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How about some cash flow with a rental? · Bought Borrowed and Sold

• 0:00
  Speaker 1: Hello, hello, and welcome to Ball Barn and Sold. Hope
• 0:06
  Speaker 1: y'all are having a wonderful morning. Got that coffee rocking
• 0:10
  Speaker 1: and rolling. Brad Smith's over there on his phone. Brad Smith,
• 0:16
  Speaker 1: Cross Country Mortgage. What's up, dude?
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  Speaker 2: Man, I am just living the life.
• 0:21
  Speaker 1: Were you getting prepared for the mortgage game?
• 0:23
  Speaker 2: How about I'm living life?
• 0:23
  Speaker 1: Was that what you were doing?
• 0:24
  Speaker 2: I'm living life.
• 0:25
  Speaker 1: Were you getting prepared for the mortgage game here in
• 0:26
  Speaker 1: a minute?
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  Speaker 2: Yeah, I was rereading some notes, trying to find some
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  Speaker 2: positive spin for later, but I just don't have much.
• 0:32
  Speaker 1: Well, you know, I was looking at our numbers for September,
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  Speaker 1: and our September numbers closings are looking pretty good.
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  Speaker 2: Awesome.
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  Speaker 1: So I'm very happy with that.
• 0:42
  Speaker 2: That's great.
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  Speaker 1: A lot of our listings have been able to get sold,
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  Speaker 1: get under contract, and ideally will be closing throughout the
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  Speaker 1: rest of this month. And I would say an average
• 0:55
  Speaker 1: start to October, you know, based on our under contracts
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  Speaker 1: right now. So, you know, I feel like we're making
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  Speaker 1: progress even with all kinds of crazy.
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  Speaker 2: News that's out there. I just meant people, you know,
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  Speaker 2: for the folks that are worried about where the mortgage
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  Speaker 2: rates are going, the news isn't great.
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  Speaker 1: Oh, yeah, yeah, yeah.
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  Speaker 2: So that's really all I've got.
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  Speaker 1: That's the teaser. That's the teaser.
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  Speaker 2: If you wanted to call it a teaser.
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  Speaker 1: Actually, he just ripped the Band-Aid off and said, hey,
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  Speaker 1: rates are going up.
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  Speaker 2: Yeah, they are. I wanted y'all to be prepared for
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  Speaker 2: when we get to the game in a minute to
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  Speaker 2: know that you need to adjust your.
• 1:30
  Speaker 1: Oh, oh, did you hear that, John? Yeah, adjust and.
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  Speaker 2: I'm not saying it's like.
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  Speaker 1: Which direction am I adjusting? Your little sticky notes that
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  Speaker 1: you've got over there that you use, you know, hey,
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  Speaker 1: I think He won last week, so I'm coming back.
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  Speaker 2: That was the only reason for the little tease there.
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  Speaker 2: I wanted my contestants to kind of know that, hey,
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  Speaker 2: maybe you're having to change our factor a little bit.
• 1:53
  Speaker 2: I know y'all are pretty dialed in.
• 1:54
  Speaker 1: I shouldn't go with the $ 6. 50 per?
• 1:56
  Speaker 2: Well, I don't know. That's my new standard. I'm going
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  Speaker 2: to go just like $ 6.
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  Speaker 1: 80. So this week we actually sold a home to
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  Speaker 1: one of our investors. Awesome. I had some folks in Calera.
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  Speaker 1: that were just, you know, they didn't want to take
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  Speaker 1: their house to the market. They didn't want to prepare
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  Speaker 1: their house for the market. They didn't want to do
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  Speaker 1: the things that they needed to do to get their
• 2:21
  Speaker 1: house on the market. And so we got one of
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  Speaker 1: our investors hooked up and we ended up getting a deal,
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  Speaker 1: you know, rock, you know, secured and, and they were
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  Speaker 1: able to move down to the Auburn where they wanted
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  Speaker 1: to be. And so it was something I've been actually
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  Speaker 1: working on for my goodness, maybe nine or ten months.
• 2:42
  Speaker 1: And we kind of looked at it, and we took
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  Speaker 1: a pause, and we were like, I don't know if
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  Speaker 1: this is the right time. And then he called me back.
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  Speaker 1: He's like, hey, I think the time is right. So
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  Speaker 1: excited to get that one past us. And I bought
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  Speaker 1: a rental home this week. Nice. So I'm excited about that.
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  Speaker 2: That's fun.
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  Speaker 1: Bought a home to flip this week.
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  Speaker 2: Goodness, let's go. Mm-hmm. A lot of good stuff going on.
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  Speaker 1: So the home I'm going to have as a rental
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  Speaker 1: is going to be in Grayson Valley. And then the
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  Speaker 1: home that I'm buying to flip is actually going to
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  Speaker 1: be in the Roebuck, Grayson Valley area. So we've got
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  Speaker 1: a couple of things. Like I've got a– next week
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  Speaker 1: we've got a flip coming up in Rimlap. Oh, cool.
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  Speaker 1: Over in Blount County. So, yeah, we've got a few
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  Speaker 1: things in the mix. And then I've been working with
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  Speaker 1: a buyer probably for the last nine, ten months. A
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  Speaker 1: lot of folks– you got to build that plan, right? Yeah.
• 3:37
  Speaker 1: So we've, we've had been waiting on one of my
• 3:40
  Speaker 1: clients waiting on a divorce decree to get finalized, divorce
• 3:42
  Speaker 1: to get finalized and everything. We wanted to make sure
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  Speaker 1: that we got her a really good house and it
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  Speaker 1: only took about nine or 10 months, but we finally,
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  Speaker 1: finally made it happen. So yeah, it's been, it's been
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  Speaker 1: a long, checked a lot of boxes this week. I'm
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  Speaker 1: telling you, hit a lot of boxes. And then we've
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  Speaker 1: got like next week, we've got, I've got, you know,
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  Speaker 1: some different things that are, that are closing that I'm
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  Speaker 1: really excited about. So it's been, The market, I feel like,
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  Speaker 1: has slowed down a little bit, but some houses, like,
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  Speaker 1: I mean, we were, this past week, Cheyenne, who's one
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  Speaker 1: of our new agents, she put a home under contract.
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  Speaker 1: There was four offers on it. Wow. You know, so
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  Speaker 1: you just never know. It depends on the house, location,
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  Speaker 1: price point, all that fun stuff. So, you know, I
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  Speaker 1: guess for my update... It really just depends. Oh, 100%.
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  Speaker 2: Yeah, I mean, we've been talking about it. If it's
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  Speaker 2: the right spot and it's the right people come through it,
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  Speaker 2: I mean, things are still moving. I mean, it's– and
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  Speaker 2: a lot of the slowdown, too, is just more of
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  Speaker 2: just seasonal. You know, we kind of get to that
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  Speaker 2: where we're kind of getting to that point of we're
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  Speaker 2: in the back end of third quarter now. We're staring
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  Speaker 2: down the fourth quarter in October.
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  Speaker 1: Yeah.
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  Speaker 2: So it's just kind of that time. But yeah, so
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  Speaker 2: that's great, though. Glad everything's still moving and you're seeing
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  Speaker 2: some good stuff. That's right.
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  Speaker 1: Well, we've got a couple of new listings. We've got
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  Speaker 1: three new listings this week that we're going to talk about,
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  Speaker 1: and we're going to do our mortgage game. So Brad,
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  Speaker 1: with Cross Country Mortgage, bradsmithloans.com. Tell us the rules of
• 5:08
  Speaker 1: the game. The rules of the game.
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  Speaker 2: Gusty's going to go over their new listings. He's going
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  Speaker 2: to go through some of the cool features and different
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  Speaker 2: things on the property. He's going to, at the end,
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  Speaker 2: give us what I need, and that is the list
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  Speaker 2: price of the property. That's what somebody who's going to
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  Speaker 2: pay for the house. So I'll give a potential down
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  Speaker 2: payment that a borrower may make on it. And then
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  Speaker 2: Gusty and John will give their best educated guesses at
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  Speaker 2: the 30-year fixed monthly principal and interest only payment.
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  Speaker 1: All righty.
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  Speaker 2: There we go.
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  Speaker 1: Good job. Way to go. Yeah. Our first new listing
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  Speaker 1: is an investment opportunity. It is in Fairfield, located at
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  Speaker 1: 517 Seminole Drive. This is a three-bedroom, one-bath home with 1,065
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  Speaker 1: square feet on two-tenths of an acre lot. This home
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  Speaker 1: is currently tenant-occupied, leased through Section 8 at $ 1, 100 a month.
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  Speaker 1: Tenant is already in place, so literally you can cash flow...
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  Speaker 1: and you get a turnkey rental investment right now. This
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  Speaker 1: listing is courtesy of Tim Lantz. So, Tim, congratulations on
• 6:11
  Speaker 1: your new listing. $ 99, 750 can get you an investment that
• 6:14
  Speaker 1: generates you $ 1, 100 a month. Let's go. $ 99, 750. $ 99, 750. All right,
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  Speaker 1: we're going to put 20% down to start. So 20% down,
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  Speaker 1: Gusty gets to go first. All right.
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  Speaker 2: 20% down.
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  Speaker 1: I'm going to go with $ 511. So we're financing 100,
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  Speaker 1: basically 100.
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  Speaker 2: So we're financing 80.
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  Speaker 1: So yeah, I'm thinking, I'm thinking 500 even.
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  Speaker 2: The actual payment was $ 545. I told them to adjust
• 7:03
  Speaker 2: their factor. I was in my head going, if John
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  Speaker 2: had just changed his factor $ 20, he'd have been right
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  Speaker 2: near it, $ 30. Something like that.
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  Speaker 1: Chalking one up for the good guys.
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  Speaker 2: Why do you got to be the good guy?
• 7:16
  Speaker 1: Because it's my show.
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  Speaker 2: That's true.
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  Speaker 1: Fair. Oh, yeah. All right. Next new listing is also
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  Speaker 1: another investment opportunity. This is located in Woodlawn. At 313-62nd
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  Speaker 1: Street South, this is a three-bedroom, one-bath home built in 1940, 1,226
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  Speaker 1: square feet. It is currently generating $ 1, 200 a month through
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  Speaker 1: Section 8. Tenant is already in place, and we are
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  Speaker 1: asking $ 115, 000. So a $ 1, 200 a month revenue, and the price, $ 115, 000.
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  Speaker 2: There you go.
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  Speaker 1: This listing is courtesy of Tim Lance. Tim, congratulations on
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  Speaker 1: another listing.
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  Speaker 2: All right, $ 115, 000. We're going to put 5% down on
• 8:04
  Speaker 2: this one. We're going to put 5% down on this one.
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  Speaker 1: All right.
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  Speaker 2: And it's on to me. It's on to John.
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  Speaker 1: So I'm going to say $ 690, 000. That's some good cash flow.
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  Speaker 1: If you've got 11 coming in, you're making a payment
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  Speaker 1: of $ 600 or $ 700 a month. That's like $ 500, $ 400,
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  Speaker 1: $ 500 a month. Now, there is taxes and insurance.
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  Speaker 2: Yeah, yeah, yeah. And we don't know that John's right.
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  Speaker 1: 7-11. 7-11.
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  Speaker 2: Sticking with the 11s. It's actually 7-45, but, Gus, he's closer.
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  Speaker 2: The 11s are working.
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  Speaker 1: Got to go higher. Got to go higher. All right.
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  Speaker 2: But $ 745, 000 actually. So still get some cash flow.
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  Speaker 1: Guess what? I've already won.
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  Speaker 2: You've already won. It's the last property.
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  Speaker 1: But hey, this one's actually.
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  Speaker 2: Worth three because it's almost tripled.
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  Speaker 1: I feel like it should be weighted based on the
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  Speaker 1: asking price. Yeah, not today. You won last week.
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  Speaker 2: Yeah, that's right.
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  Speaker 1: He's done playing with me.
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  Speaker 2: Yeah, yeah.
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  Speaker 1: No freaks. All right.
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  Speaker 2: Taking the toys going home.
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  Speaker 1: $ 793, 000, U.S. Highway 11. This is a four-bedroom, two-bath home, 1,447
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  Speaker 1: square feet, and we are asking $ 294, 000. $ 294, 000. This listing
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  Speaker 1: is courtesy of Kyle Bedgood. So, Kyle, congratulations on your
• 9:36
  Speaker 1: new listing. 1,900 square feet, four bedrooms, two baths in Springville. Nice.
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  Speaker 1: All right.
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  Speaker 2: There you go.
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  Speaker 1: 294.
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  Speaker 2: We're going to go with 10% down. 10% down. We're
• 9:45
  Speaker 2: back to gusty. John is trying to stay off the
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  Speaker 2: goose egg.
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  Speaker 1: 294, 10% now. $ 294.
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  Speaker 2: I'm going to go with 10%.
• 9:58
  Speaker 1: 10% down.
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  Speaker 2: I'm going to go with $ 1, 700.
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  Speaker 1: $ 1, 700. And $ 11. $ 11 for Augustine. I'll go $ 1, 712.
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  Speaker 2: $ 1, 712. Well, that was great because it was 1805. I thought, Gus,
• 10:18
  Speaker 2: you might go 1811, and I was going to be
• 10:20
  Speaker 2: worried a little bit.
• 10:23
  Speaker 1: I would have went higher, but I was like, I can't.
• 10:25
  Speaker 1: After last week, I've got to get at least one win.
• 10:27
  Speaker 2: I like it. I like it. You did the right thing.
• 10:29
  Speaker 1: Hey, we've got a listing coming up in the Russet
• 10:31
  Speaker 1: Woods neighborhood of Hoover, located at 137 South Run Circle.
• 10:36
  Speaker 1: This home was built in 1988, and we are asking $ 429, 900,
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  Speaker 1: a three-bedroom, two and a half bath home with a
• 10:44
  Speaker 1: two car garage. And so I'm excited about that one.
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  Speaker 1: Also got one, four bedrooms, two and a half baths
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  Speaker 1: located in Rimlap, 10121 Mize Road, located on two and
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  Speaker 1: a half acres. It's got a pool, a brand new
• 11:00
  Speaker 1: pool liner. It's got new paint all throughout the interior.
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  Speaker 1: And we're asking $ 475, 000 for that one. So excited about that.
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  Speaker 1: And so we've got, we've got, A couple more coming soon,
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  Speaker 1: so we've got some good stuff coming down the pipeline.
• 11:17
  Speaker 1: We do have some buyer needs, so I wanted to
• 11:20
  Speaker 1: kind of go over a couple of folks. We've got
• 11:21
  Speaker 1: somebody looking in the Huffman, Irondale, Leeds, or Moody area
• 11:26
  Speaker 1: up to $ 210, 000. They prefer a three-bedroom, two-bath. We've got
• 11:31
  Speaker 1: somebody looking for a three-bedroom, two-bath that does not include
• 11:35
  Speaker 1: an HOA, and they want a little bit more privacy
• 11:38
  Speaker 1: in large bedrooms up to $ 120, 000. We still have somebody
• 11:42
  Speaker 1: looking in the Griffin Park sector of Eagle Point or
• 11:46
  Speaker 1: just in the Eagle Point neighborhood up to $ 600, 000. And
• 11:50
  Speaker 1: then we've got somebody looking up to $ 560, 000 in Vestavia. And,
• 11:56
  Speaker 1: you know, as always, Crestwood, Forest Park, Avondale, single level
• 12:00
  Speaker 1: up to $ 600, 000. And we've got somebody looking in the
• 12:04
  Speaker 1: Edgewood School District. I've got pretty much in all price
• 12:06
  Speaker 1: ranges over in Edgewood School District, so. Yeah, so we've
• 12:12
  Speaker 1: got a bunch of things going on, so you can
• 12:14
  Speaker 1: reach out to us at gustygoulasgroup.com or call or text 205-542-1996. Hey,
• 12:22
  Speaker 1: guess what time it is?
• 12:24
  Speaker 2: That's right.
• 12:27
  Speaker 1: It's testimonial time. All right, we've got a good one
• 12:31
  Speaker 1: from Victoria, and Victoria says, Edwin helped us tremendously with
• 12:35
  Speaker 1: the purchase of our condo. He was very kind, attentive,
• 12:40
  Speaker 1: and helped explain everything with ease. We are so thankful
• 12:43
  Speaker 1: for his generosity in helping this process go as smoothly
• 12:46
  Speaker 1: as possible. Best real estate agent out there. Well, Victoria,
• 12:51
  Speaker 1: congratulations on your new condo. And Edwin, congratulations on another
• 12:56
  Speaker 1: five-star review. And this one is for Kyle. James says,
• 13:03
  Speaker 1: he did a great job. Answered all of our questions.
• 13:07
  Speaker 1: guided us easily throughout the process and gave great recommendations
• 13:11
  Speaker 1: on where to start our search for services and things
• 13:15
  Speaker 1: of that nature. Don't forget to ask him about cheesecake.
• 13:21
  Speaker 1: Kyle is quite the cheesecake connoisseur and maker. And so, uh, yeah,
• 13:28
  Speaker 1: so I bet you he got a cheesecake as a, uh,
• 13:31
  Speaker 1: as a, as a closing gift. So, James, congratulations on
• 13:35
  Speaker 1: your new home. And Kyle, congratulations on.
• 13:38
  Speaker 2: Another five-star review.
• 13:41
  Speaker 1: That's what I'm talking about. All right. Y'all stay tuned.
• 13:45
  Speaker 1: We're going to tell you a little bit more about
• 13:46
  Speaker 1: what we're seeing in the real estate market and all
• 13:48
  Speaker 1: that fun stuff. Interest rates. Right here on Bought, Borrowed,
• 13:52
  Speaker 1: and Sold. Stay tuned. Welcome back to Bought, Borrowed, and Sold.
• 13:59
  Speaker 1: And we've... I tell you, it's been a busy year, Brad.
• 14:04
  Speaker 2: It has.
• 14:06
  Speaker 1: We're up like 10% in home sales this year. And
• 14:11
  Speaker 1: we're beating the market, which I'm very excited about. And, yeah,
• 14:17
  Speaker 1: even with rates creeping up here recently, I guess, you know,
• 14:22
  Speaker 1: really since February.
• 14:24
  Speaker 2: Yeah, yeah.
• 14:26
  Speaker 1: But, you know, I feel like they came down for
• 14:28
  Speaker 1: a second. They decided to come back. I mean, people
• 14:32
  Speaker 1: have still been... I feel like we've had so many
• 14:35
  Speaker 1: people sitting on the sidelines for so long waiting on
• 14:38
  Speaker 1: the right houses to pop up that it really hasn't
• 14:41
  Speaker 1: mattered what the interest rates were. They were just really
• 14:44
  Speaker 1: waiting for that right house, thinking that, hey, at some point, look,
• 14:48
  Speaker 1: we'll just refinance when the time's right. And I like
• 14:52
  Speaker 1: that theory of... It is more about the house than
• 14:56
  Speaker 1: the rate. Now, the rate is important because... it affects
• 15:00
  Speaker 1: your mortgage payment. Right. So what have we been seeing
• 15:04
  Speaker 1: over the last week, my friend?
• 15:09
  Speaker 2: Well, they've gone up.
• 15:12
  Speaker 1: You told us that a little bit ago.
• 15:13
  Speaker 2: And continued to kind of tick up. Just about everything
• 15:18
  Speaker 2: that could have happened this week to make rates go
• 15:20
  Speaker 2: up did happen. And so, again, when I say it
• 15:23
  Speaker 2: like that, it is alarming when you start seeing– 0.1%
• 15:28
  Speaker 2: is a lot in the mortgage world when you're looking
• 15:31
  Speaker 2: at it, and you're talking about dollars and cents, it
• 15:33
  Speaker 2: starts adding up real quick, whether it's your $ 100, 000 mortgage
• 15:36
  Speaker 2: or your million dollar mortgage, or if it's a billion
• 15:39
  Speaker 2: dollars worth of mortgages being sold, or if it's a
• 15:41
  Speaker 2: $ 10 billion pool and how all this stuff starts going.
• 15:44
  Speaker 2: And so between the PPI number coming out this week,
• 15:50
  Speaker 2: which is a little bit of an indicator on inflation,
• 15:55
  Speaker 2: it wasn't great. CPI came out a little later. Usually
• 15:58
  Speaker 2: CPI comes out first. But there was enough things there
• 16:02
  Speaker 2: where the big number of the PCE that they pull
• 16:06
  Speaker 2: it all from, it kind of gives you a look
• 16:08
  Speaker 2: ahead of that. So inflation numbers were still creeping up
• 16:11
  Speaker 2: a little bit because gas prices spiked back up. Oil
• 16:15
  Speaker 2: spiked back up this past week.
• 16:17
  Speaker 1: Yeah, I was passing by a gas station. I saw $ 3.
• 16:18
  Speaker 2: 89. Yeah, so we're ticking back up to $ 4 there. Again,
• 16:22
  Speaker 2: I mean, I know there's other ways to look at it,
• 16:24
  Speaker 2: but for people that don't just follow the market or
• 16:26
  Speaker 2: get on their stock thing or look at 10-year treasuries,
• 16:30
  Speaker 2: that gas price will kind of tell you what mortgage
• 16:32
  Speaker 2: rates are doing. I mean, you know, that's kind of
• 16:34
  Speaker 2: my easy way because you can be riding down the
• 16:35
  Speaker 2: road and know, hey, it went from $ 3. 60 to $ 4.
• 16:37
  Speaker 2: I need to know that. Mortgage rates probably went up
• 16:39
  Speaker 2: this week. So, again, that's kind of all tied together.
• 16:44
  Speaker 2: And then... You know, the Fed and the Treasury came
• 16:49
  Speaker 2: out and said they're going to start selling some more treasuries.
• 16:55
  Speaker 1: So what does that really mean, though?
• 16:58
  Speaker 2: The main thing it means is they're putting more competition
• 17:06
  Speaker 2: in the Treasury and bond market against the mortgage rates
• 17:11
  Speaker 2: of what we want people buying those bonds on the
• 17:13
  Speaker 2: supply and demand. Now, it can ultimately help bring the
• 17:16
  Speaker 2: rates down, but what it does is it's kind of
• 17:20
  Speaker 2: that supply and demand thing. So you have to keep
• 17:22
  Speaker 2: bumping the rates up to get people to buy these
• 17:25
  Speaker 2: bonds in these pools of the mortgage side. And so
• 17:28
  Speaker 2: when you start dumping a bunch of federally backed treasuries
• 17:32
  Speaker 2: out there that people can now buy up in the market,
• 17:36
  Speaker 2: it takes some of that cash that may have gone
• 17:38
  Speaker 2: to buy mortgage bonds that may be a little riskier
• 17:40
  Speaker 2: even if you're returned. So to get people back in
• 17:42
  Speaker 2: the mortgage bonds, you've got to give them a better return.
• 17:44
  Speaker 2: That return, you know, I told you that their return
• 17:46
  Speaker 2: they're looking at is the very little interest because, you know,
• 17:50
  Speaker 2: the life of the mortgage is five and a half,
• 17:52
  Speaker 2: six and a half years usually. And so what they're
• 17:54
  Speaker 2: really looking at is those servicing values and how long
• 17:56
  Speaker 2: they can expect to have these certain portfolios performing because
• 18:01
  Speaker 2: they're making money off of the servicing value on these
• 18:04
  Speaker 2: big pools of servicers that have it all. So I
• 18:06
  Speaker 2: know it's getting a little deep dive, but we have a.
• 18:07
  Speaker 1: Little more time today. No, I think that's interesting, like,
• 18:10
  Speaker 1: of what they think about. So.
• 18:13
  Speaker 2: So when you start talking about the– we're not really
• 18:17
  Speaker 2: sure even really where the demand is right now with
• 18:20
  Speaker 2: inflation still creeping where we don't want it to go
• 18:23
  Speaker 2: and a lot of that being caused by the fuel prices.
• 18:26
  Speaker 2: So those two things are fighting each other. And then–
• 18:29
  Speaker 2: so we've already had rates up a little bit to
• 18:31
  Speaker 2: entice people to buy those pools of mortgages. And then
• 18:34
  Speaker 2: all of a sudden, we drop– the Fed comes and says, hey,
• 18:39
  Speaker 2: we're going to start dropping out more treasuries in the
• 18:40
  Speaker 2: market too for people to buy. And so now all
• 18:43
  Speaker 2: of a sudden you start getting a tug of war
• 18:45
  Speaker 2: there where that money is going. And so to entice
• 18:48
  Speaker 2: it there, you have to creep it up a little more.
• 18:49
  Speaker 2: So that doesn't mean that we won't come back next
• 18:52
  Speaker 2: week and the Fed come out and say they're going
• 18:54
  Speaker 2: to be part of their balance sheet. They're going to
• 18:55
  Speaker 2: be selling Treasury but buying back mortgage-backed security. You don't
• 18:58
  Speaker 2: ever know where it's going to end up going. But
• 19:00
  Speaker 2: when you start putting all three of those combination of things,
• 19:02
  Speaker 2: it kind of all come out within the same week.
• 19:05
  Speaker 2: And we've already been kind of at a tipping point.
• 19:07
  Speaker 2: Next thing you know, we go from 6.95, 30-year average,
• 19:09
  Speaker 2: to a 7 point. 07, 7.1 30 year average. And
• 19:14
  Speaker 2: so with the average that people are probably actually getting
• 19:16
  Speaker 2: and paying for is probably closer to, you know, if
• 19:18
  Speaker 2: you really did a 30 year average today on what
• 19:20
  Speaker 2: people are locking in at, you're probably about more like
• 19:23
  Speaker 2: seven and a quarter, 7.15 or something like that. When
• 19:26
  Speaker 2: we were closer to seven, seven and maybe right at
• 19:29
  Speaker 2: seven last week. And, you know, we were at 6.75
• 19:31
  Speaker 2: a couple of weeks ago, six and a half. We'd
• 19:34
  Speaker 2: gotten down to, you know, almost even a little under
• 19:36
  Speaker 2: six earlier, right before all this. And we've kind of
• 19:39
  Speaker 2: ping pong, but we're, We are now– hopefully we'll get
• 19:43
  Speaker 2: some good news this coming week, but right now we're
• 19:46
  Speaker 2: pretty solidified that we're over seven on average.
• 19:49
  Speaker 1: So what news do we really need, or what news
• 19:52
  Speaker 1: are you seeing that we're looking for to try to
• 19:55
  Speaker 1: get rates to adjust? Yeah, I mean– Is there any
• 19:58
  Speaker 1: reports that are coming out this week?
• 20:00
  Speaker 2: I think once we get the final CPI stuff, again,
• 20:03
  Speaker 2: CPI normally comes out. I know this is the Consumer
• 20:06
  Speaker 2: Price Index. It normally comes out before the Producer Price Index.
• 20:09
  Speaker 2: It didn't this week. And so, again, they kind of
• 20:12
  Speaker 2: took some PPI numbers and reacted to it because it
• 20:15
  Speaker 2: came out first for whatever reason.
• 20:17
  Speaker 1: Have they gotten rid of the rental approximation?
• 20:21
  Speaker 2: They've changed. I think that's one of the things that
• 20:24
  Speaker 2: they're looking at.
• 20:25
  Speaker 1: Because that's a bunch of malarkey.
• 20:26
  Speaker 2: It is. I think that's one of the factors they're
• 20:28
  Speaker 2: talking about changing with some of the other things they're
• 20:30
  Speaker 2: doing with inflation and everything else. I think I touched
• 20:32
  Speaker 2: on that where the Fed chair president came out and
• 20:35
  Speaker 2: said they're going to start changing the models and some
• 20:37
  Speaker 2: of the stuff of what they're looking at to dictate
• 20:39
  Speaker 2: these numbers to that point. Just guessing what you think
• 20:44
  Speaker 2: you could get rent being 30% weighted of the housing
• 20:47
  Speaker 2: part of the expenditures is a little silly. We just
• 20:52
  Speaker 2: need inflation to start showing that it's going to continue
• 20:54
  Speaker 2: to slow And it's hard to do when fuel's up
• 20:58
  Speaker 2: and everything continues to go up.
• 21:00
  Speaker 1: Look, I mean, that's, you, you go to the grocery store,
• 21:03
  Speaker 1: you go to different places and you see the, the,
• 21:05
  Speaker 1: at the checkout counter, how much things cost. You're like,
• 21:08
  Speaker 1: Oh my Lord.
• 21:09
  Speaker 2: And again, you can, you can have all the thoughts
• 21:11
  Speaker 2: you want about fuel and oil and everything else. You know,
• 21:14
  Speaker 2: I mean, you know, I'll, I'll tell people, I mean,
• 21:17
  Speaker 2: it's a good show anyways. And, you know, but you know,
• 21:19
  Speaker 2: watch it without your kids, but like land man is
• 21:21
  Speaker 2: a pretty good show as far as like talking to
• 21:24
  Speaker 2: you about what, what, Everything is tied to oil. Everything.
• 21:28
  Speaker 1: Is season three out yet?
• 21:30
  Speaker 2: I think it's coming up.
• 21:31
  Speaker 1: Oh, man, I can't wait.
• 21:32
  Speaker 2: But anyway, I'm just saying, but it's not political. It's
• 21:36
  Speaker 2: not political. I mean, it is just the facts of
• 21:40
  Speaker 2: what all is going on with oil every day.
• 21:44
  Speaker 1: But do you think it's okay for Exxon to make
• 21:46
  Speaker 1: $ 17 billion in the last quarter?
• 21:49
  Speaker 2: I mean, we're still paying it. You know what I mean?
• 21:54
  Speaker 2: I mean, I didn't know, but I mean, yeah.
• 21:55
  Speaker 1: Let's take a dollar off of a price per gallon
• 21:58
  Speaker 1: and what are they, they've made 14 billion or a
• 22:01
  Speaker 1: billion in the last quarter.
• 22:02
  Speaker 2: Right.
• 22:03
  Speaker 1: Yeah.
• 22:03
  Speaker 2: So, I mean, so again, so that's, that's on the
• 22:05
  Speaker 2: gas side, but I, but just on the oil side
• 22:07
  Speaker 2: of it, just of every oil, the products it's all in.
• 22:11
  Speaker 2: I mean, everything has to be delivered. I mean, everything,
• 22:14
  Speaker 2: everything is tied to it. And so, you know, until
• 22:18
  Speaker 2: we get some relief there, I don't know how much
• 22:20
  Speaker 2: more we're going to get down the rates and then,
• 22:22
  Speaker 2: Until we get some different, better stuff from the Fed side,
• 22:24
  Speaker 2: I don't know. So, I mean, we're probably sitting, chilling here.
• 22:27
  Speaker 1: It makes me want to get an electric car. I know.
• 22:30
  Speaker 1: You know?
• 22:31
  Speaker 2: It does. But then, I mean, but even then, it's
• 22:34
  Speaker 2: all oil.
• 22:35
  Speaker 1: Wow.
• 22:36
  Speaker 2: Everything made in that car is oil. Everything is still
• 22:40
  Speaker 2: tied back to it in some form or fashion.
• 22:41
  Speaker 1: Yeah. You know what I've thought about here recently? What's that?
• 22:46
  Speaker 1: You know that Tesla came out with their, like, cyber cabs? Uh-huh. Oh, yeah.
• 22:50
  Speaker 1: I've seen the pictures of that. They've seen it. It's
• 22:53
  Speaker 1: in Austin. They don't have them here yet.
• 22:56
  Speaker 2: So I went to those self-driving cars in Atlanta last weekend.
• 23:00
  Speaker 1: I reached out to Tesla and just said, hey, I
• 23:04
  Speaker 1: want more information because what if I could get one
• 23:08
  Speaker 1: and not like, well, I could use it like when
• 23:11
  Speaker 1: I'm at the office, I could just have the cab
• 23:14
  Speaker 1: go and do its thing.
• 23:15
  Speaker 2: Running.
• 23:15
  Speaker 1: But I could have that take me to all of
• 23:17
  Speaker 1: my showings.
• 23:18
  Speaker 2: Yeah.
• 23:19
  Speaker 1: And take me to my appointments.
• 23:20
  Speaker 2: And just take it off the clock.
• 23:21
  Speaker 1: I'm like, dude, that could work. I'm telling you.
• 23:24
  Speaker 2: Now, that's a plan.
• 23:25
  Speaker 1: Hey, so I've sent a message to Tesla. They have
• 23:28
  Speaker 1: not responded to me yet. Son of a gun. So,
• 23:30
  Speaker 1: you know, Elon, holler at your boy. All right. Thanks
• 23:34
  Speaker 1: for joining us today. As always, for any real estate needs,
• 23:38
  Speaker 1: go to gustygoulasgroup.com. We would love an opportunity to work
• 23:41
  Speaker 1: with you. And if you need to get pre-qualified for
• 23:43
  Speaker 1: a mortgage, that is part of the process. Let's go
• 23:46
  Speaker 1: to bradsmithloans.com.
• 23:49
  Speaker 2: All right.
• 23:49
  Speaker 1: Thanks so much for joining us. We'll catch you next time. Peace.