Latest / Mortgage Marketing Radio / A Candid Conversation with Barry Habib

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A Candid Conversation with Barry Habib · Mortgage Marketing Radio

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Hey, everybody, Jeff Zim for Host of Mortgage Marketing Radio.
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Welcome.
1:13
Thanks for tuning in to this podcast.
1:14
We've got a great one for you today, just a few moments before we get into that.
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I'm holding in my hands something that I'm proud of that was brought to my attention
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by somebody recently I was speaking with.
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And 10 years ago, I actually self-published my very first book.
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And as you may or may not know, I came out with a book last year that's called Disruptor
1:37
Die, How to Survive and Thrive the Digital Real Estate Shift.
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And this book that I originally published 10 years ago is called Instant Referrals for
1:45
Mortgage Professionals.
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It's a proven system for capturing more agents, closing more loans and becoming the go-to
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lender in your area.
1:51
As I open this up and I look inside it here, the copyright date on this hold on, you
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can probably hear the pages turning.
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It's 2011.
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2011, I wrote this book and the whole premise and idea for this book was to share my stories
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and experiences and system that allowed me to go from zero to 50 million in three years
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or less as a mortgage originator and figured out, discovered through sweat equity, through
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trial and error and through continuing to put myself out there and learn.
2:29
I was able to kind of perfect, if you will, a system for becoming known in my local real
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estate community, meaning in front of local real estate agents, title, escrow, home warranty,
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be building my own personal brand within the local real estate community in Orange County,
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California, where I was originating loans for over 10 years.
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And what this is is basically my journey, my story written down in paper, how I did
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it, how I worked through it all, kind of the process, you know, and I walked loan officers
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through this.
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Well, fast forward now today, this is much of what I do here today, and this is still incredibly
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relevant.
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As a matter of fact, I'm looking at the quote on the cover, which is from Sue Woodard,
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shout out in respect to Sue, when she says, if you want to quickly and easily capture
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real estate agents, instant referrals is your ticket in today's market.
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And then if I flip it over, I've got some quotes from some other people, assistant
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vice president of sales from to the editing national title.
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And a bunch of quotes on the inside of this as well, testimonials that is if you all
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a success stories, right, from Michael Citron, Blaine Brunson, Bob Garrett, Darla Watts,
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Bonnie Oliver, Cheryl Sheesby, Lee Williams, on and on and on.
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And all these are all personal stories, like in this one, and for example, Lee Williams
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won't consultant from ICG loans in San Francisco.
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He says, we secured 15 agent meetings, three new referral partners and $990,000 in
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originations within 30 days.
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These are top producers who would normally brush me off and never return my calls.
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We could have gotten, we could not have gotten those results so quickly without your system.
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And that's just one example.
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And why am I talking about this?
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Well, here's why.
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I did a podcast a week ago, it was just me.
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And if you listen to that, you know what I'm talking about.
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Bottom line is if you are looking for help in attracting, capturing and converting real
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estate agents, having better, more productive real estate agents as referral partners, adding
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more purchase loans to your business and doing it without chasing coal, calling door knocking.
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Let's talk.
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Every week myself and a small elite group of loan officers meet and we hold each other
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accountable.
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But we also work.
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We work on projects and initiatives.
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One of the primary things we work on is getting in front of real estate agents.
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And we are doing that using an updated version of the system that I wrote that book on 10
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years ago, right?
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Some things have changed.
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The means of which of how we reach out to agents, you know, communicate and get in front
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of them.
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Some of the tools have changed, but the principle remains the same.
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The principle is get in front of agents at scale, add value, drive conversations.
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Matter of fact, we had a call this morning.
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And one of our pro members was on there, Sean Kisler.
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Sean Kisler did his very first class at the end of his class, then the very next day,
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he got a referral.
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That's why the book was titled Instant Referrals.
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Because if you apply the right process and systems, right, and you follow the ground
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work that's been laid out for you, you literally can get instant referrals.
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I know the title can be a little bit misleading, but it's true.
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Case in point, Sean Kisler.
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Hosted a YouTube for real estate agents class yesterday and got a referral.
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One of our other pro members, General Davis, did the same class.
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She's been with us for part of our group for gosh, well over a year or so, maybe even
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two years.
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What she shared on today's call was she did the YouTube class, agents loved it.
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And she made a good point is she said she doesn't even have a YouTube channel.
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Imagine that teaching a class to agents on YouTube and you don't have a YouTube channel.
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What is that point?
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The point is you don't need to be the expert, you are a messenger.
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And what you'll hear us talk about somewhat on today's episode is that you can win by
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becoming more magnetic.
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How do you become more magnetic?
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You show up and you pour value into people.
6:53
You look for ways that you can make a difference that's not based on making a sale.
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And there's few ways you can do that more impactfully than showing, teaching, sharing someone
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how to do something they want to do.
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In this case, it was a YouTube class where agents wanted to learn how to level up, get
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started with YouTube and all that stuff.
7:16
Well, we have a turnkeyed system that helps loan officers do that.
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The YouTube class is just one example of over 12 classes linked in Google My Business,
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video marketing, Instagram, how to get your buyers off or accepted, how to get more listings.
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I mean, you name it.
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The list is always growing.
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And if any of that sounds interesting to you, here's the next step you can take to check
7:36
it out for more.
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Go to this website, mortgagemarketing.pro.
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Orgemarketing.pro.
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It's a brief video put up there.
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Quite honestly, the video is out of date and I need to update it, but that's just me being
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completely transparent and honest with you.
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But what you'll see there is a summary of kind of what we do.
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And if you think it's for you, well, then love you to take the next step.
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Risks is low, but the reward's high.
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So mortgagemarketing.pro mortgagemarketing.pro.com, that's where you can check it out.
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OK, now to transition to my special guest this week, I am thrilled and honored to have
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Barry Habib here.
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I think last time I talked to Barry, it was about three years ago on the podcast and
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of course, a lot has changed since then.
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I thought it was time that we have revisited the conversation.
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Now, this conversation is different than most of the conversations you're used to hearing
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from Barry.
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As you may know, Barry, of course, is an expert when it comes to forecasting mortgage
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interest rates, understanding housing, inflation, et cetera.
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And we spend the last three to five minutes of this interview talking about that.
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So if that's why you're here, well, stay tuned and that'll be handled at the end.
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I thought it would be appropriate or useful to have a different conversation with Barry
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because he recently wrote a book and it's called Money in the Streets.
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I read it and I was fascinated by Barry's story of his very humble upbringing and the
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stories of sacrifice from his parents and some of the hard roads that he had to go through
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and the challenges and lessons.
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And then as we begin to, in this conversation, unpack his journey from being the son of
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immigrants who didn't speak English and had their own challenges with that to also losing
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his father when he was eight years old and the challenges that included and his journey
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from there and how he grew and evolved to what we see him as the person he is today.
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I think you'll find this conversation interesting and impactful and hopefully you'll not only
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get to know Barry maybe in a way that you haven't known him before, but also maybe extrapolate
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and pull some life lessons out for you here that will hopefully you can take with you in
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your life, your relationships to make a difference.
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That's what this is all about.
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And of course, if you are interested in any of what Barry has to offer to help you become
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more educated, professional, help you level up your conversations, your knowledge level,
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and improve your sales.
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There's a couple different resources.
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First of all, the book is on Amazon, Money in the Streets.
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Second of all, if you are not yet a member of MBS Highway, you should definitely check
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that out.
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MBShighway.com.
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This is what some of the best in the country use to stay informed and be educated and
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to really do the best job they possibly can for their clients.
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And then most recently Barry came out with a certification, which is a certified mortgage
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advisor.
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And you'll hear him briefly describe that at the end of our talk here today, but that
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is another option for you if you're looking to really get some both foundational level
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of market knowledge, right, training, understanding of an economics, bonds, personal wealth
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creation, technical analysis, interpreting reports, understanding the central banking
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and the Fed.
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I mean, it's just one hell of a platform in terms of becoming knowledgeable and educated
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to obviously help yourself but serve your clients.
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And that is called the certified mortgage advisor.
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And we'll put a link to all this in the show notes, like I said, but you can find that
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at becomecma.com.
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Okay.
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So, once again.
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Incredible conversation with Barry.
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Enjoy this so much.
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And if you liked Barry before and appreciated who he is as a human being, I think you'll
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have a whole new perspective for what a quality person he is.
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And I consider it an honor that he took time to have this conversation with me here today.
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So without further ado, let's get into this week's show.
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Barry Habib, welcome to the show.
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I am so glad to be here with you, Joe.
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Thank you so much for making time.
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I know how incredibly busy you are and so I'm always grateful for the time to be able
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to chat with you.
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I'm trying to think, last time I had you on the show, it's got to be three years ago,
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roughly.
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That's been a minute.
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Been a minute.
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Yeah, things have changed in that minute in so many different ways, right, in the world.
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But anyway, let's get right to it.
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The reason why I wanted to have you here today is you came out with a book recently,
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Muddy in the Streets, very intriguing title.
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And I want to unpack some of the stories and lessons that you share in that book and
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probably have a little bit different of a conversation with you than a lot of people
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typically have with you.
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I mean, let's face it, right, you're kind of like, what did you win, the crystal ball
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award, right, for forecasting rates and all that kind of stuff.
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So a lot of people come to you for that, like markets and rates.
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But I want to have a little bit of different conversation.
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So I appreciate your willingness to do this.
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Money in the Streets.
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What does that mean?
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What's in that title for you?
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Yeah, well, first off, it's always easy to be with you, brother.
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You're a good friend and you're a good man.
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You do a lot for the industry and so I'm always happy to do things with you.
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The other thing you mentioned that was kind of just interesting is how things change.
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And it's always something for us to remember because if you look at our lives and you look
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back two years ago, three years ago, even one year ago, is it the same life that we had?
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Things do change.
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They're very different.
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So as people that might be listening to this and predominantly in the mortgage industry,
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but any industry, don't think that everything's the same for your customer.
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Don't think that things are the same.
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Things change.
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So it's always important to keep in touch with them because you may be able to help them
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through those changes.
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They might not have reached out to you to tell you about those changes, but you can help
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them with the change.
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Money in the Streets is something that a lot of people that have immigrated to the United
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States.
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So retire and move.
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Now, I'm first generation born here.
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I'm fortunate and blessed to be born in the United States.
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But so many people who have heard about the promise of America and how great of a country
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it is.
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And thank God it really is a great country.
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They come here from all over the world and they hear about how America is such a rich
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country.
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And it's got so much opportunity that either the streets are lined with gold or that there's
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money in the streets.
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And it's something that my mom would tell me when I was a little boy about kind of almost
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how ridiculous it was to believe in that.
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It was kind of almost funny, but it's sad at the same time because when they came here,
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my parents were very, very poor.
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They had nothing when they came here.
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And they really struggled.
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My dad, who was an international journalist, but did not speak English at the time, spoke
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10 languages.
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Well, nine at the time.
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They learned English, but nine different languages could read and write in six.
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And my mom, who had to be pulled out of school when she was a young girl.
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So she never learned to read or write because her mom was very ill.
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You know, back in those days, they said, ah, girls don't have to go to school.
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What are they going to do?
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They're going to go to school just terrible mentality, right?
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And so she had to take over like household duties at a young age.
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So she never really learned, formerly had to read or write, but she still manages to speak
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seven languages.
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Well, six, and then she learned English later.
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But so they had to humble themselves.
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My mom worked in a sweatshop.
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I got a picture of one over my shoulder just as a reminder always of, you know, where
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we come from.
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And stifling conditions, you know, sweatshops for those who don't know.
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You know, women who are, you know, sewing dresses together, you hear the roar of the machines.
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And it's very hard work for not a lot of money.
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And my dad, who was in this position of being a journalist and covering different countries
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and languages, came to the United States, had to humble himself and literally had to work
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at a hot dog place.
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You know, so it was a very different life.
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And when they came here, they really didn't see the abundance that everybody was talking
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about in America.
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They didn't really see that money in the streets.
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And so as we'll talk about, as I understood a little bit more about opportunity and seeing
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opportunity, seeing opportunity that everybody can miss or very, very few people can see.
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Best majority of people just pass by.
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Learning the skills, how to see that.
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And then understanding that you can, you can take those opportunities.
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You can do good with them.
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And the rewards that you can get had me actually before my mom passed away, my dad passed
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away when I was a young boy.
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And my mom, she wasn't very old either.
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But when I sat with her, I said, you know, mom, you were right, there really is money
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in the streets.
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You just have to know how to see it and how to pick it up and do good with it.
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But there really is.
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There's opportunity everywhere.
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So I was glad I was able to have that conversation with her.
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So Jeff, yeah, that's, so the title of the book is kind of just a, an acknowledgement to
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my parents, to all the people that have come here looking for opportunity.
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And for those who are here, that can see the opportunity.
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Wow.
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It's obviously very personal for you also.
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You mentioned something just now.
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And also in your book is identifying opportunities as a skill and what I, what I gleaned from learning
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a little bit more about you and your background and stuff and how you kind of came up and stuff
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in the book is it seems like you have this, this well-homed skill to identify opportunities.
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And I'm just wondering like, I was, I remember reading your book in the story like even when
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you went back, you know, when your dad was, you know, having the, the heart attack situation
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and you went back, right, to say goodbye and you had this intuition.
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And I'm just wondering like, do you think that is something you were born with?
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Do you, do you think you have a natural inclination or intuition to feel, notice certain things
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that some people don't?
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I think we all do.
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I think every one of us does, but it's only natural for us to quiet those voices.
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You know, we want to talk ourselves out of things, you know, how many times is there a good
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idea that you thought of?
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And yeah, you say, oh, maybe not or I'm, you're a little afraid to do that or you're insecure
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about it.
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I'm not saying you should chase every wild idea out there, but opportunities are about
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seeing things that I call in points of friction.
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So when there's something that is a point of friction, something that's could be better,
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most of us what we do is we bitch, we complain, somebody should fix that.
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If we can possibly make that somebody who fix it to us, then we can have explosive and
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exponential growth.
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And I've really discovered that over and over, but much of it comes from trusting our
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gut.
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And that's one of the most important lessons I learned in life was trusting my gut and
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the story that you talk about is, you know, I don't know, you're going to bring this
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one up.
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But so, you know, my dad had a heart attack and I was just a kid, I had no idea what a heart
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attack was.
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And he survived it.
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He was in the hospital.
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So I don't know.
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Maybe a heart attack wasn't that bad.
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I didn't know.
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But I remember going to the hospital to visit with him and he seemed okay.
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And you know, I remember as a family, we left and we went to the elevator and there just
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was something, I don't know what it was, that said to go back and see him again.
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And so Jeff, I was a young kid and I just ran, you know, like being yelled at, you
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know, pretty much for doing that because there's a little kid running down the hall of a hospital
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but I ran back into his room and, you know, it was just for a minute because I was in
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trouble doing it, right?
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And I just waved and, you know, said goodbye daddy, you know, and that was the last time
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I ever saw him.
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But you didn't know in that moment.
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Of course, I didn't know.
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I thought that, you know, everything was okay, but I just felt like I had to do that, even
19:57
at the risk of getting in trouble for it, but it's a lesson I learned early on as really
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to trust or got, you know, if you really feel something deeply that you should follow that.
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Our forces that are in this universe that are much bigger that we just don't understand.
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You know, I oftentimes use an analogy like this and say as smart as we think we are, just
20:23
because we can't understand it doesn't mean it doesn't exist.
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And the analogy that I've come up with that I like to use is, you know, I, you can have
20:32
the smartest dog in the world, you know, I had a freaking golden retriever that was just
20:36
so brilliant and so smart, I thought he was a person sometimes, but if I show him an
20:41
Excel spreadsheet, he's not going to know what the hell it means.
20:45
Sorry.
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Just because that dog doesn't understand it doesn't mean it doesn't exist or can't do things
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or doesn't have forces, just because we don't understand things that are in the universe
20:59
doesn't mean that they can't be very powerful.
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And I think that if we have the ability, even if we don't fully understand it to tap
21:06
into it, that we should follow that.
21:09
So trusting our gut, trusting our intuition, which you started off answering this question
21:12
that I'm answering in a very long way about, is that the skill that I have?
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No, it's a skill we all have.
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And it's something that we just need to listen to more.
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We just quiet it.
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We just talk ourselves out of it.
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We just, you know, don't trust it enough.
21:28
Yeah.
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And if it's for good, if you think that there's really possibility, certainly research
21:35
it and follow it, but see those things through.
21:39
I'm curious, by the way, thank you for sharing that story.
21:44
I'm curious then when that happened and obviously your dad passed away, and then you're next
21:50
the very next day, by the way.
21:52
You were next day, wow, geez.
21:57
You were left at home if I'm correct, it was just you and your mom.
22:01
Just being in my mom, yeah, my, mostly, so my, my parents were much older when I was
22:06
born.
22:07
My dad was almost 60.
22:08
My mom was more than 40 and now today I hear about that a lot, okay.
22:12
But back when I was, oh yeah, Warren, that was not, that was not something you saw.
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And I kind of just slid in under the wire, bro.
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I made it right before birth control was, was available right before months before birth
22:27
control.
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I, I was conceived and right before abortion was legalized.
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So you talk about sliding in there, right?
22:36
So, um, so the thing of it is, is that, you know, my parents made so many sacrifices to
22:44
allow me to have opportunity and I, I want to make the best of that.
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I want to honor that, you know, and I've been, for whatever the reason is, I've been
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given a chance here, I, well, let me, let me ask you, I stuck in through a small crack
23:00
in the window.
23:01
Yeah.
23:02
You're a miracle.
23:03
We're all miracles, right?
23:04
We're all miracles, but I want to try and make sure I make the best of that.
23:07
Well, I'm curious, like when did that click in for you, the sacrifices, you, you articulate
23:12
them a bit in the book.
23:13
But when did that click in for you, that the difficulty, first of all, that your parents
23:17
had, right?
23:18
Because this is eight when you're, when your dad passes on in your home alone, so you
23:20
don't necessarily perhaps, you know, conceive of that.
23:23
But was there a moment or something that happened when you're like, it, the lights went on,
23:28
you're like, wait a minute, holy crap.
23:29
Like my parents sacrificed like crazy for me.
23:32
Well, that happens.
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That happens for all of us all the time, you know, um, oh, I mean, I wouldn't say for
23:38
everybody.
23:40
Well, um, you know, there's a lot of memories that I have that are hard to even talk about,
23:45
you know, the, like the time my mom would come up the stairs one time and, you know, she's
23:53
had a tough day of working and, and like the grocery bag breaks right as she got to the
23:59
door and, you know, and she broke down and cried and I'm like, oh my god, you know, it's
24:03
like, you know, these are times where you, you know, you, you, you take a step back and
24:09
you realize that, you know, that you have to be empathetic and you have to, to, you know,
24:17
I was just a kid, but, you know, I had to realize that there's a lot that's going on behind
24:24
the scenes that I didn't really fully understand, but that I needed to try and understand.
24:29
Well, in some ways, did you have to, you know, quote, grow up faster because it's,
24:34
we had to grow up faster.
24:35
I mean, geez, I had to, I had to perform duties like, you know, even going through the
24:39
mail and then just trying to, you know, make, try and make sense of what all this adult
24:43
stuff meant or even in the car, but, you know, I had to take on, take on responsibilities
24:51
that my friends didn't really have to.
24:54
So, and it's not just me, so many people go through this kind of stuff, you know, so,
24:58
you know, I get it, I understand what they go through, but, you know, I had to realize
25:02
that the young age that there's a whole different world out there, you know, I remember
25:06
going to see my mom where she worked, and, you know, I was a kid, I would go there a
25:12
lot of times because I wanted something, you know, as a kid, but I would see how hard
25:18
she would work and all the other women that worked there.
25:22
And, you know, it stayed with me, so, you know, you appreciate these things, you appreciate,
25:27
you know, the sacrifices that were made.
25:31
For you then, because of that situation, you know, forced to grow up fast and stuff,
25:35
where you could then, did you become like the scrappy entrepreneur, paper routes, whatever,
25:40
selling bottles, I mean, I don't know, right, did you like find those different ways to
25:43
try and make money?
25:44
Yeah, yeah, I did, I did, I mean, I was a kid too, so, you know, I was lazy as a kid,
25:49
like a lot of kids are, right?
25:50
You know, kids are like this late, you know, like, so, but then things just, just started
25:59
to change, where, you know, I started to, as a kid, I, you know, I did your, you know,
26:05
delivery routes and stuff like that and they worked in a butcher's store and, you know,
26:11
so, yeah, but I was kind of entrepreneurial, even in college, I, I was able to get like
26:17
these calculators that everybody needed much cheaper, so I was able to pick them up cheaper
26:21
for everybody and do good by them, but I was able to make something for doing it and
26:25
it was a little extra money that I didn't really have, so everybody benefited, right?
26:29
So it was a good thing I was doing and I was benefiting myself, so then, believe it or
26:35
not, I started selling housewares and items like that out of the trunk of my car and making
26:43
extra money doing that and then, you know, and I talk about this in the book, but one
26:49
day I saw somebody that was doing something similar, but it was with stereo equipment
26:53
and I saw what he was doing and I could certainly feel for him because I know how hard it was
26:59
and I felt like he was really giving these people a good deal. So I like, I supported him and I
27:02
unexplained, hey man, that's a really good deal. He's probably getting it really inexpensively
27:06
and live, so I helped him close a sale. He was like so appreciative that, that act of kindness,
27:14
you know, I didn't want anything for it. I just, you know, thought that he was doing good and I
27:18
wanted to help support him. He actually repaid the behavior to me by teaching me about instead
27:26
of housewares, you should sell stereo equipment that way and, you know, as a 20-year-old kid,
27:32
I turned it into a business, I got all my friends to do it and it became a business that I was
27:36
making for, you know, for somebody in the early 20s, a good amount of money and it allowed me to
27:44
look at other opportunities, believe it or not, in real estate and, you know, one of the time I was
27:48
23, I started taking all the money I was making and buying different properties and I noticed that,
27:56
you know, where I was in New York City in Brooklyn, New York and I traveled all over
28:00
selling stereo equipment, the property values in New Jersey seem to be disproportionately lower
28:06
than property values elsewhere. I would ask a lot of questions. I like talking to people,
28:09
I like asking questions, you know, we learned so much, right? All of us are like a book. And if you
28:15
can read someone's book, not literally, but talk to them, there are pages within their book
28:22
that you could benefit from. And I started to understand a little bit about how, for whatever
28:29
reason, New Jersey properties seem to be to me undervalued in a bargain. So I started buying properties
28:34
there and then they started to catch up. And so I started doing well and that led to getting
28:40
into the mortgage business because, you know, after doing a few mortgages, you know, all of like six
28:46
mortgages I've done now, I'm like an expert, right? But like all young, all young people, you know,
28:52
you think you kind of have it, you know, kind of figured out, right? Yeah, I got this. Yeah, that
28:58
yeah. So I decided on a whim, probably very foolishly, to get into the mortgage business
29:08
two months after my twins were born. Oh, really? Wow. Dan and Nicole were born. I got this. I
29:14
could sell stereos out of the trunk of my car. I could do anything, right? Same thing.
29:18
Jeff, it was very rude awakening because nobody wanted to talk to this young wet behind the
29:22
ears kid and trust them with a transaction that was going to mean what they were going to do for
29:26
their income, you know, a real term meaning, you know, but so I said, okay, well, I got that failure
29:33
is not an option. I can't this is not something I can fail at. I've got two young mouths to feed.
29:39
So I said, well, I'm going to just talk to everybody I can talk to if a realtor won't talk to me
29:44
because other people do need mortgages. And at night, I wound up knocking on people's doors. I
29:50
went door to door and asked people if they wanted to refinance or if they were going to purchase a
29:53
home. Now, some people threw me out a couple of people called the cops, but my third week literally
30:01
in the business by third week, I wrote 16 loans that week. Nobody had ever done that before
30:07
within the company back then. I'm sure people in the industry had done that, but in our company,
30:12
nobody had ever done that. And they're like, who is this kid? And I just told them what I was doing.
30:19
They said, you're crazy. I said, I know, but it's working. So like you said, failure was not an
30:25
option. That's the place you know, I want to share a quick thing. So in the book, you mentioned,
30:30
this is relevant for those listening in my audience who, you know, as you know, in the mortgage
30:34
space, you know, one of the people we go after is realtors to get referrals and relationships.
30:39
I love that you shared. I think this is really actually a pretty cool tactic. You like busted
30:45
out a picture of your twins. Absolutely. Because you know, the thing is like realtors aren't going
30:49
to trust you. You're brand new. And what do you want to tell what you said? I would show realtors
30:55
pictures of Dan and Nicole, these little newborns. And I said, I have to do a good job for you,
31:01
because I can't let them down. I'm going to do whatever it takes. Right. And I was I was a good
31:09
kid. I was, you know, and and a lot of realtors who were who related to me as maybe their son, you
31:14
know, they kind of took me under their wing and they and they gave me a chance and leave me. I
31:19
didn't let them down. Of course, I did whatever it took. But you know, I think if you are vulnerable
31:27
and you're open with people, you know, funny stories. The first mortgage I ever did was so I
31:35
started getting into real estate, started buying homes, flipping homes, I started doing all this stuff.
31:39
Well, there was a there was a guy that his name is milk knock bar and and milk was just a really
31:46
nice man and and he purchased a home from me that I was flipping. But but I was, you know, I really
31:53
cared. You know, I wanted to do the right thing for him and you know, I made sure everything was
31:57
perfect for him. I really helped him and he came to like me. You know, it was just we was a
32:01
transaction. He liked me and and I said to him very honestly and vulnerably said milk milk. I
32:08
just got into the mortgage business and I don't know exactly how it all works. But I'll get the
32:17
answers for you and and would you do me the honor of being my very first mortgage client.
32:24
And I said, you know, I promise I'll do everything I can to make sure it's good for you, you know,
32:28
and I'll get all the all the answers that I don't have. And he was like, Barry, yes, he says,
32:33
yes, I believe in you and and I'll and he gave me the chance to be my very first mortgage client with
32:37
his purchase of the home he was buying for me. And and so to take it even to the next step. So when
32:45
he closed, I sold him stereo for the house too. So so that's a true story. God's on his truth story.
32:55
They're going to need a stereo for this new house. Right. That's right. So it's awesome. But what a
33:01
wonderful man to get me that chance and trust me. So so yeah, yeah, that was that was my start in
33:08
the mortgage business. Well, and I want to hang out here for a moment in your start in the mortgage
33:12
business because I think it's useful. This is again, it's context that people may not attach to
33:20
because all we see is you here today now, right? Who you are on the stages and the platforms and all
33:25
that. But we didn't see you coming up. So let's let's do this for a moment. Walk me through
33:30
briefly. Like what would a week and average week look like a Barry in the field? I mean,
33:35
you used to present you would go into real estate offices and basically present, right?
33:40
Oh, yeah. I would. And you know, Jeff, I like to think I'm the same person. You know, I don't
33:46
think I've changed that much and still, you know, I really try and stay very grounded.
33:50
Yeah. I never forget where I came from, which is why I keep pictures of where I used to live and
33:55
where my mom worked. And you know, just it's it's you know, that's that's cool. I am very grateful.
34:02
Yeah.
34:03
For having some of the things that I've been able to experience and do. But back then as an
34:10
originator, so we used to do a lot of visits in house. And that was important. So I always tried
34:17
to bring something of value for them while other people were bringing donuts. I would try and
34:22
bring something that they could use to help them close sales, whether it was real estate market
34:28
related, interest rate market related. But I would try to find those points of friction.
34:35
You know, what was the problems that they were experiencing at that time? And if I could address
34:42
those and quickly talk with them about it, they really appreciated that because I was trying to
34:48
help them. I wasn't trying to buy their business. I wasn't trying to win favor. I was trying to
34:53
help them. And they would oftentimes say, well, can you can you explain that to my customer?
34:58
Because they really need to hear that. And even if I couldn't do the loan, even if it was to
35:02
help them get a listing, I would do that. I would always go the extra mile. And then it became,
35:08
well, can you tell our office? Now, I wasn't a speaker. You know, I'm 25, 26 years old. I don't
35:15
know what the heck I was doing. But I tried to seize the opportunity. And that's what I think a lot
35:22
of us don't do. A lot of us say, well, yeah, I don't do that. I can't do that. I'm afraid to do that.
35:26
Yeah, I was scared to death to do it, Jeff. I was, you know, my first year as a professional speaker,
35:31
I used to throw up every time before I spoke. I mean, now I've had everything happen to me. So
35:36
nothing phases me because everything bad that could possibly happen has happened to me. So it's fine.
35:40
Okay, I've been through this before. You know, you're doing this for almost 30 years as a speaker.
35:44
Did I really just say that? So yeah, everything's happened. But when I was first starting out,
35:52
I was, I was terrified. But I did it anyway. You know, because I said, this is an opportunity.
36:00
And here's the thing, if we wait to get really good, you never get really good.
36:08
The only way you get really good at something is to suck at it first and learn from it and keep
36:13
doing it. Right, right. So it's okay to suck because that's part of the process of being really good.
36:19
Amen to that. As a matter of fact, you wrote this in your book. I love this.
36:24
Yes, try, suck, reflect, learn, try again. Yeah. Yeah, it's with everything.
36:33
You know, listen, there's a lot of things that I suck at right now, but I continue to try and do
36:37
good at it. You know, I'm, well, I tried yoga. I really suck at that, but I'm trying. You know,
36:43
it's embarrassing how bad I was, but I'm trying. There's hot yoga, by the way.
36:48
Oh, geez. Oh, my God. Just go for it. Don't you? Yeah. Well, yeah, I tried a 90-minute class
36:54
my first time. I talk about being ambitious, right? Goodness gracious was I humbled. But,
37:00
but yeah, but in anything, right, in anything you want to really understand that part of the
37:06
process of getting better is humbling yourself and knowing you're going to suck, but you can
37:10
eat that and learn from it because you can't just do it the first time unless you're extraordinary,
37:15
lucky, or have this exceptional talent in something. First time, you're going to be like a,
37:20
like a master at it. It's that's hard to do for most of us. For me, anyway, it's not. Yeah,
37:25
that wasn't to be. So I suck that a lot of stuff first and speaking was one of them that I clearly
37:31
was not very good at the beginning, but I kept on trying. Well, and see, there in lies a secret,
37:39
if you will, right? Air quotes secret. Like we've talked about, you've mentioned a couple times,
37:43
recognize an opportunity, take advantage of it. And I think knowing your story better now from
37:48
the book and obviously hearing you kind of walk through this right now, something about you,
37:54
and I'm thinking like, well, does everybody have this? Because what you have done differently,
37:59
and that I think people who achieve at a high level do differently is they do exactly what we just
38:03
said here is is suck, right? And be okay with that, but know that you're not going to stay there.
38:08
You're going to continue to improve like in your book, one other thing real quick,
38:13
and you can comment on this. That is mentioned, you know, you're incredibly wonderful story about
38:18
Dr. Caputo, right? And your son with with the eye situation and all that kind of stuff. And for
38:25
me, what I took away from that was, was that be so good at what you do that you can change someone's
38:32
life. Yeah. And he was the one guy that you you sought after you found this guy that was so good
38:38
at what he did as a as a doctor to help you, right, with the situation that you have with your
38:42
son's eye, that he literally changed your life, your son's life. He did change Jake's life.
38:49
Yeah. Jake would have been blind in that eye if it wasn't for Dr. Caputo and went to two other
38:54
doctors that didn't do a very good job. And the window of opportunity was closing on us.
38:59
And he was an inspiration for me to make sure that and hopefully to all of us to really be
39:10
so good at the things that we're doing, whatever it is. And we have a chance to do that in the
39:14
mortgage industry every day. We literally can change people's lives. If we look at it like it's a
39:17
commodity boy, that's that's a hard way to go through this business. But if we look at it as an
39:23
opportunity, and that's the way I tried to do it as a mortgage professional, as an opportunity
39:29
to really make a difference in those people's lives, not by giving them a mortgage, but by giving
39:34
them a tool to help their financial picture. And it's so crazy to me why so many of my contemporaries
39:40
at the time were thinking that I was an oddball. You know, how do you ask these questions about
39:44
their kids college and their retirement and their cash flow and their you know what their goals
39:49
were. So yeah, what are you doing? And I would be like, well, think about what it is you're doing.
39:55
You just met them for three seconds and you said, how much money do you make? How much do you have
39:59
in the bank? Let me look at your credit. Explain that to me. You grill them. Let me look at your divorce
40:03
and all the ugly, gory detail. So that's the hard stuff. This is the stuff they love talking about.
40:09
So, you know, that's what I want to do. I want to help them. Sure, I'll do that other stuff to get
40:14
the basics. Then let's get to the part where they light up and I can help them fulfill their dreams
40:20
by not taking a commodity, but by using all the research and the knowledge I'm trying to continuously
40:27
gain so that I can better position this financial resource to create the dreams that they want
40:35
achieve the goals that they're looking to achieve. Yeah, and I think about that journey and you
40:41
know, you're right. So many people don't approach this business from that angle. As a matter of
40:45
fact, I was talking to somebody yesterday and in certain communities as well, in certain
40:50
ethnicities, there tends to be almost an exclusive focus on rate. And I wondered how that man
40:57
competes knowing that that's pretty much what the expectation is around that.
41:04
And what made me curious is I read your story here. First of all, you answered the question I had
41:08
in my head because I agree as well as like, can we literally do our best? It won't always happen.
41:17
But if we start from the place of, hey, you know what, I can actually change somebody's life by
41:20
giving them the proper financing mortgage solution overall life, you know, kind of kind of conversation
41:25
that we have with that. But I was thinking like, I remember I used to, when I first came across my
41:31
radar, you were at CTX or CTX back in the day. Awesome company. Great people. Those people are
41:39
still in different places and they're all still great people. That's cool. I remember you were there
41:43
and I used to, that's when I first consumed your information. And for me, that's how I wanted to be,
41:49
you know, but I don't know, I often like wonder, is that just a conscious choice or it seems like
41:57
that's a natural extension of who you are. And I'm wondering like, why most people don't do that as
42:02
well? I think they're just, it's just fear. It's just fear. That's all, it's just fear. Because it's
42:08
the way we all are naturally. There's a lot of people that have received all kinds of financial
42:13
benefit. There's a lot of people that have received accolades and success benefit. They've achieved
42:17
those goals, but but they're not exactly happy. And I think that that's because they don't have
42:23
fulfillment. And for me anyway, and for most of us, fulfillment comes from helping others,
42:29
doing good for others, feeling like what you're doing is really having a positive impact in the
42:35
world. It's doing good. And those are the types of things that really round out the picture for
42:41
you. And that's what I need to do. I think it's what we all need to do, but we just have to overcome
42:45
our fear of doing it. You know, just people will be receptive to it. Not everybody. And don't worry
42:49
about it. If they're not, they're not, you know, when I, when I, my son Dan is such a great
42:53
juggler. My only claim to fame is that I taught him how to juggle. I can juggle three balls. Oh,
42:59
a little bit. He's amazing. He juggles four balls. But there are actually people who teach you how
43:05
to juggle juggling instructors. There are such people. So I actually learned from one when I started
43:10
to do it. And the first lesson he gave me is to let the balls drop. I'm like, why am I letting
43:15
the balls drop? He says, if you are so nervous about catching every ball, you will not be able to
43:21
relax enough to be a good juggler. He says, you have to understand that sometimes the balls
43:26
are going to drop and that's okay. And it's like that with the deals we do. Some of us beat ourselves
43:32
up so bad for losing a deal. And we torment ourselves. These are not the things to be unhappy in
43:38
life about. There are much more serious things to be unhappy in life about that God forbid could
43:42
happen. This is nothing. Let the balls drop. Not everybody has to be my customer. If they don't
43:49
want to do business this way, that's okay. I'll ask. I'll try. You say no, it's fine. You don't
43:56
want to work with me. I'd rather you did, but that's okay. There are enough people out there.
44:01
And believe me, there are that will want to do business in a way that brings you happiness,
44:06
that brings you joy, that lets you feel good about your job. But you don't get burnt out. You
44:11
don't get, we'll get stressed. We all get stressed. But you don't get to the stress levels that
44:16
we'll get stressed. But what helps with alleviation of stress? It's reward. It's feeling good.
44:23
It's those transactions where the customer is like, oh my gosh, thank you for doing this.
44:27
The realtor is like, oh my god, I can't believe you did that feeling of knowing what good you've
44:32
brought. That stress relief. It's not laying on a beach for half an hour. Because if you got
44:38
stressed, that's what you're going to think about with your land on the beach for an hour.
44:42
True. It's the compensating good things that suppress the stress, at least for me.
44:49
Yeah, 100%. It's interesting. As you're saying that, I'm thinking you use the word fulfillment.
44:55
Of course, there's lots of sources for fulfillment, relationships, family, all that stuff.
44:59
But also professionally fulfillment. This is what I found as we mature through life, if you will,
45:06
is that our fulfillment doesn't have to be tied to the outcome. It can be we can feel
45:13
fulfillment by us just doing the best we can. You know what I mean? Because I know you do this.
45:20
Like you're focused on being magnetic. You're focused on one thing you do. I got to give you
45:24
a shout out and you say this in your book is this concept of being magnetic is make everyone you
45:29
come in contact with feel special, smarter and better. And I would have to say of the times I've
45:37
seen you engage both personally with me, but also with other people. I'm going to tell you,
45:42
man, honestly, there's several times I come away from watching you and this isn't blown smoke.
45:46
If you know me, right? I pause on that and I think, if you want me to be brutally honest with you,
45:54
at times I've thought, I wonder if he does that just because, you know what I mean? He has to be on.
46:01
He's a public persona, right? But then as I've got to see you and watch you over time,
46:05
what I realize and heard other people say the same things about you, what I realize is no man,
46:10
you actually generally want to people and you might even do it unconsciously, but you just make
46:16
people feel good when they're around you. You know what I mean? Well, thanks. Thanks. It's completely
46:22
selfish on my part because it makes me feel good to do it. So, you know, when hopefully we do a
46:32
lot of research and learning constantly and gaining expertise in different areas, not all areas,
46:40
but when the opportunity comes for us to help somebody through our expertise and, you know,
46:45
unwanted advice is often resented. So you want to plant seeds when the ground is fertile,
46:49
right? So those times where you can really help somebody who's looking for help, the grounds fertile,
46:54
they want your help and you have expertise in that area, that's going to make you much more
46:59
magnetic from an educational standpoint because subconsciously, when you have that, what they're
47:04
saying to themselves, whether they realize it or not is, okay, so this is the type of person who
47:09
exhibits qualities of hard work, research, they want to be, they want to gain a mastery of their
47:16
craft and that means that they're going to do the very best they can for me because they want to
47:22
maintain a high level of excellence because they demanded of themselves, they're going to share it
47:26
with me. Your brain is already, is processing that whether you're conscious of it or not, so that
47:32
person is more drawn to you. But then to make people feel special, look, everyone is special.
47:38
Take a minute and find out why they're special. You know, ask some questions and dog to them and,
47:44
again, take pages from their book that you can learn from and make them feel better. I mean,
47:50
why not? Why make somebody feel bad? Why not? You will see what you look for. It's very,
47:57
very easy to do. If you were to look around your room right now and look for green,
48:03
you would be amazed at how many green things you will say. You'll be shocked. But you didn't
48:08
notice them before. When you look for them, you see them. So if you're looking for good,
48:15
you'll find it. That's the way you approach your relationships and you're looking for good things.
48:21
Easy to make somebody feel better because those are the things that you're looking for anyway.
48:25
I think that's a great takeaway. If I'm thinking about the context of the loan officer and they're
48:29
having a conversation with somebody, prospect, realtor, whatever, and maybe we just need to change
48:35
the pattern of how we're showing up to that conversation and just show up with this new frame,
48:41
right? What can I find out that is interesting about this person? What can I learn about this person,
48:48
right? Instead of, as you said, you know, hey, what's your rate, all that kind of stuff, you know?
48:53
It's one thing to be selling them. And of course, there's a time to be selling. Of course. But
48:58
we should also be learning, right? Because how can we best service them or sell them if we don't
49:08
really understand what their needs are, what their goals are? And not always going to tell us right
49:13
away. That's why you have to ask those little deeper questions, two questions I love to ask are,
49:18
you know, after we've talked for a little bit, I say, well, what are your thoughts, you know?
49:21
And then I just shut up and let them process that and give me their thoughts. I mean, this is the
49:25
best part about it. This is where they can dream. This is where they can, you know, talk about
49:29
what they like, what they don't like. You know, and then I want to understand what they don't like
49:32
too. So I'll ask what their concerns are. That's an important one because that's where you get a lot
49:36
of gold from. What are your concerns? Well, we'll really flesh out points of misunderstanding or
49:42
what their what their trepidation is or what their hesitancy might be. And if they're not even honest
49:46
about it or if they say, you know, I don't have any concerns, you should point out the concerns
49:51
with them. Don't be on the opposite side of the table. You really need to be on the same side
49:57
of the table. Looking at the transaction with them as if they were your parent, your child,
50:03
or your best friend, and you're using all of your years and knowledge to show them what they
50:10
should be watching out for. If you do that, if you're vulnerable enough to do that and put your
50:16
commission as not what's important, but what's important is making sure they're fully aware of
50:22
everything. The relationship changes. Yeah. Yeah. How the Cold War ended, just a very quick story
50:28
is that, you know, Reagan and Gorbachev, we're having a tough time in a meeting and Reagan
50:33
actually gets up from the meeting and walks out and nobody knew what the heck was going on.
50:38
He walks right back in, puts his hand out, shakes Mikhail Gorbachev's hand and says, hi,
50:44
I'm Ronald, let's start over. What he asked Gorbachev to do was take a walk and the two men
50:51
were walking now, but now they're not facing each other. Now they're walking in the same direction,
50:58
looking at the world together and it began the way that they ended the Cold War.
51:04
So we have to work with our customers, we have to work with our love relationships,
51:08
we have to work with our families, our co-workers, try and see it together. And I think that
51:16
I think that you'll alleviate a little bit of stress in your life by doing so. Yeah.
51:22
That's an awesome, probably, conclusion for us to wrap up that segment of the personal story
51:29
of Barry Habib. I appreciate you walking through that with myself and the listeners. I think
51:34
they're going to be thrilled to hear that side that they don't know if they're good to see.
51:37
That's awesome, man. I'm appreciative of the opportunity to do it. You got me a little emotional
51:43
on a couple of those, but I was able to hold it together.
51:48
It's funny. You talk about being magnetic or being different and so I'm just one of those guys
51:52
who wants to do something different, long-form content. I don't believe that I have to create a
51:58
podcast that happens in 20 minutes for somebody's commute because I believe it's good enough people
52:02
will come back and finish it. Before I let you go, I know you're busy. Of course, we've got to do
52:07
this because I've got you in this rare opportunity. Three minutes on rate, forecast, and inflation.
52:15
How should we be preparing ourselves for the second half of this year and into 2022?
52:20
I think housing is really good. There's a lot to talk about at Housing Bubble, but we have been
52:25
and we continue to be looking at the main drivers, which is supply and demand and anything.
52:30
There's just more demand than supply and we can go deeper on this another time, but I do like
52:35
the housing market. As far as interest rates go, the interesting thing about interest rates is if
52:39
they did go up and I'm not saying that they will go up in a meaningful way, but if they did,
52:43
that actually helps the housing market because people have such low rates now and home prices have
52:48
gone up so much that they will be less inventory on the market because people will not move because
52:54
they'd be putting themselves in a position where they have a double whammy of higher price and
52:57
higher payment because of higher interest rates. It will cause less inventory and be more supportive,
53:02
not less supportive of home prices. The things about interest rates and inflation is that we are
53:08
experiencing some inflation, but when you really break it down, it's areas that have to do with
53:12
reopening, airlines, sporting events, things of that nature where we are seeing inflation. We're
53:21
also seeing the chip shortage, which mostly comes out of Taiwan having a dramatic impact on
53:26
automobiles. We're also seeing it in appliances, this at computers. If you took those aspects out
53:34
and inflation is running at roughly 5.5% per year over year now, you took that out. It would be
53:39
closer to 2%. You can't disregard them, but it is really in areas that I believe you will start to
53:48
see a little bit of relief. As the Labor Day change comes from the pandemic unemployment assistance,
53:57
more jobs will be filled. It will help supply chains. As hopefully this Delta variant doesn't
54:02
wreak havoc as we start to get imports coming back online, that will alleviate not only supply chain,
54:07
but also pricing pressure. The reopening will level itself off right now. People start for
54:14
content, start for events. It's a little bit of a rush because it's opening. It will work itself
54:20
out. When you take a look at the way stimulus has worked in the past, it's a femoral, so it
54:26
wears off. We got 9.2% GDP in the second quarter. By the fourth quarter, it'll be 4% by the first
54:32
quarter of Q2. It'll be 2% or less end declining because what's left is the debt and debt slows
54:39
economic activity. I believe that we have not seen the lowest interest rates that we've ever seen
54:44
yet. I think in 2022, 2023, we will see either recession-like or recessionary conditions,
54:50
and I think that you'll see a 10-year treasury below 1%. There may be an opportunity, even for
54:56
a short period of time for us to reach that. I'd be watching about 1.37 on the 10-year. If that holds,
55:01
we make it a little slingshot, move lower. I don't know if we'll hit 1% there, but we're in a good
55:06
interest rate environment. I know the Fed said they're going to taper. Let's listen to the Jackson
55:11
Hall meeting, 26, 27, 28th in August. That's a platform where they talk about these things
55:15
historically. Jay Powell does not seem to have the backbone to begin tapering anytime soon. If
55:25
they're going to taper, it'll be in 2022. Just remember that means they will gently buy less
55:29
mortgage-backed securities. It'll be backfilled because people are starved all over the world for
55:34
yield. There's negative yield in so many parts of the world that 2.5% or 3% on a mortgage
55:41
looks so attractive that there will be a backfill. Even if the Fed buys less, there will be players
55:49
that come in and purchase more. Could rates go up a little bit from it? Yes, but it is not going to
55:54
be. You're not going to see 5%, could you see 3.5% on a 30-year fixed? You could. It's not the
56:00
end of the world. This is good, but I do think we'll see it circle back down. Interesting.
56:06
Good summation there. For those that aren't yet aware and if they want to become more educated
56:11
and be more magnetic and using their information to make a difference, a couple of different
56:15
ways they can do that. Let's point them to a couple of resources. First of all, mbshighway.com.
56:20
If you're not yet a member there, I know of the top 200 LOs I've interviewed around the country,
56:25
many, many of those people use your platform there to show up and educate their clients and
56:31
make a difference in their life. If you're not a member, go check it out mbshighway.com.
56:36
Then, of course, recently you came out with certified mortgage advisor, which is the next level
56:41
for education. Do you want to briefly articulate what that is? People really like it. We'll really
56:47
help you hone your skills as a financial advisor in the mortgage industry where you'll understand
56:52
things like the Fed. You won't be burnt out or people manipulate APR. You'll understand that. You'll
56:56
understand the bond market where mortgage money comes from. All the things we should have learned
57:01
and you'll understand how to read the charts. We've got so much expert content from Steve Nissen,
57:06
brought Japanese candlesticks to the US, Katie Stockton, who you see on CMBC all the time. Many
57:11
others that are contributors that will make a very big difference to round out your education
57:17
in the financial aspects. This is a financial business. We are selling money. We should understand
57:22
how money works. The last thing, Jeff, is I hope that people do take a look. I know we covered a lot
57:27
of the book today, but there's so much more. I think it is beneficial and it's on audible. It's a
57:33
nice... I did it in my voice. Professional reader would have probably done better, but it's kind
57:39
of like home cooking, a little burnt on the edges, but it's got a lot of flavor and also the book.
57:45
It's a nice book. It really is. It's got great reviews. There's a lot that went into it. No
57:51
ghost writers. It's all me and my editor who did such a good job. My son actually helped a lot
57:57
with the book. It's a book that I think will help you because we all go through tough times.
58:06
It'll help. You know what? We all go through good times and I think it'll help you maximize it,
58:11
but as the name suggests, money in the streets, it's about taking the skills you already have
58:16
and the abilities you already have and finding ways to trust them more and hone them in more so
58:21
you could see these opportunities and alleviate points of friction so you can have this explosive growth.
58:27
100%. We're going to put the links in the show notes for everybody. If you want to check out MBS
58:31
Highway, it's mbshighway.com. If you want to check out becoming a certified mortgage advisor,
58:36
it's become cma.com. Those links will be in the show notes as well as in addition to a link to
58:42
Amazon where you can definitely get the book or the audible version of money in the streets, which
58:47
like I said, I've thoroughly enjoyed. Same as I've thoroughly enjoyed catching up with you,
58:51
Barry. Thank you so much. I appreciate it very much. You're an amazing guy, Jeff. I always appreciate
58:57
you and thank you so much for everything. My pleasure. I look forward to seeing you soon. Listeners,
59:02
you know what to do. If you like this episode, hey, leave a review and if you want to check out
59:06
those resources, check the show notes. Appreciate you tuning in and we'll see you on the next one. Bye for now.
59:17
Hey guys, what's up? Real quick. You've heard about the mortgage marketing pro membership before
59:22
and I just want to quickly remind you of that you're in a place in your business where you simply
59:26
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59:31
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