Latest / Connor with Honor: AI, Real Estate and Real Life / Buy a home with $0 down payment in Southern California

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Buy a home with $0 down payment in Southern California · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_01: Hey everybody, thank you so much for tuning in.
• 0:02
  SPEAKER_01: Today I'm going to be talking to Tim Slaminsky, fantastic lender.
• 0:05
  SPEAKER_01: He'll be answering some questions, talking about the state of the uh lending market and kind of in conjunction with the world, talking about what both buyers and sellers really should know about the lending world right now, very, very timely, as we are at the 7th of February, 2025.
• 0:22
  SPEAKER_01: I do have an upcoming show.
• 0:24
  SPEAKER_01: It's going to be an in-person show.
• 0:25
  SPEAKER_01: I know it's crazy.
• 0:26
  SPEAKER_01: I'm actually leaving the house where I'm going to go to the office and I'm going to be standing in front of agents presenting about artificial intelligence.
• 0:35
  SPEAKER_01: Rox and I put together a fantastic program.
• 0:37
  SPEAKER_01: So we'll be able to give you information regarding what you need to know about how to generate leads with artificial intelligence and then even take it that next step.
• 0:46
  SPEAKER_01: Furthermore, this is going to be held on the 18th of February, 10 a.m.
• 0:50
  SPEAKER_01: If you want to get in on that as an agent or a lender in the world, feel free to contact Kat at Realty One Group.
• 0:58
  SPEAKER_01: Her number is 661-542-2219.
• 1:03
  SPEAKER_01: 661-542-2219.
• 1:07
  SPEAKER_01: That's the 18th of February, Tuesday at 10 a.m.
• 1:10
  SPEAKER_01: Should be good, about a 30-minute show, and then I'll have some QA after that, and then we'll take it from here.
• 1:16
  SPEAKER_01: So I have Tim with me today.
• 1:17
  SPEAKER_01: We've spoken in the past.
• 1:19
  SPEAKER_01: He gives great updates regarding what's happening in the lending world today.
• 1:23
  SPEAKER_01: We'll be no different.
• 1:25
  SPEAKER_01: So, Tim, if you wouldn't mind, take a moment and share a little bit about your background and why you're different in the lending world, which is awesome.
• 1:33
  SPEAKER_00: Go ahead.
• 1:34
  SPEAKER_00: Well, good morning, Conor, and thanks so much.
• 1:36
  SPEAKER_00: It's always a pleasure to uh work with you on this.
• 1:38
  SPEAKER_00: Um, pretty excited about what's going on in the market today and who I am.
• 1:44
  SPEAKER_00: I'm a little bit old school.
• 1:47
  SPEAKER_00: What do I mean by that?
• 1:49
  SPEAKER_00: As an old school agent, I do things the old-fashioned way.
• 1:53
  SPEAKER_00: Many cases I meet you face to face.
• 1:56
  SPEAKER_00: I don't like to do virtual.
• 1:58
  SPEAKER_00: And the reason I don't like to do virtual is because we really don't get to know each other.
• 2:03
  SPEAKER_00: So I'll make the effort to, you know, make that drive because I'm the one making a commission.
• 2:10
  SPEAKER_00: I don't think you should have to come to me.
• 2:12
  SPEAKER_00: I feel as I have to go to you to earn your business.
• 2:16
  SPEAKER_00: So that's a little bit of what I like to do.
• 2:19
  SPEAKER_00: Um, started in lending uh 45 years ago, and it was from the automobile industry to the recreational vehicle vehicle industry to the mortgage industry.
• 2:32
  SPEAKER_00: So it's been for me an amazing roller coaster.
• 2:36
  SPEAKER_00: And why do I say that?
• 2:38
  SPEAKER_00: Because I've seen all the economic challenges over the last 45 years.
• 2:44
  SPEAKER_00: So I can help you navigate through that.
• 2:46
  SPEAKER_00: So that's a little bit about me.
• 2:48
  SPEAKER_01: Let me ask you the the buyers right now, especially with the new political alignments and all the very fast-paced moving government, what are their challenges going to be in 2025 as you see them?
• 3:02
  SPEAKER_01: And how can they, what maybe some opportunities for them?
• 3:06
  SPEAKER_00: Well, um, what's pretty exciting is from a lending standpoint, there are more loan programs out there now than there were in the last five years.
• 3:18
  SPEAKER_00: What do I mean by that?
• 3:19
  SPEAKER_00: Well, a lot of lenders are getting to be where in the early 2000s we had a lot of stated income loans.
• 3:27
  SPEAKER_00: Now, that stated income loan was really a good and a bad thing.
• 3:34
  SPEAKER_00: The bad thing was is there were people that abused it.
• 3:37
  SPEAKER_00: The good thing about it is the people that knew how to take advantage of it was an opportunity.
• 3:42
  SPEAKER_00: So now we have bank statement loans.
• 3:44
  SPEAKER_01: Go ahead.
• 3:45
  SPEAKER_01: For stated income, can you explain to that what that looks like for the people listening?
• 3:50
  SPEAKER_01: What does stated income mean?
• 3:53
  SPEAKER_00: Basically, it is position driven.
• 3:56
  SPEAKER_00: So if you're a sales manager for a company, you can say that you make$10,000 a month.
• 4:05
  SPEAKER_00: If you're a gardener, you're not going to say$10,000 a month.
• 4:09
  SPEAKER_00: What you're going to do is state what you actually make.
• 4:13
  SPEAKER_00: So you're not proving.
• 4:15
  SPEAKER_00: But with that being said, there are products out there that will allow us to utilize alternative income.
• 4:24
  SPEAKER_00: So if you are a self-employed person, I can go buy bank statement deposits.
• 4:32
  SPEAKER_00: Okay.
• 4:33
  SPEAKER_00: Um, so that's one of the great programs out there.
• 4:36
  SPEAKER_00: If you're looking to buy a rental property, we can do what is called DSCR, that is debt servicing ratio.
• 4:46
  SPEAKER_00: So we can base it off of what the market rent is for the property.
• 4:50
  SPEAKER_00: So that's a really great product as well.
• 4:53
  SPEAKER_00: So there's just different opportunities and challenges.
• 4:57
  SPEAKER_01: With all these many different loan programs out there, is as a buyer's coming into a lender, what are there, is there like the biggest mistake you could label, or maybe the top three that a buyer might make as they're talking to a lender?
• 5:11
  SPEAKER_00: Yes, going out to buy furniture before you get the house.
• 5:14
  SPEAKER_01: Um that's painful.
• 5:16
  SPEAKER_00: Very good.
• 5:17
  SPEAKER_01: Uh going out and financing the big truck.
• 5:20
  SPEAKER_00: Yeah, going out and buying a truck.
• 5:23
  SPEAKER_00: Okay, going out and buying a brand new car.
• 5:26
  SPEAKER_01: So why why is that?
• 5:27
  SPEAKER_01: Why is that if you can afford it, you know?
• 5:29
  SPEAKER_01: I mean, looks good.
• 5:30
  SPEAKER_01: I know you're buying a house, but you seem to have plenty.
• 5:34
  SPEAKER_01: Why is that bad?
• 5:35
  SPEAKER_00: Well, we when we're doing a loan, we have to deal with what we call DTI.
• 5:41
  SPEAKER_00: What does DTI mean?
• 5:43
  SPEAKER_00: Debt to income ratio.
• 5:45
  SPEAKER_00: So you're making$10,000 a month, the house payment that you're buying is$5,000 a month, you're at a 50% debt-to-income ratio.
• 5:57
  SPEAKER_00: I can do that deal, but that 50% debt-to-income ratio has to include your credit card debt and also automobile debt.
• 6:09
  SPEAKER_00: So it affects your buying power.
• 6:13
  SPEAKER_00: So don't go buy a car, don't max out your credit cards, don't quit your job, uh, don't become self-employed.
• 6:24
  SPEAKER_01: And have if and if they are about to embark in any one of these areas while they're trying to buy a residence, they should talk to their lender before doing anything, I guess.
• 6:36
  SPEAKER_00: Well, I have had customers where I said, You you have the only thing you can do is this, and anything else, you need my permission.
• 6:45
  SPEAKER_00: And you know, that's sort of the it's the relationship that we're building because I'm helping you navigate this process.
• 6:55
  SPEAKER_00: And it's it's a paper trail.
• 7:02
  SPEAKER_00: Another mistake people make is depositing cash in your bank.
• 7:05
  SPEAKER_00: Do not deposit cash.
• 7:07
  SPEAKER_00: We can't source cash.
• 7:10
  SPEAKER_01: So is there so it can't be used for income, or is there some red flag, or it's just something that or both?
• 7:18
  SPEAKER_00: Well, if you're using so let's say you have five thousand dollars in your mattress, that money needs to stay in your mattress until after you close escrow.
• 7:32
  SPEAKER_00: The only thing that should be running into your checking account is anything that is trackable, pay stubs.
• 7:41
  SPEAKER_00: Let's say you sold a car, okay, a copy of the check, a copy of the title, a copy of the bill of sale.
• 7:50
  SPEAKER_00: Anything that you actually own and you sell and you deposit, makes sure that you can track it.
• 7:59
  SPEAKER_01: I talk to a lot of buyers as I know you do, and a lot of them are under the presumption that they have to have stellar credit and they have to have 20% down to go buy something.
• 8:10
  SPEAKER_01: And in the world that we're in, it's tough to have that much money on hand.
• 8:15
  SPEAKER_01: Is there any truth to what they think?
• 8:18
  SPEAKER_00: No.
• 8:18
  SPEAKER_00: Um, there's all kinds of programs.
• 8:22
  SPEAKER_00: There are, well, one I'm doing right now, USDA.
• 8:27
  SPEAKER_00: Okay, what does that stand for?
• 8:29
  SPEAKER_00: United State Department of Agriculture.
• 8:32
  SPEAKER_00: Where are those properties located?
• 8:34
  SPEAKER_00: Well, we live in the Santa Clarita Valley.
• 8:37
  SPEAKER_00: Great area for that.
• 8:38
  SPEAKER_00: Aquidalce, actin, um, parts of Canyon Country, parts of Santa Clarita, uh Castayc, Valverde.
• 8:48
  SPEAKER_00: You can buy a home 100% financing.
• 8:51
  SPEAKER_00: Oh, okay.
• 8:53
  SPEAKER_00: Okay.
• 8:54
  SPEAKER_00: You can buy a home FHA with 3.5% down.
• 8:58
  SPEAKER_00: FHA, so that's the Federal Housing Authority.
• 9:02
  SPEAKER_00: Well, that down payment, the 3.5%, can be a gift from mom and dad.
• 9:07
  SPEAKER_00: Okay.
• 9:08
  SPEAKER_00: So you have all these different things.
• 9:10
  SPEAKER_00: And we can go down in some cases um to what is called a manual underwrite on files if you have below stellar credit.
• 9:21
  SPEAKER_00: What do I mean by that?
• 9:22
  SPEAKER_00: Anything below a 580.
• 9:24
  SPEAKER_00: There are some lenders that will actually allow you, even if you have bad credit, to buy a home.
• 9:32
  SPEAKER_00: And one of those is for the VA.
• 9:35
  SPEAKER_00: The VA will allow down to a 500 credit score, but that is what is called a manual underwrite.
• 9:43
  SPEAKER_00: So it's not computer driven, it is actually an underwriter reviewing the whole file.
• 9:49
  SPEAKER_00: So interesting.
• 9:51
  SPEAKER_00: There's a lot of different programs.
• 9:53
  SPEAKER_01: What about uh so if if I don't ask this, I'll be amiss.
• 9:57
  SPEAKER_01: Tell me about the fires, how you saw them impact your business and how that might have affected particular closings you had with buyers at those times.
• 10:08
  SPEAKER_00: Did it hold up anything in your world?
• 10:10
  SPEAKER_00: Um, it does.
• 10:12
  SPEAKER_00: And because we're considered there was a fire in Castilla.
• 10:17
  SPEAKER_00: In Castilla.
• 10:18
  SPEAKER_00: Hughes fire, right?
• 10:19
  SPEAKER_00: Yeah, the Hughes fire.
• 10:20
  SPEAKER_00: Okay.
• 10:21
  SPEAKER_00: Um, in that particular area, if you were in escrow on a purchase andor a refinance of a property, they had to send out an uh the appraiser to do a reinspection to make sure the property was still there.
• 10:36
  SPEAKER_00: Okay.
• 10:37
  SPEAKER_00: But then that also has affected your ability to get insurance.
• 10:42
  SPEAKER_00: And that is the biggest challenge we're having today.
• 10:47
  SPEAKER_01: Yeah, that's that seems to be biting a lot of the buyers in the butt.
• 10:50
  SPEAKER_01: It used to be before an agent, we could wait till almost the very end of escrow before we even made the phone call because there wasn't even a problem.
• 10:59
  SPEAKER_01: It wasn't even going to be a thing.
• 11:01
  SPEAKER_01: But even in a residence that's surrounded by other residences, that's not like on the side of a mountain or a stilt, you know, a stilt type house, still, it's shocking to me that uh the insurance companies have to do a lot more investigation and some of the main carriers they've left.
• 11:17
  SPEAKER_00: Well, and that's true.
• 11:19
  SPEAKER_00: Um, just as an example, I'm in the Mountain View tract, and we we are considered brush fire.
• 11:28
  SPEAKER_00: Well, my next door neighbor just lost a discount on his property because we have an easement behind our property that the city of Santa Clarita's to maintain.
• 11:38
  SPEAKER_00: Well, because the city has not maintained it properly, we had to fight with the city to send the people out to cut uh clean the hillside off.
• 11:47
  SPEAKER_00: So these are the kinds of challenges we have as homeowners.
• 11:51
  SPEAKER_00: But as a buyer of a property, there's definitely companies that are writing insurance.
• 11:57
  SPEAKER_00: And we always give you a couple people's names of people we can count on that will do the research to help you find the proper insurance for your home.
• 12:06
  SPEAKER_01: That's fantastic.
• 12:08
  SPEAKER_01: I do know that we see uh a lot of things online, the lead generation of things really become a bit of a marvel to me.
• 12:15
  SPEAKER_01: And it seems like people are promising things that they can't actually perform on.
• 12:19
  SPEAKER_01: And now I want to talk about down payment assistance programs, where I see a lot of people saying, Oh, here's all this free money buyers, we're gonna help you buy a house, but at the end of the day, they make the phone calls and they don't even fit, or it's kind of a fake offering.
• 12:34
  SPEAKER_01: Is any of that stuff real?
• 12:36
  SPEAKER_01: Do you have that stuff?
• 12:38
  SPEAKER_00: Yes, there are programs out there.
• 12:40
  SPEAKER_00: Um, the city of Los Angeles has a program.
• 12:43
  SPEAKER_00: So if you're looking to buy in the city of Los Angeles, they do have a down payment assistance program.
• 12:49
  SPEAKER_00: Um, as a lender and a realtor, you need to be certified for it.
• 12:54
  SPEAKER_00: Um, there is what is called Cal HAFA.
• 12:57
  SPEAKER_00: So that is California Housing Finance.
• 13:00
  SPEAKER_00: Okay, and that is basically an FHA loan, federal housing authority loan, with a 3.5% down silent second or second on the property.
• 13:12
  SPEAKER_00: So there's definitely programs out there.
• 13:15
  SPEAKER_00: There are municipalities that have housing programs.
• 13:19
  SPEAKER_00: That money goes up quickly.
• 13:22
  SPEAKER_00: So there's programs out there.
• 13:24
  SPEAKER_00: Um, if I don't know about it, I'll research it and I won't tell you something just to say, oh yeah, I can do the loan and then not deliver.
• 13:34
  SPEAKER_00: It's about being able to put you into your home.
• 13:37
  SPEAKER_01: That's very, very important.
• 13:39
  SPEAKER_01: I know that a lot of times buyers they'll they'll think that talking to a lender over the phone is kind of enough to get really started with that house process of going out and looking at properties.
• 13:50
  SPEAKER_01: I mean, just a conversation.
• 13:52
  SPEAKER_01: How much further would you suggest a buyer maybe entertain talking to a lender before they actually get in the car and start looking?
• 13:59
  SPEAKER_01: What kind of pre-qualification should they be completing?
• 14:02
  SPEAKER_00: Just so they know.
• 14:03
  SPEAKER_00: Well, one of the things that I'm actually doing right now is not just doing a pre-qualification.
• 14:09
  SPEAKER_00: I'm actually doing a full loan approval.
• 14:11
  SPEAKER_00: And here's why.
• 14:13
  SPEAKER_00: Um, a pre-qualification and a pre-approval or a full approval are basically one and the same.
• 14:20
  SPEAKER_00: I'm gonna be asking you for your last 30 days of pay stubs.
• 14:25
  SPEAKER_00: I'm gonna be asking for your last two months' bank statements, your copy of your driver's license, your W-2s.
• 14:31
  SPEAKER_00: I'm gonna go ahead and do the complete application, submit it to underwriting, and within 72 to 96 hours of me doing that, you'll be fully approved or will be denied, one or the other.
• 14:46
  SPEAKER_00: What does that do for you as the consumer?
• 14:49
  SPEAKER_00: It gives you the buying power to go deliver that loan or your paperwork to your realtor, and your realtor is going to basically say, Here, I my clients approved.
• 15:01
  SPEAKER_00: We can close in 15 days, subject to appraisal.
• 15:04
  SPEAKER_00: How much control does that give you as the buyer?
• 15:09
  SPEAKER_01: That's good.
• 15:09
  SPEAKER_01: So three or four days in, uh, we during the weekdays, if a buyer can get you what you need, which is what kind of paperwork are we talking about?
• 15:19
  SPEAKER_00: Last 30 days of pay stubs, last two years W-2s if you're a W-2 employee.
• 15:25
  SPEAKER_00: If you're self-employed, your last two years tax returns, all pages, all schedules.
• 15:31
  SPEAKER_00: Copy of your driver's license.
• 15:33
  SPEAKER_00: And that's basically it.
• 15:35
  SPEAKER_01: Yeah, in that world representing sellers, it is hugely important to have a buyer when they write that offer to have an actual pre-approval letter that has been underwriter approved.
• 15:49
  SPEAKER_01: That's uh that's a really heavy deal.
• 15:51
  SPEAKER_01: And it's so easy as a listening agent to sell that to a seller if this is practically done.
• 15:57
  SPEAKER_01: In it, in reference to that, what are the time frames?
• 16:00
  SPEAKER_01: You mentioned 15 days.
• 16:02
  SPEAKER_01: Let's say there was no problem with the seller closing as fast as you could get it done.
• 16:07
  SPEAKER_01: What types of programs carry what type of time frames for you to close?
• 16:13
  SPEAKER_00: In a put in a in a scenario where we were we could do it in under 20 days easily.
• 16:23
  SPEAKER_00: I've done them in 12.
• 16:27
  SPEAKER_00: Okay.
• 16:28
  SPEAKER_00: Um that is in a traditional finance.
• 16:31
  SPEAKER_00: So you know, we could get it done in two weeks.
• 16:35
  SPEAKER_00: What do you mean by traditional traditional finance?
• 16:38
  SPEAKER_01: What's versus not traditional?
• 16:41
  SPEAKER_01: What's the what what would that be look like?
• 16:44
  SPEAKER_00: Your conforming loans.
• 16:46
  SPEAKER_00: So a conforming loan, a loan under uh the loan limits that are published right now with the Federal Housing Authority.
• 16:56
  SPEAKER_00: Um that is a loan that I consider traditional.
• 17:01
  SPEAKER_00: Um it's still gonna require, it's still gonna require an appraisal.
• 17:07
  SPEAKER_00: It's still gonna require all the documentation, it's gonna require a title and escrow.
• 17:12
  SPEAKER_00: So just standard documentation that we would do in any kind of financing.
• 17:18
  SPEAKER_01: Okay.
• 17:19
  SPEAKER_00: Makes sense.
• 17:20
  SPEAKER_00: Now, in that particular scenario, though, that would be a client that's most likely got a 740 to a 760 credit score, really with no blemishes.
• 17:32
  SPEAKER_00: That's the those go through quickly.
• 17:36
  SPEAKER_01: Okay.
• 17:36
  SPEAKER_01: And during that time frame that you're getting this loan put together, that's the also the reminder don't go by the big truck, don't pay anything off, don't go depositing money, and don't quit your job, I guess, is probably rather important.
• 17:53
  SPEAKER_01: Don't get fired if you can help it.
• 17:55
  SPEAKER_01: Those sorts of things.
• 17:57
  SPEAKER_01: Now, we won't get into the world about people being fired.
• 18:00
  SPEAKER_01: That's uh there's a lot happening on that end of the world.
• 18:03
  SPEAKER_00: But yeah, so don't do that either, right?
• 18:05
  SPEAKER_00: Right, right.
• 18:07
  SPEAKER_00: And you know, I mean, just a little background on that.
• 18:11
  SPEAKER_00: I have one right now, they're doing a USDA loan.
• 18:14
  SPEAKER_00: Okay.
• 18:15
  SPEAKER_00: Okay.
• 18:16
  SPEAKER_00: The the wife is she's the primary wage earner.
• 18:20
  SPEAKER_00: Okay.
• 18:21
  SPEAKER_00: The husband is working two jobs.
• 18:24
  SPEAKER_00: Well, with and the second job he's only been on for six months, I cannot use that second job for income.
• 18:33
  SPEAKER_00: Then I had a conversation with me the other day, and the wife's saying, Well, I'm actually thinking of I'm applying for a different position with the hospital, and I'm gonna go to 20 hours a week, and my pay's being cut$15 an hour.
• 18:49
  SPEAKER_00: It's like, exactly, I can't do that deal now.
• 18:53
  SPEAKER_00: Well, what do you mean?
• 18:54
  SPEAKER_00: Well, because you know, I've got good credit and I'm I'm not making too much money.
• 18:59
  SPEAKER_00: Well, now you're getting back to what I say, DTI, debt to income ratio.
• 19:05
  SPEAKER_00: So before you decide to do any of that, close escrow, then go do whatever you want.
• 19:13
  SPEAKER_01: Makes sense.
• 19:14
  SPEAKER_01: Tell me, tell me something about I see a lot of teasers, as I talked about before.
• 19:19
  SPEAKER_01: And you know that, you know me, that's my biggest gripe, people that are putting things out there that just kind of pull people in that are totally untrue and fake.
• 19:27
  SPEAKER_01: When it comes to the lending world, present company excluded, there's a lot of crap out there when they're talking about, oh, look at this, you'll get this interest rate, you'll get that.
• 19:37
  SPEAKER_01: In your world, working with local, where does that, where's that differentiation point?
• 19:42
  SPEAKER_01: If if they have one of these online systems telling me, oh, I'll give you this interest rate, what's the reason why a person should go with somebody local versus some major online warehouse, I guess?
• 19:56
  SPEAKER_01: Touch field.
• 19:58
  SPEAKER_01: As you stated in the beginning, where you actually you can actually be that human flesh flesh sack in front of people talking to them.
• 20:08
  SPEAKER_00: Right.
• 20:08
  SPEAKER_00: Because I bring the knowledge, you know, I can deliver what I say I'm gonna deliver.
• 20:15
  SPEAKER_00: Now there are programs out there, and there are some companies, you know, as I always call it the 1-800 loan guy.
• 20:22
  SPEAKER_00: And I know people that do that.
• 20:24
  SPEAKER_00: I know one guy right now, he's doing 60 loans a month.
• 20:28
  SPEAKER_00: Are you gonna get the personal attention you want from that person?
• 20:33
  SPEAKER_00: Or are you just gonna be a number?
• 20:36
  SPEAKER_00: You're not a number with people like Connor and I.
• 20:40
  SPEAKER_00: We are relational.
• 20:42
  SPEAKER_00: So we're here to help you.
• 20:44
  SPEAKER_00: And we know enough people that when I say I've pre-approved a client, I can call that listing agent and enter say, hey, it's Tim.
• 20:53
  SPEAKER_00: Oh, hey, how are you?
• 20:55
  SPEAKER_00: So being local is very important.
• 20:58
  SPEAKER_01: Yeah, and there's no there's no cost savings.
• 21:00
  SPEAKER_01: I know that I've sent quite a few your way where you know they have interviewed those other brokerages, and you know, they seem to be happy at the time, but I did tell them, I say, you know, you just just talk to this guy.
• 21:13
  SPEAKER_01: At the end of the day, they weren't only more satisfied than I think they would have been, because they never made it all the way through, but they were getting the same, or if not better, from you.
• 21:23
  SPEAKER_01: So it was like I didn't understand the drive in the beginning, except that's how they got them hooked by some promise.
• 21:31
  SPEAKER_01: And when you're with those bigger companies, I imagine if they start taking things away from where you thought they would be, the following up is really difficult, trying to get them on the phone, say, wait a minute, you're about to screw me.
• 21:44
  SPEAKER_01: I need some explanation to this.
• 21:46
  SPEAKER_01: Good luck with that, I bet.
• 21:48
  SPEAKER_00: Well, and that's true because a lot of these people, they they're in basically call centers.
• 21:56
  SPEAKER_00: Okay.
• 21:57
  SPEAKER_00: They are told this is what we're going to sell today.
• 22:00
  SPEAKER_00: Here's the program.
• 22:01
  SPEAKER_00: Here's what we're quoting.
• 22:03
  SPEAKER_00: So you make that phone call to the 1-800 loan.
• 22:07
  SPEAKER_00: And the first person you're talking to is the person that is going to be gathering all the information.
• 22:14
  SPEAKER_00: And then you ask, well, what's the rate?
• 22:16
  SPEAKER_00: Well, I need to get you to my senior loan officer.
• 22:19
  SPEAKER_00: So then you get through that whole thing after you spend 15 minutes on the phone.
• 22:23
  SPEAKER_00: And usually they're not onshore.
• 22:26
  SPEAKER_00: They're usually in a foreign country.
• 22:28
  SPEAKER_00: So that person you may have a communication problem with.
• 22:33
  SPEAKER_00: So when you have that, then you get to the loan officer, you know, the guy or gal.
• 22:40
  SPEAKER_00: And that person is trying to sell you on a rate or a specific loan program.
• 22:48
  SPEAKER_00: You're not going to get the level of service you're expecting.
• 22:51
  SPEAKER_00: Getting back to that person, they're not, you can't call that person at 7:45 at night because you had a question.
• 23:01
  SPEAKER_00: You can't call that person at 7 a.m.
• 23:04
  SPEAKER_00: in the morning because you have a question.
• 23:08
  SPEAKER_00: You can't call that person on a Saturday or a Sunday because you have a question.
• 23:13
  SPEAKER_00: I tell my clients, I'm usually I'll start taking a call about 7 o'clock in the morning.
• 23:18
  SPEAKER_00: You can call me until about 8 o'clock at night because at 8.01 I fell asleep watching Law and Order.
• 23:24
  SPEAKER_01: That communication is so invaluable, but you know, it's like the good futurist actually predicts the traffic gem in the future, not the automobile.
• 23:35
  SPEAKER_01: People that are walking into real estate, they always don't think of how important it is to have that plasticity of a lender being able to be contacted after hours on weekends.
• 23:45
  SPEAKER_01: And people say, well, business is only done five days a week from 9 a.m.
• 23:49
  SPEAKER_01: to 5 p.m.
• 23:50
  SPEAKER_01: Why would you even need to talk to this person on a weekend when you're spending financing hundreds of thousands, if not millions of dollars, and you might try to go above that, or you run into a house that has higher Melaroos than you expected, those extra taxes or the homeowners, some of the new construction have has over$1,000 a month in homeowners' dues.
• 24:11
  SPEAKER_01: These are things that now you got to ask that question.
• 24:14
  SPEAKER_01: And if it's a hot market and you want to put an offer in on that house and you're going to put that deposit in there, it's super important.
• 24:21
  SPEAKER_01: While there's returnability of deposits and stuff, it's super important to get those questions answers.
• 24:26
  SPEAKER_01: And if it's 7 p.m.
• 24:28
  SPEAKER_01: Saturday night on a holiday, good luck contacting that 1-800 lender person.
• 24:33
  SPEAKER_00: Well, let me ask you a question, Connor.
• 24:35
  SPEAKER_00: Would you rather go to lunch with me or have me be available to you on the phone?
• 24:42
  SPEAKER_01: Available on the phone.
• 24:44
  SPEAKER_01: I mean, that's what it's about.
• 24:46
  SPEAKER_00: It's about the relationship that I develop with you as the consumer that you feel comfortable enough to ask that question.
• 24:54
  SPEAKER_00: And the one thing I do tell people is there's not a single question that's stupid.
• 25:00
  SPEAKER_00: And what do I mean by that?
• 25:01
  SPEAKER_00: It's almost insulting, but what do I mean by that?
• 25:04
  SPEAKER_00: Any question you have is a valid question.
• 25:07
  SPEAKER_00: The stupid ones are the ones you never ask.
• 25:11
  SPEAKER_00: So don't be afraid to ask a question if you don't have the knowledge.
• 25:16
  SPEAKER_00: You just took me back to when I was about eight years old.
• 25:19
  SPEAKER_01: Thank you.
• 25:23
  SPEAKER_00: That was more mom, okay.
• 25:26
  SPEAKER_00: Yeah, okay.
• 25:28
  SPEAKER_00: But that you know, that's the important thing about a relationship that we have, you as a consumer has with your realtor.
• 25:36
  SPEAKER_00: I have with your realtor, because we're going to always look out for what is best for you.
• 25:42
  SPEAKER_00: It's not what's best for us, it's always what's best for you.
• 25:46
  SPEAKER_01: What's the biggest piece of advice you would be able to give a very early on younger first-time buyer for 2025?
• 25:58
  SPEAKER_01: What would that be?
• 26:06
  SPEAKER_00: Understand a budget.
• 26:09
  SPEAKER_00: Figure out what a budget is.
• 26:12
  SPEAKER_00: Think about all the money you spend.
• 26:16
  SPEAKER_00: Younger people today do not keep track of their balance and their checking account.
• 26:23
  SPEAKER_00: They just look at their account.
• 26:25
  SPEAKER_00: They just look at their account and they say, Oh, I've got this much money.
• 26:30
  SPEAKER_00: But what they don't do is analyze where they spend money.
• 26:34
  SPEAKER_00: So analyze for a 60-day period what you spend money on and what's important that you spend money on.
• 26:43
  SPEAKER_00: You know, if you're going to buy, you know, uh a$30 bottle of wine to go out and party with your friends or your groceries, think about those things.
• 26:54
  SPEAKER_00: Think about how much discretionary income you have.
• 27:00
  SPEAKER_00: So that's one of the first things I would say.
• 27:02
  SPEAKER_00: Secondly, is take sage advice.
• 27:08
  SPEAKER_00: Talk to your parents.
• 27:10
  SPEAKER_00: Talk to your parents.
• 27:11
  SPEAKER_00: Talk to, you know, if you have a relationship with a friend that is in the stock market or something, get opinions.
• 27:20
  SPEAKER_00: Okay.
• 27:21
  SPEAKER_00: But more importantly, when you decide to start shopping for a home, seek an expert.
• 27:29
  SPEAKER_01: Very, very good advice, Tim.
• 27:31
  SPEAKER_01: Where can people find you?
• 27:33
  SPEAKER_01: How can they contact you?
• 27:35
  SPEAKER_01: What's that best method?
• 27:36
  SPEAKER_00: Well, the best way to reach me is via telephone.
• 27:39
  SPEAKER_00: I pick up the phone every day.
• 27:41
  SPEAKER_00: And that number is 805-907-6389.
• 27:46
  SPEAKER_00: You can call me, you can text me.
• 27:48
  SPEAKER_00: Or you could reach me at my business email, which is Tim.slominsky at apmortgage.com.
• 27:56
  SPEAKER_00: And again, I'm here seven days a week from 7 a.m.
• 28:00
  SPEAKER_00: till eight o'clock, because 801, I fell asleep.
• 28:04
  SPEAKER_01: It's always a pleasure, Tim.
• 28:05
  SPEAKER_01: Thank you so much for updating everybody.
• 28:07
  SPEAKER_01: I really, really appreciate it.
• 28:09
  SPEAKER_00: Connor, thank you so much.
• 28:10
  SPEAKER_01: It's always a pleasure, my friend.
• 28:12
  SPEAKER_01: More than welcome.
• 28:13
  SPEAKER_01: Ladies and gentlemen, that was Tim Slaminski.
• 28:16
  SPEAKER_01: I will tell you that that upcoming boot camp for artificial intelligence is going to be happening on the 18th of this month at Realty One Offices.
• 28:24
  SPEAKER_01: Don't forget, if you need to know more information, you can email, text me, or DM me one of the social media platforms where I put this.
• 28:30
  SPEAKER_01: Also, if you want to contact Tim and you miss the number, no problem at all.
• 28:34
  SPEAKER_01: Just hit me up with an email or a text or a DM, and I will send you his information very, very quickly.
• 28:40
  SPEAKER_01: I hope everybody enjoyed the show.
• 28:41
  SPEAKER_01: We will see you in the next one.
• 28:43
  SPEAKER_01: Have a fantastic week.
• 28:44
  SPEAKER_01: I'm Connor with honor.
• 28:46
  SPEAKER_01: Over and out.