← The David Greene Show
The David Greene Show
Mortgage Monday I Which Markets Will Stay Affordable if Rates Creep Upwards? I Episode 126
00:34:11
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- [00:00]
A
Welcome to Real Talk Real Estate, the show where we cover how to build wealth in real estate with no fluff, no BS and no sales pitches. I'm David Green and I've been doing this for over 10 years. I've seen the ups, the downs and everything in between. This is the show where we pull back the curtain and show it to you too. So if you want to build wealth through real estate or you just love learning about it, you found your home. What's going on, everyone? Welcome to Real Talk Real Estate. This is Mortgage Monday. David Green in a T shirt and he is Christian Bashelder. Nuit. Christian, you look like you are in Miami. You just put a watch up in, right in front of the camera and possibly involved in illicit trade. Explain yourself.
- [00:42]
B
I am involved in illicit trade. I have a wedding rehearsal to go tonight. So I am not a, I am not a suit guy by any method, by any stretch of the imagination, but I am one tonight.
- [00:54]
A
So is anybody that I know getting married?
- [00:57]
B
Family member? It's like it's a cousin. So got to be there for family, right?
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A
All right, well, that's good news. Speaking of good news, the mortgage industry is in a pretty good place. We've got an article we're going to be sharing as mortgage rates have hit a new low. Have you noticed this over there on your side where you're putting people into submission?
- [01:18]
B
Yeah, obviously rates, you know, rely on a lot of things. News recently has been, we've, we've had a little bit of a lull here with, you know, this week we're recording. What's the date today? 16th April. So we're right in the middle of this, like currently in process ceasefire with Iran, right?
- [01:36]
A
Yep.
- [01:38]
B
That's more or less been pretty good. Now Trump's kind of flipped the script and said, you know, you were shutting down the straight of Hormuz. Okay, this time I'll do it. And it's a little bit of reverse psychology going on here. Right. You know, it's like, you know, the
- [01:53]
A
man likes to win, it sounds like, but that's definitely the case. But the good news is for mortgages, the rates are at a four week low. So they climb kind of high with fears of war. And now they're kind of coming back down because we got some good news. So now could be a good time to lock or to refi if you've been sitting on the fence. Can you briefly explain why rates tend to go up during times of uncertainty like war?
- [02:16]
B
It's all projection based. It's it's the projection market. So it's based on the two main factors that historically people think impacted are inflation and unemployment and the Fed's job to balance both. Right. It's like a seesaw. As inflation goes up, unemployment goes down, vice versa. So the goal is to keep traditionally and historically healthy numbers for both inflation, which the Fed has been very clear for the last number of years. Their target for inflation is 2%. That's what they've set the determination at to be healthy. Right. And typically healthy unemployment is between 3 and 5%. Five's getting a little high, but typically between 3 and 4. If we can keep both of those things in line, we're in a good quote unquote good economy right now. Everybody can get into oh, the jobs report is flawed and the CPI data is bs. I agree. But it's still the metrics in which the Fed makes their decision on.
- [03:09]
A
Right.
- [03:11]
B
But yeah, that's traditionally now we've really deviated from that tradition the last couple months and really extending back the last couple years in that the primary motivating factor of rates is now no longer the Fed's decisions instead has been pivoted onto the supply and demand market of bonds. Our big problem that we have right now is the demand of American bonds and that includes mortgage backed securities and the 10 year Treasury. And American debt basically is not as strong as it was previously. Most of our large backers, the uk, China, Japan and not backers. But the people who traditionally buy our debt are not doing it to the same degree that they were previously. Now in times of this nature, typically America says that's fine, we'll buy it ourselves, which is the definition of quantitative easing. It's America buying its own debt. Right, Right. Which we're doing a version of right now. So but ultimately the goal is for a healthy market. It's for others to be buying our debt. Right.
- [04:19]
A
This article here out of Yahoo Finance says that we're at about a 6.3, which is 7 point basis point drop according to Freddie Mac. Last year we were at a 6.83. So we're about half of a point less than where we were at the same time last year. And that strong earnings from big banks and tech stock gains overshadowed Middle east news. So banks have done well, tech stocks have done well. That's caused a little bit of excitement in the market. So lenders are feeling better about buying mortgage debt. Lower mortgage rates fueled an increase in refis, according to the Mortgage Bankers association. And this dip in rates helped to support an increase in conventional refinance applications which had DEC for five consecutive weeks. Purchase activity remains subdued as potential home buyers remain hesitant given the current economic uncertainty which kept purchase applications below last year's level for the second consecutive week. What have you seen going on in the rep. The refi world?
- [05:20]
B
It's very hit and miss, right? Usually by the time somebody hears something like this from a news article, if it's a quick flash, the opportunity comes and goes very quickly. That's what happened right, leading up to the war. Those of you who follow David probably saw him posting live on his Instagram. He did an Instagram live saying if you have a rate over 7%, you should refi. Call us. Many of those people called us two and three weeks later, maybe they saw some posts from David and they didn't. They didn't see it live right there. By that time we were at Warren with Iran and the rates month. My biggest advice I could give, and this is hard for the everyday American, but it's follow these things or ingest content from a, you know, a reliable source, right? Because this is literally the difference of I see some people who could have refied four weeks earlier and saved an extra couple hundred bucks a month on their mortgage. It's a big deal or maybe cashed out a little bit more or whatever, right? You know, obviously talk about locking your rates with your broker if you have a loan currently in process. You know, sometimes you can't if you don't have a house selected yet or you haven't finished your application and you know, there's things that can prevent you from locking sometimes. But if you can and you're currently in process, have that conversations and really, if you are pursuing a financial product, be educated, right? Get involved with content. Follow the creators that you trust and know. You know, shameless plug for David Green right there. Right? But you know, get, get this content in front of you and care about it because if it's something that can benefit you financially, you should care, right? Yeah.
- [06:53]
A
And timing can really matter. That's what we're getting at. Whenever I get that feeling like either we had a big dip or we had a dip that isn't going to last. That's when I post something on Instagram, like now's the time if you've been on the fence. A lot of people are not on the fence, but they probably should be paying a little bit more attention because when we first, like when I was first talking about real estate rates were at the threes fours. There was really no reason to refi anything. It wasn't a thing you had to pay attention to. So as people got trained how to real estate investors, or should say invest in real estate, paying attention to markets for refis was not a thing we talked about. Paying off debt early was not a thing we talked about. It is not a thing influencers ever shared. It's something to pay attention to now. Now you can actually save some money if you lock that thing just right. And refinances are relatively painless compared to purchase contracts. Can you just. If somebody does want to refi, what can they be expected to provide and what is the process going to be like?
- [07:47]
B
Yeah, I mean, I, I, the documentation's fairly standard with fairly similar. Yeah, the big thing is you don't have the deadlines. Right. You don't have a seller knocking down your door to perform. You don't have Realtors pressuring you. You don't have timeline commitments. Right. Whereas a refi is a lot more, you know, lenient, it's a lot more flexible. Right. Obviously the rate lock is still a time sensitive topic, but, you know, you don't have a title transfer to worry about. You don't have to go bind a new insurance policy. Typically you already have it in place. We don't need to go request a new property tax bill because you already have it in place. Right. So there are absolutely some things that make it easier of a transaction, a refi versus a purchase. But it's still, you still got to provide stuff, right? There's still an underwrite, there's still our due diligence. We still have to, you know, calculate your qualifying and all that. But as David said, it is very much less, less straining, mainly due to the time dedications that you have to make in a purchase contract.
- [08:44]
A
So what are the things that people should be expecting to provide?
- [08:47]
B
Yeah, I mean, it ultimately depends on the loan that you're getting for sure. But for conventional stuff, tax returns, pay stubs, you know, income documentation. Right. Existing information about the property, your mortgage statement. Right. If it's a rental property, your lease agreements with your tenants, if it's an Airbnb, your historical rental income. Right. That you've collected on DSCR loans, much easier. We don't have the whole income underwrite. So no taxes, no pay stubs. Still your insurance, still your existing mortgage statements, still your lease agreements. Right. You know, if you're investing in an entity, we have a lot of loan products that lets you take title under a trust or an llc. We need Those dogs. We need to show that you're the owner of the llc. Right. We need to show who's in control of executing your trust documentation. Right. Ideally that's you. Right. But you know, pretty, pretty standard stuff. What has to do with the property, what has to do with the ownership and what has to do with the qualifying, whether that's DSCR or conventional.
- [09:42]
A
All right. Now as far as what you see going on in the market, I've been getting a lot of questions from people about like low down payment loans. Are there any specific loans that you're seeing going around for less than 20% down before we talk about house hacking?
- [09:57]
B
Yeah, all the time. Just a standard loan with no fancy pantsy bells and whistles. Right. First time homebuyers can get in for 3 1/2% down on FHA loan. Between 3 and 5% down for a conventional loan. That's way less than 20. Right. You can buy multifamily for 5% down, duplex, triplex, quadplex without putting 20.
- [10:19]
A
That wasn't the case before.
- [10:21]
B
It was not the case before. That's correct. You could with an FHA loan, but there were a lot of limitations to the product. Conventional. Fannie and Freddie now rolled out a 5% down duplex, triplex and four unit purchase options. So you can buy three out of four units, can be a rental property for 5% down. Right. You have to occupy one of them, of course, to fulfill the primary resident obligation. But it's a really good product. Another one that doesn't get enough talk is a, is a second home loan. That's if you're going to occupy the property for two weeks or more out of the year. So an Airbnb, a vacation home somewhere on the lake, in the mountains, in the woods. Right. A beach house. You can qualify with 10% down and just fulfill that requirement that you have to go reside in the property for at least two weeks, take a vacation. Right. There's some other products, you know, jumbo, we can do a 10% down jumbo for a primary residence. There's, there's, there's a good bit options in terms of getting in. With even less than that, there are down payment assistance programs. So even if you don't have that 3 or 5% down, there are absolutely programs. Now many of them are run through state grant programs. California has, I think it's called the Dream. Dream for All. I think it's called, David. Right, the Dream for All program where the state of California will actually grant you your down payment and There's a whole clause in term of how long you have to reside in the property and what the payback obligations of it are. Sometimes it's completely forgivable. So you can get your down payment completely waived, which is kind of nice. Obviously we don't facilitate a lot of the state run programs. We work with them. So if you go get approved for the Dream for All program in California, you can bring that to us and we can qualify you with that as your down payment. But typically your lender won't go and get you a grant. You get that and then bring it to your lender. Right on top of that. There are actually lender ran programs though for down payment assistance. Now those are usually structured as loans. So you just have to know that you're taking out basically 100% mortgage. And while I don't love that idea, it has a place in the industry for people who want to be first time home buyers and are well financially prepared for it. Unfortunately, I think that's kind of a, a sector of our industry that a lot of lenders like ruthlessly pitch and they get people into bad situations at times. You don't want to be 100 leveraged on anything. Right. Even though 3 to 5% down, you're mainly leveraged on it. There's still some, there's like a, a psychology to having a little bit of your own money in a property. They're a little bit more, you're a little bit more careful about paying the mortgage. Usually you're, you're, you got some skin in the game.
- [12:50]
A
You're literally invested.
- [12:51]
B
Yeah, that's exactly right. And when you have something 100 financed, I mean, I wouldn't recommend. Not to sound like Dave Ramsey, but 100 financing is anything. I wouldn't 100 finance a car, you know, like, it's just, you're, you're upping the, the risk threshold probably above what I'm comfortable with a lot of time. But I digress. There are positions where it works. You know, people who are recently out of a divorce. You may make really good income, but you gave away all your money in your divorce. There may be down payment system programs for you. Right. People who just went through a travesty and you haven't been working and now you just got a new job, but you haven't had time to save, but you want to start building equity in the primary. There's down payment assistance programs for that. Right. People who just graduated school, who haven't had the time in the workforce yet, who can Get a first time home buyer's loan with the down payment assistance. So there are, there are absolutely options that have their place. I just think they're oversold to people that probably shouldn't be getting that advice. That's a personal take, but that's what.
- [13:45]
A
Let me, let me run a scenario by you. You got three different people. The first says, I'm going to put 10% down on my house. The next says, I'm going to put 0% down, I'm going to take 100% loan like you just mentioned. The third says, I'm going to take 100% loan, but I'm going to take the 30 grand that I would have put down and I'm going to invest it into improving the property. Which of these do you think is the soundest financial decision?
- [14:13]
B
It's between one and three for sure. Absolutely. Depending on obviously, without diving too into wheels. I love value add, so I mean, absolutely. I think that my prerequisite for that is that with the 30k you're putting in, are you getting more than that in equity?
- [14:28]
A
Right.
- [14:29]
B
I would want 30k in renovations to increase the property value by 50k. Right. If that's the case, absolutely. Very strong strategy. Now, if it's a first time home buyer and they've never done renovations and they're probably getting taken advantage of by a contractor with getting overquarted, I'd be careful. So I mean, fundamentally I'd say option A, just put your down payment is probably the most financially secure one. But if there's equity to add and especially if you buy equity. Right. That's one of the topics in David's Pillars of wealth. Right. You can get a good deal and increase the value. Now we're compounding equity. Right. And that's powerful. So, yeah.
- [15:04]
A
So if you buy a good deal and you then take the money you would have put as a down payment and you put it into forcing equity, you bought equity, you forced equity. You can actually give yourself more breathing room than if you had just put 30k down as the down payment and you're still invested in the property. There's still an emotional, hey, I'm not just going to walk away from this thing and give it back to the bank. It's hard to let go because you've still put your money into it. I kind of like that scenario for the, for the couple or the person who's thinking, I want to get into real estate investing, but I have $35,000. If I put 30k into it, I'm Left with not a lot of money versus well, hey, what if you took that and you put it into making it bigger, rehabbing it, fixing it up and then living in it, maybe making it a rental in a year. I call that the sneaky rental or selling it and doing the same thing again. Are these conversations that you're having with people when they ask about a loan, like you're kind of asking about their overall plans and guiding them towards what the best program would be?
- [16:04]
B
Yeah, I think the most beneficial way you can talk to really any financial advisor, this is your realtor, your property manager, your insurance agent, your financial advisor, your mortgage officer is not go to them with your desire. I want to use this program, I want to buy this house, I want to put this down and we're done. It's really going to them with your goal. Hey Krish, I get all the time, hey Christian, this is what I want to accomplish. You know, I'm buying to have something cool to pass down to my kids or to have a property that I can use myself a little bit or to subsidize my W2 income or to plan for retirement or I want to quit my W2 and I want to replace it entirely. All of these are reasons people invest. Right. If I'm able to see that goal, I can use the products at my disposal to help you get there. And that's what a good financial advisor does. They don't fit a square peg into a round hole, right? You, you hear what the borrowers say, you build a strategy and you help them walk the, the road that you let that you paid for them. Right. That's what we do. And that's why we're so obsessed about going and getting all these. I mean, throughout the history of Mortgage Monday, we've probably talked about a hundred different loan products on here, right? Those who have been following us since the bigger pockets days. We talked about like every product in existence, right. From first time home buyers all the way through, like commercial multifamily stuff. Right. But you know, I, I think when you're getting advice, it's the strongest thing you do is is help me accomplish my goal. I don't know how to get there. Tell me what your take is. And the great part is you don't have to listen to me.
- [17:35]
A
Right.
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B
It's just an opinion. Right.
- [17:37]
A
Well, but you're going to learn more. Asking someone and having them explain stuff you didn't know, then telling someone something that you already knew. And I know that's simple, but I don't think people think about this. It feels good for our egos to tell people how smart we are. I know all this stuff. Hey, I want this loan, and I want it this way. And I was told to ask for this. And I want to make sure that you're not ripping me off. Okay, cool. You could do all that. You're not learning anything you didn't already know. Why not start the conversation off by saying, here's my goal. What do you think I should do right off the bat? If that person doesn't know their stuff, they're exposed. If I tell him everything I want to do, he can just regurgitate back to me what I said and sound like he knows his stuff. But if I start off asking a question, what do you think? And if there's a bunch of ums and us and bs, move on, that's not the right person to be talking to. Right? Yes. I do this with contractors all the time. Well, I want to add value to the property, and I'd like to make it more appealing. What do you think I should do? And if he goes, well, you know, we could do whatever you want. Okay, I already knew that. I didn't. I wasn't going to get an argument with you. I was wondering what your ideas were. I don't think you work with a lot of other real estate investors that add value to property. You're not going to teach me anything I don't know. Versus a contractor that goes, oh, well, the first thing you need to do is blow out this wall right here. And if you do that, we could probably add a whole nother level right here. I can run a concrete pad. You already have. Electrical for about $15,000, we can build a whole other living room inside this property. Here's a picture of one I just did. We did a rock wall, and we put in a fireplace that. Even if I don't do what he's saying, I just learned something that I didn't know because I asked the question. That's the first thing I like to say say. Second, if you still go with your original idea, it did not hurt you to hear what the other person's plan was. So this is a way you can tell if they're a fraud. And this is a way that you can gain information that you didn't have. Now, sometimes we come across somebody who goes, what about this? And we say, I've never heard that. What are you talking about? We love those people. We love when people come to us and say, hey, this is A tax strategy that I've heard other people are using, or this is a loan program that someone has, or this is some software that this person's using and this is how they're using it. We like that. We're probably going to tell you some of our secrets if you tell us some of yours. So just keep that in mind when you're talking to people. I love what you said there, Christian. Don't show up and tell the person what you want them to do. You're not going to get very far in life with that mentality. Because if you know more than your loan officer, you should be a loan officer. If you know more than your contractor, you should have a contracting business. You shouldn't be working with people that you know more than them. You should be asking questions.
- [20:18]
B
Questions.
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A
What's your thoughts on that?
- [20:19]
B
Yeah, I love it. I, I'd even add this. I'd say, you know, a lot of people make the claim like, was it jack of all trades, master of none? Right here's where I think that that is a flawed approach.
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A
You know, before you say this, you know, you're probably going to be surprised. That is a mistranslated statement.
- [20:38]
B
The last part I did.
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A
Okay, go ahead.
- [20:41]
B
Yeah, so you guys should, if you guys are watching, you should look at the last part of that quote. But that's the most commonly quoted part.
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A
Yes. Yes. Do you know what the full quote is, by the way?
- [20:49]
B
I don't have it memorized.
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A
I'm going to say it while you're talking. Go ahead.
- [20:52]
B
Yeah, go for it. Look it up. And we'll. We'll quote it word for word. But what I was getting at is this is. And not just to beat up how certain people run their business, but in the same way that if you go to a car dealership that only sells Hondas, they can't talk about Toyotas, you're never going to hear something positive about a Toyota and a Honda dealership. Right. That's. That's a fair concept. In the same way that if your broker or your lender hyper. Specializes in one product, that's probably something it would say. Jack Ball trades master of none. I'm the best at blank. Well, what you're not realizing is that in the missed conversations, that guy never, you know, if he only does FHA loans, never heard about conventional. You may be a veteran and he never talked about VA loans. You may be an investor and he never talked about dscr. You, you may be a fix and flipper. And he never talked about Bridge loans. You may want to level up to buying five plus units. He never talked about commercial loans. You may want to tap into the equity. You never talked about HELOCs. Just because a person has the jack of all trades concept built into their business model. The argument there is you don't know what you don't know and getting access via your loan officer. And this could be copy pasted in any specialist, right? If you're a heart surgeon knows about liver problems, he may see something about your liver and say, hey, look out, right? He. Now, he doesn't have to be the person you go get your liver treatment from, but it's very valuable for that doctor. That's why every doctor goes through general medical school, right? Like a cardiologist doesn't only take.
- [22:21]
A
Odds are if he's a good doctor, he's friends with other good doctors.
- [22:24]
B
Exactly right. And you don't know what you're missing by not getting that advice, not getting that guidance. And if you just came and said, doctor, you know, I have a headache. I want you to scan me for a brain tumor. I know. That's what I got, right? So I need to go to an oncologist and only talk about cancer. Well, like, you're probably just dehydrated, man. You know, just like the same way you go to the doctor, you don't tell them what you got. You tell them what your symptoms are, right? Symptoms in the finance world is your goals. What are you trying to accomplish, right? What's. What's the symptom of your sickness, right? Your financial sickness. Are you sick with your W2? Are you sick with not having enough reserves? Are you sick with not having enough experience? Are you sick of high interest rates? I'll raise my hand for that one. Right? But the idea is there. Explain your story and let somebody diagnose you. Right? That's what I do. I do financial diagnoses.
- [23:16]
A
Yeah, I love that point. Let's wrap on this. You are in a new office. We now have an office in Woodland Hills, Southern California, and we need to fill it with young, hungry. I guess I don't have be to be young, but they got to be hungry and they got to be humble and they need to be looking for a new profession. It is not a secret if you're listening to me or if you just don't live under a rock that this economy is tough and that the gravy train is over. I think there's a lot of people that are like, well, there's another car on the Gravy train. If I just keep moving down the car, I can stay on it. They haven't accepted it. My advice to you, if you're listening to this, accept quantitative easing is done. There is not an easy way to do this anymore. You, it is about building your skill. If you do not build your skill, not only will you fall behind in income, but you will eventually be replaced by AI. This is where we need to be in a competition with AI. It's trying to take your job. It can't take your job. If people would rather work with you than a robot. I think there's a lot of people that would rather work with a human than a robot. And I think that there is. The exception to that would be if the human is worse than the robot. I think if some software bot can do your job better than you, you should probably be embarrassed in most cases. When it comes to what we're talking about here. We are able to provide, like you said, Christian, a comprehensive vision of the contractor, the real estate agent, the homeowner's insurance, the mortgage, the loan options, the next loan you should get in the process, maybe a market you can invest in that you haven't considered that we know other people are doing well in that is going to be tough for a robot to be able to compete with. Frankly. My point here is I'm getting tired of human beings that keep saying what can make my job easier? Not how can I be better. Now if you want to make your job easier so that you be better, those are the people we want to work with. What are. What's your advice for someone who's kind of sensing that maybe the industry they're in is coming to an end? They're tired of it. They want to work more in real estate, but they know that a full time investor or flipper probably isn't the route.
- [25:15]
B
Yeah, those are hard to be the route. Right. Even when even the people who are really successful in it have their hiccups. Right. My, my, my way. I decided to get into this career. I guess I can, I can lead off with that. I was a chemical engineer by education, so I was right there with people thinking that I could never switch careers. Right. I was in the middle of a different career. I realized that now when I made the switch, AI wasn't even a point of conversation yet. But I didn't like it. Right. It just, it wasn't fulfilling for me. It didn't seem like it was something that I wanted to do. So I went there and I asked myself I said, what is, what is a pursuable skill set? What's a mindset? What's a, what's a career? An industry that people need first and foremost. And I don't think it's going away anytime soon. And there's three things you need to live. You need to breathe, you need shelter, and you need food. I guess you can add water in there too, right? And I wasn't going to go into the water business and there's no oxygen business, right. So I went into real estate, right. This, people got to have a place to live, right? Nobody's going to be out, you know, the whole country can't be out on the streets right now. People can have their different conclusions, right, by asking those same questions. But my challenge was I want to root if something is worth pursuing. I want to have confidence that it's something that is worth it, something that will stick around and something that people will need. And that's how I landed where I was. So I would challenge people to ask those same questions, right? And then ultimately you should follow up those by asking, is it something that I can see myself fitting into? Right. I like to talk to people. I'm a social guy.
- [26:50]
A
You sure are.
- [26:51]
B
Come on now.
- [26:52]
A
Sometimes you talk to everybody but me. I'm just jealous.
- [26:57]
B
Fair. But you know, David, it's because I have so much confidence in what we got. It's like people all say, you talk to everybody, you know, and then you go home and you're silent. Right? That's my, you're my peace time.
- [27:08]
A
That's it.
- [27:09]
B
But be his. Obviously, you know, the, the idea there is to find, find something that's needed and then find something that you need. Right. And this was the perfect answer for me. It's not the perfect answer for everybody. Absolutely right. But it's something that, that is pretty easy to find passion for because you're helping people buy the most important thing that they probably ever will in their life outside of. Maybe there's an argument for a wedding ring there, right? But the house is up there, right? That's where you're going to spend 90 of your time. And it's an exciting career to be in. So David led off this by saying, we have a new office. We're building pop up offices around the country. We have one in Nevada in Las Vegas. If you are a Nevada loan officer, please reach out to us. If you've been in the industry for two plus years, we're looking somebody to, for somebody to manage our Nevada office. So please Reach out. Same thing in Hawaii and Missouri. If you are in those two locations, would love to speak to you about opportunities we can provide you. And ultimately, if you're in Southern California, in the San Fernando Valley or just general Los Angeles area, we got a fancy new place. You guys may see the boxes behind me. We're unpacking and putting all the stuff up, but we got a new office for you here as well. So we would love in person people to come in and learn. There will be kind of mentorship and opportunities available for people who are willing to take the time and get out here in person. And we're excited to start a kind of reversing the work from home mentality. Right. I think there's a lot that was lost in that whole movement. And while work from home is great in certain med metrics, there's definitely a productivity loss that stems from it as well that I think we can, we can remedy.
- [28:38]
A
Now. We do want people. We're prioritizing. Anybody in the San Fernando Valley or Nevada, particularly Las Vegas would be great and Hawaii, like you said. But we are also hiring remote loan officers. So if you've been thinking about getting in to mortgages, I don't think it is possible to find a better brokerage as far as a combination of support so that you don't have to do as much as you think and training that can get you up and running and technology that makes it very easy to do it. My little brother's getting his loan officer's license. Actually just got it. He's going to be joining the company. He keeps saying, but I don't know anything. And I'm like, I know, man. That's the point. You just have to be able to be really good at customer service and picking the right loan for the person and explaining their options. Our processing team is so good. You won't. I mean, there's probably. Would it be safe to say there's guys that work here that wouldn't be able to verify income if they had to? Like new people that just never learned how to do that when they started.
- [29:35]
B
Loan officers. Yeah, yeah.
- [29:36]
A
Our processors, that's different.
- [29:38]
B
Right.
- [29:38]
A
But like, they're. They really. They just have to be able to. Like, your loan officer doesn't need to do that. They just need to know it's been done. They need to find the right loan for you. They need to get the best rate possible and they need to anticipate what could go wrong and get ahead of it to ensure a smooth clothing. So if you're thinking, hey, I've been thinking about doing it, do it. If you're thinking, I can only do it part time, do it. If you're remote, do it. This is a really good time to get into this industry while you still can. And what makes it different than being a real estate agent is that you could do loans anywhere. Real estate agents can only do local deals. And if your market sucks like mine did in Northern California for a long time, there's not a lot you can do. If people aren't selling houses and people aren't buying houses, you're in trouble. So maybe our last pitch here is if you're a real estate agent and your business is struggling and you're not lazy, come over, sell houses and do loans, double your income. That's actually what you were doing when I met you, Christian. You were, you were the triple threat. Real estate mortgages and insurance.
- [30:36]
B
Fun fact, guys, the parent name of the one brokerage is RMI Brokers. That actually stems from the ultimate goal of real estate mortgage and insurance. That is what I did when I started and I can highly recommend it if you can build out kind of the same concept that we were talking about, Jack of all trades, master of none. Unless you can master them. All right, and David, I will ask you to finish off that quote.
- [30:59]
A
Yes, thank you guys for making it all the way to the end. You're about to be rewarded here. The full quote was jack of all trades, master of none, oftentimes better than master of one. So it's not actually an insult, it's been turned into one. But being good at a lot of stuff, in my humble opinion is better than being good at one thing. When I get good at one thing and there's nothing else to really get better about it, I go get good at another related thing and I do the two of them together. And I think that's the kind of real estate professionals that you should be working with. Your property manager should also own properties. And if they're really good at being a property manager, why would they not be good at being a real estate agent? And if they're good at that, why would they not learn loans? The only thing that stops people from being a real estate professional, which in my opinion, that's what we are, we are not agents or loan officers, we are professionals is their own self living beliefs and frankly laziness. It's, I don't want to learn a new thing, right? I can get by with this, so why would I try harder? My philosophy in life is why would I not try as hard as I possibly could? Why would I be as good and as valuable and as honest and as skillful and as knowledgeable and as fast as I could possibly be to serve people better? So if you have the same mentality, we want to talk to you, Christian, where can people go if they want to talk about a loan or if they want to talk about a new career?
- [32:16]
B
Yeah, absolutely. Find out more about our company@the1brokerage.com that's our website. You can get me at my email, Christian, the1brokerage.com and then if you ever just want to connect with me directly, you can find me best places on Instagram at the one Broker is my handle. Just shoot me a dm. We can connect offline.
- [32:34]
A
There you go, real talkers. If you want a new career, we want to work with you. And if you want an honest loan officer and really good rates and fees, we definitely want to talk to you. So reach out to Christian. You could find me at David Green24 on Instagram. Send me a DM there. Or you could go to davidgreen24.com and you can use the chat feature to reach out. I talked to three different people today. One of them, actually Christian, is someone who's going to be working with you about a loan in Sarasota. They have a duplex that they really want to find. Shout out to you, Ms. Laura, if you're listening to this. And they were asking me for advice on what to do to write an offer when the seller said that they don't want to take that offer. So we actually talked a little bit about what we could do to help them. And if we're working on your loan, we are happy to help you with your career goals. This is not a, this is not a transactional relationship over here. We want long term, mutually beneficial wins. We want, we want to be family with the people that we work with. And if you're the same way, we want to work with you. So go to davidgreen24.com, use the chat feature, connect with me. I'll get you my personal email, even sometimes my cell phone over there. Thank you guys for listening. We really appreciate it. We're trying to keep these short so you can listen to all of them. We're going to let you go. Leave us a comment and let us know what you thought about today's show and what you'd like to hear us talk about in the future. We'll see you next week on Mortgage Monday.