

1418
01:10:14,560 --> 01:10:17,760
Speaker 4: a house in twenty twenty during the pandemic. This is

1419
01:10:17,840 --> 01:10:21,120
Speaker 4: completely different. So you need to be financially prepared.

1420
01:10:21,439 --> 01:10:25,160
Speaker 2: Another thing that people don't really fully comprehend, especially like

1421
01:10:25,240 --> 01:10:27,479
Speaker 2: I said, if you just come from an apartment, is

1422
01:10:29,120 --> 01:10:33,960
Speaker 2: furnishing the home right in interior design business. What's so

1423
01:10:34,080 --> 01:10:36,519
Speaker 2: obviously you know that's going to depend on how big

1424
01:10:36,600 --> 01:10:38,560
Speaker 2: the home is, your taste, but you and then you know,

1425
01:10:38,600 --> 01:10:41,160
Speaker 2: of course you can move some stuff in, even that's

1426
01:10:41,160 --> 01:10:43,080
Speaker 2: an expense moving, but you're gonna move some stuff in.

1427
01:10:43,240 --> 01:10:45,479
Speaker 2: But if you're moving from like an apartment to a home,

1428
01:10:45,840 --> 01:10:47,599
Speaker 2: You're gonna have to buy some stuff. You're not gonna

1429
01:10:47,600 --> 01:10:48,960
Speaker 2: be able just to fill a whole home with just

1430
01:10:49,040 --> 01:10:52,720
Speaker 2: a one bell of apartment furniture. So what should they

1431
01:10:53,000 --> 01:10:58,240
Speaker 2: expect and what's some best practices as far as you

1432
01:10:58,320 --> 01:10:59,519
Speaker 2: know furnishing homes.

1433
01:11:01,120 --> 01:11:02,720
Speaker 4: We don't want to get into more debt, do we?

1434
01:11:05,880 --> 01:11:07,439
Speaker 4: And I mean it's like you don't want to get

1435
01:11:07,439 --> 01:11:10,720
Speaker 4: into more debt on average to furnish a home. And

1436
01:11:10,800 --> 01:11:14,520
Speaker 4: it's just like an average home. You could use Wayfair.

1437
01:11:14,680 --> 01:11:17,280
Speaker 4: You know, Amazon has all these things, great products. You

1438
01:11:17,400 --> 01:11:19,400
Speaker 4: got a lot of different places you can go to.

1439
01:11:21,479 --> 01:11:23,640
Speaker 4: But even if you go on the lower scale for

1440
01:11:23,800 --> 01:11:27,799
Speaker 4: a three thousand square foot house, furnishing it with kitchen,

1441
01:11:28,120 --> 01:11:35,720
Speaker 4: kitchen table, take chairs, couch, televisions, owner, sweep, king sized bed,

1442
01:11:35,800 --> 01:11:37,680
Speaker 4: you can do twins or maybe queens in the other ones.

1443
01:11:37,960 --> 01:11:40,439
Speaker 4: It's twenty five thousand dollars that is on the lowest,

1444
01:11:41,400 --> 01:11:45,800
Speaker 4: lowest end. And if you know what your furniture looks like,

1445
01:11:45,880 --> 01:11:50,240
Speaker 4: who wants to put a very small love seat in

1446
01:11:50,320 --> 01:11:52,679
Speaker 4: the middle of a three thousand square foot living room

1447
01:11:52,760 --> 01:11:57,040
Speaker 4: with top but with two stories two story windows, right,

1448
01:11:57,479 --> 01:11:59,800
Speaker 4: you're gonna have to account for that. I think we

1449
01:12:00,160 --> 01:12:02,360
Speaker 4: need to save for home ownership and stop. I don't

1450
01:12:02,400 --> 01:12:05,080
Speaker 4: want it to be like it's easy peasy. It can be.

1451
01:12:05,880 --> 01:12:08,120
Speaker 4: It can be easy peasy, but you should save for it.

1452
01:12:08,400 --> 01:12:10,360
Speaker 4: And if you're responsible and you want to get like

1453
01:12:10,840 --> 01:12:13,200
Speaker 4: different accounts with these furniture companies, and you feel like

1454
01:12:13,280 --> 01:12:14,760
Speaker 4: you can pay off the debt and this debt is

1455
01:12:14,800 --> 01:12:17,000
Speaker 4: gonna help help you and you want to consider it

1456
01:12:17,120 --> 01:12:20,320
Speaker 4: positive debt, then finance the furniture. But I would recommend it.

1457
01:12:20,720 --> 01:12:23,479
Speaker 4: I'd rather have to be saved to buy the furniture outright,

1458
01:12:23,760 --> 01:12:26,240
Speaker 4: so you again are not putting yourself into more debt.

1459
01:12:26,600 --> 01:12:28,280
Speaker 4: So you do have the furniture place. And I know

1460
01:12:28,320 --> 01:12:32,920
Speaker 4: you've seen that. It'spence. I keep up with you all renovation.

1461
01:12:33,320 --> 01:12:34,040
Speaker 1: You're watching.

1462
01:12:35,960 --> 01:12:39,800
Speaker 4: No get to Marble floor.

1463
01:12:40,200 --> 01:12:43,559
Speaker 1: But that's important though, right, and sometimes relationships is important

1464
01:12:43,560 --> 01:12:45,840
Speaker 1: that can help you in this process. Right. Sometimes having

1465
01:12:45,920 --> 01:12:48,479
Speaker 1: people that work in real estate, they have trade accounts,

1466
01:12:48,520 --> 01:12:50,320
Speaker 1: and you know, if you have a trade account, then

1467
01:12:50,360 --> 01:12:52,640
Speaker 1: you're gonna get you're gonna get twenty percent down. I

1468
01:12:52,720 --> 01:12:54,880
Speaker 1: know that for RNH, like even now, like you can

1469
01:12:54,960 --> 01:12:57,400
Speaker 1: pay toward that and now you're a member and you

1470
01:12:57,479 --> 01:12:59,519
Speaker 1: get a trade account as just being an individual. So

1471
01:13:00,040 --> 01:13:04,240
Speaker 1: in some ways, but again, twenty five that's a real

1472
01:13:04,320 --> 01:13:06,400
Speaker 1: minimum if you're trying to furnish something three thousand squares.

1473
01:13:06,680 --> 01:13:09,960
Speaker 4: Yeah, exactly, So you have to prepare for these expenses.

1474
01:13:10,040 --> 01:13:12,400
Speaker 4: You know, I've seen the videos or people walking into

1475
01:13:12,400 --> 01:13:14,320
Speaker 4: these empty houses, like I used all my money on

1476
01:13:14,360 --> 01:13:16,880
Speaker 4: my down payment and now I'm sleeping on the air mattress.

1477
01:13:17,439 --> 01:13:19,920
Speaker 4: It should still be an accomplishment if all you have

1478
01:13:20,120 --> 01:13:23,000
Speaker 4: is a bed, and now you have purchased a home

1479
01:13:23,080 --> 01:13:26,280
Speaker 4: that you can afford, and you're able to make enough money,

1480
01:13:26,479 --> 01:13:29,200
Speaker 4: and you're making enough money to save and then spend

1481
01:13:29,240 --> 01:13:31,719
Speaker 4: a certain amount and take your time to furnish the place.

1482
01:13:32,200 --> 01:13:35,160
Speaker 4: Take your time. You know, Rome wasn't built in a day,

1483
01:13:35,280 --> 01:13:36,880
Speaker 4: and you don't have to build your house in the day.

1484
01:13:37,160 --> 01:13:39,120
Speaker 4: But you do want to be realistic about how you

1485
01:13:39,320 --> 01:13:42,280
Speaker 4: need to live as you're purchasing these assets.

1486
01:13:42,960 --> 01:13:45,360
Speaker 2: Yeah, I think you can definitely furnish a three thousand

1487
01:13:45,360 --> 01:13:48,640
Speaker 2: square house with twenty thousand offs. But that said, but

1488
01:13:48,760 --> 01:13:50,760
Speaker 2: the thing is, so it's also all right, so we

1489
01:13:51,040 --> 01:13:54,479
Speaker 2: painted a very discouraging picture for home ownership, but it's

1490
01:13:54,479 --> 01:13:57,400
Speaker 2: a realistic picture. But I think for my philosophy, I

1491
01:13:58,040 --> 01:14:02,720
Speaker 2: think this speaks to the point of going down is

1492
01:14:03,439 --> 01:14:06,240
Speaker 2: helpful for the average person. Meaning, if you get approved

1493
01:14:06,400 --> 01:14:09,760
Speaker 2: for a five hundred thousand dollars mortgage, try to buy

1494
01:14:09,760 --> 01:14:12,400
Speaker 2: a home for three hundred thousand, because you're going to

1495
01:14:12,479 --> 01:14:15,280
Speaker 2: have all these other expenses. And we'll say all the time,

1496
01:14:15,600 --> 01:14:17,599
Speaker 2: you don't want to be house rich and cash poor.

1497
01:14:18,000 --> 01:14:20,240
Speaker 2: And that's something that I saw firsthand when I was

1498
01:14:20,280 --> 01:14:23,479
Speaker 2: a financial advisor. People cashed out there for in one case,

1499
01:14:23,560 --> 01:14:26,200
Speaker 2: literally they have no money and they spend every dollar

1500
01:14:26,280 --> 01:14:27,960
Speaker 2: they had to buy a home just to buy a home,

1501
01:14:28,360 --> 01:14:31,360
Speaker 2: and then all this other stuff. So that's a trap

1502
01:14:31,920 --> 01:14:34,960
Speaker 2: for you to have debt for your whole entire life,

1503
01:14:35,479 --> 01:14:38,960
Speaker 2: and that's not a pathway to financial freedom. So that's

1504
01:14:39,000 --> 01:14:41,120
Speaker 2: just important for people to keep in mind, Like just

1505
01:14:41,160 --> 01:14:44,120
Speaker 2: because you get approved for something, that doesn't mean that

1506
01:14:44,200 --> 01:14:47,120
Speaker 2: you have to go to that same amount, right, Like

1507
01:14:47,360 --> 01:14:50,200
Speaker 2: you can go lower than that and then have excess

1508
01:14:50,320 --> 01:14:53,920
Speaker 2: money to do all of the renovations and buy furniture

1509
01:14:54,120 --> 01:14:57,120
Speaker 2: and pay you know, the taxes and all that stuff,

1510
01:14:57,560 --> 01:15:00,240
Speaker 2: as opposed to going up to that max liquid in

1511
01:15:00,320 --> 01:15:04,640
Speaker 2: all of your savings borrowing money and then you're in

1512
01:15:04,720 --> 01:15:08,639
Speaker 2: a home. But as soon as something happens, then you're screwed.

1513
01:15:08,960 --> 01:15:11,200
Speaker 2: But then I got to ask you this too, well us.

1514
01:15:11,080 --> 01:15:13,720
Speaker 4: Say Tom, Yeah, I'll say this. It depends on what

1515
01:15:14,360 --> 01:15:16,200
Speaker 4: how you see the value of home ownership. Like I

1516
01:15:16,320 --> 01:15:18,920
Speaker 4: worked for a corporation when I purchased my first property,

1517
01:15:18,960 --> 01:15:20,800
Speaker 4: and I did take money out of my four one K,

1518
01:15:21,680 --> 01:15:23,360
Speaker 4: but I didn't take all of my money out of

1519
01:15:23,360 --> 01:15:25,400
Speaker 4: my four to one K. I leveraged it towards the

1520
01:15:25,439 --> 01:15:28,960
Speaker 4: down payment of a property which subsequently became a rental

1521
01:15:29,000 --> 01:15:31,559
Speaker 4: property for me. And then like six years later when

1522
01:15:31,600 --> 01:15:34,840
Speaker 4: I finally did sell that asset, I made about one

1523
01:15:34,960 --> 01:15:38,439
Speaker 4: hundred and sixty thousand dollars on selling that asset, which

1524
01:15:38,640 --> 01:15:43,280
Speaker 4: was pennies compared to the nineteen thousand dollars I took

1525
01:15:43,360 --> 01:15:44,880
Speaker 4: out of my four oh one K at the time,

1526
01:15:45,439 --> 01:15:48,200
Speaker 4: So being smart, but that asset was actually less than

1527
01:15:48,240 --> 01:15:51,720
Speaker 4: two hundred thousand dollars. Now, that was obviously a long

1528
01:15:51,840 --> 01:15:54,519
Speaker 4: time ago, but that goes to show that when you're

1529
01:15:54,560 --> 01:15:57,519
Speaker 4: looking to buy your first property, if you're keeping up

1530
01:15:57,560 --> 01:16:00,720
Speaker 4: with your own budget, you understand your entry in your

1531
01:16:00,800 --> 01:16:04,000
Speaker 4: exit strategy, and you're buying this property to one build

1532
01:16:04,080 --> 01:16:08,080
Speaker 4: your own internal wealth and you no longer want to rent.

1533
01:16:08,160 --> 01:16:11,599
Speaker 4: You understand the value of home ownership, then use a portion.

1534
01:16:11,840 --> 01:16:14,080
Speaker 4: I'm okay with using a portion of your four one K,

1535
01:16:14,560 --> 01:16:16,479
Speaker 4: but you don't wipe it out trying to buy a

1536
01:16:16,560 --> 01:16:19,720
Speaker 4: million dollar property that you know you cannot afford. That

1537
01:16:19,920 --> 01:16:22,960
Speaker 4: is what happens. That is why, that's what normally happens.

1538
01:16:23,040 --> 01:16:26,760
Speaker 4: When people are buying a property. It's like they're trying

1539
01:16:26,800 --> 01:16:28,960
Speaker 4: to get something they can't afford, to flex on people

1540
01:16:29,000 --> 01:16:32,280
Speaker 4: that don't care, like you should be only flexing on yourself.

1541
01:16:32,880 --> 01:16:35,160
Speaker 4: And if you are proud of yourself and what you've purchased,

1542
01:16:35,200 --> 01:16:37,120
Speaker 4: I don't care if you're sleeping on an air mattress.

1543
01:16:37,439 --> 01:16:40,240
Speaker 4: Be happy that you purchase an asset, and then you're

1544
01:16:40,320 --> 01:16:42,960
Speaker 4: leading your way and you're working your way towards wealth.

1545
01:16:43,240 --> 01:16:45,800
Speaker 4: The hardest thing for most people to recognize is the

1546
01:16:45,920 --> 01:16:48,000
Speaker 4: houses that you see that are the things that you

1547
01:16:48,120 --> 01:16:50,040
Speaker 4: want to see that it's like, Wow, that's a beautiful

1548
01:16:50,080 --> 01:16:53,360
Speaker 4: house that gets the most likes on social media. That's

1549
01:16:53,439 --> 01:16:55,040
Speaker 4: not going to be the house you buy and you

1550
01:16:55,200 --> 01:16:57,439
Speaker 4: live in. There are people that are making the millions

1551
01:16:57,479 --> 01:16:59,920
Speaker 4: of dollars that refuse to buy those type of ass

1552
01:17:00,080 --> 01:17:02,200
Speaker 4: this because they see it as liabilities. At that point,

1553
01:17:02,360 --> 01:17:04,800
Speaker 4: they're only buying certain things within a bare minimum of

1554
01:17:04,840 --> 01:17:07,559
Speaker 4: their budget of their income. So stay within your own

1555
01:17:07,600 --> 01:17:10,080
Speaker 4: budget and then you'll be just fine with understanding the

1556
01:17:10,240 --> 01:17:12,639
Speaker 4: value and seeing the value and home ownership.

1557
01:17:13,720 --> 01:17:15,640
Speaker 2: And then I got to ask you this before we

1558
01:17:16,320 --> 01:17:21,360
Speaker 2: wrap this, is that for people, you're a real estate agent, right,

1559
01:17:21,920 --> 01:17:23,599
Speaker 2: So for people saying that they don't need a real

1560
01:17:23,680 --> 01:17:25,320
Speaker 2: estate agent because they're going to save money that way,

1561
01:17:26,280 --> 01:17:29,720
Speaker 2: or they want to negotiate real estate agent's prices, So

1562
01:17:29,920 --> 01:17:32,479
Speaker 2: what's the commentary for that?

1563
01:17:33,640 --> 01:17:37,599
Speaker 4: I think that you have to assess the risks. That's

1564
01:17:37,640 --> 01:17:39,560
Speaker 4: how I feel as the risks if you want to

1565
01:17:39,600 --> 01:17:41,479
Speaker 4: work with an agent. There are agents out here, and

1566
01:17:41,560 --> 01:17:45,280
Speaker 4: there are different companies that have flat fees that basically

1567
01:17:45,400 --> 01:17:47,840
Speaker 4: means you kind of they just do just enough to

1568
01:17:47,960 --> 01:17:50,400
Speaker 4: keep you within to tell you what you should expect

1569
01:17:50,439 --> 01:17:53,439
Speaker 4: on the contract, and you can negotiate a flat feed.

1570
01:17:54,040 --> 01:17:56,840
Speaker 4: As an buyer, I have had this happen to me

1571
01:17:56,880 --> 01:17:59,640
Speaker 4: a lot because I represent a lot of sellers, and

1572
01:17:59,760 --> 01:18:01,960
Speaker 4: so they'll come and say, well, I don't have an agent,

1573
01:18:03,080 --> 01:18:05,599
Speaker 4: and so Therefore they think that they're going to save money.

1574
01:18:07,520 --> 01:18:09,920
Speaker 4: So the way that I do my listing agreements is

1575
01:18:10,240 --> 01:18:12,400
Speaker 4: there's a fee that I'm going to get paid regardless.

1576
01:18:12,920 --> 01:18:16,040
Speaker 4: So they come in, they negotiate their fees, they advocate

1577
01:18:16,080 --> 01:18:18,080
Speaker 4: on their behalf, and now there's a delay or they

1578
01:18:18,200 --> 01:18:20,479
Speaker 4: let's say they're asking for certain things during the home

1579
01:18:20,560 --> 01:18:24,240
Speaker 4: inspection period. Well, they're asking me, how do I read

1580
01:18:24,280 --> 01:18:26,799
Speaker 4: this home inspection or what should I ask? I'm sorry,

1581
01:18:27,040 --> 01:18:30,120
Speaker 4: I don't represent you. I represent the seller. You are

1582
01:18:30,160 --> 01:18:33,280
Speaker 4: a customer. Tell me what you want me to ask them.

1583
01:18:33,720 --> 01:18:35,720
Speaker 4: That's how it goes. Tell me what you want me

1584
01:18:35,800 --> 01:18:37,439
Speaker 4: to ask them. I'm not here to advocate for you.

1585
01:18:37,560 --> 01:18:40,240
Speaker 4: I don't represent you. When i'm representing the buyer, my

1586
01:18:40,320 --> 01:18:42,320
Speaker 4: job is to protect your best interests and save you

1587
01:18:42,400 --> 01:18:45,120
Speaker 4: as much money as possible. When i'm represent in the seller,

1588
01:18:45,200 --> 01:18:48,000
Speaker 4: I'm there to advocate their best interests and make them

1589
01:18:48,160 --> 01:18:51,920
Speaker 4: profit the most money as possible. So if you feel

1590
01:18:51,960 --> 01:18:55,200
Speaker 4: like you're savvy enough to understand these contract laws and

1591
01:18:55,320 --> 01:18:59,439
Speaker 4: what you read, then try yourself. I can say nine

1592
01:18:59,479 --> 01:19:00,760
Speaker 4: times doesn't work.

1593
01:19:01,120 --> 01:19:03,640
Speaker 3: Is it a conflicent interest? If the agent represents the

1594
01:19:03,680 --> 01:19:06,880
Speaker 3: buyer and seller, I do it all the time.

1595
01:19:06,960 --> 01:19:09,599
Speaker 4: It's called dual agency. It's allowed it instead of Georgia

1596
01:19:09,640 --> 01:19:13,040
Speaker 4: where the seller is going to be my client and

1597
01:19:13,160 --> 01:19:17,200
Speaker 4: the buyer is my customer. I'm always fair, but the advocate,

1598
01:19:17,280 --> 01:19:20,800
Speaker 4: but when it comes down to it, I'm advocating for

1599
01:19:21,040 --> 01:19:23,920
Speaker 4: the person that hired me and that's paying me the compensation,

1600
01:19:24,160 --> 01:19:27,439
Speaker 4: which is the seller. And that's what normally happens a lot.

1601
01:19:27,520 --> 01:19:30,720
Speaker 4: So when sell when when they're coming saying, hey, I'm

1602
01:19:30,760 --> 01:19:33,640
Speaker 4: going to save you some money, and then they're like, well,

1603
01:19:33,680 --> 01:19:35,360
Speaker 4: what's going on in the contract? The way I broke

1604
01:19:35,400 --> 01:19:39,200
Speaker 4: down due diligence periods, financing contingencies, nobody's breaking that down

1605
01:19:39,240 --> 01:19:41,479
Speaker 4: to you. I hope that you know what those periods are,

1606
01:19:41,600 --> 01:19:44,080
Speaker 4: because if I'm representing the seller, I'm going to make

1607
01:19:44,120 --> 01:19:46,400
Speaker 4: sure that by the time you if you submit your

1608
01:19:46,479 --> 01:19:49,320
Speaker 4: inspection a day after the due diligence period, I'm going

1609
01:19:49,360 --> 01:19:52,840
Speaker 4: to tell you sorry, thank you for providing us with this. However,

1610
01:19:52,880 --> 01:19:55,200
Speaker 4: you're due. The diligence ended yesterday and we don't have

1611
01:19:55,320 --> 01:19:58,400
Speaker 4: to make any changes. You want to terminate, you can terminate.

1612
01:19:58,680 --> 01:20:01,120
Speaker 4: We're going to retain your twenty five thousand dollars earnest money.

1613
01:20:01,160 --> 01:20:03,240
Speaker 4: I wish you the best on your home buying journey.

1614
01:20:04,240 --> 01:20:07,160
Speaker 4: That's how it goes. So you're not saving, but you

1615
01:20:07,760 --> 01:20:10,920
Speaker 4: you only you know accesster rists, Accester, riss.

1616
01:20:11,320 --> 01:20:14,600
Speaker 1: Here's one of those things and people get disconfused. Right

1617
01:20:14,680 --> 01:20:16,680
Speaker 1: when we think about real estate, we think about our

1618
01:20:16,720 --> 01:20:20,640
Speaker 1: pathway to home ownership. People will sign the title, some

1619
01:20:20,760 --> 01:20:23,639
Speaker 1: people end up on the deed. Talk about the difference

1620
01:20:23,680 --> 01:20:26,720
Speaker 1: between the two, because there is a difference and if

1621
01:20:26,760 --> 01:20:28,320
Speaker 1: you end up on one or the other, it could

1622
01:20:28,400 --> 01:20:29,799
Speaker 1: determine a lot of things in your future.

1623
01:20:30,600 --> 01:20:32,680
Speaker 4: Well, what happens is this, people always want to be

1624
01:20:32,760 --> 01:20:34,960
Speaker 4: on the title and the deed. When you're buying the

1625
01:20:35,040 --> 01:20:37,960
Speaker 4: property and you it's in your name, right, you finance

1626
01:20:38,000 --> 01:20:40,400
Speaker 4: it through the mortgage company, you get it all finance.

1627
01:20:40,479 --> 01:20:43,320
Speaker 4: You're going to be on the title. That's how State

1628
01:20:43,360 --> 01:20:44,960
Speaker 4: of Georgia is. You're going to be on the title

1629
01:20:45,400 --> 01:20:48,120
Speaker 4: and on the deed. But let's just say you're married

1630
01:20:49,479 --> 01:20:51,840
Speaker 4: and the wife is not on the mortgage, but the

1631
01:20:51,960 --> 01:20:54,679
Speaker 4: wife wants to be on the deed. Like Tyler Perry say,

1632
01:20:54,760 --> 01:20:57,840
Speaker 4: make sure your name is on the d cool you

1633
01:20:58,040 --> 01:21:01,559
Speaker 4: add the wife to the deed. The benefit is if

1634
01:21:01,600 --> 01:21:06,640
Speaker 4: you cannot sell the asset. Without both people that are

1635
01:21:06,680 --> 01:21:10,479
Speaker 4: on the deed signing off, you cannot sell it. But

1636
01:21:10,720 --> 01:21:14,519
Speaker 4: let's just say you go into foreclosure. Both people that

1637
01:21:14,600 --> 01:21:17,360
Speaker 4: are on the deed are now in foreclosure, even though

1638
01:21:18,080 --> 01:21:20,400
Speaker 4: the person that's on the deed is not on the mortgage.

1639
01:21:21,640 --> 01:21:24,240
Speaker 4: So the upside is, Okay, I'm going to make sure

1640
01:21:24,240 --> 01:21:25,880
Speaker 4: I'm on the deed because he ain't gonna make no

1641
01:21:26,000 --> 01:21:29,920
Speaker 4: changes without me. Forget that that works. But then if

1642
01:21:29,960 --> 01:21:33,240
Speaker 4: a negative change happened, it also affects you negatively as well.

1643
01:21:33,920 --> 01:21:37,080
Speaker 4: So consider that when you're adding yourself to the deeds,

1644
01:21:37,520 --> 01:21:40,120
Speaker 4: it's like you do have the responsibility as long as

1645
01:21:40,200 --> 01:21:42,600
Speaker 4: the mortgage is in good standing. It doesn't show up

1646
01:21:42,960 --> 01:21:45,080
Speaker 4: in your name. And that's how people try to kind

1647
01:21:45,120 --> 01:21:47,479
Speaker 4: of house haack marriages. I don't know how to explain it,

1648
01:21:47,600 --> 01:21:50,400
Speaker 4: but like offset the debt, So like the husband can

1649
01:21:50,479 --> 01:21:54,920
Speaker 4: buy the primary property, the wife can buy the secondary property,

1650
01:21:54,960 --> 01:21:58,360
Speaker 4: and it's offsetting the debt. But in the event, in

1651
01:21:58,439 --> 01:22:02,479
Speaker 4: the event there's a foreclosure or bankruptcy, everybody on that

1652
01:22:02,600 --> 01:22:03,520
Speaker 4: deed is responsible.

1653
01:22:05,720 --> 01:22:09,200
Speaker 2: So okay, there's a lot of information, valuable information. And

1654
01:22:09,240 --> 01:22:11,240
Speaker 2: then like I said, I think we kind of you

1655
01:22:11,280 --> 01:22:13,880
Speaker 2: know it's realistic, but I don't want to discourage people

1656
01:22:13,920 --> 01:22:15,840
Speaker 2: from buying a home because it is still, you know,

1657
01:22:16,920 --> 01:22:19,000
Speaker 2: a valuable asset that goes up over the course of

1658
01:22:19,080 --> 01:22:20,560
Speaker 2: time as long as you buy correctly. But it is

1659
01:22:20,600 --> 01:22:23,240
Speaker 2: important to buy correctly, and it's important to actually use

1660
01:22:23,280 --> 01:22:26,559
Speaker 2: professionals so you don't make mistakes. You know, we're using

1661
01:22:26,600 --> 01:22:28,720
Speaker 2: the wrong lawyer, using the wrong real estate attorney, using

1662
01:22:28,760 --> 01:22:31,720
Speaker 2: the wrong anybody that's in the process can actually cost

1663
01:22:31,800 --> 01:22:34,160
Speaker 2: you hundreds of thousands of millions of dollars of mistakes.

1664
01:22:34,200 --> 01:22:38,640
Speaker 2: So you you know as far as you actually are

1665
01:22:38,720 --> 01:22:41,559
Speaker 2: in the field. So I would say the last question

1666
01:22:41,840 --> 01:22:46,240
Speaker 2: I would would go to, how can somebody know if

1667
01:22:46,240 --> 01:22:49,639
Speaker 2: they're using somebody that's good as far as a real

1668
01:22:49,760 --> 01:22:52,840
Speaker 2: estate professional agent? Obviously they should use you if they're

1669
01:22:52,880 --> 01:22:56,040
Speaker 2: in the Atlanta eight if they're didn't a metro area,

1670
01:22:57,600 --> 01:23:00,519
Speaker 2: And I'll let you say your information, But what are

1671
01:23:00,600 --> 01:23:04,000
Speaker 2: some things that you shouldn't ask a real estate agent

1672
01:23:04,640 --> 01:23:07,320
Speaker 2: or somebody in your profession to know, Like this is

1673
01:23:07,360 --> 01:23:08,439
Speaker 2: the person that I want to work with.

1674
01:23:09,439 --> 01:23:12,320
Speaker 4: I think oftentimes we're going too quickly. If I was

1675
01:23:12,360 --> 01:23:14,920
Speaker 4: a buyer in this market and the agent that wanted

1676
01:23:14,960 --> 01:23:17,360
Speaker 4: to represent me on the largest purchase of my life,

1677
01:23:17,800 --> 01:23:20,400
Speaker 4: didn't have the time to sit down with me and

1678
01:23:20,560 --> 01:23:23,760
Speaker 4: explain to me the purchase and sell agreement, which is

1679
01:23:23,800 --> 01:23:26,320
Speaker 4: something you're going to see this as you're writing offers.

1680
01:23:26,360 --> 01:23:28,719
Speaker 4: You may write four different offers on four different houses.

1681
01:23:28,960 --> 01:23:31,160
Speaker 4: And if they've never explained to you the simple purchase

1682
01:23:31,240 --> 01:23:34,840
Speaker 4: and sell agreement and the contingencies and the timelines in

1683
01:23:34,960 --> 01:23:37,560
Speaker 4: your state, whatever your state is, your agent should be

1684
01:23:37,600 --> 01:23:39,720
Speaker 4: able to tell you at what point do you get

1685
01:23:39,760 --> 01:23:41,840
Speaker 4: your money back or what point do you not get

1686
01:23:41,880 --> 01:23:45,240
Speaker 4: your money back, so you're very aware of the contingencies

1687
01:23:45,320 --> 01:23:48,200
Speaker 4: of the agreement. Then they also need to have an

1688
01:23:48,240 --> 01:23:51,400
Speaker 4: understanding of appreciation value. So whatever area you're looking to

1689
01:23:51,479 --> 01:23:53,960
Speaker 4: purchase in, they should be able to tell you what

1690
01:23:54,120 --> 01:23:56,280
Speaker 4: the appreciation values are in the area and what the

1691
01:23:56,439 --> 01:23:59,040
Speaker 4: market trends are in the area. That way, you're actually

1692
01:23:59,120 --> 01:24:02,680
Speaker 4: going into an area where your asset is going to

1693
01:24:02,800 --> 01:24:05,679
Speaker 4: appreciate and you're going to see more value. They should

1694
01:24:05,880 --> 01:24:08,639
Speaker 4: know that. And then beyond that, you should make sure

1695
01:24:08,680 --> 01:24:10,760
Speaker 4: they don't have what we like to call commission breadth.

1696
01:24:11,520 --> 01:24:14,160
Speaker 4: And it happens all the time, someone trying to force

1697
01:24:14,240 --> 01:24:16,680
Speaker 4: you to hurt and make a decision because they need

1698
01:24:16,800 --> 01:24:19,880
Speaker 4: the commission. We are all salespeople, but we should be

1699
01:24:20,040 --> 01:24:22,519
Speaker 4: advocates for our clients, so you should feel like they're

1700
01:24:22,560 --> 01:24:26,200
Speaker 4: advocating on your behalf at all times, actually as a buyer,

1701
01:24:26,640 --> 01:24:29,200
Speaker 4: fighting to save you money and showing you the proof

1702
01:24:29,240 --> 01:24:32,760
Speaker 4: of them trying to save you money emails, text messages, advocating,

1703
01:24:32,840 --> 01:24:35,320
Speaker 4: letting the seller know who you are, why you deserve

1704
01:24:35,439 --> 01:24:38,280
Speaker 4: to get this concession, what's wrong with this property. Getting

1705
01:24:38,720 --> 01:24:41,920
Speaker 4: a mass negotiator is so important because it saves you

1706
01:24:42,479 --> 01:24:44,840
Speaker 4: thousands of dollars. Because I can tell you sellers are

1707
01:24:44,880 --> 01:24:47,360
Speaker 4: not just going to give you anything. So you should

1708
01:24:47,439 --> 01:24:50,680
Speaker 4: look for all of those qualities when you're looking to

1709
01:24:50,840 --> 01:24:53,439
Speaker 4: hire an agent and ask them, can you show me

1710
01:24:53,520 --> 01:24:56,080
Speaker 4: your track record of sales? Like, what is your track

1711
01:24:56,120 --> 01:24:59,519
Speaker 4: record of sales? I think it's okay to ask that

1712
01:24:59,680 --> 01:25:02,760
Speaker 4: question and look them up. I always tell people you

1713
01:25:02,800 --> 01:25:06,439
Speaker 4: can google me. I forget social media. You could go

1714
01:25:06,600 --> 01:25:10,479
Speaker 4: to Google and you can see my reviews right there. Somebody,

1715
01:25:11,040 --> 01:25:13,320
Speaker 4: what other people say about you is more important than

1716
01:25:13,360 --> 01:25:16,360
Speaker 4: what you say about yourself. And I just wouldn't trust

1717
01:25:16,400 --> 01:25:18,800
Speaker 4: someone that I didn't feel like had my best interest

1718
01:25:18,880 --> 01:25:20,840
Speaker 4: at heart. I know they're getting paid, but they're getting

1719
01:25:20,920 --> 01:25:23,439
Speaker 4: paid to perform a service, and that service is to

1720
01:25:23,520 --> 01:25:26,120
Speaker 4: advocate on my behalf, save me money, and get me

1721
01:25:26,200 --> 01:25:28,880
Speaker 4: in an asset that is going to be a positive.

1722
01:25:28,479 --> 01:25:29,120
Speaker 3: Asset for me.

1723
01:25:30,439 --> 01:25:34,840
Speaker 1: Aka Keanus says she popping in real life. Y'all god like.

1724
01:25:35,400 --> 01:25:37,800
Speaker 1: But you know what, I'll end with this. A lot

1725
01:25:37,880 --> 01:25:40,519
Speaker 1: of people, and we run to a lot of people

1726
01:25:40,520 --> 01:25:43,160
Speaker 1: all the time. They look at real estate as the

1727
01:25:43,200 --> 01:25:45,560
Speaker 1: place that they're going to go when their career, you know,

1728
01:25:45,680 --> 01:25:47,240
Speaker 1: may not be something that they thought it would be.

1729
01:25:47,240 --> 01:25:49,280
Speaker 1: I'm going to get into real estate because they think

1730
01:25:49,320 --> 01:25:51,559
Speaker 1: it's a way to make money, and they think it's

1731
01:25:51,840 --> 01:25:54,639
Speaker 1: an easy way to make money. I've seen you work,

1732
01:25:54,880 --> 01:25:58,000
Speaker 1: I've seen your agent's work, the amount of dedication that

1733
01:25:58,120 --> 01:26:01,960
Speaker 1: y'all put into it. What's your advice for people getting

1734
01:26:02,080 --> 01:26:04,680
Speaker 1: into this space. What's the things that the misconceptions that

1735
01:26:04,760 --> 01:26:05,200
Speaker 1: they should know.

1736
01:26:06,240 --> 01:26:09,519
Speaker 4: Oh, and like MJ says, count is your fault. It's

1737
01:26:09,600 --> 01:26:12,479
Speaker 4: your fault. You're floating in the room, You're wearing jackets

1738
01:26:12,520 --> 01:26:15,000
Speaker 4: on your shoulders. I'm doing it right now. I give it,

1739
01:26:15,120 --> 01:26:19,120
Speaker 4: I'll take I will take full responsibility. I'm a glamour person.

1740
01:26:19,160 --> 01:26:20,840
Speaker 4: Whether I was selling real estate or whether I was

1741
01:26:20,920 --> 01:26:22,920
Speaker 4: working at the McDonald's rippery. This is who I am

1742
01:26:23,000 --> 01:26:25,599
Speaker 4: as a person. But the knowledge that I have about

1743
01:26:25,640 --> 01:26:29,080
Speaker 4: the market, my invested interest in understanding real estate and

1744
01:26:29,160 --> 01:26:32,240
Speaker 4: all fasts of real estate, that is something that you

1745
01:26:32,400 --> 01:26:34,960
Speaker 4: want to have when you get in here. Seventy five

1746
01:26:35,000 --> 01:26:37,240
Speaker 4: percent of agents last year didn't even close a deal.

1747
01:26:37,560 --> 01:26:41,160
Speaker 4: They're leaving the industry because the influx of people that

1748
01:26:41,320 --> 01:26:44,160
Speaker 4: came when we had the pandemic, and what happened was

1749
01:26:44,240 --> 01:26:47,160
Speaker 4: there were more buyer demand, interest rates were low. All

1750
01:26:47,240 --> 01:26:48,840
Speaker 4: you had to do was post a picture with your

1751
01:26:48,960 --> 01:26:51,640
Speaker 4: arms crossed and boom you could get a client, and

1752
01:26:51,880 --> 01:26:54,080
Speaker 4: everybody was just trying in a frenzy. Now it's like

1753
01:26:54,120 --> 01:26:55,840
Speaker 4: the cream of the crop is coming to the top.

1754
01:26:56,520 --> 01:26:58,280
Speaker 4: And because of that, if you want to get into

1755
01:26:58,360 --> 01:27:01,800
Speaker 4: this industry, take it seriously. Know that it requires way

1756
01:27:01,920 --> 01:27:05,240
Speaker 4: more due diligence, way more negotiation skills than it did before.

1757
01:27:05,640 --> 01:27:07,280
Speaker 4: And it's not something that I would say would be

1758
01:27:07,360 --> 01:27:10,920
Speaker 4: I'm getting into real estate because this is my way

1759
01:27:11,040 --> 01:27:13,240
Speaker 4: out of where I'm at. When if seventy five percent

1760
01:27:13,280 --> 01:27:16,240
Speaker 4: of licensed real estate professionals that actually closed a couple

1761
01:27:16,280 --> 01:27:18,920
Speaker 4: of deals couldn't close the deal last year. I hope

1762
01:27:18,960 --> 01:27:21,040
Speaker 4: that you come into this industry with a different mindset,

1763
01:27:21,080 --> 01:27:24,120
Speaker 4: that I'm ready to serve the best interest of people

1764
01:27:24,200 --> 01:27:29,719
Speaker 4: and advocate on their behalf and understand the contracts, understand

1765
01:27:29,720 --> 01:27:32,479
Speaker 4: the contracts and be able to negotiate. Don't come here

1766
01:27:32,560 --> 01:27:35,320
Speaker 4: thinking it's a cute picture and I'm walking around with

1767
01:27:35,479 --> 01:27:37,880
Speaker 4: a Chanelle bag and some lubatants all day. That is

1768
01:27:38,000 --> 01:27:41,960
Speaker 4: just not the reality of what really happens behind the scenes.

1769
01:27:41,960 --> 01:27:43,800
Speaker 4: And if you don't get a good grasp on both.

1770
01:27:44,200 --> 01:27:46,479
Speaker 4: I tell people that social media post is to grasp

1771
01:27:46,600 --> 01:27:49,360
Speaker 4: your attention. I need something, you gotta yeah, press the

1772
01:27:49,400 --> 01:27:52,040
Speaker 4: button in my bio. But when you reach out and

1773
01:27:52,160 --> 01:27:54,200
Speaker 4: you go through my system, and you go through my admin,

1774
01:27:54,280 --> 01:27:57,280
Speaker 4: and I go through my onboarding process, and I explain

1775
01:27:57,400 --> 01:28:00,400
Speaker 4: the contract, I explained the liabilities of the kind. I

1776
01:28:00,439 --> 01:28:03,920
Speaker 4: make sure you understand exactly what you're getting into. I

1777
01:28:04,040 --> 01:28:07,600
Speaker 4: am like a human computer working on your behalf to

1778
01:28:07,640 --> 01:28:10,400
Speaker 4: protect your best interest. As you're buying a home, you

1779
01:28:10,520 --> 01:28:13,680
Speaker 4: can't you can't be a hobby. This can't be a

1780
01:28:13,760 --> 01:28:17,160
Speaker 4: hobby for you. This is people's livelihood that they're investing in.

1781
01:28:17,280 --> 01:28:20,600
Speaker 4: They're using that last twenty thousand or thirty thousand. The

1782
01:28:20,720 --> 01:28:22,720
Speaker 4: least you can do is be educated and make sure

1783
01:28:22,760 --> 01:28:24,800
Speaker 4: that you're advocating for them. So if you want to

1784
01:28:24,840 --> 01:28:27,400
Speaker 4: get in this industry, I don't discourage anybody, but take

1785
01:28:27,439 --> 01:28:28,040
Speaker 4: it seriously.

1786
01:28:29,680 --> 01:28:32,479
Speaker 3: How can people find you and how can people work

1787
01:28:32,520 --> 01:28:32,720
Speaker 3: with you?

1788
01:28:33,880 --> 01:28:35,800
Speaker 4: You can find me on social media. My name is

1789
01:28:35,880 --> 01:28:38,400
Speaker 4: Keanu Watson. You can link in my bio, go to

1790
01:28:38,479 --> 01:28:42,439
Speaker 4: my website Keanuwatson dot com. Everything is Keanu Watson. It's

1791
01:28:42,520 --> 01:28:45,120
Speaker 4: easy to find. Go to my website, click my contact

1792
01:28:45,200 --> 01:28:47,960
Speaker 4: page call me for zero four nine eight three sixty

1793
01:28:47,960 --> 01:28:50,600
Speaker 4: three eight zero. We are ready to work with you.

1794
01:28:50,880 --> 01:28:53,720
Speaker 4: I have my agents here at Watson Realty Code. We

1795
01:28:54,000 --> 01:28:57,719
Speaker 4: work with all price points, all budgets, investors, first time buyers,

1796
01:28:58,120 --> 01:29:01,479
Speaker 4: luxury clients, listings, developers, you name it, we can service it.

1797
01:29:01,640 --> 01:29:03,800
Speaker 4: So we look forward to you guys reaching out to us,

1798
01:29:03,880 --> 01:29:05,280
Speaker 4: especially in the metro Atlanta area.

1799
01:29:05,880 --> 01:29:07,559
Speaker 3: Is it outside of Atlanta or just Atlanta?

1800
01:29:07,960 --> 01:29:10,800
Speaker 4: Oh no, worries, See I got you have a training

1801
01:29:10,840 --> 01:29:14,040
Speaker 4: academy of over fifteen hundred agents throughout the nation, some

1802
01:29:14,320 --> 01:29:16,960
Speaker 4: or even in Jamaica, and have some people outside of

1803
01:29:17,000 --> 01:29:19,920
Speaker 4: the country Toronto. So with that being said, no matter

1804
01:29:19,960 --> 01:29:21,680
Speaker 4: where you're looking to purchase the home, if you reach

1805
01:29:21,680 --> 01:29:23,400
Speaker 4: out to me, I can connect you to a licensed

1806
01:29:23,400 --> 01:29:26,479
Speaker 4: agent that has been through my training, that actually understands

1807
01:29:26,520 --> 01:29:28,599
Speaker 4: the process and they're looking to advocate and serve your

1808
01:29:28,640 --> 01:29:31,040
Speaker 4: best interest. So make sure you contact me for whatever

1809
01:29:31,080 --> 01:29:33,400
Speaker 4: state you are. So I just sent someone a referral

1810
01:29:33,439 --> 01:29:36,080
Speaker 4: to Dallas, one to Miami. I sent another referral to

1811
01:29:36,160 --> 01:29:39,559
Speaker 4: another client looking in Birmingham. And New Jersey's on a lot.

1812
01:29:39,680 --> 01:29:41,519
Speaker 4: I tell you I got such I have to go.

1813
01:29:42,200 --> 01:29:44,080
Speaker 4: The only reason I do my events in DC is

1814
01:29:44,120 --> 01:29:47,800
Speaker 4: the middle of New Jersey. So I always tell you, got.

1815
01:29:47,720 --> 01:29:48,559
Speaker 3: Me somebody in New York.

1816
01:29:49,080 --> 01:29:50,920
Speaker 4: Oh, y'all forget y'all did get you somebody in New

1817
01:29:51,000 --> 01:29:52,799
Speaker 4: York and they was in my training academy.

1818
01:29:52,880 --> 01:29:56,519
Speaker 2: So yeah, so you definitely connected. And yeah, Keana is

1819
01:29:56,640 --> 01:29:58,840
Speaker 2: somebody that you know, definitely has been a one from

1820
01:29:58,840 --> 01:30:03,519
Speaker 2: the beginning. Always appreciate you coming in and dropping information.

1821
01:30:03,680 --> 01:30:06,160
Speaker 2: But you're in the home buying process or you're looking

1822
01:30:06,200 --> 01:30:08,120
Speaker 2: to rent too, I think can you help people that

1823
01:30:08,200 --> 01:30:08,479
Speaker 2: we rent?

1824
01:30:08,479 --> 01:30:10,280
Speaker 3: I think your agents absolutely.

1825
01:30:10,120 --> 01:30:12,160
Speaker 4: Yeah, my agents can assusu you with rentals. I think

1826
01:30:12,200 --> 01:30:15,439
Speaker 4: that that's a bridgeway. Everybody is not in a position

1827
01:30:15,520 --> 01:30:17,800
Speaker 4: to purchase. Who are we to judge? I think that

1828
01:30:18,080 --> 01:30:20,839
Speaker 4: we all need housing, and that's our job an advocate

1829
01:30:20,880 --> 01:30:23,439
Speaker 4: as real estate professionals is to give you housing and

1830
01:30:23,520 --> 01:30:25,200
Speaker 4: make sure you understand how that works.

1831
01:30:26,640 --> 01:30:28,439
Speaker 3: Or if you're looking to sell your home, you might

1832
01:30:28,479 --> 01:30:29,360
Speaker 3: need help too, So.

1833
01:30:29,560 --> 01:30:31,439
Speaker 4: Absolutely are you're gonna need help to sell it. I'm

1834
01:30:31,439 --> 01:30:36,640
Speaker 4: gonna tell you that right. You will need help. We

1835
01:30:36,760 --> 01:30:39,400
Speaker 4: represent buyers and sellers. You will need assistance, and mostly

1836
01:30:40,120 --> 01:30:41,320
Speaker 4: you guys can see if you look me up. I

1837
01:30:41,400 --> 01:30:44,120
Speaker 4: work with a lot of developers. They're developing building, which

1838
01:30:44,200 --> 01:30:46,920
Speaker 4: is why I'm pretty abreast of the building process. So

1839
01:30:47,000 --> 01:30:48,680
Speaker 4: even if you're looking to build a custom home or

1840
01:30:48,680 --> 01:30:50,640
Speaker 4: you want new construction, I can assist you there as well.

1841
01:30:51,760 --> 01:30:55,080
Speaker 1: Yes, there you have. Congratulations on all all the developments

1842
01:30:55,120 --> 01:30:56,639
Speaker 1: that we've been watching on social media as well.

1843
01:30:57,520 --> 01:31:02,200
Speaker 4: I know, oh I knew your wife. I'm here, I

1844
01:31:02,360 --> 01:31:04,960
Speaker 4: know who's watching it. Why are you making those design selections?

1845
01:31:05,040 --> 01:31:05,639
Speaker 4: They look good?

1846
01:31:08,439 --> 01:31:13,439
Speaker 2: Yeah? Always a pleasure. All right, thank you guys for rocking,

1847
01:31:13,560 --> 01:31:16,760
Speaker 2: listen listening. We'll see you guys back here next week.

1848
01:31:16,840 --> 01:31:18,960
Speaker 2: Hopefully you got your pins and pads and watch this

1849
01:31:19,080 --> 01:31:21,519
Speaker 2: episode a few times so you can get all the

1850
01:31:21,600 --> 01:31:27,280
Speaker 2: information that's important and download the app for the podcast

1851
01:31:27,320 --> 01:31:29,400
Speaker 2: app too if you listen on the audio side on

1852
01:31:30,040 --> 01:31:31,160
Speaker 2: iTunes of Spotify.

1853
01:31:31,760 --> 01:31:34,719
Speaker 3: But all right, guys, spin Rail Peace Bye.

1854
01:31:35,160 --> 01:31:38,760
Speaker 5: An illegal alien from Guatemala charged with raping a child

1855
01:31:38,840 --> 01:31:42,640
Speaker 5: in Massachusetts. An MS thirteen gang member from El Salvador

1856
01:31:42,920 --> 01:31:47,000
Speaker 5: accused of murdering a Texas. Man of Venezuelan charged with

1857
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Speaker 5: filming and selling child pornography in Michigan. These are just

1858
01:31:51,080 --> 01:31:54,839
Speaker 5: some of the heinous migrant criminals caught because of President

1859
01:31:54,880 --> 01:31:58,400
Speaker 5: Donald J. Trump's leadership. I'm Christine Nohm, the United States

1860
01:31:58,479 --> 01:32:03,240
Speaker 5: Secretary of Homeland Secure. Under President Trump, attempted illegal border

1861
01:32:03,320 --> 01:32:06,840
Speaker 5: crossings are at the lowest levels ever recorded, and over

1862
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Speaker 5: one hundred thousand illegal aliens have been arrested. If you

1863
01:32:10,240 --> 01:32:14,040
Speaker 5: are here illegally, your next you will be fine nearly

1864
01:32:14,160 --> 01:32:18,120
Speaker 5: one thousand dollars a day, imprisoned and deported. You will

1865
01:32:18,200 --> 01:32:21,840
Speaker 5: never return. But if you register using our CBP home

1866
01:32:21,920 --> 01:32:25,240
Speaker 5: app and leave now, you could be allowed to return legally.

1867
01:32:25,640 --> 01:32:30,320
Speaker 5: Do what's right. Leave now. Under President Trump, America's laws,

1868
01:32:30,560 --> 01:32:32,479
Speaker 5: border and families.

1869
01:32:32,160 --> 01:32:32,960
Speaker 4: Will be protected.

1870
01:32:33,080 --> 01:32:35,200
Speaker 1: Sponsored by the United States Department of Homeland Security,