Latest / Earn Your Leisure / EYL #308 Buy a House in 2025: First-Time Home Buyer Guide, Get Pre-Approved, Loans, & Real Estate Investing

Transcript

EYL #308 Buy a House in 2025: First-Time Home Buyer Guide, Get Pre-Approved, Loans, & Real Estate Investing · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J.
• 0:20
  Speaker 2: Trump's leadership.
• 0:21
  Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
• 0:25
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 0:29
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 0:33
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 0:37
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 0:41
  Speaker 1: and deported.
• 0:42
  Speaker 2: You will never return.
• 0:44
  Speaker 1: But if you register using our CBP home app and
• 0:47
  Speaker 1: leave now, you could be allowed to return legally.
• 0:50
  Speaker 2: Do what's right. Leave now.
• 0:53
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 0:57
  Speaker 3: Sponsored by the United States Department of Homeland Security Earners.
• 1:00
  Speaker 4: What's going on?
• 1:01
  Speaker 5: Listen, eylu is relaunching, revamping RETOO. That's why we're creating
• 1:06
  Speaker 5: a new educational experience that's more expensive, shy telling.
• 1:09
  Speaker 6: We got yes twenty twenty three. We got a lot
• 1:12
  Speaker 6: in still a lot playing for you guys. So you
• 1:14
  Speaker 6: know that EYLU already includes monthly financial planning calls with Me,
• 1:19
  Speaker 6: book Club calls with Troy, real estate calls with MG
• 1:22
  Speaker 6: the Mortgage Got access to the Home Buying Blueprint Volume
• 1:26
  Speaker 6: one and Volume two.
• 1:27
  Speaker 7: Part of the.
• 1:27
  Speaker 6: Revamp will include twenty seven local chapters from across the
• 1:31
  Speaker 6: United States, live interactive teaching, hands on not just pre
• 1:36
  Speaker 6: recorded videos, plus fifteen brand new curriculums.
• 1:40
  Speaker 8: The biggest just got bigger.
• 1:42
  Speaker 9: Head over to eyl University dot com. That's EYL you
• 1:48
  Speaker 9: n I V E R s I T Y dot com.
• 1:53
  Speaker 8: See you there, well live from U y L. Yes
• 2:02
  Speaker 8: you're back. It's a Thursday night, Yes, sir, everybody doing
• 2:05
  Speaker 8: we live?
• 2:06
  Speaker 7: What else would you rather be?
• 2:07
  Speaker 8: Come on? Now, who's that Stephan?
• 2:10
  Speaker 7: What else would you rather be?
• 2:11
  Speaker 8: Stephan? In the check and what's going on? First person
• 2:14
  Speaker 8: in the chat? What's going on? Are you feeling to night?
• 2:16
  Speaker 7: For sure? For sure?
• 2:17
  Speaker 6: So yeah, we're gonna we're gonna get into a lot
• 2:20
  Speaker 6: during this uh this live. It's actually something that we
• 2:25
  Speaker 6: haven't done in a while as far as uh talk
• 2:28
  Speaker 6: about real estate in depth from a real, real, like
• 2:32
  Speaker 6: holistic perspective on the first time, first time home buying perspective.
• 2:38
  Speaker 6: So you know, this is something that we thought was
• 2:41
  Speaker 6: beneficial and something that was definitely needed. So we will
• 2:44
  Speaker 6: be talking with MG, the mortgage guy. He's actually the
• 2:48
  Speaker 6: first person that we had on the platform that ever
• 2:51
  Speaker 6: spoke about real estate change the game for sure.
• 2:54
  Speaker 7: That was over five years ago.
• 2:56
  Speaker 6: So so yeah, you know, it's it's a lot going
• 2:58
  Speaker 6: on as far as rates cuts and so much other
• 3:02
  Speaker 6: stuff going on.
• 3:02
  Speaker 5: So I think I think we get to talk from
• 3:04
  Speaker 5: the perspective every Monday night about how the rates affect
• 3:07
  Speaker 5: the market from the stocks and from investing in that
• 3:10
  Speaker 5: side of it. We really we dabble in real estate
• 3:14
  Speaker 5: a little bit, but tonight, especially when we see rate
• 3:17
  Speaker 5: cuts that are happening to fat you just announced last week.
• 3:20
  Speaker 5: Now we get to take a deep dive into the
• 3:22
  Speaker 5: to this avenue which is very, very beneficial in one
• 3:26
  Speaker 5: of the leading ways that people create wealth for their family.
• 3:29
  Speaker 5: So it's gonna be it's gonna be packed within information
• 3:33
  Speaker 5: and uh, I'm excited.
• 3:34
  Speaker 6: I'm excited, all right, So we about to get this started.
• 3:37
  Speaker 6: Get started. Everybody, do me your favorite share this link.
• 3:40
  Speaker 6: It share this link to three people that are looking
• 3:44
  Speaker 6: to buy a home, or looking to refinance a home,
• 3:46
  Speaker 6: or looking to buy their dream home. This is something
• 3:48
  Speaker 6: that's going to be Shammy valuable. And also just wanted
• 3:51
  Speaker 6: to let everybody know we got a special bonus episode
• 3:53
  Speaker 6: this week. Yes, Sunday at eleven o'clock Eastern Standard Time,
• 3:57
  Speaker 6: we have Michael vick Shout out to Mike VICKI and
• 3:59
  Speaker 6: just dropped a new UH DOCU series on the Rise
• 4:02
  Speaker 6: of the Black Quarterbacks, So make sure you check that out. So,
• 4:05
  Speaker 6: without further ado, we're going to bring up our guests
• 4:08
  Speaker 6: for the day, MG, the mortgage guy, my brother.
• 4:14
  Speaker 4: Going on.
• 4:15
  Speaker 8: It's good with you, man, how you feeling?
• 4:17
  Speaker 4: You know, I woke up this morning. God is the
• 4:19
  Speaker 4: greatest and.
• 4:21
  Speaker 8: You look at marvelous man. Skin's glowing.
• 4:26
  Speaker 4: You know, life is good, brother, Life is good.
• 4:29
  Speaker 8: You know what I'm looking out there?
• 4:32
  Speaker 4: You know, a little moisturizing, you know, exfoliating, you know. Pause,
• 4:39
  Speaker 4: but you got to get it right.
• 4:40
  Speaker 8: You know that's a fact, a fact.
• 4:42
  Speaker 7: In fact, man. So Matt, how's it going, man?
• 4:46
  Speaker 4: You know, I'm excited that you guys are doing this.
• 4:49
  Speaker 4: You know, eyl is the biggest ever. Please let's not
• 4:53
  Speaker 4: make no mistakes about that. When it comes to this
• 4:56
  Speaker 4: financial literacy content space or just in general, right, no
• 5:00
  Speaker 4: one has done it like you guys have done it ever,
• 5:04
  Speaker 4: So I just want to be very clear on that.
• 5:06
  Speaker 4: So for me to be on the platform, like you said,
• 5:09
  Speaker 4: episode twelve is the goat episode in my opinion, and
• 5:13
  Speaker 4: for always would be the goat episode. So five years
• 5:17
  Speaker 4: has flown and I'm just happy that you guys are
• 5:21
  Speaker 4: still having this type of dialogue and this conversation still
• 5:23
  Speaker 4: five years later. And you know, we got to teach
• 5:26
  Speaker 4: the people and educate them at the highest levels that
• 5:28
  Speaker 4: we possibly can. So I'm excited to be here and
• 5:31
  Speaker 4: I'm ready to go.
• 5:31
  Speaker 5: Man, A lot a lot can change in five years,
• 5:34
  Speaker 5: but the fact that people still have the appetite for
• 5:36
  Speaker 5: it tells you that there's this groundback and change that's happening.
• 5:39
  Speaker 8: Man. So I'm excited to have absolutely.
• 5:43
  Speaker 6: So this is about the this is about the people
• 5:45
  Speaker 6: who want to make sure that we give as much
• 5:47
  Speaker 6: information as possible just because just because so this is
• 5:55
  Speaker 6: important that we're actually talking to somebody that actually does
• 5:57
  Speaker 6: this for a living. So can you just before we
• 5:59
  Speaker 6: start for people that might be familiar with you. Can
• 6:01
  Speaker 6: you talk about like your professional background, you're like you
• 6:06
  Speaker 6: actually you're not just somebody online that does this. Right,
• 6:09
  Speaker 6: give you your number, like talk about like explain, explain
• 6:13
  Speaker 6: your resume, why and why you're qualified, why you're qualified
• 6:16
  Speaker 6: to actually talk about real estate?
• 6:18
  Speaker 4: All right, So Matt Golland and I'm a less number
• 6:20
  Speaker 4: five eight seven zero zero, but I'm better known as
• 6:23
  Speaker 4: MG the mortgage Guy. I've been in the mortgage business
• 6:25
  Speaker 4: for twenty one years. That's right, Ladies and gentlemen, Black
• 6:28
  Speaker 4: do not crack. The rumors are true, right, the rumors
• 6:32
  Speaker 4: are true. So twenty one years I've been in this business.
• 6:35
  Speaker 4: I funded over a billion dollars worth of real estate transactions.
• 6:39
  Speaker 4: In my career. I run a division of a mortgage
• 6:42
  Speaker 4: bank based here in New York. We do business in
• 6:44
  Speaker 4: twenty six states, and I'm looking to scale and higher
• 6:48
  Speaker 4: loan officers. So if you're a loan officer, contact me.
• 6:51
  Speaker 4: Let's grow, let's scale. But you know this is something
• 6:54
  Speaker 4: I do, Man, I do this every single day. I eat, sleep,
• 6:58
  Speaker 4: shit real estate. Right, this is all I do. This
• 7:00
  Speaker 4: is all I know, and it's a beautiful business to
• 7:04
  Speaker 4: be in and I really feel like, especially over the
• 7:07
  Speaker 4: past five six years of working with you brothers in
• 7:09
  Speaker 4: collaboration on many different things, I really feel like my
• 7:13
  Speaker 4: fingerprint is on the wealth of the black community, the
• 7:17
  Speaker 4: black and brown community when it comes to real estate
• 7:20
  Speaker 4: wealth building. So I'm always honored to be able to
• 7:23
  Speaker 4: come on a platform like this and share my expertise
• 7:26
  Speaker 4: and share my knowledge and hopefully it's going to help
• 7:29
  Speaker 4: one person, ten people, a thousand people, whoever's going to
• 7:32
  Speaker 4: watch this episode get into their first home, get into
• 7:35
  Speaker 4: their dream home, or even by their first investment property.
• 7:39
  Speaker 4: So you know, this is what I do. And we
• 7:41
  Speaker 4: also do commercial real estate as well, So I know
• 7:43
  Speaker 4: we don't talk about commercial real estate a lot, but
• 7:46
  Speaker 4: you know that's something that I also help people with
• 7:48
  Speaker 4: as well. So you know I've helped thousands of people
• 7:50
  Speaker 4: directly and indirectly by real estate.
• 7:54
  Speaker 5: We thank you for your services. Man, just really quickly,
• 7:57
  Speaker 5: you said five years have to pass.
• 7:58
  Speaker 8: This is true.
• 7:58
  Speaker 5: You've done a lot the shows, a lot of lot
• 8:00
  Speaker 5: of events. I want to talk about the impact. How
• 8:03
  Speaker 5: have you seen the impact over the past five years
• 8:05
  Speaker 5: since we started this journey with you.
• 8:07
  Speaker 8: What have you seen in the community some of the
• 8:09
  Speaker 8: things that have been encouraging.
• 8:11
  Speaker 4: So when people come up to me, I mean, look,
• 8:13
  Speaker 4: first of all, I'm just a mortgage guy. Right. I
• 8:16
  Speaker 4: remember doing my first episode in Troy's house and I
• 8:19
  Speaker 4: told them to delete it, right Like, I thought it
• 8:22
  Speaker 4: was terrible. I thought it sucked. I said, that was
• 8:25
  Speaker 4: my first ever podcast. And to go from that to now,
• 8:28
  Speaker 4: people run up on me every single place I go.
• 8:31
  Speaker 4: They want to take pictures with me, they want me
• 8:33
  Speaker 4: to sign their books, They got questions for me that
• 8:37
  Speaker 4: I'm a mortgage guy, right, And for people to come
• 8:40
  Speaker 4: up to me and treat me like I'm an entertainer,
• 8:42
  Speaker 4: an athlete or a rapper just because I taught them
• 8:46
  Speaker 4: something that they didn't know, I mean, it's truly humbling.
• 8:49
  Speaker 4: It's truly a blessing. And I thank you guys for
• 8:53
  Speaker 4: having these type of platforms and focusing on this because
• 8:56
  Speaker 4: this is something that was not taught to our community
• 8:59
  Speaker 4: and to be hones. That's with you guys. When I
• 9:00
  Speaker 4: first started doing this, I thought everybody knew this stuff, right,
• 9:04
  Speaker 4: Like who doesn't know about faha conventional or how to
• 9:07
  Speaker 4: buy a home, And you guys kind of showed me, like,
• 9:09
  Speaker 4: no people don't know this stuff, so it's your duty
• 9:13
  Speaker 4: to go out here and speak about it. And I'm
• 9:17
  Speaker 4: glad I listened. You know what I'm saying. I'm glad
• 9:20
  Speaker 4: I listened, and I now won't shut the hell up
• 9:22
  Speaker 4: because I'm gonna talk about real estate, how to get
• 9:25
  Speaker 4: these deals right, how to analyze them, so that way
• 9:28
  Speaker 4: our community could not only buy real estate, but sustain
• 9:32
  Speaker 4: the real estate. Because just as quick as you can
• 9:35
  Speaker 4: get approved for a loan and get a home, the
• 9:38
  Speaker 4: bank will take it away if you start missing payments
• 9:40
  Speaker 4: and stuff like that too. So it's about sustaining home ownership,
• 9:43
  Speaker 4: which is going to sustain wealth in our community.
• 9:46
  Speaker 7: Let's do it. Let's do it.
• 9:48
  Speaker 6: So, okay, twelve hundred people want to check in, hit
• 9:51
  Speaker 6: the like button and share, and please share this out
• 9:55
  Speaker 6: to three people. So let's get into this. I don't
• 9:58
  Speaker 6: want to make them wait too long. But before we start,
• 10:01
  Speaker 6: I just want to preference this by saying that real
• 10:03
  Speaker 6: estate is extremely important.
• 10:04
  Speaker 7: You know, I just put a post up today.
• 10:06
  Speaker 6: The average person is going to pay three hundred and
• 10:08
  Speaker 6: thirty thousand dollars in rent before they buy their first home. So,
• 10:12
  Speaker 6: like you said, you know, the education is not there.
• 10:14
  Speaker 6: For the most time, that's the biggest purchase that a
• 10:19
  Speaker 6: person could could make in a lifetime is a home.
• 10:22
  Speaker 6: And if you think about it, from the time that
• 10:24
  Speaker 6: we start school in pre k to the time even
• 10:27
  Speaker 6: if you get your master's degree, most of the time
• 10:29
  Speaker 6: you have zero education on home buying. It's pretty alarming.
• 10:36
  Speaker 6: And this is why a lot of people don't know
• 10:38
  Speaker 6: how to go about it right. And then a lot
• 10:40
  Speaker 6: of times people are scared to ask questions or they
• 10:44
  Speaker 6: feel embarrassed because they you know, I feel like they
• 10:46
  Speaker 6: should know something. But if you don't really have a
• 10:49
  Speaker 6: background in real estate, then how would you know, right?
• 10:51
  Speaker 6: And then you just go to the bank and you
• 10:53
  Speaker 6: hope that the bank. You don't know if the bank
• 10:55
  Speaker 6: is taking advantage of you, or if they're missing out
• 10:57
  Speaker 6: on something that that you might qualify for or you know.
• 11:01
  Speaker 6: So it just leads to people just becoming generational renters
• 11:05
  Speaker 6: because that's what you know, that's what you're comfortable with.
• 11:07
  Speaker 6: But a lot of times people looking buying a home
• 11:09
  Speaker 6: and something that's like way out of the possibility, but
• 11:13
  Speaker 6: it's not. It's something that you know, you can be
• 11:17
  Speaker 6: a homeowner. It's going to take work, it's not something
• 11:19
  Speaker 6: that you just snap your fingers and you just have
• 11:21
  Speaker 6: a home. But whether it's your first time home or
• 11:24
  Speaker 6: we're going to talk about jumbo homes or mansions, we're
• 11:26
  Speaker 6: going to talk about real estate investment as well. I've
• 11:27
  Speaker 6: seen somebody put a chat. It is just for first
• 11:30
  Speaker 6: time homeboy, We're going to talk about a lot of
• 11:32
  Speaker 6: different stuff. So strap on your seatbelts, get your popcorn,
• 11:37
  Speaker 6: and let's let's get it.
• 11:39
  Speaker 4: Man.
• 11:39
  Speaker 7: Let's let's let's get into it.
• 11:41
  Speaker 4: Yeah man, all right, let's do it. Let's do it.
• 11:45
  Speaker 4: Let's share the screen. All right, let me put the
• 11:49
  Speaker 4: screen up here. Let's get busy. All right, there you
• 11:58
  Speaker 4: have it? All right, y'all. Can y'all see in chat?
• 12:01
  Speaker 4: Can y'all see my screen? Can y'all Can y'all see
• 12:04
  Speaker 4: the slides? Type yes and chat if you can see
• 12:06
  Speaker 4: the slides? Can y'all hear me? Well, I hope you
• 12:09
  Speaker 4: guys got your notepads, your pen and paper. Let's get
• 12:14
  Speaker 4: some notes going, all right, Sean Choy, we be taking
• 12:17
  Speaker 4: questions too, right.
• 12:18
  Speaker 7: Yeah, later we might do it in between.
• 12:22
  Speaker 6: We might never know, man, but we definitely will be
• 12:24
  Speaker 6: taking questions from Yeah.
• 12:25
  Speaker 5: Yeah, I saw somebody had a question that I need
• 12:28
  Speaker 5: to have answered as well.
• 12:29
  Speaker 8: So yeah, I'm watching the chat man, let's do it
• 12:31
  Speaker 8: all right.
• 12:31
  Speaker 4: So let's do it all right. So, like what Shad said, right,
• 12:35
  Speaker 4: the average person spends about three hundred and thirty thousand
• 12:38
  Speaker 4: dollars before they buy their first home. And I think
• 12:42
  Speaker 4: everybody on this chat you should be excited about home ownership.
• 12:45
  Speaker 4: Buying your first home is a huge milestone. I mean,
• 12:48
  Speaker 4: there's so much reports and so much data that's tied
• 12:51
  Speaker 4: into home ownership as a whole. How it helps create
• 12:54
  Speaker 4: wealth right for people that first property. So everyone here,
• 12:59
  Speaker 4: if you're not in chat, if you own a home
• 13:02
  Speaker 4: type homeowner, if you are renting type renter in chat,
• 13:05
  Speaker 4: let's just make sure. Let's take check the temperature of
• 13:08
  Speaker 4: the room right now. Who is hit if you're a
• 13:11
  Speaker 4: homeowner type homeowner, if you are renter type renter in chat,
• 13:15
  Speaker 4: but everybody who's a renter, you should definitely be excited
• 13:18
  Speaker 4: about all the possibilities and things that's going to happen
• 13:21
  Speaker 4: with homeownership over the next couple years. I know everybody's
• 13:25
  Speaker 4: talking about it's so expensive with interest rates what you
• 13:28
  Speaker 4: were going to talk about later, But you also have
• 13:30
  Speaker 4: to understand it's not going to get cheaper. I hate
• 13:34
  Speaker 4: to break it to you. I'm not going to give
• 13:36
  Speaker 4: you no fear mongering things talking about the market is
• 13:38
  Speaker 4: going to crash. It's not going to happen, right, It's
• 13:41
  Speaker 4: predicted over the next five years. Whoever buys a home
• 13:43
  Speaker 4: in twenty twenty four in the next five years, well
• 13:46
  Speaker 4: they would gain at least one hundred thousand dollars worth
• 13:49
  Speaker 4: of equity in a home in the next five years.
• 13:51
  Speaker 4: So it's not going to get cheaper, ladies and gentlemen.
• 13:54
  Speaker 4: And as these mortgage rates continue to drop, home prices
• 13:57
  Speaker 4: are only going to rise because it's going to be
• 13:59
  Speaker 4: more people in the marketplace, all right, So be excited
• 14:03
  Speaker 4: about home ownership, go out here and execute it out
• 14:06
  Speaker 4: of every high level. Now, before you go out and execute,
• 14:09
  Speaker 4: financial planning is very key. Most people always ask me
• 14:13
  Speaker 4: where do you start first? Right, And you have to
• 14:16
  Speaker 4: start I think number one. With that mindset, you got
• 14:18
  Speaker 4: to be disciplined to buy to buy real estate right
• 14:21
  Speaker 4: because it's a big investment. Whether you're buying real estate,
• 14:23
  Speaker 4: investing properties, or you buying your first home, it comes
• 14:26
  Speaker 4: with a lot. So you've got to be mature enough
• 14:28
  Speaker 4: to handle the responsibility of paying your bills on time
• 14:32
  Speaker 4: and maintaining the property. But you also have to financial
• 14:36
  Speaker 4: plan properly, right. Make sure you got the right budget,
• 14:40
  Speaker 4: make sure you're not over extending yourself. Make sure you
• 14:43
  Speaker 4: have enough save for your down payment, your closing costs,
• 14:45
  Speaker 4: and most importantly, for your reserves. All right, everybody type
• 14:49
  Speaker 4: reserves in chat right, reserves are extremely important, and too
• 14:52
  Speaker 4: many people are house rich and cash poor. So you
• 14:56
  Speaker 4: don't want to be house rich and cash poor because
• 15:00
  Speaker 4: life will life ladies and gentlemen, and anything can come up.
• 15:03
  Speaker 4: So you want to have enough money to cover at
• 15:05
  Speaker 4: least three to six months of mortgage payments. God forbid,
• 15:08
  Speaker 4: anything happens to you, all right. Partnering with the right
• 15:14
  Speaker 4: real estate agent in the beginning, and also the right
• 15:16
  Speaker 4: lender is very important, right. You need to you need
• 15:20
  Speaker 4: to work with people that understand the market that you're
• 15:24
  Speaker 4: looking to buy in, right, And most people don't look
• 15:27
  Speaker 4: at when you're buying your first home. They don't look
• 15:30
  Speaker 4: at it like a business guys. They look at it
• 15:32
  Speaker 4: as they're just like emotional. They're like, they're so happy
• 15:35
  Speaker 4: to buy a home. But you also have to understand
• 15:37
  Speaker 4: real estate is a business. If you can get tax
• 15:39
  Speaker 4: deductions on it, you need to treat it like a business.
• 15:42
  Speaker 4: So hiring the right team, not just from your real
• 15:45
  Speaker 4: estate agent, but hiring the right loan officer slash lender,
• 15:48
  Speaker 4: hiring the right contractors, you know, hiring the right attorney.
• 15:52
  Speaker 4: Make sure you have a team in place, and all
• 15:55
  Speaker 4: these things should should be in place before you go
• 15:58
  Speaker 4: out here and sign a con because what I see
• 16:01
  Speaker 4: one of the biggest mistakes that people make. They go
• 16:04
  Speaker 4: out here trying to buy homes and buy real estate
• 16:07
  Speaker 4: and they don't have nothing in place, and they only
• 16:10
  Speaker 4: referring on They're only dependent on the referrals from the
• 16:14
  Speaker 4: realtor or the loan officer, and they trusting that these
• 16:18
  Speaker 4: people are going to treat them right and treat them
• 16:20
  Speaker 4: the right way or or give them the right service.
• 16:22
  Speaker 4: And not necessary that's always true. Not everybody's always going
• 16:26
  Speaker 4: to have your best interests in mind. So you have
• 16:28
  Speaker 4: to be the CEO. You have to know as much
• 16:31
  Speaker 4: as each of these professionals. You don't need to know
• 16:34
  Speaker 4: everything they need to know, but you need to know
• 16:36
  Speaker 4: enough to have intelligent conversations so you can make sure
• 16:39
  Speaker 4: that you're hiring the right people. And that's why Earn
• 16:42
  Speaker 4: a Lisia MG. We do content like this and we
• 16:45
  Speaker 4: educate at scale, so that way you guys have enough
• 16:48
  Speaker 4: tools and your tool belt so you can go out
• 16:50
  Speaker 4: here and make the right decisions. All right, MG.
• 16:55
  Speaker 5: So when you ask the question homeowners versus renters, it
• 16:58
  Speaker 5: was about a fifty to fifty split. Man, So you
• 17:00
  Speaker 5: told me about the team that we need to build.
• 17:02
  Speaker 5: At what point in this process, if I'm a renter
• 17:05
  Speaker 5: and I'm looking about, do I get prequalified or pre
• 17:08
  Speaker 5: approved for the house or the property that I'm looking at?
• 17:10
  Speaker 8: And if there's a difference between the two, please let
• 17:13
  Speaker 8: us know.
• 17:14
  Speaker 4: All right, So let's go to steps to getting pre approved.
• 17:19
  Speaker 4: So you want to get pre approved first, once you
• 17:23
  Speaker 4: have your budget, your finances, and you know everything and
• 17:27
  Speaker 4: you're comfortable, you have your real estate agent, you have
• 17:30
  Speaker 4: all these people picked out that's going to be in
• 17:32
  Speaker 4: your team. Then you want to go to your lender
• 17:34
  Speaker 4: and then get yourself pre approved. Right now, here's the
• 17:38
  Speaker 4: thing that you guys need to know. There's three types
• 17:41
  Speaker 4: of quote unquote pre approvals out there. Right. You have
• 17:45
  Speaker 4: a pre qualification letter, you have a pre approval and
• 17:50
  Speaker 4: you have a fully underwritten pre approval, right. A prequalification
• 17:56
  Speaker 4: is garbage. It's not worth the paper it's printed on.
• 17:59
  Speaker 4: Nine times out of they're not running your credit, they're
• 18:01
  Speaker 4: not looking at your financials. You're telling the lender exactly
• 18:05
  Speaker 4: what your numbers are. Hey, I looked at credit. Comment
• 18:08
  Speaker 4: says I have a seven and fifty credit score. I
• 18:10
  Speaker 4: make three hundred thousand a year and my budget is this, right,
• 18:13
  Speaker 4: and they'll give you a pre qualification number based on that.
• 18:17
  Speaker 4: Throw that shit in the garbage, please, it's not worth
• 18:20
  Speaker 4: the paper it's printed on. A pre approval is when
• 18:23
  Speaker 4: you give your documents, right, the documents that you need.
• 18:26
  Speaker 4: If you are W two, you need your last two
• 18:29
  Speaker 4: years W two's last two months of bank statements, thirty
• 18:36
  Speaker 4: days of pay stubs, and if you get in a gift,
• 18:41
  Speaker 4: you need to get a gift letter, et cetera. But
• 18:43
  Speaker 4: you need to submit that information into your lender. They're
• 18:47
  Speaker 4: going to review your credit and do a hard pull
• 18:50
  Speaker 4: on your credit, and then from there they're going to
• 18:53
  Speaker 4: run your loan application through desktop underwriting, right, and then
• 18:59
  Speaker 4: that type of underwriting system is going to come back
• 19:02
  Speaker 4: with it approve eligible and then that means you are
• 19:04
  Speaker 4: pre approved. You'll get your letter you go out shopping. Now,
• 19:07
  Speaker 4: if you're working with a great loan officer, they're going
• 19:10
  Speaker 4: to pre underwrite your documentation so that pre approval letter
• 19:14
  Speaker 4: could be solid and get you to the closing table.
• 19:17
  Speaker 4: But the one that I love the most, y'all, is
• 19:19
  Speaker 4: that fully underwritten pre approval. That's when the loan officer
• 19:23
  Speaker 4: is taking it one step further and they're taking all
• 19:26
  Speaker 4: that documentation and they're submitting it to underwriting before you
• 19:30
  Speaker 4: even get into contract. Now, when they submit that into underwriting,
• 19:34
  Speaker 4: the underwriter now is going to review your file, review
• 19:38
  Speaker 4: your loan, and they're going to either make an approval
• 19:41
  Speaker 4: or a decline, right, and if they approve, then you
• 19:45
  Speaker 4: are what's called conditionally approved. So you'll get a commitment
• 19:48
  Speaker 4: letter and they'll tell you exactly what you need to close. Right.
• 19:51
  Speaker 4: So if the underwriter doesn't like that you got these
• 19:54
  Speaker 4: large deposits, you'll know that ahead of time. If they
• 19:57
  Speaker 4: don't like your pay stumbs, they'll know that on time.
• 20:00
  Speaker 4: But one of the three main things on that commitment
• 20:03
  Speaker 4: letter will be they need a tighter report, an appraisal,
• 20:07
  Speaker 4: and most importantly, a contract to sell, So you, as
• 20:11
  Speaker 4: the buyer, now have a commitment from the bank. Now
• 20:14
  Speaker 4: I need everybody to understand how powerful this is. Remember,
• 20:18
  Speaker 4: a loan officer does not make an approval decision on
• 20:22
  Speaker 4: behalf of a bank. I'm gonna repeat that. A loan
• 20:26
  Speaker 4: officer does not make an approval decision on behalf of bank,
• 20:30
  Speaker 4: only the underwriter. So when you have this conditionally approved,
• 20:34
  Speaker 4: underwritten pre approval letter, that's that's pretty much gold, that's
• 20:38
  Speaker 4: pretty much cash. The bank is going to lend you
• 20:40
  Speaker 4: the money if you can meet the conditions that they
• 20:44
  Speaker 4: have on that letter. So now when you're going out
• 20:46
  Speaker 4: there shopping for a home, it's going to make it
• 20:48
  Speaker 4: more competitive for you when you're putting in your office.
• 20:52
  Speaker 4: So even if you have like an FHA or conventional
• 20:55
  Speaker 4: loan or VA loan, if you're putting down minimum down payments,
• 20:59
  Speaker 4: you can still compete with the bier who might be
• 21:01
  Speaker 4: putting down ten percent, because maybe they don't they only
• 21:05
  Speaker 4: have a pre quir or pre approval letter. But if
• 21:07
  Speaker 4: you can show the listing agent and the seller that
• 21:10
  Speaker 4: you've been through underwriting, and you can close pretty quickly
• 21:14
  Speaker 4: because all your documents have been vetted and only thing
• 21:17
  Speaker 4: you really need is the appraisal contract entitle that might
• 21:20
  Speaker 4: win you a offer. So, ladies and gentlemen, I'm here
• 21:24
  Speaker 4: to tell you if you can work with a lender
• 21:26
  Speaker 4: that offers the services, take full advantage, especially in this
• 21:30
  Speaker 4: upcoming season that we're about to enter with interest rates
• 21:34
  Speaker 4: about to drop again. Makes sense, y'all?
• 21:39
  Speaker 8: Gotcha gotcha facts?
• 21:41
  Speaker 6: Somebody had asked about the NACKA program. We have a
• 21:43
  Speaker 6: video on our YouTube channel about Naka in detail, So
• 21:47
  Speaker 6: if you're interested in that, just type in Knacker.
• 21:49
  Speaker 7: Shout out to Dre. We did a whole episode about Naka.
• 21:52
  Speaker 4: But yeah, shout out to Dre.
• 21:54
  Speaker 5: Shout out to the Tima. In the chat, she said,
• 21:56
  Speaker 5: this program is happening just in time for me. She's
• 22:00
  Speaker 5: about to get some real estate property. But Charlie said,
• 22:03
  Speaker 5: when does the title insurance come into play during this process?
• 22:07
  Speaker 4: So good question, Charlie. So you get your so once
• 22:10
  Speaker 4: you go through and we kind of skipping the head
• 22:12
  Speaker 4: through the process, right, So you don't order your title,
• 22:14
  Speaker 4: your title report until you got a contract. Right. Once
• 22:19
  Speaker 4: you get that contract and you get that title, then
• 22:22
  Speaker 4: you get that title insurance. The title company will provide
• 22:25
  Speaker 4: that once they send over the actual title report to
• 22:30
  Speaker 4: the bank attorney, the closing attorney into the lender, right,
• 22:33
  Speaker 4: So that's when the title insurance will come and play. Now,
• 22:36
  Speaker 4: the title insurance, for those of you don't know, title
• 22:38
  Speaker 4: insurance protects you and the lender from previous owners, let's
• 22:46
  Speaker 4: just call it their foolishness. Right, So if they got
• 22:48
  Speaker 4: bad debts, lawsuits, any of the above, right, that doesn't
• 22:53
  Speaker 4: transfer over to you. So anything that happened prior to
• 22:57
  Speaker 4: the bank investing their money and giving it to you
• 22:59
  Speaker 4: so you can buy this house, the title insurance will
• 23:03
  Speaker 4: kick in and protect you in ALEMDA. So title shurance
• 23:06
  Speaker 4: is extremely important.
• 23:10
  Speaker 8: Good question, it's a great question. I'm glad that you
• 23:12
  Speaker 8: said that.
• 23:13
  Speaker 5: We went a little bit out of order, because yes,
• 23:14
  Speaker 5: once we get pre qualified, preapproved, now we need to
• 23:18
  Speaker 5: figure out what type of loans we should be looking for, right,
• 23:21
  Speaker 5: So like let's talk about let's get into that, because
• 23:23
  Speaker 5: there's different programs for different people who need different types
• 23:26
  Speaker 5: of assistance.
• 23:27
  Speaker 8: But let's get into that a little bit.
• 23:29
  Speaker 4: Yeah, man, So there's tons of loans out there, right,
• 23:31
  Speaker 4: So you have the traditional loans, you know, faha, conventional
• 23:36
  Speaker 4: VA loans, you know you have knacker. I know someone
• 23:40
  Speaker 4: mentioned out there, but let's do a brief overview. Right,
• 23:43
  Speaker 4: FAHA minimum five eighty credit score. You can buy one
• 23:47
  Speaker 4: to four family properties. All properties must be on the
• 23:52
  Speaker 4: occupied for at least one year. Okay, again, one to
• 23:57
  Speaker 4: four family own the occupied properties. You can even buy
• 24:01
  Speaker 4: with a FAHA a mixed use property. Right. So, now,
• 24:04
  Speaker 4: a mixed use property is basically a commercial building. Now
• 24:07
  Speaker 4: we have a lot of these mix shues properties here
• 24:09
  Speaker 4: in New York where you might have a bodega on
• 24:11
  Speaker 4: the bottom and three apartments on the top. Right, that's
• 24:14
  Speaker 4: a mixed use property. So FAHA will allow a home
• 24:17
  Speaker 4: buyer to buy this mixed use property. As long as
• 24:21
  Speaker 4: the residential square footage is at least fifty one percent
• 24:24
  Speaker 4: and the like likeness of the building is more residential
• 24:27
  Speaker 4: in stature, FAHA will allow you to buy a commercial property.
• 24:31
  Speaker 4: So that's perfect. Let's just say we have any business
• 24:34
  Speaker 4: owners here in the chat right now, watching this live
• 24:36
  Speaker 4: or going to watch this on the replay. If you
• 24:38
  Speaker 4: have a business that needs a brick and mortar, right,
• 24:41
  Speaker 4: you can go with FHA loan buy this mixed use
• 24:45
  Speaker 4: live upstairs, have your business downstairs, and put as little
• 24:48
  Speaker 4: west three and a half percent down for a mixed
• 24:51
  Speaker 4: use property that is a home run. FAHA also allows
• 24:56
  Speaker 4: you to get rehab money with the two or three
• 24:59
  Speaker 4: K program, where you can get one hundred percent of
• 25:01
  Speaker 4: your rehab court as well. Right. So FAHA is a
• 25:05
  Speaker 4: terrific program you can go up to. Like I said,
• 25:08
  Speaker 4: four families were putting down three and a half percent. Now,
• 25:10
  Speaker 4: some of the cons about FAHA is obviously the PMI. Right.
• 25:15
  Speaker 4: The PMI is if you put down less than ten
• 25:18
  Speaker 4: percent is for the life of the loan, and if
• 25:19
  Speaker 4: you put down ten percent or more, the PMI automatically
• 25:23
  Speaker 4: goes away year eleven. Right, So that I would say
• 25:26
  Speaker 4: that would probably be one of the biggest cons with FAHA.
• 25:29
  Speaker 4: But despite what everybody would believe, FAH loans do close
• 25:33
  Speaker 4: really quickly. Right. A lot of people out there think
• 25:35
  Speaker 4: if you're getting an FAHA loan, it's going to take
• 25:38
  Speaker 4: forever and you got bad credit, you don't really qualify. No,
• 25:41
  Speaker 4: that's not the case. FAHA is a great program. It
• 25:44
  Speaker 4: gives you a higher approval amount sometimes than conventional mortgages
• 25:48
  Speaker 4: because the debt to income racial requirement is higher than
• 25:51
  Speaker 4: conventional Now.
• 25:53
  Speaker 6: With conventional Let's let's do this though, Let's let's before
• 25:56
  Speaker 6: you go on, let's really take our time. Let's still
• 25:59
  Speaker 6: just take our time. Make sure everybody understands. So even
• 26:02
  Speaker 6: terms like PMI, somebody might not understand what that is, right,
• 26:06
  Speaker 6: primary mortgage insurance. And even like okay, the FAHA loan,
• 26:13
  Speaker 6: somebody asks like it's this first time home buyers, Like,
• 26:15
  Speaker 6: you can use that for your first time home, right,
• 26:18
  Speaker 6: and it allows you to put three point five percent
• 26:20
  Speaker 6: down as opposed to a traditional twenty percent down, but
• 26:25
  Speaker 6: you have to pay the PMI until you reach twenty percent.
• 26:30
  Speaker 4: Right, No, No, So, to answer the question about the
• 26:34
  Speaker 4: prompt the first time home buyer, FAHA is not just
• 26:37
  Speaker 4: for first time home buyers.
• 26:39
  Speaker 6: Right, I know, it's not just for first time home boys.
• 26:42
  Speaker 6: But you can use it if you're buying your first
• 26:44
  Speaker 6: time home, right, correct, you.
• 26:46
  Speaker 4: Can use it if you're buy your first home. But
• 26:48
  Speaker 4: most people think if I own a home, I can't
• 26:51
  Speaker 4: do FAHA, which is not the case. You can do
• 26:54
  Speaker 4: FAHA as long as it's going to be your primary residence. Now,
• 26:57
  Speaker 4: the PMI the private mortgan insurance on FA, it's called
• 27:01
  Speaker 4: mortgage insurance premium. That only goes away if you put
• 27:05
  Speaker 4: down ten percent or more, and it goes away year eleven.
• 27:09
  Speaker 4: With a conventional mortgage, if you obviously put down twenty
• 27:13
  Speaker 4: percent up front, then you have no PMI. But if
• 27:16
  Speaker 4: you put down less than twenty percent on a conventional mortgage,
• 27:20
  Speaker 4: then that PMI will go away once you You can
• 27:24
  Speaker 4: request for it to go away once you get about
• 27:26
  Speaker 4: twenty percent equity in the home. Right. So it's a
• 27:31
  Speaker 4: little bit different than FHA. You don't have to wait
• 27:34
  Speaker 4: that long of a time frame to get the PMI
• 27:38
  Speaker 4: removed the conventional loan. You can get that pm I
• 27:41
  Speaker 4: removed much faster. And it was something else you said
• 27:44
  Speaker 4: in the ever shot. What else did you say? I
• 27:47
  Speaker 4: just had a brave reason.
• 27:49
  Speaker 6: No, I think that I think that was it. I
• 27:51
  Speaker 6: just wanted to just make sure that they was just
• 27:52
  Speaker 6: understanding everything. But I think I think that was it.
• 27:55
  Speaker 6: But somebody asked the question too though from the chat.
• 27:59
  Speaker 6: Somebody in the chat Trenton Stewart. He said, what if
• 28:04
  Speaker 6: he's ten ninety nine and not w two?
• 28:07
  Speaker 4: Good question, great question. So if you are ten ninety nine,
• 28:11
  Speaker 4: you are considered self employed, Trent. So it's very important.
• 28:15
  Speaker 4: Remember two year work history with all of these traditional loans, right,
• 28:20
  Speaker 4: So if you are ten ninety nine, you need to
• 28:22
  Speaker 4: be ten ninety nine for two years. But the most
• 28:24
  Speaker 4: important thing, Trent and anyone else who is self employed
• 28:27
  Speaker 4: or teny nine, your tax returns need to need to
• 28:32
  Speaker 4: line up appropriately. So let's just say you get one
• 28:34
  Speaker 4: hundred thousand dollars on your ten ninety nine. If you
• 28:38
  Speaker 4: write off ninety thousand and tell Uncle Sam that I
• 28:41
  Speaker 4: only made ten thousand, you pay income taxes on ten thousand.
• 28:45
  Speaker 4: That ten thousand is the money that we're going to
• 28:48
  Speaker 4: use to qualify you. And let's just be real, ten
• 28:51
  Speaker 4: thousand enough to buy the home, right, So if you
• 28:54
  Speaker 4: know you are self employed and you write off a lot,
• 28:58
  Speaker 4: this is why it is extremely important in the beginning
• 29:01
  Speaker 4: to have a great lender and start mortgage planning. Right.
• 29:05
  Speaker 4: Everybody type and chat mortgage planning, especially my self employed people.
• 29:09
  Speaker 4: You have to plan for your mortgage. You just can't
• 29:12
  Speaker 4: walk out the and say, hey, I'm going to buy
• 29:14
  Speaker 4: a house today and you don't know what your finance
• 29:17
  Speaker 4: is looking like. So having a great lender and also
• 29:20
  Speaker 4: having a great account and a CPA who understands real
• 29:23
  Speaker 4: estate to guide you to let you know, Okay, if
• 29:26
  Speaker 4: you pay less taxes this year, if you write off less,
• 29:32
  Speaker 4: you're going to pay X, y and z amount of
• 29:34
  Speaker 4: income taxes. Is it worth it for you to buy
• 29:38
  Speaker 4: a house and use this income or is it better
• 29:40
  Speaker 4: for you just to put twenty percent down and go
• 29:43
  Speaker 4: with a non traditional loan where we don't need tax returns. Right,
• 29:48
  Speaker 4: So you have to look at both sides of the
• 29:50
  Speaker 4: fence to see what's most beneficial to you as that
• 29:55
  Speaker 4: entrepreneur and trying to get into real.
• 29:57
  Speaker 7: Estate somebody else's ax. Can you have more than one
• 30:00
  Speaker 7: FHA at that.
• 30:01
  Speaker 4: Time if you meet the one hundred mile room right.
• 30:06
  Speaker 4: So if you buy an FAHA to say duplex in Brooklyn, right,
• 30:13
  Speaker 4: and then you're moving to Atlanta and you want to
• 30:16
  Speaker 4: use FHA again to buy another duplex in Atlanta and
• 30:20
  Speaker 4: you can prove that you are moving down there as
• 30:23
  Speaker 4: work related, then yes, because it's old Brooklyn and Atlanta
• 30:26
  Speaker 4: as well over one hundred miles away. So that is
• 30:29
  Speaker 4: really one of the only circumstances that I've seen get
• 30:32
  Speaker 4: approved when you are looking to have multiple FAHA loans.
• 30:37
  Speaker 4: But if you're looking to house hack right prior to
• 30:41
  Speaker 4: conventional loans. Changing the guidelines about a year ago, the
• 30:45
  Speaker 4: strategy was by the fourth family, use FAHA, you know,
• 30:50
  Speaker 4: refinance into a conventional, then go into a three family
• 30:54
  Speaker 4: and then use FHA again. But now that conventional allows
• 30:57
  Speaker 4: five percent down payment on more families for your primary residence.
• 31:02
  Speaker 4: Now you don't really need to use FAHA more than
• 31:05
  Speaker 4: one time. You can now go the first property FAHA,
• 31:10
  Speaker 4: then the second property, which could be the three unit,
• 31:13
  Speaker 4: Now you can use conventional and put five percent down
• 31:16
  Speaker 4: because it's now your primary residence. Right, So the strategy
• 31:20
  Speaker 4: for the four three to one change a little bit
• 31:22
  Speaker 4: with that guideline, which is which is a home run
• 31:24
  Speaker 4: for everybody looking the house hack. But no, you don't
• 31:29
  Speaker 4: need to have two FAH loans at the same time
• 31:32
  Speaker 4: to continue to grow your real estate portfolio using the
• 31:35
  Speaker 4: house hacking strategy.
• 31:37
  Speaker 8: MG. You brought up the FAHA loan.
• 31:39
  Speaker 5: We talked about conventional, but when we were at invest Vest,
• 31:43
  Speaker 5: one of the biggest seminars that people were lined up
• 31:46
  Speaker 5: for was the VA loans. So can you touch on
• 31:48
  Speaker 5: that and tell people about the benefits of that and
• 31:50
  Speaker 5: salute to everybody that's the veteran.
• 31:52
  Speaker 4: Yeah, shout out to everybody who's a veteran. You know,
• 31:54
  Speaker 4: I got my Pops flag right here, so I want
• 31:56
  Speaker 4: to show this man rest in peace, Pops Man, So
• 31:58
  Speaker 4: shout out to all of all the veterans. Yeah, yeah, yeah, Mike,
• 32:02
  Speaker 4: I appreciate that. Shout out the Pops right there. So
• 32:05
  Speaker 4: all all the vets, all my military folks, you got
• 32:08
  Speaker 4: a special place in my heart for sure, So salute
• 32:12
  Speaker 4: to all of y'all. But yeah, with the VA loan,
• 32:14
  Speaker 4: you could do a one hundred percent financing on your
• 32:17
  Speaker 4: primary residents. Some lenders will go down as low as
• 32:20
  Speaker 4: a five to eighty credit scores as well, but typically
• 32:23
  Speaker 4: usually six hundred to six twenties ideal, and you can
• 32:27
  Speaker 4: buy one to four family own the occupied properties. One
• 32:32
  Speaker 4: of the great things about VA loans you're going to
• 32:34
  Speaker 4: have great interest rates even in today's market. They're a
• 32:37
  Speaker 4: little bit lower than FHA, and it has no PMI
• 32:41
  Speaker 4: on the loan, which is a home run right. And
• 32:45
  Speaker 4: you can use a VA loan twice as long as
• 32:48
  Speaker 4: you have enough eligibility right to do so. So VA
• 32:54
  Speaker 4: is a terrific program. I encourage all my military folks
• 32:58
  Speaker 4: out there who's watching it live, to please use that
• 33:02
  Speaker 4: VA loan. Use it to the to the highest and
• 33:05
  Speaker 4: best use. If you can get a multi family with
• 33:08
  Speaker 4: it with your first one, go ahead, get that multi
• 33:10
  Speaker 4: family first, and then you can go ahead and probably
• 33:13
  Speaker 4: get a single family with it later on down the road.
• 33:17
  Speaker 4: So VA is an amazing product and I hope more
• 33:20
  Speaker 4: people use it.
• 33:24
  Speaker 6: So okay, so let's get back to the steps. But
• 33:26
  Speaker 6: before we get back to step the last the last detour,
• 33:29
  Speaker 6: you talked about the four three two one. Can you
• 33:32
  Speaker 6: just explain that for people that don't know what that is?
• 33:35
  Speaker 4: Okay? So the four to three to two one strategy
• 33:38
  Speaker 4: is only for the folks out there who want to
• 33:40
  Speaker 4: be a landlord. If you want to be a landlord
• 33:43
  Speaker 4: type landlord and chat, please, I want to see.
• 33:45
  Speaker 7: This is so, this is what this is for the
• 33:47
  Speaker 7: real estate investors.
• 33:48
  Speaker 4: This is for the real estate investors. But you're using
• 33:51
  Speaker 4: low down payment loans and your house hacking, meaning you
• 33:55
  Speaker 4: are going to live in this property for the requirement
• 34:00
  Speaker 4: that the guidelines are saying. You're not saying that, hey,
• 34:03
  Speaker 4: I'm going to live here and I don't live there
• 34:06
  Speaker 4: right here, I earn your leisure an MG to mortgage. God,
• 34:09
  Speaker 4: we do not participate in mortgage fraud. Let me be
• 34:11
  Speaker 4: very clear. Okay, we do not participate in that. Okay,
• 34:15
  Speaker 4: this is the disclaimer. Hell, okay, you must live in
• 34:18
  Speaker 4: a property for at least twelve months. That's where the
• 34:21
  Speaker 4: guidelines state, and the guidelines are in your favor two
• 34:24
  Speaker 4: house acts. So do it the right way so that
• 34:26
  Speaker 4: way you don't have the compliance police knocking on your door. Now,
• 34:30
  Speaker 4: the goal of this is to build your real estate portfolio.
• 34:34
  Speaker 4: Four unit first, if you live in an area that
• 34:36
  Speaker 4: has four units, live in it for a year maybe
• 34:39
  Speaker 4: two years. Now you don't have to refinance out of
• 34:43
  Speaker 4: that FAHA loan. So let's people, since we started off,
• 34:46
  Speaker 4: we just left VA loans, think about this. You're a veteran,
• 34:49
  Speaker 4: you start off with your VA loan, first one hundred
• 34:52
  Speaker 4: percent financing for a family. Then you go FAHA for
• 34:57
  Speaker 4: the next one, the three family three point five five
• 35:00
  Speaker 4: percent down. Then the next one you can go convention
• 35:03
  Speaker 4: them with a duplex five percent down. And then that
• 35:10
  Speaker 4: last property, single family, you can go back to VA
• 35:14
  Speaker 4: if you have enough eligibility and get one hundred percent
• 35:17
  Speaker 4: financing on that one with no PMI as well. So
• 35:20
  Speaker 4: now the cash flow that's coming from all of these
• 35:23
  Speaker 4: units that for that three and that two, which was
• 35:28
  Speaker 4: that seven non units right there, can now pay for
• 35:32
  Speaker 4: your dream home. So the purpose of the strategy is
• 35:35
  Speaker 4: most people when they buy their first home, they're over
• 35:38
  Speaker 4: extending itself. Everybody trying to keep up with the joneses.
• 35:41
  Speaker 4: Everybody don't I don't know what the hell's going on
• 35:43
  Speaker 4: these days. Nobody believes in starter homes. Everybody wants to
• 35:46
  Speaker 4: make mansion right now, I just don't understand it. So
• 35:50
  Speaker 4: instead of you people who don't want to start a
• 35:54
  Speaker 4: home getting a nice little townhouse or something like that,
• 35:57
  Speaker 4: start off with the multifamily build that put far so
• 36:00
  Speaker 4: that way, by time you get to that one family
• 36:03
  Speaker 4: in four years five years, now you've got cash flow
• 36:07
  Speaker 4: coming in and you can potentially live for free. So
• 36:09
  Speaker 4: that's all the basics of the four to three too strategy.
• 36:12
  Speaker 6: So for okay, for the people that need a little
• 36:18
  Speaker 6: bit more further explanation on this. Right, most of the time,
• 36:23
  Speaker 6: the American dream is to buy a home, a single
• 36:27
  Speaker 6: family home right, white picket fence, the whole nine. And
• 36:31
  Speaker 6: people think like that's your dream home. They want to
• 36:33
  Speaker 6: drop by their dream home. But and there's some debate
• 36:37
  Speaker 6: on this, but a home is not technically an asset.
• 36:41
  Speaker 6: If it's not producing cash flow, it can actually be
• 36:45
  Speaker 6: a liability. Ken So the idea is to say, okay,
• 36:52
  Speaker 6: instead of trying to buy a one family dream home
• 36:56
  Speaker 6: right away, buy a four family home in a not
• 37:03
  Speaker 6: great neighborhood but like you know, an uppercoming neighbor because
• 37:06
  Speaker 6: the four family home is going to be expensive. But
• 37:09
  Speaker 6: usually don't even have four family homes in great neighborhoods anyway.
• 37:12
  Speaker 6: So you buy a four family home in a relatively
• 37:17
  Speaker 6: slightly dangerous neighborhood, and you live there and you're a landlord,
• 37:22
  Speaker 6: and you rent those other three units out. Right Now
• 37:25
  Speaker 6: you establish yourself as a landlord and you're getting rental
• 37:30
  Speaker 6: income from three tenants after you lived there for a
• 37:35
  Speaker 6: year or two years. Right then you can leave rent
• 37:39
  Speaker 6: the other one out. Now you have four units that
• 37:41
  Speaker 6: you're actually getting rental income from. Now you can move
• 37:45
  Speaker 6: to a slightly better neighborhood. The houses probably costs a
• 37:49
  Speaker 6: little bit more, but you'll have an asset that's actually
• 37:53
  Speaker 6: producing income that you can add to your W two
• 37:57
  Speaker 6: or ten toninety nine income also, and you repeat the
• 38:01
  Speaker 6: process and now you have two other incomes coming and
• 38:06
  Speaker 6: then you're living there. Then when you move out after
• 38:09
  Speaker 6: a year, two years, now you have seven and now
• 38:12
  Speaker 6: you have seven units from four family building, a three
• 38:17
  Speaker 6: family building you do the same, and a good neighborhood
• 38:22
  Speaker 6: and a two family home. Right and so by the
• 38:25
  Speaker 6: time you've done this, it might take eight years, but
• 38:30
  Speaker 6: by the time you've done this process, you have nine
• 38:33
  Speaker 6: nine units that's producing income, and now you're able to
• 38:39
  Speaker 6: actually a have enough income that's coming in that you
• 38:43
  Speaker 6: probably don't even have to work a real job anymore
• 38:45
  Speaker 6: because you have nine units that's producing income, and now
• 38:50
  Speaker 6: you're able to move into the dream house and you
• 38:55
  Speaker 6: have the income from the units that's paying for the house,
• 39:00
  Speaker 6: as opposed to what most people do. They move into
• 39:03
  Speaker 6: their dream house, they don't really have enough money to
• 39:05
  Speaker 6: pay for it. Then they're just working every single month
• 39:09
  Speaker 6: to just maintain the mortgage and they don't have enough
• 39:12
  Speaker 6: money to invest, they don't have enough money to buy
• 39:14
  Speaker 6: any additional real estate. They get stuck in a thirty
• 39:17
  Speaker 6: year mortgage. That's not a recipe for building wealth. That's
• 39:20
  Speaker 6: a recipe for being in debt until you're seventy years old.
• 39:24
  Speaker 6: So yeah, that's kind of the ABC version of it.
• 39:28
  Speaker 6: But I think that that's kind of important to like
• 39:31
  Speaker 6: fully lay out because everybody I might not get it
• 39:34
  Speaker 6: at first, like which you know, you've been doing this
• 39:38
  Speaker 6: for twenty years, so some people are just getting into
• 39:41
  Speaker 6: real estate today, right, so they got to kind of
• 39:43
  Speaker 6: be read. Even how you think about buying a home
• 39:46
  Speaker 6: kind of has to be rewired in your brain so
• 39:48
  Speaker 6: you can just kind of have a different perspective.
• 39:50
  Speaker 8: It definitely will change your perspective on how you look
• 39:52
  Speaker 8: at it.
• 39:52
  Speaker 5: And I remember five years ago here and you say it,
• 39:54
  Speaker 5: and obviously we tweeted it a little bit, but it
• 39:56
  Speaker 5: was mind blowing as I was sitting in my home
• 39:58
  Speaker 5: doing that interview.
• 39:59
  Speaker 8: But Matt, I got to there's another great question. And
• 40:02
  Speaker 8: I know the four three two one was a great.
• 40:03
  Speaker 5: Strategy, but there's another strategy that I know you like
• 40:06
  Speaker 5: talking about. And Terry m asked the question. I said,
• 40:09
  Speaker 5: I'm about to get married own a townhouse. Can we
• 40:12
  Speaker 5: still use my fiance's FHA loan before we get married?
• 40:16
  Speaker 5: And so we're talking about two single people, two different
• 40:18
  Speaker 5: loans before they get married.
• 40:20
  Speaker 8: I know this is one of those topics you love
• 40:21
  Speaker 8: talking about. Yeah, go for it man.
• 40:24
  Speaker 4: Yeah, I mean divide and conquer, right. I definitely love
• 40:28
  Speaker 4: that strategy, and congratulations to you guys. But I would
• 40:32
  Speaker 4: say before you tie to not if you each can
• 40:36
  Speaker 4: qualify for your own property and it be your own occupied.
• 40:42
  Speaker 4: You live in one, he lives in one until you
• 40:44
  Speaker 4: get married, then I think it's a great way to
• 40:48
  Speaker 4: start your life together. Right now, you buy a multifamily,
• 40:53
  Speaker 4: he buys a multifamily. You each use FAHA if you
• 40:57
  Speaker 4: both can qualify independently of each other and build your
• 41:04
  Speaker 4: portfolio that way. So now, if you can start with
• 41:06
  Speaker 4: a three or four even a duplex, right so you
• 41:09
  Speaker 4: live in an area that doesn't have three or four
• 41:11
  Speaker 4: is you start with a duplex, You get a duplex,
• 41:14
  Speaker 4: He gets a duplex. Now you have four units. Now
• 41:17
  Speaker 4: you have cash flow coming in that could potentially pay
• 41:19
  Speaker 4: for now your dream home as well. Now, one of
• 41:23
  Speaker 4: the great things about buying a multifamily, especially with FHA loans, guys,
• 41:28
  Speaker 4: the rental income. The market rental income can be used
• 41:32
  Speaker 4: to help you qualify. Lenders will use seventy five percent
• 41:36
  Speaker 4: of that rental income. So, for example, if the gross
• 41:39
  Speaker 4: rental income is one thousand dollars. A lender will use
• 41:42
  Speaker 4: seven hundred and fifty dollars as income to help you
• 41:45
  Speaker 4: qualify forward. Now, I saw in the comments a little
• 41:49
  Speaker 4: while ago someone was asking about Airbnb income and does
• 41:52
  Speaker 4: lenders like Airbnb income with these multifamilies. The question is no,
• 41:57
  Speaker 4: the lending landscape has not caught up to the times
• 42:00
  Speaker 4: that we are in now to allow Airbnb is very unstable.
• 42:05
  Speaker 4: So what lenders are always going to use right now, guys,
• 42:08
  Speaker 4: is market rent right, not rent that you're going to
• 42:12
  Speaker 4: get from Airbnb. Or if you've got to make in
• 42:15
  Speaker 4: your house a content space or anything like that. The
• 42:18
  Speaker 4: guidelines have not caught up to that. But divide and
• 42:21
  Speaker 4: conquer is a great, a great strategy for all you
• 42:26
  Speaker 4: couples out here who want to be landlords and grow
• 42:30
  Speaker 4: your real estate portfolio.
• 42:32
  Speaker 8: Now, last thing before we go back to the presentation.
• 42:35
  Speaker 5: If they do this, are they putting that in their
• 42:37
  Speaker 5: personal names or they're creating LLC's to put these properties.
• 42:41
  Speaker 4: In good question, Troy, I'm glad you brought this up right. No,
• 42:47
  Speaker 4: this is going to in your personal name. This is
• 42:49
  Speaker 4: not going in your LLCs. Guys. When we talk LLC's,
• 42:53
  Speaker 4: we're talking real estate investing. Right, We're not talking house
• 42:57
  Speaker 4: hacking on the occupied properties. The lender will financial LLC.
• 43:02
  Speaker 4: We're looking at you your personal credit, income, your debt
• 43:06
  Speaker 4: to income ratio to get qualified for these properties. So
• 43:10
  Speaker 4: your LLC is not involved at all. And also I
• 43:14
  Speaker 4: want you guys to stop, when you own these homes
• 43:17
  Speaker 4: and in your primary residents, especially when you're using programs
• 43:20
  Speaker 4: like FHA, stop doing quick claim deeds and putting the
• 43:25
  Speaker 4: homes into your LLCs after the fact. What you guys
• 43:30
  Speaker 4: can do is trigger what's called a due on sales
• 43:33
  Speaker 4: clause type in CHAT do on sales clause. This basically
• 43:39
  Speaker 4: means if you change ownership of the property without the
• 43:43
  Speaker 4: blenders written permission, they can call your loan doom and
• 43:48
  Speaker 4: make it a balloon payment. And if you don't pay
• 43:51
  Speaker 4: that with inst amount of time, typically within thirty to
• 43:55
  Speaker 4: sixty days, they can foreclose on you because you change
• 43:58
  Speaker 4: the ownership of the property. So do not do not,
• 44:02
  Speaker 4: I repeat, do not do a quick claim deed and
• 44:07
  Speaker 4: put your home into an LLC if you have an
• 44:10
  Speaker 4: FHA conventional VA loan without the bank's permission, and nine
• 44:15
  Speaker 4: times out of ten if it's f H A A va.
• 44:17
  Speaker 4: They're going to tell you now, so don't do it.
• 44:19
  Speaker 4: And I know a lot of people like to talk
• 44:21
  Speaker 4: about doing stuff like that or here on this internet,
• 44:23
  Speaker 4: but don't always listen to the internet. Guys, it's not
• 44:25
  Speaker 4: your friend. I'm here to tell you please, please don't
• 44:31
  Speaker 4: do it. I see a lot of that going around.
• 44:33
  Speaker 4: Please don't do it.
• 44:35
  Speaker 6: Well, that's why it's good to have professionals here, and
• 44:38
  Speaker 6: you know, conversations like this. This is actually the most
• 44:41
  Speaker 6: important conversation that you know. It's a lot of talk
• 44:45
  Speaker 6: right now. A lot of people are getting indicted, a
• 44:48
  Speaker 6: lot of people have different YouTube lives, like on that leak,
• 44:54
  Speaker 6: doing this ig live thing. It's a lot of entertainment.
• 45:00
  Speaker 6: But in the grand scheme of life, none of that
• 45:02
  Speaker 6: is important. Is this, These conversations are the most important
• 45:06
  Speaker 6: conversations in the reality is that this is the only
• 45:09
  Speaker 6: thing that could really save you in this new wave
• 45:12
  Speaker 6: of artificial intelligence and this new wave of you know,
• 45:17
  Speaker 6: mass layoffs, right Like, if you don't know how to invest,
• 45:19
  Speaker 6: if you don't own anything, how can you.
• 45:22
  Speaker 7: Really expect to survive?
• 45:23
  Speaker 6: So I say that to say, the price of this
• 45:27
  Speaker 6: submission is free, but we do need support. So we
• 45:33
  Speaker 6: have twenty four hundred people. That's encouraging. Should be twenty
• 45:36
  Speaker 6: four thousand people, to be honest with you, So hit
• 45:40
  Speaker 6: the like button. Six hundred people liked it. It doesn't
• 45:43
  Speaker 6: cost anything to like the video. Hit the like button,
• 45:46
  Speaker 6: share because ultimately, this actually is life changing information. If
• 45:51
  Speaker 6: you could buy a home right and you've only known
• 45:54
  Speaker 6: renting your whole entire life, your whole entire family's life,
• 45:58
  Speaker 6: you know, what does that do to the traject three
• 46:00
  Speaker 6: of your family? So you know, I just think that
• 46:03
  Speaker 6: we talk about the problems a lot, but bigger than
• 46:07
  Speaker 6: talking about problems, you have to champion the solution. And
• 46:10
  Speaker 6: if you don't champion the solution, then you're actually part
• 46:12
  Speaker 6: of the problem. So Matt, we are going to continue
• 46:16
  Speaker 6: with the program because I know, like I said, we
• 46:18
  Speaker 6: kind of got a little derail, but I think it
• 46:20
  Speaker 6: was a lot of good questions that people had in
• 46:22
  Speaker 6: the chat and I just wanted to kind of make
• 46:23
  Speaker 6: sure everybody understood. But we still want to walk them
• 46:26
  Speaker 6: through the actual process of buying a home.
• 46:28
  Speaker 7: I don't think but fully fully there yet?
• 46:31
  Speaker 4: Yeah, Nah, I don't think we're fully there. I think
• 46:33
  Speaker 4: we covered a lot of ground for sure, We definitely
• 46:36
  Speaker 4: covered a lot of ground. We spoke about getting pre approved,
• 46:40
  Speaker 4: the right type of pre approvals that's out there. Let's
• 46:44
  Speaker 4: talk about since we're talking about loans, right, let's talk
• 46:49
  Speaker 4: about down payment assistance. I want everybody, as I'm saying
• 46:53
  Speaker 4: this type this in chat, right, I'm gonna give y'all
• 46:56
  Speaker 4: seven down payment assistant loans right now that you guys
• 46:59
  Speaker 4: can go on Google research and see if it can
• 47:03
  Speaker 4: help you obtained some money. Right, everybody wants some free money.
• 47:07
  Speaker 7: Write this down right, Write this down, Write this down?
• 47:11
  Speaker 8: Please, that was your moment to go get your right device.
• 47:14
  Speaker 4: Please, let's get your notes, all right, give you I'm
• 47:19
  Speaker 4: gonna give y'all seven, all right. So you got the
• 47:22
  Speaker 4: National Home Buyers Fund in HF. You got the Chenoah
• 47:30
  Speaker 4: Fund c h E n o A Fund, you got
• 47:37
  Speaker 4: first Home down Payment Assistant loan. You got the Good
• 47:45
  Speaker 4: Neighbor next Door that's a HUD program. Bank of America
• 47:52
  Speaker 4: has a community home Ownership program. All right. So I
• 47:59
  Speaker 4: want to make so you're following, all right. You got
• 48:08
  Speaker 4: UH for my New Yorkers. You got the Sony May program,
• 48:22
  Speaker 4: all right, so y'all write that down. Y'all take those,
• 48:27
  Speaker 4: and y'all run with it. Okay, So you got the
• 48:33
  Speaker 4: National Home Buyers Fun, you got the Chenoah Fun, you
• 48:39
  Speaker 4: got the good neighbor next door, you got the Bank
• 48:43
  Speaker 4: of America Community home Ownership Program. And for my New Yorkers,
• 48:51
  Speaker 4: you got the Sony May Mortgage. Google Google Your Life Away,
• 48:58
  Speaker 4: Ladies and gentlemen, Google Your Life Away with.
• 49:01
  Speaker 7: Your Life Away.
• 49:02
  Speaker 6: And these are programs that help people with down payments
• 49:07
  Speaker 6: for their home.
• 49:07
  Speaker 4: Yes, down payments, down payments, closing costs. Assess that.
• 49:15
  Speaker 5: This episode is brought to you by P and C Bank.
• 49:18
  Speaker 5: A lot of people think podcasts about work are boring,
• 49:21
  Speaker 5: and sure, they definitely can be, but understanding of professional's
• 49:25
  Speaker 5: routine shows us how they achieve their success little by little,
• 49:28
  Speaker 5: day after day. It's like banking with P and C Bank.
• 49:32
  Speaker 5: It might seem boring to save, plan and make calculated
• 49:35
  Speaker 5: decisions with your bank, but keeping your money boring is
• 49:38
  Speaker 5: what helps you live or more happily fulfilled life. P
• 49:42
  Speaker 5: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly
• 49:47
  Speaker 5: Boring since eighteen sixty five is a service mark of
• 49:49
  Speaker 5: the PNC Financial Service Group, Inc. P and C Bank
• 49:53
  Speaker 5: National Association member FDIC.
• 49:58
  Speaker 8: Earners. What's up?
• 49:59
  Speaker 5: You have a walk into a small business and everything
• 50:01
  Speaker 5: just works like. The checkout is fast, the receipts are digital,
• 50:05
  Speaker 5: tipping is a breeze, and you're out the door before
• 50:08
  Speaker 5: the line even builds. Odds are they're using Square. We
• 50:13
  Speaker 5: love supporting businesses that run on Square because it just
• 50:15
  Speaker 5: feels seamless. Whether it's a local coffee shop, a vendor
• 50:18
  Speaker 5: at a pop up market, or even one of our
• 50:21
  Speaker 5: merch partners, Square makes it easy for them to take payments,
• 50:25
  Speaker 5: manage inventory, and run their business with confidence, all from
• 50:28
  Speaker 5: one simple system. If you're a business owner or even
• 50:32
  Speaker 5: just thinking about launching something soon, Square is hands down
• 50:36
  Speaker 5: one of the best tools out there to help you start, run,
• 50:39
  Speaker 5: and grow. It's not just about payments, it's about giving
• 50:42
  Speaker 5: you time back so you can focus on what matters
• 50:45
  Speaker 5: most ready. To see how Square can transform your business,
• 50:48
  Speaker 5: visit Square dot com backslash, go backslash eyl to learn
• 50:53
  Speaker 5: more that Square dot com backslash, go backslash eyl, don't wait,
• 50:59
  Speaker 5: don't hesitate. Square handle the back end so you can
• 51:02
  Speaker 5: keep pushing your vision forward.
• 51:05
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 51:09
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 51:13
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 51:17
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 51:21
  Speaker 1: some of the heinous migrant criminals caught because of President
• 51:25
  Speaker 1: Donald J.
• 51:26
  Speaker 2: Trump's leadership.
• 51:27
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
• 51:31
  Speaker 1: Under President Trump, attempted illegal border crossings are at the
• 51:35
  Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
• 51:38
  Speaker 1: aliens have been arrested. If you are here illegally, your
• 51:42
  Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
• 51:47
  Speaker 1: and deported.
• 51:48
  Speaker 2: You will never return.
• 51:49
  Speaker 1: But if you register using our CBP home app and
• 51:53
  Speaker 1: leave now, you could be allowed to return legally.
• 51:56
  Speaker 2: Do what's right. Leave now.
• 51:58
  Speaker 1: Under President Trump America's laws, border and families will.
• 52:02
  Speaker 3: Be protected sponsored by the United States Department of Homeland Security, et.
• 52:07
  Speaker 4: Cetera, et cetera. So google your life away and then
• 52:10
  Speaker 4: obviously there's there's tons of things out there again. We
• 52:13
  Speaker 4: spoke about VA loans, we talked about VA one hundred
• 52:17
  Speaker 4: percent financing, Knacker one hundred percent financing, you have low
• 52:23
  Speaker 4: down payment programs like Fanny May Home Ready you could
• 52:27
  Speaker 4: do three percent down and a lot of these programs.
• 52:31
  Speaker 4: You can stack grants on top of it as well.
• 52:34
  Speaker 4: But all you guys gotta do, all you guys gotta
• 52:37
  Speaker 4: do and know, honestly, define grant money is. You can
• 52:40
  Speaker 4: just go online and just google your county that you
• 52:43
  Speaker 4: live in, right, so you know if you're in Westchester County,
• 52:47
  Speaker 4: So type in Westchester County home buying grants, closing costs,
• 52:52
  Speaker 4: assistant grants right, and a list of things will come
• 52:55
  Speaker 4: up there. So no matter if you're in Atlanta, Georgia, right,
• 52:59
  Speaker 4: every city state has this information. I just gave you
• 53:03
  Speaker 4: a couple just so you can have a good starting place.
• 53:06
  Speaker 4: But since we were talking about loans and programs and
• 53:10
  Speaker 4: things like that, and I know, look, we're in times
• 53:12
  Speaker 4: where not everybody's going to have money for down payment
• 53:15
  Speaker 4: and closing costs. That's why the barrier the entry for
• 53:18
  Speaker 4: real estate is much harder. And this is why people
• 53:20
  Speaker 4: gravitate more towards stocks and investment, which is a great thing, right,
• 53:25
  Speaker 4: But let's not forget real estate is a brick and
• 53:27
  Speaker 4: mortar is never going to go nowhere. Right. This is
• 53:30
  Speaker 4: also an asset class that our people need to own.
• 53:34
  Speaker 4: So there are so many programs out there that are
• 53:36
  Speaker 4: being underutilized just because people just don't know the information.
• 53:40
  Speaker 4: So I just wanted to give y'all that gift right there,
• 53:43
  Speaker 4: and hopefully it will help somebody get some money so
• 53:46
  Speaker 4: they can achieve the goals of PROME ownership.
• 53:49
  Speaker 7: That's good stuff.
• 53:50
  Speaker 6: Let's talk about Okay, So how can first time homeby
• 53:54
  Speaker 6: is boost their credit score? It manage debt to income
• 53:58
  Speaker 6: ratios for better better mortgage approval? Talk about debt to
• 54:03
  Speaker 6: income ratio? Can people hear about that? But what does
• 54:07
  Speaker 6: the bank look at? What does that really mean? How
• 54:09
  Speaker 6: can they avoid having bad debt to income ratio?
• 54:14
  Speaker 4: So DTI is extremely important when we're talking conventional faha
• 54:20
  Speaker 4: VA loans, right, And this is why I kept on saying,
• 54:23
  Speaker 4: if you qualify, right, so, how do you manage your
• 54:27
  Speaker 4: debt to income ratios? Keep your utilization low on your
• 54:30
  Speaker 4: credit cards? Right, and that will also keep your credit
• 54:34
  Speaker 4: scores high. So if you keep your balances below ten percent,
• 54:39
  Speaker 4: that will have and I know the rule of thumb
• 54:42
  Speaker 4: is typically thirty, but you want to be ten percent
• 54:45
  Speaker 4: or lower, that will increase your credit scores to extremely
• 54:49
  Speaker 4: high levels and also have those minimum payments low. If
• 54:52
  Speaker 4: you start paying your credit card payments on the statement
• 54:57
  Speaker 4: closed date versus the do date, that also will increase
• 55:01
  Speaker 4: your credit scores because remember when your statement closes, that's
• 55:04
  Speaker 4: what the creditor is reporting to the credit bureaus when
• 55:08
  Speaker 4: it closes. Right, So if you have a balance, let's
• 55:12
  Speaker 4: just say your credit card limit is twenty five thousand,
• 55:17
  Speaker 4: let's just say ten thousand for easy numbers, right, but
• 55:20
  Speaker 4: you're closing at your availability is three thousand, right, your
• 55:24
  Speaker 4: balance is three thousand, So when it closes, they're going
• 55:27
  Speaker 4: to report to the credit report three thousand dollars. So
• 55:30
  Speaker 4: that's a thirty percent you know mark that you're using.
• 55:34
  Speaker 4: Your utilization is thirty percent, But if you pay down
• 55:38
  Speaker 4: to one thousand on that closed date, it's going to
• 55:41
  Speaker 4: look better for you. So now they're going to report
• 55:43
  Speaker 4: that thousand dollars as your balance, and now you're ten
• 55:47
  Speaker 4: percent or less, and that's going to boost your credit score.
• 55:49
  Speaker 4: So that's an easy tip for everybody out there who
• 55:53
  Speaker 4: might have credit card debt. To keep your utilization low,
• 55:57
  Speaker 4: they will keep your credit score high and also keep
• 55:59
  Speaker 4: your payment loan. Now, also another tip I want to
• 56:02
  Speaker 4: give you guys, is if you have car loans in
• 56:05
  Speaker 4: your personal name. This is extremely important if you have
• 56:09
  Speaker 4: an LLC or you have a business. See if you
• 56:12
  Speaker 4: can go to the bank and refinance that car out
• 56:17
  Speaker 4: of your personal name into your business name. If you
• 56:21
  Speaker 4: can refinance that car into your person into your business name,
• 56:27
  Speaker 4: that will also decrease your debt to income ratio as well.
• 56:34
  Speaker 4: That will keep your utilism your DTI loan because now
• 56:38
  Speaker 4: that payment is not on you, it's it's on the business.
• 56:44
  Speaker 4: So now you have to make sure you have to
• 56:47
  Speaker 4: make sure that the LLC is making a payment from
• 56:54
  Speaker 4: that LLC's bank account for at least twelve months. And
• 56:58
  Speaker 4: then you also want to make sure you file your taxes.
• 57:01
  Speaker 4: You're filing your taxes with that car being shown as
• 57:05
  Speaker 4: an expense to the business, so that way underwriter will
• 57:09
  Speaker 4: go ahead and omit that from your liabilities. Now we
• 57:13
  Speaker 4: all know cars are extremely high right now, You know,
• 57:17
  Speaker 4: hond that core might cost you eight hundred dollars a
• 57:19
  Speaker 4: month these days, you know what I'm saying. So if
• 57:22
  Speaker 4: you can do it strategically, y'all and have your business
• 57:26
  Speaker 4: now because everybody in here probably got an LLC who's
• 57:28
  Speaker 4: watching this right now, and most of you are not
• 57:31
  Speaker 4: doing nothing with these LLCs. This is one thing you
• 57:34
  Speaker 4: can do with your LLCs right create that business for
• 57:38
  Speaker 4: the LLC. Hell, put your car on Toro when you
• 57:41
  Speaker 4: know you're going on vacation, something like that, so now
• 57:43
  Speaker 4: it's a business. Be smart about that. So that's just
• 57:48
  Speaker 4: two little quick hacks that I would give you on tips.
• 57:52
  Speaker 4: I should say that would give you to try to
• 57:55
  Speaker 4: lower your debt to income ratio. But remember, you know,
• 57:59
  Speaker 4: if you don't make sure the business is making money
• 58:02
  Speaker 4: to pay for it, right because I know a lot
• 58:04
  Speaker 4: of people talk about stuff like this, but if your
• 58:08
  Speaker 4: business ain't making no money, then you shouldn't really be
• 58:10
  Speaker 4: having a hot condo anyway. So just I want to
• 58:13
  Speaker 4: just put that disclaim out there. Make sure you got
• 58:16
  Speaker 4: money coming into this business business as well. Figure it out.
• 58:20
  Speaker 4: Everything is figured outable. So that's kind of the two
• 58:24
  Speaker 4: things I would say. To increase your credit scores, but
• 58:27
  Speaker 4: also decrease your DADA income ratio so you have more
• 58:32
  Speaker 4: buying power to buy.
• 58:35
  Speaker 5: Your credit score is vitally important, almost equally as important
• 58:40
  Speaker 5: as your interest rate. And that has been the talk
• 58:42
  Speaker 5: over the past two months, definitely in the stock market,
• 58:45
  Speaker 5: but obviously in the real estate world. So let's talk
• 58:47
  Speaker 5: about navigating interest rates, the timing of it, when the
• 58:51
  Speaker 5: lock them in, float down options, the whole world of
• 58:55
  Speaker 5: interest rates, because we hear it a lot.
• 58:57
  Speaker 8: Right.
• 58:57
  Speaker 5: We saw during the pandemic we were at a historic lows,
• 59:01
  Speaker 5: right two percent, two point eight percent. We got up
• 59:04
  Speaker 5: to seven and a half for coming down Federick Cutt
• 59:07
  Speaker 5: last week November. There seems to be some more talk
• 59:10
  Speaker 5: about the impact and how we navigate this to make
• 59:12
  Speaker 5: sure that we're locking at a good time and a
• 59:14
  Speaker 5: good rate.
• 59:15
  Speaker 4: Boys and girls, I am happier than a pig. And shit,
• 59:19
  Speaker 4: the revolution is about the beginning again, and I cannot wait.
• 59:23
  Speaker 4: Right interest rates are getting lower, and I've been screaming
• 59:27
  Speaker 4: at the top of my lungs for the past two
• 59:29
  Speaker 4: years and telling everybody sit here and buy real estate
• 59:32
  Speaker 4: by real estate bid. These rates are higher because you
• 59:34
  Speaker 4: can always refinance when they become lower. Right, Right now,
• 59:38
  Speaker 4: it's about the happen ladies and gentlemen. There's about to
• 59:40
  Speaker 4: be millions of biers that's going to re into this
• 59:42
  Speaker 4: market as soon as these rates start hitting the fives,
• 59:45
  Speaker 4: which we are not too far off of. Right now.
• 59:47
  Speaker 4: The market closed today on a national average around six
• 59:50
  Speaker 4: and a quarter percent on a thirty Yet conventional mortgage
• 59:53
  Speaker 4: for primary residence FHA loans you can get right now
• 59:57
  Speaker 4: in the mid fives five and a half percent. Right
• 59:59
  Speaker 4: but when that the convention rate goes below six percent, ah, man,
• 1:00:03
  Speaker 4: it's gonna get crazy out here. So what I would
• 1:00:06
  Speaker 4: tell people if you are in the market, or in
• 1:00:10
  Speaker 4: contract or putting in office and you're being aggressive, make
• 1:00:14
  Speaker 4: sure the lender that you're working with offers a float
• 1:00:18
  Speaker 4: down option. Okay, everybody type in chat float down option
• 1:00:25
  Speaker 4: because this is extremely important and a lot of people
• 1:00:27
  Speaker 4: don't even notice even exists. So a float down is
• 1:00:31
  Speaker 4: basically when you lock into an interest rate with your
• 1:00:35
  Speaker 4: lender and you have this float down option if the
• 1:00:40
  Speaker 4: market drops while you're in contract and at least two
• 1:00:45
  Speaker 4: weeks before closing. Most lensers will say maybe a week
• 1:00:48
  Speaker 4: before closing. Some other lenders, right every lender has different guidelines,
• 1:00:52
  Speaker 4: but typically within a week or two before closing if
• 1:00:55
  Speaker 4: your rate, if the interest rate drops for your scenario,
• 1:00:58
  Speaker 4: at least a quarter to half a point again, Every
• 1:01:02
  Speaker 4: lender has different guidelines, but I'm gonna just say half
• 1:01:05
  Speaker 4: a point, right, If your rate goes from six and
• 1:01:08
  Speaker 4: a quarter today in a week from now drops to
• 1:01:11
  Speaker 4: five and three quarters, you can exercise that float down
• 1:01:15
  Speaker 4: option and take advantage of the lower rate in the
• 1:01:17
  Speaker 4: market and basically renegotiate your rate. Now. This will be
• 1:01:23
  Speaker 4: a cost to you upfront. It could be a half
• 1:01:27
  Speaker 4: a point a half a percentage of the loan amount,
• 1:01:30
  Speaker 4: which if it's one hundred thousand dollars loan, you know,
• 1:01:33
  Speaker 4: it could be five hundred bucks, right, or it could
• 1:01:36
  Speaker 4: be one point, right. So it just really depends on
• 1:01:40
  Speaker 4: the lender and their guidelines, but it can cost you
• 1:01:42
  Speaker 4: anywhere between half a point to one point upfront as
• 1:01:47
  Speaker 4: a part of your closing costs. But the float down
• 1:01:50
  Speaker 4: option is a terrific a terrific option for home buyers
• 1:01:54
  Speaker 4: who want to get into a contract right now but
• 1:01:59
  Speaker 4: may have some reservations about locking in. I will highly
• 1:02:03
  Speaker 4: recommend locking in with this option so that way, if
• 1:02:06
  Speaker 4: it does adjust for your benefit before closing, you can
• 1:02:09
  Speaker 4: take advantage of that low rate. Because I will tell
• 1:02:12
  Speaker 4: you this, when the rates do drop, they drop fast,
• 1:02:16
  Speaker 4: and then they go back up faster, right, so that
• 1:02:18
  Speaker 4: time and you have to be working with someone who's
• 1:02:21
  Speaker 4: studying the market constantly, and that timing has to be there.
• 1:02:25
  Speaker 8: Right.
• 1:02:25
  Speaker 4: If that tim is not there, because it's head today,
• 1:02:27
  Speaker 4: it could be going tomorrow. So locking with the float
• 1:02:32
  Speaker 4: down is a terrific option for everybody out here who's
• 1:02:35
  Speaker 4: looking to buy real estate.
• 1:02:38
  Speaker 7: So what was ds R D S c R loan.
• 1:02:44
  Speaker 4: That's investment properties. Y'all want to go to investment properties. Now,
• 1:02:47
  Speaker 4: y'all want to keep it here first?
• 1:02:49
  Speaker 7: All right, Let's keep it here first and we'll go
• 1:02:51
  Speaker 7: back to that later.
• 1:02:52
  Speaker 8: All right, we're going to come back to that. I
• 1:02:53
  Speaker 8: see it in the chat.
• 1:02:55
  Speaker 4: Yeah, I got to settle down.
• 1:02:58
  Speaker 8: We see you, bro, We see through it.
• 1:03:03
  Speaker 4: But yeah, I mean, but that's you know, navigating interest
• 1:03:07
  Speaker 4: rates in this timeframe. That's what you want to look at. Now.
• 1:03:10
  Speaker 4: If you're someone who's not in the market right now,
• 1:03:13
  Speaker 4: you got to really pay attention. Like if you're not
• 1:03:16
  Speaker 4: in the market to buy, if you say you want
• 1:03:17
  Speaker 4: to buy in three months, you want to buy in
• 1:03:19
  Speaker 4: four months, that's when you really have to now start
• 1:03:22
  Speaker 4: paying attention to the economic news, the economic indicators and
• 1:03:26
  Speaker 4: looking at you know, everybody's like, oh, the Fed Funds rate,
• 1:03:29
  Speaker 4: the Fed's funds rate, right, But the Fed Funds rate
• 1:03:33
  Speaker 4: does not directly control if mortgage rates are going to
• 1:03:39
  Speaker 4: get lowered. Right. The Fed Funds rate controls the overnight
• 1:03:42
  Speaker 4: lenden that banks do to another and that really directly
• 1:03:45
  Speaker 4: impacts short term lending credit cards, auto loans, home equity,
• 1:03:50
  Speaker 4: line of credits. Mortgage rates when it does get lowered,
• 1:03:54
  Speaker 4: sometimes go down. But even when they lowered it last week,
• 1:03:58
  Speaker 4: the mortgage rates ticked up by like ten fifteen basis
• 1:04:02
  Speaker 4: points slightly higher, right, and it still really hasn't recovered.
• 1:04:06
  Speaker 4: Like last week it got as low as six point
• 1:04:09
  Speaker 4: one on a national average. Today is around six and
• 1:04:11
  Speaker 4: a quarter. Right, So just because the Feds lower the
• 1:04:15
  Speaker 4: Fed Funds rate, it doesn't necessarily translate to the mortgage market.
• 1:04:21
  Speaker 4: What I pay attention to is the ten year treasury
• 1:04:25
  Speaker 4: and the mortgage backed securities. That's what's really going to
• 1:04:28
  Speaker 4: directly impact the mortgage rates. And this is why you
• 1:04:31
  Speaker 4: need to be working with an elite loan officer who
• 1:04:36
  Speaker 4: really understands treasuries MBS's so that way they can give
• 1:04:41
  Speaker 4: you expert, elite advice because not all loan officers are
• 1:04:44
  Speaker 4: built alike.
• 1:04:46
  Speaker 5: MG, are there situations where we can actually lower our
• 1:04:50
  Speaker 5: rate by buying down the interest rate or potentially open
• 1:04:54
  Speaker 5: it up at a financial institution where that is an incentive.
• 1:04:57
  Speaker 5: If I open my account at such JP and that's
• 1:05:01
  Speaker 5: my borrower, they might give me a quarter off model.
• 1:05:04
  Speaker 5: Talk about that like as another way of strategy to
• 1:05:06
  Speaker 5: get that industry done.
• 1:05:07
  Speaker 4: Absolutely so, if you're going with big retail banks, like
• 1:05:10
  Speaker 4: you said, the JP Mortgans of the world and stuff
• 1:05:13
  Speaker 4: like that, sometimes they offer specials if you're opening up
• 1:05:16
  Speaker 4: other if you're if you're starting another relationship with them, right,
• 1:05:19
  Speaker 4: if you're bringing money over from another bank, if you're
• 1:05:22
  Speaker 4: opening up checking accounts, you know, I know, like banks
• 1:05:25
  Speaker 4: like M and T, if you open up a checking
• 1:05:27
  Speaker 4: account and you have direct deposit, they'll give you probably
• 1:05:30
  Speaker 4: an eighth of a percent off. Don't quote me on that,
• 1:05:33
  Speaker 4: but you know, these things come into the market just
• 1:05:36
  Speaker 4: depending on the lender that that that you're you're dealing with, right,
• 1:05:39
  Speaker 4: And that's mostly like the bigger banks would do that
• 1:05:42
  Speaker 4: if you're bringing in more relationship to that bank, because
• 1:05:45
  Speaker 4: those those lenders, those retail lenders, they love having multiple accounts.
• 1:05:51
  Speaker 4: Multiple relationships with one person, right, whether it's business, banking,
• 1:05:55
  Speaker 4: checking savings, you know, retirement, mortgages, auto. So the more
• 1:06:01
  Speaker 4: you have with them, the better the deal they'll probably
• 1:06:04
  Speaker 4: give you on your mortgage rate. Now, when it comes
• 1:06:07
  Speaker 4: to buying down your rate and buying down points, this
• 1:06:11
  Speaker 4: is a great strategy you can use as well. It's
• 1:06:14
  Speaker 4: calling like a two to one buy down strategy where
• 1:06:16
  Speaker 4: you're using the sellers concession to give you like a
• 1:06:20
  Speaker 4: teaser rate for the first two years, which is much
• 1:06:24
  Speaker 4: lower than market. Right. So for example, if today's rate,
• 1:06:27
  Speaker 4: if you're doing a two to one buy down, and
• 1:06:29
  Speaker 4: the rate is six and a quarter percent today, right,
• 1:06:33
  Speaker 4: you use the seller concession to buy down the rate,
• 1:06:35
  Speaker 4: and year one, your interest rate will be four and
• 1:06:38
  Speaker 4: a quarter. Year two, the rate will be five in
• 1:06:41
  Speaker 4: a quarter, and then year three and for the remaining
• 1:06:45
  Speaker 4: of the loan it will be six in a quarter.
• 1:06:48
  Speaker 4: So it gives you that option to have a lower
• 1:06:52
  Speaker 4: payment over the first two years, but hopefully within that
• 1:06:56
  Speaker 4: timeframe the mortgage rates will drop so you'll be able
• 1:07:00
  Speaker 4: to refinance that and get into a permanent lower interest
• 1:07:03
  Speaker 4: rate environment. But two to one buy down is definitely
• 1:07:06
  Speaker 4: a great option. For those of you who can get
• 1:07:09
  Speaker 4: a seller's concession to buy down that rate and get
• 1:07:12
  Speaker 4: that teaser rate. And if you can't get a full concession,
• 1:07:15
  Speaker 4: because there's a lot of math behind us that I'm
• 1:07:17
  Speaker 4: not really going into. It's a lot more details than
• 1:07:19
  Speaker 4: what I'm saying, we'll be here all nightly trying to
• 1:07:21
  Speaker 4: explain that, and we don't have that type of time.
• 1:07:24
  Speaker 4: But if you can't get a full concession to do that,
• 1:07:26
  Speaker 4: because sometimes you can't get a six percent concession or
• 1:07:29
  Speaker 4: five percent concession to do that, maybe the seller will
• 1:07:33
  Speaker 4: only give you one or two percent, then you can
• 1:07:35
  Speaker 4: still use that one or two percent to just do
• 1:07:37
  Speaker 4: a traditional buydown on your rate. Right, So every point
• 1:07:42
  Speaker 4: that you pay in discount points, a discount point for
• 1:07:46
  Speaker 4: those you don't know, is one percent of the loan amount.
• 1:07:51
  Speaker 4: So if you're paying one point, let's just say again,
• 1:07:54
  Speaker 4: let's just do a three hundred thousand dollars loan, each
• 1:07:56
  Speaker 4: point will be the equivalent of three thousand dollars. So
• 1:07:59
  Speaker 4: if you're buying down one point or three thousand dollars,
• 1:08:04
  Speaker 4: then if the rate today is six and a quarter,
• 1:08:07
  Speaker 4: the rate will go to six percent. Right, So one
• 1:08:09
  Speaker 4: point will bring your rate down a quarter percent, right,
• 1:08:13
  Speaker 4: so that will give you a little bit of savings,
• 1:08:16
  Speaker 4: not too much. And this is why you got to
• 1:08:18
  Speaker 4: really look at the numbers to see if it's even
• 1:08:20
  Speaker 4: worth met or you putting that three thousand dollars towards
• 1:08:26
  Speaker 4: buying down your rate to save fifty sixty bucks, or
• 1:08:29
  Speaker 4: is it best to use that three thousand dollars to
• 1:08:32
  Speaker 4: pay closing costs the other fees so that way you
• 1:08:36
  Speaker 4: have more money in your pocket. So, and this is
• 1:08:38
  Speaker 4: why you got to do a comparison of what makes
• 1:08:42
  Speaker 4: both cents and sense.
• 1:08:44
  Speaker 6: That's a fact that's in c So all right, and
• 1:08:48
  Speaker 6: I understand that this is a lot of information, so
• 1:08:51
  Speaker 6: you're gonna have to watch this video at least three times.
• 1:08:53
  Speaker 6: But the thing is also is that it's not that
• 1:08:56
  Speaker 6: you have to become an expert in every single thing
• 1:09:00
  Speaker 6: out of this whole hour and a half that we
• 1:09:02
  Speaker 6: might do this for maybe two things really hit like
• 1:09:05
  Speaker 6: apply to your situation though that's what you use. Or
• 1:09:08
  Speaker 6: at the very least, you've just become familiar and you
• 1:09:10
  Speaker 6: can ask questions. So the thing about this is the
• 1:09:13
  Speaker 6: thing about asking questions, you have to have a certain
• 1:09:15
  Speaker 6: level of intelligence to even ask a question. Right, So
• 1:09:18
  Speaker 6: it's like most of the time people don't ask questions
• 1:09:23
  Speaker 6: because they don't have enough information to even ask a question.
• 1:09:26
  Speaker 6: So you don't need to know the answer, but you
• 1:09:28
  Speaker 6: just have to be able to ask a question. But
• 1:09:30
  Speaker 6: you can't ask a question if you're not informed enough
• 1:09:33
  Speaker 6: to ask a question. So even if you have ten
• 1:09:36
  Speaker 6: percent of the information, well that's better than zero because
• 1:09:41
  Speaker 6: the ten percent will actually lend you to more information
• 1:09:46
  Speaker 6: down the line. So now when you talk to a
• 1:09:48
  Speaker 6: mortgage broker, when you go to the bank, when you're
• 1:09:50
  Speaker 6: talking to your real estate agent, you can ask them
• 1:09:53
  Speaker 6: a question. Now they can inform you and they're like, oh,
• 1:09:55
  Speaker 6: you know, you know about this, Oh yeah, what am
• 1:09:57
  Speaker 6: I supposed to do with this? Oh okay, yeah? Or now,
• 1:10:00
  Speaker 6: So that that's the that's the the whole point of it.
• 1:10:04
  Speaker 6: Like it's not to just become a master in one day.
• 1:10:08
  Speaker 6: That's not gonna happen. But you know, over the course
• 1:10:11
  Speaker 6: of time, you you build information, and it's like anything else,
• 1:10:16
  Speaker 6: the more you do it, the more comfortable you become.
• 1:10:20
  Speaker 7: And after a while, you you you you know, feel
• 1:10:22
  Speaker 7: very fluent in the situation. So before we go to.
• 1:10:26
  Speaker 6: Uh, investments that No people want to talk about investing
• 1:10:29
  Speaker 6: jumbo jumbo mortgages.
• 1:10:31
  Speaker 7: What's that?
• 1:10:32
  Speaker 8: Hm?
• 1:10:34
  Speaker 4: I love it? Uh So jumbo mortgages. Right. So, typically
• 1:10:38
  Speaker 4: when we're looking at jumbo mortgages, these are loan amounts
• 1:10:43
  Speaker 4: above what Fannie Mae Freddie Mac will purchase from a lender.
• 1:10:50
  Speaker 8: Right.
• 1:10:52
  Speaker 4: So, and loan loan limits are about to go up anyway.
• 1:10:57
  Speaker 4: There's a couple of lenders that's already you know, increased
• 1:11:00
  Speaker 4: date loan limits for twenty twenty five, so you know,
• 1:11:05
  Speaker 4: a single family in twenty twenty five, Fanny May will
• 1:11:09
  Speaker 4: go up to eight hundred and two thousand. It's not
• 1:11:11
  Speaker 4: official yet, but several lenders have already put it out
• 1:11:14
  Speaker 4: there because we anticipate that they will in November raise
• 1:11:17
  Speaker 4: the loan limits again. So any loan amount that is
• 1:11:21
  Speaker 4: that exceeds the threshold that Fannie May and Freddie Mack
• 1:11:26
  Speaker 4: will buy, right. And so these loans are typically portfolio
• 1:11:32
  Speaker 4: loans because the government is not backing them, so the
• 1:11:35
  Speaker 4: lender is lending pretty much their own own money on
• 1:11:38
  Speaker 4: this one. So the requirements to get qualified for this
• 1:11:43
  Speaker 4: jumbo mortgage is going to be it's gonna be a
• 1:11:46
  Speaker 4: lot tougher, especially if you're going full documentation, full documentation,
• 1:11:49
  Speaker 4: ladies and gentlemens. When you're providing your W two's pay
• 1:11:52
  Speaker 4: stuffs bank statements, tatoo turns, that's a full documentation loan,
• 1:11:56
  Speaker 4: So your den to income ratio will have to be,
• 1:11:59
  Speaker 4: you know, forty three percent all below, and some jumbo
• 1:12:03
  Speaker 4: lenders want to see forty percent all below, you know,
• 1:12:07
  Speaker 4: And you can get loan amounts three up to three million,
• 1:12:10
  Speaker 4: four million, five million, just depending on that lender. So
• 1:12:16
  Speaker 4: you know, this is when you're trying to buy that
• 1:12:18
  Speaker 4: mega mansion, that big old dream house of yours, you're
• 1:12:21
  Speaker 4: going to use a jumbo mortgage. Now, if you are
• 1:12:24
  Speaker 4: self employed and you're looking to buy your mega mansion
• 1:12:27
  Speaker 4: or your dream home that maybe cost you two million
• 1:12:29
  Speaker 4: dollars two and a half million dollars, and you don't
• 1:12:32
  Speaker 4: file your taxes property and you've write off everything. No't worry.
• 1:12:36
  Speaker 4: There are loans out there that can help you without
• 1:12:39
  Speaker 4: providing all this information, like bank statement loans, where we're
• 1:12:43
  Speaker 4: using the down the deposits that you're receiving in your
• 1:12:47
  Speaker 4: business bank statements over a twelve month period and the
• 1:12:51
  Speaker 4: lender will average that out and determine how much income
• 1:12:55
  Speaker 4: that you're bringing in based off of those deposits, and
• 1:12:58
  Speaker 4: we can use that to qualify value. This loan is
• 1:13:01
  Speaker 4: extremely popular amongst entrepreneurs who write, who take full advantage
• 1:13:06
  Speaker 4: of the tax code. This is going to come at
• 1:13:08
  Speaker 4: a much higher interest rate than what a paper full
• 1:13:13
  Speaker 4: documentation jumbo loan is going to get, but it's well
• 1:13:17
  Speaker 4: worth it to pay that two percent margin higher two
• 1:13:21
  Speaker 4: and a half percent margin higher and rate than paying
• 1:13:24
  Speaker 4: probably a couple hundred thousand taxes.
• 1:13:27
  Speaker 7: Right.
• 1:13:27
  Speaker 4: So again that's when you need to mortgage plan. If
• 1:13:30
  Speaker 4: you are self employed and you're looking about this luxury home,
• 1:13:35
  Speaker 4: you need to have a mortgage plan in place so
• 1:13:36
  Speaker 4: you know you can weigh out all the pros and
• 1:13:39
  Speaker 4: cons ahead of time. But there are definitely options out
• 1:13:42
  Speaker 4: there for all buyers in this jumbo market, whether you're
• 1:13:48
  Speaker 4: full documentation, whether you're going non traditional and you want
• 1:13:52
  Speaker 4: to get that luxurious dream home of yours.
• 1:13:55
  Speaker 5: So just really quick going to the jumbo loan, it's
• 1:13:58
  Speaker 5: usually a higher interest rate. Prime example, if the interest
• 1:14:01
  Speaker 5: rates are seven, you could typically see at ten percent.
• 1:14:05
  Speaker 4: So if you're doing a full documentation loan, and let's
• 1:14:09
  Speaker 4: just say you're going to like a retail bank like
• 1:14:11
  Speaker 4: we just mentioned. Honestly, the retail banks are going to
• 1:14:14
  Speaker 4: give you the best deal. Like a mortgage company, and
• 1:14:17
  Speaker 4: a mortgage broker cannot compete with a retail bank like
• 1:14:22
  Speaker 4: a JP Mullgan because they know you got money. So
• 1:14:24
  Speaker 4: if you go over there and you bring over two
• 1:14:26
  Speaker 4: hundred and fifty three hundred thousand, the positive that they're
• 1:14:28
  Speaker 4: going to give you a great, a great deal. Right
• 1:14:32
  Speaker 4: So their rates right now might be in the files
• 1:14:36
  Speaker 4: for a two million dollar loan on a thirty ear
• 1:14:40
  Speaker 4: fix right now because they're letting, they're making their own
• 1:14:43
  Speaker 4: rules so to speak. Right it's their portfolio money. Now,
• 1:14:46
  Speaker 4: if you are a non traditional buyer, then that rate
• 1:14:51
  Speaker 4: today might be somewhere around seven and a half to
• 1:14:55
  Speaker 4: eight percent on this you know type of paper. If
• 1:14:58
  Speaker 4: you're doing non traditional finance and like bank statement loans,
• 1:15:02
  Speaker 4: light doc loans, p and L loans, you know, things
• 1:15:04
  Speaker 4: of that nature. We're not showing traditional documentation. You're gonna
• 1:15:08
  Speaker 4: pay a premium for it, right but you're gonna get
• 1:15:11
  Speaker 4: into the house. And that's most important for these self
• 1:15:15
  Speaker 4: employee barbers because they can afford that payment if they're
• 1:15:19
  Speaker 4: buying at that level, they're not really too concerned about
• 1:15:21
  Speaker 4: that payment shot because they'd rather have a payment that's
• 1:15:24
  Speaker 4: five hundred or one thousand dollars higher, so that way
• 1:15:27
  Speaker 4: they don't have to pay one hundred thousand, two hundred
• 1:15:30
  Speaker 4: thousand in taxes, so it balances itself out. So the
• 1:15:35
  Speaker 4: interest rate is important, but it's not as equally as
• 1:15:39
  Speaker 4: important and looking at the full spectrum from a holistic
• 1:15:42
  Speaker 4: point of view of where you stand.
• 1:15:45
  Speaker 8: Sure.
• 1:15:45
  Speaker 6: So all right, so let's get into this investing before
• 1:15:48
  Speaker 6: we leave. So now let's talk about the.
• 1:15:55
  Speaker 4: Yeah, so the DFTR loan. So the DSCR loan stands
• 1:15:59
  Speaker 4: for debt service coverage ratio, so commercial loans, commercial loans,
• 1:16:08
  Speaker 4: So all right, let me start off like this. So
• 1:16:10
  Speaker 4: in residential we have DTI right, your debt to income ratio.
• 1:16:16
  Speaker 4: When you're dealing with commercial lending, we have DSCR debt
• 1:16:21
  Speaker 4: service coverage ratio. That is the DTI of the property.
• 1:16:25
  Speaker 4: Right now, lenders have now started allowing over the past
• 1:16:30
  Speaker 4: couple of years investors who want to buy residential real
• 1:16:34
  Speaker 4: estate use the same formula and calculation to how we
• 1:16:39
  Speaker 4: underwrite investment commercial properties. We can now use it in
• 1:16:43
  Speaker 4: the residential investments space as well. Right, So when you're
• 1:16:48
  Speaker 4: looking to do a true investment property, now this is
• 1:16:51
  Speaker 4: when you use your LLC. Okay, we're not looking at
• 1:16:55
  Speaker 4: your W two's, your TAXO turns, your pay stubs. We
• 1:16:59
  Speaker 4: don't want to know where your large deposits came from.
• 1:17:02
  Speaker 4: All of that stuff is irrelevant. The only thing the
• 1:17:04
  Speaker 4: lenders is real. They're going to do from your personal
• 1:17:06
  Speaker 4: side is run your credit to make sure your credit
• 1:17:08
  Speaker 4: is above a six to twenty credit score. Right, and
• 1:17:11
  Speaker 4: as long as you're above a six to twenty credit score,
• 1:17:13
  Speaker 4: depending on how big the deal is, in most cases,
• 1:17:16
  Speaker 4: you should be Okay. Now we're looking at the property itself.
• 1:17:22
  Speaker 4: When we're looking at dscrs. So the bottom line is
• 1:17:26
  Speaker 4: is the property cash flowing? If the property is cash flowing,
• 1:17:31
  Speaker 4: then the lender will lend on this property. So when
• 1:17:36
  Speaker 4: you're looking at an investment property, you need to know
• 1:17:39
  Speaker 4: how to analyze that property and underwrite it, not just
• 1:17:43
  Speaker 4: as an investor, but also from a funding perspective, because
• 1:17:47
  Speaker 4: we need to know what you're operating cost solved, what
• 1:17:50
  Speaker 4: are the expenses of the property. Right, we already know
• 1:17:54
  Speaker 4: property taxes and assurance, but what other expenses are there?
• 1:17:58
  Speaker 4: Do you have to pay for you know, your utilities.
• 1:18:02
  Speaker 4: Do you have to pay the light, build the guys,
• 1:18:04
  Speaker 4: the water, the sewage? Right? What is all these expenses?
• 1:18:07
  Speaker 4: And then also we're going to look at property management, right,
• 1:18:12
  Speaker 4: how much is that percentage? Then you have to save
• 1:18:15
  Speaker 4: for your cap ex expenses, which is your capital expenditures
• 1:18:18
  Speaker 4: if anything breaks, right, We're going to put all of
• 1:18:20
  Speaker 4: this into the calculator to see exactly what those expenses
• 1:18:25
  Speaker 4: come up. And then also what's the gross income. So
• 1:18:27
  Speaker 4: at the bottom line is we're looking at to make
• 1:18:30
  Speaker 4: a long story short and to put this whole the
• 1:18:32
  Speaker 4: layman's terms, because I want to go nobody's had. We
• 1:18:35
  Speaker 4: want to make sure that the property is paying for
• 1:18:37
  Speaker 4: itself and the owners of that LLC are making at
• 1:18:40
  Speaker 4: least a twenty percent profit after all the expenses. That
• 1:18:44
  Speaker 4: is a one point too, that DSCR ratio that the
• 1:18:48
  Speaker 4: lender is looking for, and if it does meet this requirement,
• 1:18:51
  Speaker 4: then the lender will lend on that property. Right. So lenders,
• 1:18:56
  Speaker 4: and let's be I'm going to be very clear right now,
• 1:19:00
  Speaker 4: it is much easier to get approved and get funding
• 1:19:03
  Speaker 4: for investment properties than it is for your first home
• 1:19:08
  Speaker 4: much easier. There's not as much paperwork, there's not a
• 1:19:11
  Speaker 4: lot of hassle with it, as long as you know
• 1:19:15
  Speaker 4: how to present the numbers to the lender properly and
• 1:19:19
  Speaker 4: not over exaggerating them to try to make the deal work,
• 1:19:23
  Speaker 4: because we're going to do our own due diligence and
• 1:19:25
  Speaker 4: if that deal cash flows, and a cash flows property
• 1:19:28
  Speaker 4: is going to close. Now, typically when you're doing a
• 1:19:31
  Speaker 4: DSc all loan, this is going to require, at a
• 1:19:34
  Speaker 4: very minimum, a minimum down payment of twenty percent if
• 1:19:38
  Speaker 4: it meets the DSR requirement of one point two or percent.
• 1:19:43
  Speaker 4: If it doesn't meet that requirement, then the lender will
• 1:19:45
  Speaker 4: require you to put more money down. So this type
• 1:19:49
  Speaker 4: of loan is strictly for live men, not for freshmen.
• 1:19:53
  Speaker 4: If you ain't got the money, say hell.
• 1:19:55
  Speaker 6: No, they're gonna want their money. Rain sleep he that's
• 1:20:00
  Speaker 6: a fact. No rest in peace.
• 1:20:02
  Speaker 8: All these rules, man, it's.
• 1:20:04
  Speaker 6: A biggie okay. Refinancing. Want to talk about that, Yeah.
• 1:20:09
  Speaker 4: I mean we could, we could talk up. We could
• 1:20:11
  Speaker 4: talk about that, or we can. You want to take
• 1:20:14
  Speaker 4: some questions about this cause I saw a thousand and
• 1:20:16
  Speaker 4: one questions.
• 1:20:17
  Speaker 5: Yeah, I mean you saw some if you want, Yeah,
• 1:20:19
  Speaker 5: go ahead, man, all right, questions please.
• 1:20:23
  Speaker 4: So already and so somebody asks, Rashida says, the minimum
• 1:20:27
  Speaker 4: down payment of twenty percent. Yes, it's twenty percent, And
• 1:20:31
  Speaker 4: I want to be clear again on that only if
• 1:20:34
  Speaker 4: it meets the one point to DSCR requirement. So just
• 1:20:40
  Speaker 4: because the minimum down payment is there, it doesn't mean
• 1:20:44
  Speaker 4: that that property will cash flow out of it, right,
• 1:20:50
  Speaker 4: So you might have to put twenty five percent, you
• 1:20:51
  Speaker 4: might have to put thirty percent. Whatever it takes to
• 1:20:55
  Speaker 4: get that property to DSR and the cash flow then
• 1:20:59
  Speaker 4: you have to do it.
• 1:21:00
  Speaker 8: Now.
• 1:21:00
  Speaker 4: Another thing I'm going to talk about DSCR because I
• 1:21:02
  Speaker 4: saw this question come up earlier, is about the LLC.
• 1:21:05
  Speaker 4: The LLC does not have to be established for two years.
• 1:21:08
  Speaker 4: The LLC does not need business credit. The LLC could
• 1:21:11
  Speaker 4: be a brand new LLC. You can open up the
• 1:21:14
  Speaker 4: LLC on Monday and get into a contract on Friday
• 1:21:18
  Speaker 4: with that brand new LLC. Okay, let's be very clear.
• 1:21:23
  Speaker 4: It could be a brand new LLC because lenders know
• 1:21:27
  Speaker 4: investors will will use multiple different LLCs for for each
• 1:21:33
  Speaker 4: investment property they buy. So you have to understand that
• 1:21:38
  Speaker 4: that you do not need to established business credit. It
• 1:21:41
  Speaker 4: doesn't need to be something that's been in a long
• 1:21:43
  Speaker 4: standard because I get that question all the time, so
• 1:21:45
  Speaker 4: I just want to throw that out there real quick.
• 1:21:51
  Speaker 4: What else you said something about refinancing, right, shotty, I
• 1:21:54
  Speaker 4: think that real real quick.
• 1:21:55
  Speaker 8: Before we go to refinance.
• 1:21:57
  Speaker 5: Somebody was asking, is there a differentference between this and
• 1:22:01
  Speaker 5: a hard money loan, because it sounds like the similarities.
• 1:22:05
  Speaker 8: Can can we draw a similar difference.
• 1:22:08
  Speaker 4: It's it's a big difference. It's it's nothing. It's separated
• 1:22:12
  Speaker 4: in apart from hard money. Right, hard money is one thing.
• 1:22:15
  Speaker 4: DSCR is one thing. Right. DFCR loans doesn't have rehab
• 1:22:20
  Speaker 4: money attached to it. The DSCR loan is for rental
• 1:22:25
  Speaker 4: stable rental properties. It's not for rehabbing. When you want
• 1:22:29
  Speaker 4: to buy a rehab and you do your bird strategy right, buy, renovate, refinance, rent, repeat, right,
• 1:22:39
  Speaker 4: the DC loan, the DSCR loan is used to refinance
• 1:22:43
  Speaker 4: out of your hard money loan, the hard money loan,
• 1:22:46
  Speaker 4: and again that's different formas and calculations. Some you need
• 1:22:50
  Speaker 4: to be at sixty five seventy max ARV. ARV is
• 1:22:54
  Speaker 4: your after renovated value, but you know I would recommend
• 1:22:57
  Speaker 4: if you can get fifty five sixty percent on your
• 1:23:01
  Speaker 4: hard money deal, it's going to make it easier for
• 1:23:03
  Speaker 4: you to exit out of that hard money and go
• 1:23:05
  Speaker 4: into your refinance. Because when you're doing a refinance on
• 1:23:10
  Speaker 4: the DSCR loan, your loan to value, your loan to
• 1:23:14
  Speaker 4: value your LTV drops to seventy percent. In some cases
• 1:23:19
  Speaker 4: maybe seventy five percent LTV, but most you most of
• 1:23:24
  Speaker 4: the time I tell my people my mentors, use seventy
• 1:23:26
  Speaker 4: percent ARV because you need to be able to I
• 1:23:32
  Speaker 4: mean seventy percent as your max period because if you
• 1:23:36
  Speaker 4: at seventy five, you only have a five percent cushion
• 1:23:39
  Speaker 4: to get out of that hard money to refinance. So
• 1:23:41
  Speaker 4: if you start off at fifty five sixty percent ARV
• 1:23:45
  Speaker 4: on your on your your rehab project, now you have
• 1:23:48
  Speaker 4: a ten to fifteen percent margin buffer that you can
• 1:23:51
  Speaker 4: now refinance, maybe pull a little capital out of it too,
• 1:23:54
  Speaker 4: and now go into your permanent finance and with the
• 1:23:57
  Speaker 4: DSCLL loan, so your hard money loan is gonna be
• 1:24:00
  Speaker 4: used to fix buy the property and fix it out.
• 1:24:03
  Speaker 4: But remember how money the terms are going to be,
• 1:24:05
  Speaker 4: typically twelve months, you can get past twelve months, but
• 1:24:09
  Speaker 4: then it's going to get more expensive what you're gonna
• 1:24:11
  Speaker 4: have to pay to keep extending a hard money loan. Right,
• 1:24:14
  Speaker 4: but again this is strictly for live men, not for freshmen.
• 1:24:19
  Speaker 4: Flips flop every day, b every single day. So it's
• 1:24:23
  Speaker 4: very important that you know your numbers, you know exactly
• 1:24:26
  Speaker 4: what the hell you're doing, because these construction costs can
• 1:24:30
  Speaker 4: add up quickly fast, in a hurry.
• 1:24:35
  Speaker 6: Like like flips flop every day.
• 1:24:40
  Speaker 4: Every day.
• 1:24:44
  Speaker 8: You said, like, it's definitely look uppable.
• 1:24:48
  Speaker 4: Every everything is figure outable.
• 1:24:50
  Speaker 8: Figure out That's what it was.
• 1:24:53
  Speaker 4: Everything is figured out of.
• 1:24:54
  Speaker 8: Bro Okay, okay with that, Yeah, you know it's.
• 1:24:59
  Speaker 7: A fast Okay, I think we are Okay.
• 1:25:03
  Speaker 6: I don't want to give too much information because I
• 1:25:06
  Speaker 6: there is a thing called information overload where your brain
• 1:25:11
  Speaker 6: just kind of shuts.
• 1:25:12
  Speaker 7: Down after a while.
• 1:25:13
  Speaker 6: Right, And we've we've we've been going hard at this
• 1:25:16
  Speaker 6: for about it over an hour and twenty minutes. We
• 1:25:21
  Speaker 6: are gonna be doing let's just have a sidebar conversation.
• 1:25:26
  Speaker 6: So this is a new series that we're gonna be
• 1:25:27
  Speaker 6: doing for ey l as opposed to just the regular
• 1:25:30
  Speaker 6: traditional interviews. This is actually the first, and we're going
• 1:25:34
  Speaker 6: to every week for about maybe ten weeks. We'll see,
• 1:25:37
  Speaker 6: we'll see how it goes. But we're gonna be doing
• 1:25:40
  Speaker 6: different topics like how we're doing this right now, we're
• 1:25:44
  Speaker 6: gonna be We're gonna be doing different topics, getting real
• 1:25:48
  Speaker 6: time feedback. So you guys in the chat, what do
• 1:25:52
  Speaker 6: you think what would you like to see? Like, what
• 1:25:54
  Speaker 6: other topics would you like to see in the vein
• 1:25:58
  Speaker 6: of this where it's just straight in information, it's not
• 1:26:01
  Speaker 6: necessarily an interview, it's more so just straight teaching for
• 1:26:06
  Speaker 6: over an hour. So what other topics it could be?
• 1:26:09
  Speaker 6: Anything would you be interested in learning about? And I
• 1:26:15
  Speaker 6: think it's going to be this time Thursday, nine o'clock.
• 1:26:18
  Speaker 6: We're taking over a new time, new day. So yeah,
• 1:26:22
  Speaker 6: this was this was the first one. Yeah, so let's
• 1:26:24
  Speaker 6: see what else. Somebody said, book selling options, trading, tax lanes,
• 1:26:29
  Speaker 6: credit stocks, anything in real estate.
• 1:26:33
  Speaker 8: It's crazy.
• 1:26:34
  Speaker 5: As you were talking, man, I'm like, there's so much
• 1:26:36
  Speaker 5: more we can do, and even the three of us,
• 1:26:38
  Speaker 5: like even the stuff that we're learning now. So somebody
• 1:26:40
  Speaker 5: put property management, Well, we've all kind of been property
• 1:26:44
  Speaker 5: managing over the past year and a half. They talked
• 1:26:46
  Speaker 5: about two or three K loans, right that talk, we
• 1:26:48
  Speaker 5: can talk about construction loans, these things. We're actually going
• 1:26:52
  Speaker 5: through these processes and learning them as well. So I
• 1:26:54
  Speaker 5: can't wait to share some of the information that I'm
• 1:26:58
  Speaker 5: learning right now, right because people just think yes, investment
• 1:27:01
  Speaker 5: stocks like yeah, but like we live like lives too,
• 1:27:05
  Speaker 5: and like a lot of things happen in their lives.
• 1:27:06
  Speaker 5: So there's so much more week and share. I'm happy
• 1:27:09
  Speaker 5: that everybody enjoyed it all.
• 1:27:11
  Speaker 6: Right, Well, before we leave, Matt, so, okay, you actually
• 1:27:16
  Speaker 6: you know, you get people mortgages and things of that nature, right, so.
• 1:27:20
  Speaker 7: You work you still work with clients absolutely, So what
• 1:27:25
  Speaker 7: what is that? How does that work?
• 1:27:27
  Speaker 4: So we still work with clients. We are accepted, as
• 1:27:30
  Speaker 4: Keana would say, we are accepting clients every day. You
• 1:27:36
  Speaker 4: don't say, shout out to Kea, we are accepting clients. Yeah.
• 1:27:44
  Speaker 4: So if anybody wants to work with me and my team,
• 1:27:47
  Speaker 4: I'm gonna put in the chat the email. Just email
• 1:27:50
  Speaker 4: us Gallan Group at u and MB dot com. Galland
• 1:27:54
  Speaker 4: Group at un MB dot com. We would love to
• 1:27:57
  Speaker 4: help you all. You can go to my Instagram page
• 1:28:01
  Speaker 4: and you know you can click the link of my bio.
• 1:28:04
  Speaker 4: You have all the resources there, but I just put
• 1:28:06
  Speaker 4: it in the chat as well. Email us and just
• 1:28:09
  Speaker 4: putting the subject that you saw us, you saw me
• 1:28:11
  Speaker 4: on EYL Live Thursday night. You know what I'm saying.
• 1:28:15
  Speaker 4: And you know, me and my team could definitely service you.
• 1:28:19
  Speaker 4: But I want to speak to something and I'm glad
• 1:28:21
  Speaker 4: that you guys asked me that question, so I definitely
• 1:28:23
  Speaker 4: appreciate that.
• 1:28:24
  Speaker 8: Right.
• 1:28:25
  Speaker 4: I know, we're talking about home buying and we're talking
• 1:28:28
  Speaker 4: about real estate investing, but I want to talk about
• 1:28:31
  Speaker 4: something that we I never really spoke about, and people
• 1:28:35
  Speaker 4: in this industry really don't speak about. Is representation. Right.
• 1:28:41
  Speaker 4: We don't have enough black and brown loan officers in
• 1:28:46
  Speaker 4: America that are helping people that look like us, that
• 1:28:50
  Speaker 4: walk like us, that talk like us. And you know,
• 1:28:54
  Speaker 4: it's mind blown to me that this is one of
• 1:28:56
  Speaker 4: the most overlook industries in really state that people don't
• 1:29:01
  Speaker 4: think about getting into. Right. So when most people think
• 1:29:04
  Speaker 4: about getting into real estate, they want to be an
• 1:29:06
  Speaker 4: investor or they say, you know what, I want to
• 1:29:09
  Speaker 4: wholesale or I want to be a real estate agent.
• 1:29:11
  Speaker 4: But I'm gonna tell you all, do not discount being
• 1:29:15
  Speaker 4: a loan officer. This is one of the most this
• 1:29:20
  Speaker 4: career has changed my life. Right, I'm a college dropout,
• 1:29:24
  Speaker 4: I have Queens, New York Andrew Jackson High School education, Bailey,
• 1:29:29
  Speaker 4: and I've been able to provide a lifestyle for my
• 1:29:31
  Speaker 4: family and live a life all because of being in
• 1:29:37
  Speaker 4: the mortgage industry. So you got to really look at, right,
• 1:29:41
  Speaker 4: black home ownership and the mortgage industry, the discrimination laws.
• 1:29:46
  Speaker 4: Like black people sixty seventy eighty years ago, we couldn't
• 1:29:49
  Speaker 4: even get loans.
• 1:29:51
  Speaker 7: Right.
• 1:29:51
  Speaker 4: We talk about FAHA tonight. Decades ago, we couldn't even
• 1:29:55
  Speaker 4: get FAHA mortgages. They were not it was law, and
• 1:30:00
  Speaker 4: I get FAH loans. Right. We need more representation of
• 1:30:04
  Speaker 4: people on this side of the fence.
• 1:30:06
  Speaker 7: Right.
• 1:30:07
  Speaker 4: There's statistically there's probably a little bit over three hundred
• 1:30:10
  Speaker 4: thousand loan officers, licensed loan officers in America right now. Right.
• 1:30:17
  Speaker 4: The crazy stat is seventy to seventy five percent of
• 1:30:20
  Speaker 4: that is white, seven to eight percent of that is
• 1:30:25
  Speaker 4: African American, with another twelve to thirteen percent Hispanic. So
• 1:30:31
  Speaker 4: that means there's a huge opportunity. When I say huge,
• 1:30:35
  Speaker 4: there's a huge opportunity for everyone who is watching this
• 1:30:39
  Speaker 4: right now to get into this business and have a
• 1:30:44
  Speaker 4: great career. It does not cost you a lot of
• 1:30:46
  Speaker 4: money to get your license. Couple hundred dollars twenty five
• 1:30:51
  Speaker 4: hours course, you pass the state exam, you get your
• 1:30:55
  Speaker 4: background check, you get sponsored by lender, and you can
• 1:31:00
  Speaker 4: get into this business. Now. Is it easy? No? Is
• 1:31:03
  Speaker 4: it going to be tough? Yes, But if you are
• 1:31:08
  Speaker 4: a hustler, if you are someone who's looking to grind
• 1:31:11
  Speaker 4: and get into real estate, you can come into this
• 1:31:15
  Speaker 4: business and get licensed in multiple states and do business
• 1:31:18
  Speaker 4: from your laptop and get that WiFi money.
• 1:31:22
  Speaker 8: Right.
• 1:31:22
  Speaker 4: So, one of the things that I'm like passionate about
• 1:31:28
  Speaker 4: right now is not just for myself, but I feel like,
• 1:31:34
  Speaker 4: and you ask me something early about like in the
• 1:31:36
  Speaker 4: past five year, how things have changed, what you guys
• 1:31:40
  Speaker 4: would earn your leisure. Has helped me really figure out,
• 1:31:44
  Speaker 4: is that Yo, I'm needed. I'm necessary. Like the information
• 1:31:49
  Speaker 4: that I have, I didn't know that I was needed,
• 1:31:52
  Speaker 4: And it's only because I've been in this business so
• 1:31:54
  Speaker 4: long it just became second nature. So what I want
• 1:31:58
  Speaker 4: to do is now usher in the new blood that's
• 1:32:01
  Speaker 4: coming in. I want to grow my mortgage team to
• 1:32:05
  Speaker 4: unprecedented levels so that way we can close that wealth
• 1:32:08
  Speaker 4: gap in real estate and help people that look like us. So,
• 1:32:12
  Speaker 4: if you're a loan officer right now watching this, not
• 1:32:15
  Speaker 4: only if you want to do loans on me, that's fine,
• 1:32:17
  Speaker 4: but if you're a loan officer watching this and you
• 1:32:19
  Speaker 4: want to come work with me and my team, shoot
• 1:32:21
  Speaker 4: me a DM, tell me where your license at and
• 1:32:24
  Speaker 4: let's set up a call and let's work together. And
• 1:32:27
  Speaker 4: if you're somebody who's thinking about getting into this business
• 1:32:30
  Speaker 4: and wants to learn more about it, Monday, I'm going
• 1:32:33
  Speaker 4: to hold the webinar free webinar, everybody, come learn about
• 1:32:37
  Speaker 4: the loan officer business, learn what it takes to really
• 1:32:40
  Speaker 4: be a loan officer, what you need to do. I'm
• 1:32:44
  Speaker 4: going to give you like the schools that I recommend,
• 1:32:47
  Speaker 4: and I'll answer all your questions on this webinar because
• 1:32:50
  Speaker 4: I want to make sure that we have representation. You
• 1:32:54
  Speaker 4: know what I'm saying. We need representation. We need more
• 1:32:57
  Speaker 4: black appraisers, we need more black inspectors, we need more
• 1:33:01
  Speaker 4: black financial of hazes, we need more black everything right,
• 1:33:05
  Speaker 4: and we definitely need more black seven to eight percent
• 1:33:08
  Speaker 4: is only black. That's crazy. So we need more of us, man.
• 1:33:12
  Speaker 4: And I'm thankful that you guys gave me the floor
• 1:33:15
  Speaker 4: right now to just even say that, because it's something
• 1:33:17
  Speaker 4: that I don't speak about. And I know I speak
• 1:33:20
  Speaker 4: about home buying and hacks and all this other good
• 1:33:23
  Speaker 4: stuff to buy property and run it up. But now
• 1:33:26
  Speaker 4: I want to start speaking to how can you turn
• 1:33:29
  Speaker 4: yourself and get yourself a career that you can make
• 1:33:32
  Speaker 4: six seven figures in. Yes, you can make seven figures
• 1:33:36
  Speaker 4: doing this, and you can do it from behind your
• 1:33:37
  Speaker 4: computer with Wi Fi and the phone right and will
• 1:33:41
  Speaker 4: hustle and ambition and good leadership. So come join me
• 1:33:45
  Speaker 4: and come to the dark.
• 1:33:46
  Speaker 7: Side, baby, you have it, MG, come to the.
• 1:33:52
  Speaker 4: Come to the dark side, baby, Welcome, Welcome to my world.
• 1:34:00
  Speaker 6: Uh MG the mortgage guy on Instagram that I see
• 1:34:03
  Speaker 6: some people ask what's his Instagram?
• 1:34:04
  Speaker 8: MG?
• 1:34:05
  Speaker 6: The mortgage guy And like I said, man, this was dope.
• 1:34:08
  Speaker 6: Maybe we can do a part too, if you guys
• 1:34:10
  Speaker 6: are interested, because a lot of stuff that we didn't
• 1:34:12
  Speaker 6: even really get you to talk about, So maybe we
• 1:34:14
  Speaker 6: could have a part too sometimes downline. But like I said,
• 1:34:17
  Speaker 6: this is going to be a new series that we're
• 1:34:18
  Speaker 6: going to be doing, as far as you know, the
• 1:34:22
  Speaker 6: webinar series on YouTube on Thursday nights, and it's going
• 1:34:26
  Speaker 6: to be just straight information on a variety of different topics.
• 1:34:31
  Speaker 7: So this is dope. Yeah, if you.
• 1:34:33
  Speaker 6: Enjoyed this, put some fire and chat you send this
• 1:34:35
  Speaker 6: out to man. This is this is somebody's Christmas gift. Man,
• 1:34:38
  Speaker 6: not only should you watch it for yourself, but send
• 1:34:40
  Speaker 6: it out to your coworker, send it to your cousin,
• 1:34:43
  Speaker 6: send it to you know, whoever, you know, whoever you
• 1:34:48
  Speaker 6: have love for, and encourage them to watch it as well, because,
• 1:34:53
  Speaker 6: like I said, it's just information. So at the very least,
• 1:34:56
  Speaker 6: I think even if they're not in a position to
• 1:34:58
  Speaker 6: buy a home right now, have the information will better
• 1:35:01
  Speaker 6: equip them when they are in that situation down the line,
• 1:35:04
  Speaker 6: as opposed to just going in blind and making a
• 1:35:08
  Speaker 6: lot of mistakes.
• 1:35:08
  Speaker 7: For sure.
• 1:35:09
  Speaker 5: Yeah, I think it makes it super dope as that
• 1:35:11
  Speaker 5: for nearly six years, people have watched us ask.
• 1:35:13
  Speaker 8: Questions and said, oh, I was going to ask that question.
• 1:35:16
  Speaker 5: But now they get to watch us ask questions and
• 1:35:18
  Speaker 5: we get to see the questions that they want to hear,
• 1:35:19
  Speaker 5: and we can incorporate both which just as the evolution. Man,
• 1:35:22
  Speaker 5: So I think it's incredible.
• 1:35:24
  Speaker 8: MG.
• 1:35:24
  Speaker 5: We appreciate you, my brother as always super knowledgeable.
• 1:35:28
  Speaker 7: Man.
• 1:35:29
  Speaker 5: I'm sure plenty of people's lives were blessed with the
• 1:35:31
  Speaker 5: information and people are going to execute on it. Man,
• 1:35:33
  Speaker 5: Which is the most important part seeing people execute on
• 1:35:36
  Speaker 5: the information is the full fledged moment of like fulfillment, right,
• 1:35:41
  Speaker 5: Like we can give it, but if nobody's using it,
• 1:35:43
  Speaker 5: what's the point.
• 1:35:44
  Speaker 8: So shout everybody and.
• 1:35:47
  Speaker 7: Say, this will be saved on YouTube under the live section.
• 1:35:52
  Speaker 6: It will also be on all the audio podcast outlets,
• 1:35:55
  Speaker 6: so it'll be on Apple, It'll be on Spotify, just
• 1:35:58
  Speaker 6: like a regular episode would be. So make sure that
• 1:36:02
  Speaker 6: you know if you want to listen to it on
• 1:36:03
  Speaker 6: the audio side, you can listen to it.
• 1:36:04
  Speaker 7: Did and.
• 1:36:07
  Speaker 6: Man, so much great information, as I said, will be
• 1:36:10
  Speaker 6: back Sunday with Mike vick Eyo University. Make sure you subscribe.
• 1:36:15
  Speaker 6: That's a platform that we have that provides so much
• 1:36:17
  Speaker 6: greater information when it comes to credit, real estate, stocks, choice,
• 1:36:20
  Speaker 6: stock option clash. Want talk about your options thing that
• 1:36:23
  Speaker 6: you did with you.
• 1:36:24
  Speaker 8: Yeah, Man, shout out to everybody that was in the
• 1:36:26
  Speaker 8: chat shot. I see some FG.
• 1:36:27
  Speaker 5: You got that that Mike Ron call man, We've been
• 1:36:29
  Speaker 5: talking about it for the past two months. Actually, our
• 1:36:31
  Speaker 5: last class we talked about data center specifically and some
• 1:36:34
  Speaker 5: of the things that are going to be needed to
• 1:36:36
  Speaker 5: make sure those things run efficiently, one of them being security,
• 1:36:38
  Speaker 5: one of them being storage.
• 1:36:40
  Speaker 8: And as we saw yesterday and Mike.
• 1:36:41
  Speaker 5: Kron reported and blew the quarter away, we were up
• 1:36:44
  Speaker 5: eighteen percent and so plenty of people made seven percent
• 1:36:48
  Speaker 5: on their money. Think about that. We made ninety seven
• 1:36:51
  Speaker 5: percent on your money within twenty four hours, which is incredible.
• 1:36:55
  Speaker 5: But it talks again to execution. That's I can provide
• 1:36:57
  Speaker 5: the information, show you how to do the research, but
• 1:37:00
  Speaker 5: until you execute, it doesn't feel really and a lot
• 1:37:02
  Speaker 5: of people did, so shout out to everybody that did.
• 1:37:05
  Speaker 4: Yeah, and if you join EYL University, you got the
• 1:37:07
  Speaker 4: Homeboys Blueprint in there too, man, So take advantage of
• 1:37:11
  Speaker 4: the Homeboys Blueprint Volume one and volume two. Shout out
• 1:37:14
  Speaker 4: to all the earnest. So when you join EYL University,
• 1:37:18
  Speaker 4: there's a lot of real estate content in there, plus
• 1:37:21
  Speaker 4: real estate courses, so you can't go wrong by being
• 1:37:24
  Speaker 4: a part of EYL University.
• 1:37:26
  Speaker 6: Man joined today, I appreciate that so all right, man,
• 1:37:29
  Speaker 6: any last words before we leave.
• 1:37:32
  Speaker 4: Thank you, Thank you. This was dope. I love this
• 1:37:35
  Speaker 4: new platform. I definitely think you guys should continue to
• 1:37:39
  Speaker 4: expand on this and I'm forever grateful for always the
• 1:37:44
  Speaker 4: opportunities that you guys, you know, give me to come
• 1:37:47
  Speaker 4: on the platform. I don't take it lightly, So thank
• 1:37:50
  Speaker 4: you all, all of you guys. I appreciate the love,
• 1:37:53
  Speaker 4: but you know, and again, thank you to the people. Man,
• 1:37:56
  Speaker 4: we got twenty four hundred people. This was basically a
• 1:38:00
  Speaker 4: super large seminar. You know what I'm saying. You think
• 1:38:03
  Speaker 4: about twenty four hundred people, that's not no small crowd.
• 1:38:07
  Speaker 4: That's that's a big crowd. So we can't take that lightly.
• 1:38:09
  Speaker 4: So shout out to all the twenty four hundred people
• 1:38:12
  Speaker 4: that came here on a Thursday night, nine pm to
• 1:38:15
  Speaker 4: get this education, to tap in with me, to tap
• 1:38:18
  Speaker 4: in with my bros. And you know, hopefully you guys
• 1:38:21
  Speaker 4: got value from it if you did, drop some gems
• 1:38:23
  Speaker 4: and some fires in a chat. And thank you guys
• 1:38:25
  Speaker 4: for always supporting me. And I love y'all, and I
• 1:38:28
  Speaker 4: just want to see everybody grow, and you know, we
• 1:38:32
  Speaker 4: all deserve to be rich, you know, for you order today.
• 1:38:36
  Speaker 8: You deserve to be rich.
• 1:38:38
  Speaker 4: Fact today you deserve to be rich man. So you're
• 1:38:45
  Speaker 4: gonna get rich tapping into this channel man by hooker
• 1:38:48
  Speaker 4: by crook man, You're gonna get it. So make sure
• 1:38:50
  Speaker 4: you're tapping into all the resources. And make sure you
• 1:38:53
  Speaker 4: guys follow me an MG the mortgage Guy, Instagram and YouTube.
• 1:38:56
  Speaker 4: And you know, for those of you who want to
• 1:38:58
  Speaker 4: tend the webinar to learn about loan officers against a
• 1:39:00
  Speaker 4: free webinar, seven pm is going to go for an
• 1:39:02
  Speaker 4: hour because we got market Mondays eight pm, So it's
• 1:39:05
  Speaker 4: called be one hour and I'm gonna answer your questions
• 1:39:08
  Speaker 4: and I'm gonna show you where to go to get licensed.
• 1:39:10
  Speaker 4: And you know, answers many questions I can in the
• 1:39:12
  Speaker 4: hour and hopefully I see you guys on the dock side. Baby,
• 1:39:16
  Speaker 4: let's got he.
• 1:39:17
  Speaker 7: Do it all right?
• 1:39:18
  Speaker 8: Gods, We love y'all.
• 1:39:19
  Speaker 7: Take care, spread the word, Thank you peace.
• 1:39:25
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 1:39:29
  Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador
• 1:39:33
  Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with
• 1:39:37
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 1:39:41
  Speaker 1: some of the heinous migrant criminals caught because of President
• 1:39:45
  Speaker 1: Donald J.
• 1:39:45
  Speaker 2: Trump's leadership.
• 1:39:47
  Speaker 1: I'm Christy Noman, the United States Secretary of Homeland Security.
• 1:39:51
  Speaker 1: Under President Trump, attempted illegal border crossings are at the lowest.
• 1:39:55
  Speaker 2: Levels ever recorded, and over.
• 1:39:57
  Speaker 1: One hundred thousand illegal aliens have been arrested. If you
• 1:40:00
  Speaker 1: are here illegally, your next you will be fine nearly
• 1:40:04
  Speaker 1: one thousand dollars a day, imprisoned, and deported.
• 1:40:08
  Speaker 2: You will never return.
• 1:40:09
  Speaker 1: But if you register using our CBP home app and
• 1:40:12
  Speaker 1: leave now, you could be allowed to return legally.
• 1:40:16
  Speaker 2: Do what's right. Leave now.
• 1:40:18
  Speaker 1: Under President Trump, America's laws, border and families will be protected.
• 1:40:23
  Speaker 3: Sponsored by the United States Department of Homeland Security.