Loading summary
Transcript77 lines
- [00:01]
A
What's going on, everyone? Welcome to Real Talk Real Estate. I'm David Green, and this is Mortgage Monday. And if you're wondering if Christian shaved his beard, no, this is not what Christian looks like with a shaved face. I'm joined with one brokerage loan officer, Wyatt Wolf, helping me out today while Christian gets a little break. Wyatt, how are you today?
- [00:20]
B
Doing well, doing well. Trying to grow the hair and look as luscious as Christians, but I'll do my best to keep the seat warm for him.
- [00:28]
A
I nicknamed him the Mortgage Messiah because he looks like Jesus with that long hair. And he really does. Yeah, yeah. Now, we recently interviewed you or we talked on the David Green show, and we had a really good conversation about what it's like to work in the loan industry. And we'll do that again in a future episode. So if you guys like Wyatt's look and his style, make sure you go check out that episode on this same podcast channel on the David Green Show. But today, we're going to be talking about three different loans that Wyatt was able to do. Completely different loan types, how they worked out for the client that you may not even know exist, to give you some tools in your arsenal of building that wealth. So, Wyatt, you ready to dig into this thing today?
- [01:12]
B
Let's do it.
- [01:13]
A
Okay. The first one is a unique loan. I typically hear about these mostly with physician loans. If you're not a physician, though, you might not have heard about them, but some companies will have special loan programs for their employees. So before you get into the details of the loan that you did, can you just tell me what you know about how these employee loans work and how someone could find out if their job might offer something like that?
- [01:38]
B
Yes. So, number one, if you're getting relocated, if you work for a large or even a small company, you should ask if they have a employer program or employment program for mortgages. If they do, you should get the info on it and then you should bring it to us so that we can beat it. You could save a decent chunk off of a standard origination. So, like what I've seen from, you know, just a, you know, Globo Corp. Bank versus a employer sponsored deal. There's a significant savings there. Bring it to us if we can't beat it. I'll tell you that right up front and you should go with that deal. But if we can, I'd love to do it for you.
- [02:23]
A
Man, these employee things are such like a bee in my bonnet. When I was selling houses as a real estate agent, we would have these relocation companies and it was their job is to help a person whose company is moving them from one place to another. Here's what I hated about it. The employee was told by their employer, we are going to pay to have you move from here to here. We're going to give you X amount of money. And then they would go to this relocation company to help this happen. So the employee gets connected to the real estate agent and is told, we're giving you $10,000 to move from A to B. What they're not told is that their company is not actually paying them. Their company goes to me and says, help them find a house and pay us $10,000 out of the commission. So the employee is getting all the credit for doing this great work of relocating you. But me as your realtor, who would have made $12,000 makes $2,000 so that you can get $10,000 cut back to you. And you don't even say thank you to me. You say thank you to the employer. Basically, this is Christmas. They treat you like a five year old. The employer gets to be Santa and I'm the parent that actually bought the present, but I get zero credit for it. And this mythical creature Santa gets all the credit. So I hated it. I would never take the relocation deals. And the companies were like, they are stuck with just the worst realtors ever that will do this. And then the person who thinks they're getting a perk from their company basically is getting the worst realtor ever to help them with the relocation. But to the realtor, it's a layup because you're going to buy a house, you have to, you're moving, you're so motivated. If they're terrible, they're still going to get their money. And the, the person in the position that's buying the house is really the victim. And no one ever tells them what's going on. And there's so much like that that goes on in the real estate business. And that's why we have Real Talk Real Estate to pull back the curtain and tell y' all what really goes on with the sausage being made. Okay, now let's get into the details of how this person came to you, what the conversation was like, what they were being offered and then what you did for them.
- [04:29]
B
Yeah, so we actually had them pre approved for a purchase in their previous market where they previously, you know, worked and lived. And then they didn't end up pulling the trigger because they were told, you know, let's say March or so that there's a potential relocation coming. So they just decided not to pull the trigger. And so we just left them pre approved, checked in with them every once in a while. Great folks, Kristen and Corey. So shout out to them. And they came back to us, I want to say it was about four months later and said, hey, we're getting relocated. I said, okay, great. And they said, hey. Our financial advisor told us to reach out to our HR department and see if there is a relocation package, if there is a, you know, employer benefit, you know, sponsored lender, et cetera. And there was, I said, okay, great. They had the conversation with that loan officer. I said, bring me your loan estimate. They did. I beat it.
- [05:37]
A
Was it a specific type of loan they were trying to get or was it was this basically a referral from their job to a loan officer, but it was packaged as a benefit to them.
- [05:46]
B
A lot of large employers, specifically in the call it finance, the white collar, you know, space, they have reciprocal agreements with certain lenders that they will refer their employees there and it's a lead for the, you know, that lender and in return the lender charges much less than they, let's say they normally would.
- [06:15]
A
Okay, right. Okay. Now do you think the lender is paying for these leads from the employer?
- [06:22]
B
Potentially, but that's speculation. But potentially, yeah.
- [06:27]
A
Right. So it could be just that this, this employer. I'm trying to figure out why the employer would have a program like this for employees regarding loans if they're not a financial company. Do they? I mean, we're going to have to speculate completely and maybe it doesn't matter. But I'm curious, like none of the jobs that I ever had said will help you with a loan. Is this just because they're moving their employee from one place to another and it's similar to the re real estate example that I gave you.
- [06:56]
B
Yeah, it's probably a mixture of, you know, they want to try and make it easier on you. You know, they're, they're relocating you. They want as few hiccups, bumps in the road as possible. And then I'm sure there's some kind of, you know, agreement on the back end. You know, maybe it's the company truly does cover part of it or you know, maybe the, the lenders paying for the leads, I don't know. But either way, you should definitely ask your employer, see if they have something like that if you're moving or if you're buying a house, because it will knock the edge off of that. And like I Said, bring it to us and then we'll beat it.
- [07:35]
A
Yeah. So this is why I love this story. It's very easy. If you're the employee who's told we have a special program for relocating, this is your loan officer. You're not, you don't know what's normal for the industry. Okay, so like, there's not a lot of them, but there are some brokerages that literally get compensated twice as much as we do, which comes in the form of higher closing costs and higher interest rates, or a combination of the two. But they can hide that by saying, well, we'll just buy your rate down. And they're buying it down to where we started at, but the person doesn't understand any of that when they're going to get the loan. If you're told this is a special thing that we offer you, you're like, ooh, I'm getting a benefit right off the bat, I'll just do it. But these people had the savviness to contact you and say, like, well, hey, this is what we got. What are you guys doing? Did they say how they found you? Like, were they a listener of the show? Was it someone that looked you up online?
- [08:33]
B
I believe they were listeners of the show. And like I said, we had actually had them previously pre approved for a purchase. And then, you know, I try and touch base with our pre approved clients and one of those touch bases, they said, hey, you know, here's what's going on. You know, their financial advisor gave them good advice and said, ask your employer if they have a employee benefit program for mortgages. So.
- [09:00]
A
Good old financial advisor, we need to see if we can find out who that person is and say, hey, next time you should just send them to us because we're cheaper and we can save your clients money and then they have more that they can invest. Right? What if we save someone five grand and they go invest that $5,000 and in 30 years it's 150 grand or something like that. That's a cool story. If you think about every dollar that. I've thought about this before. If you just said every time I was going to buy something and you didn't buy it and you put that money in the stock market or in a real estate deal and you let it grow and you're like, yeah, I have a whole house paid off because of all the times I said no to some financial purchase I didn't need. I don't know if anybody else has ever thought about that, but I think that's story. So lesson here is. Oh, go ahead.
- [09:42]
B
Billion dollar app idea for some kid out there listening. Make an app where at the checkout it says invest this amount or continue with your purchase.
- [09:52]
A
You know, I ran into a couple at bpcon. I was just there in Vegas. That's why I'm, I sound like this. I'm pretty sure I picked up strep throat and I'm now needing to get that fixed. But they have a basically like a competition to furnish finders. I'm trying to remember their name. It'll come to me and I'll say it later. But they do 30 day stays. It's a platform where you can advertise your listing. I was like, hey, if you guys ever want to make another one of these, let's go and do short term rentals. Because Airbnb is absolutely taking advantage of every single host. So if you're somebody out there that does have the capability of making an app, you've done it before and you'd like to partner with me. We'll do Airbn Green and it will be a app that is really good for landlords and also benefits the bookers because they will get a much lower price. We are getting basically Airbnb fees are going to the point of like an actual property manager to do nothing but give you a tenant that often gives you a huge headache. So we won't make the whole show about this, but that's on my mind a lot. Airbnb. Airbnb and Green. If you're an app maker. Okay, moving on. Number two, you've got another client that you help with the house hack, is that right?
- [10:57]
B
Yeah. So we actually helped him with a few different things and we're working with him again. So he was getting relocated due to orders. He's in the military, so we used his VA loan. He was purchasing a multi unit property in Savannah, Georgia. Shout out to Richard and he first off, he not needed to get pre approved. He found the property that he wanted. So we got him this four unit. In the process of getting him qualified for this this four unit and going through the loan process, he needed a refi on an investment property that he had in a different state. So we not only closed up the primary residence for him, which now cash flows. Something crazy. I want to say it's like 3,600 bucks a month. Something, something. Yeah, he crushed it. Home run. But we also refinanced the property for him in Alabama that was just a straight investment property and took that from A local bank note that was on a 20 year a.m. to a 30 year a.m. right. So for anybody out there who wants to do the math or has anything that's on a local bank note, you know that a lot of investment notes with local banks are on 20 year amortizations. Well, if you just take that 20 year amortization and you stretch it out to 30 year, that can significantly alter your payment. Essentially that's what we did. We also got him a low rate, so we dropped his holding cost for that, that property pretty significantly.
- [12:40]
A
All right, let me fill in some blanks here. This is really cool. This is why you want to talk to a loan officer who doesn't just quote you a rate and then never talk to you again. But they look at your whole financial picture and they look for ways that they can save you money. One of the ways that I used to do this when I was selling houses myself and now I teach the agents that work in my brokerage these techniques is I would look at your whole financial picture and I'd be like, tell me about your debt. Well, I got a car note at this rate. I got revolving consumer debt at this rate. I've got student loans at this rate. And I would be like, well, you got this much equity in your house at a five and a half percent interest rate. Today rates are three and a half. What if we re refinance your entire thing, pulled money out of it but got your rate lower. Many times we would do this and their payment would stay literally the same because they got the lower rate even though they took money out. Use the money that we took out to pay off your high interest rate debt and their whole financial picture would be way cheaper for them to own a house instead of renting one. This was like a no brainer at every level. But other real estate agents didn't think that way. They were just telling you, hey, I'll help you buy a house. This one has a cute kitchen, this one has a cute yard. What do you want to pay versus? I'm a financial helper that specializes in real estate and using real estate to help build wealth. So in this case, this person has a 20 year amortization, which is a 20 year note, which means your payment is going to be higher every month, but the benefit to them is twofold. A higher percentage of your payment will go towards the principal instead of the interest and you will get a lower rate than a 30 year amortization. But the downside is less cash flow because your payment is higher. Every single month. So this person decided they wanted more money up front instead of paying it off towards the principal. And then you said, did we buy their rate down with the refinance? Like did they pull a little bit of money out on the refi to buy the rate down so that the rate didn't go up much?
- [14:31]
B
Straight rate, term refi.
- [14:34]
A
And did their, did their rate go up from where they were at the 20 year end? Do you remember?
- [14:38]
B
I want to say they went up maybe half a point.
- [14:43]
A
Okay.
- [14:44]
B
So fairly inconsequential because I know, I'm.
- [14:47]
A
Only saying this because I know people are going to be listening and they're going to be in the comments saying, well, you didn't tell anybody that there's a downside. There is a downside. You're going to be paying less towards the principal. But shoot, if your rate's only going up half a percent to get to 30 instead of 20. And this person wants more cash flow up front because they want to buy more real estate or they want to work less or they want to put the money back into improving a property or whatever the case is. In a lot of cases that makes more sense than just paying them down. In some cases it's the opposite. Sometimes we refinance you out of a 30 year into a 20 year and you've got a ton of cash coming along, but you want to pay the property off faster. So in different situations there are different answers. And then you said they were cash flowing 3,600amonth on this deal. This was a house hack.
- [15:29]
B
On the house hack? Yeah. On the four unit purchase. Yeah, it's, it's cash flowing like crazy for them.
- [15:35]
A
So they're living in one unit, renting out the other three and cash flowing 30 $600 and living for free.
- [15:41]
B
36. Don't quote me on that. But it's close. I remember looking at it and going, that's insane. And the reason that we're looking at it again, that that client is actually his orders got changed again. So it looks like he's going to have to move again. And this gets brought up a lot. So this is probably a good point to cover for people. When you sign your mortgage for a primary residence, you're not selling your soul to live in that primary residence no matter what. Right. There are life circumstances that are completely acceptable for an underwriter where you move. One of those would be signed orders from a commanding officer in the military. Right. You don't get to choose where you go. So if I'm you know, let's say that I was serving. If I am stationed in 29 Palms, California, shout out to my Marines, and my. My CEO says, hey, man, you're going over to Lejeune. Okay, well, then you're going over to Lejeune. There's nothing you can do about it. If you just close on a primary residence in 29 Palms, you can turn around and buy a primary residence in Lejeune. You probably can't use your. Your VA loan, but you can still buy a primary residence. That's a common misconception that a lot of people have. So this gentleman actually is shopping for another primary residence. I was working on his loan application, you know, just before we jumped on this, actually.
- [17:12]
A
This is so cool. I wasn't planning on getting into this, but while we're here, we should. There is a. There's several misconceptions in real estate. One of them is you need 20% down to buy a house. Not true. That's only if it's an investment property. If you're buying a vacation home, we can get you at 10% down. If you're buying a primary residence, it could be anywhere from 3 to 5% down. Or if you're in the military and using a VA loan, big fat goose egg like my bald head, 0% down. Was this a VA loan that they used to get the property?
- [17:45]
B
Yep.
- [17:47]
A
Okay. This is like, we need to get them on the show. Honestly, you should talk to them and have me come in and interview them. They put 0% down to live for free and make 3, $600. That you can't get a better deal than that. You're. I mean, whatever your rent would have been, let's say it's a thousand bucks a month, and let's say they were only cash flowing. 3200. And you were wrong on it. That's still the equivalent of $4,200 every month for 0% down because they use their VA loan.
- [18:15]
B
Absolute Home run. Brushing it.
- [18:17]
A
Yeah. Now, the other misconception I wanted to bring up is that you have to live in a home when it's your primary residence for a year or that you have to refinance it if you move out. There's literally people that think if you buy a house as a primary, you have to refinance into an investment property if you move out. Can you dispel some of these myths for me?
- [18:39]
B
I have this conversation four times a week. Yes. And this is the example I like to use. So if you've talked to Me, recently you have heard this example. If you move into a property, right, the day that you sign your loan documents, you are intending to move into that property as your primary residence. So let's say you sign on a Friday. Monday, the movers show up, they're moving everything in. Tuesday, you get a call that Meemaw, you know, fell and broker hip in, you know, the mountains of Idaho, and you have to move from sunny California to the mountains of Idaho to go take care of Meemaw and you go buy a primary residence in Idaho. That's completely okay. That's explainable and understandable for an underwriter, right? Hey, I intended to move into this as my primary residence. I work remote. We've lived in, you know, San Diego for X amount of time. Meemaw Fell broke her hip. I now have to take care of Meemaw. I gotta move the family. That's completely fine. You also see some where, you know, let's say you get a job offer in, I don't know, let's see, Whitefish, Montana, where nobody actually works. It's, you know, beautiful like a, like a resort area. But let's say you get a job offer in Whitefish, Montana, and you go up there, you buy a primary residence. You're, you, you know, you're moving in on Thursday, Friday, you're set to start Monday, and you get a call Friday evening and you know they're rescinding your offer because the company folded. And you say, okay, well, I still have family back in Jersey. I'm going to move back to Jersey and just, you know, buy a house there and I'll keep this one and rent it out. Explainable. Like, that's okay. You can get a letter of explanation and you can explain to an underwriter that, that you know exactly what happened. As long as you can explain it in, in human terms, life happens. And underwriters, you know, everybody, they understand that. Now if you do it with malicious intent, right, like you don't actually have a job offer and you're just saying that. And you maybe you work full remote and you just want to buy it as a primary residence, you're never actually up there. You don't have the moving trucks coming in, you know, etc. Etc. Yeah, that's not good. That's mortgage fraud. But if you intend to genuinely occupy the property and then can't for a life circumstance, understandable.
- [21:05]
A
Now, part of our job at the one brokerage is to. When you want to get another loan after getting that first one, we advocate for you, hey, this is why he should get another primary residence is he got moving orders. Meemaw broke her leg. He took ayahuasca and found himself and decided that he wanted to go pick up carpentry in the Himalayas. Who knows, right? That's part of what a loan officer should be doing.
- [21:30]
B
We don't land in the Himalayas. I'm sorry, but if we did, I would do it for you.
- [21:34]
A
Sometimes I got to shoot from the hip, and I have no idea what's going to come out of my own mouth. I will be honest about that. When you're podcasting on Ed My Left podcast, one time I said, you got caught. You. You caught your wife with. She got caught with her pants down. I was the worst analogy to make when referring to a wife and Ed, of course, he didn't let it go. He jumped right on that, and him and Brandon thoroughly embarrassed me. But that happens sometimes. I love it. You're shooting from the hip. But another point is, I think the reason that people believe you have to live in a house for a year when you buy it, like, you're legally obligated, or else it's mortgage fraud, is because we teach this, like, buy a house, live in it for a year, house hacking, and then buy another one. The reason we teach it that way is it's easier to get a loan if you wait a year. You don't need all of the explanations. You don't have to provide, hey, this is my circumstances of life. But that doesn't mean you have to. And I realized that, like, we gave this impression, but it's because you can get a primary residence loan every 12 months unless you have extenuating circumstances, like you just said. But there are extenuating circumstances. Another misconception, I think, is that people are under the impression that they have to live there for a year, that they. They can't leave at all, like you said, or it's mortgage fraud, not the case. I would let you tell me if you think different, but my understanding is if you move into a house and you're, like, there for a month or so, whatever period of time, there's a really loud train that wakes you up every night, or your neighbors play loud music and you can't get it to stop, or there's a barking dog that wakes you up, you are not obligated to stay there. You were obligated to move in because you intended to live in it as your primary residence. You will get in trouble if someone can prove you never intended to make it Your primary. So let's make that clear. Do not say you're going to live in it when you know you're not. But if you do intend to live in it, another deal comes along, another thing happens where you realize, okay, this isn't going to work for me for whatever reason, you can leave any exceptions to that you're aware of, or do you think my understanding is wrong?
- [23:42]
B
So first off, shout out to all the people who, you know, go through lengths to try and follow the rules, right? They heard it one time, they think it's the rule and, like, they genuinely want to adhere to it. Rock on. You're my type of people. I love it, right? Y' all are great. It's the best. The best of people, right? They'll go through things that are uncomfortable for them just because they're trying to do the right thing.
- [24:07]
A
So.
- [24:07]
B
So shout out to you guys. Really appreciate you. Second thing, don't lie on a loan application, period, right? Like, if you are intending to occupy the property as a primary residence, good. You're good, right? But if you're not, and it's going to be an investment property, don't lie. If it's not going to be a second home and it's only going to be an investment property, don't lie. Don't lie on a mortgage application, period, full stop. Don't do that. As far as extenuating circumstances, etc. Right? Like if you move into a property and it's too small for your growing family, or you didn't realize that there was a chemical plant, you know, upwind from you or something, right? You didn't realize that the house next door was a meth lab or whatever. You know, shout out to my. My folks in rural North Carolina here, like, there are plenty of legitimate reasons why you would want to move before you've lived in that property for, you know, a decent amount of time, that happens. It is what it is there. You're not. Nobody's going to come, you know, knock on your door and, and drag you to jail because you're doing what's best for your family, or you're taking care of Meemaw, or you're. You're taking a new job or whatever it is, right? It's all about intention. It's all about really the spirit of the law there, right? You just. You need to intend to occupy the property as a primary residence. If life gets in the way of that and it's a genuine thing, that's okay. Underwriters of people, they understand and this.
- [25:47]
A
Is a great example of that. He got orders that you got to leave and go somewhere else and now you're gonna help him get another property. I mean this is just such a fantastic deal that it's cash flowing when he lived there and then he's going to leave, it's going to cash flow even more.
- [25:58]
B
And. And he, his first question when he called me, hey, Wyatt, I know we just bought a primary residence, but actually I'm about two hours away from the base that, that I'm actually going to be doing a lot of work at. I don't. Can. Can I get pre approved to buy another house or like how does that. Where do I need to rent an apartment? Right? So same thing. He called with the full intention of like, if I would have told him, hey man, no, you know, if I would have told him incorrectly, hey man, no, you can't get another loan for 12 months. He would have been out all that money for rent. So he, he had the right idea, gave me a call, we talked about it and I told him, I said, look, if you have signed orders from a co, you're fine. That base is two hours away. No underwriter in their right mind is going to make you commute two hours one way to go to work. That's crazy.
- [26:52]
A
Yep, that's. I mean this is a. I didn't expect that we were going to get into this on today's show, but this is really, really good information and this is why you guys listen to Mortgage Monday to learn about loans. And I think a lot of people are hearing this and had no idea. So actually if you don't mind, ask this gentleman. We won't say his name right now. If you would like to come on the show and talk about the deal and how he found it and where he's buying and we'll get into that too. Third deal, first you to share was something that you brought up and Christian and I actually mentioned this on a previous episode of Mortgage Monday. So this might sound familiar to some people. I call this the Wyatt special because you brought it up at one of the one brokerage meetings. We meet once a week and we have a company wide loan officer meeting where you guys get training and support and talk about what we can do to make things smoother, better and easier. Why don't you share the Wyatt Special for everybody else to hear?
- [27:42]
B
Okay. So we have a client out in the Midwest and he is a business owner and he just buys properties, right. You know, every year he'll buy one, two Five, you know, basically whatever his business cash flow will allow. He purchases these properties through a local bank and just kept them on those local banknotes, they were arms. So they adjusted and the adjustment period on numerous of those was coming up and he bought them in a low interest rate environment and it's not as low anymore. Right. So the adjustment was going to hit. That's why he initially called. We got the loan application from him, I got all the documents, I'm sifting through all this and it's a nightmare, it's a nightmare to read these. I mean it's from a local bank. It's, it's, you know, it might as well be written on the back of a, of a napkin, shout out to that local bank. Because I'm sure they're great people, they're great, great institution. But you are running Ms. DOS level technology there, right? So you know the matrix numbers and green screen and all that, those were horrible to read through. And he's getting a paper statement for, I believe it was 42 units across 36 properties, something like that. So he's getting a statement for each one of these every month. So you know, his mailbox is full, there are these horrible statements, their arms, they're adjusting. And we looked at this and we said okay, we can go to work, right? So I went to town, we shopped it around and I said okay, well what would it look like if we took all of these and we just got you one note, right? Would that improve your life if Instead of getting 40 something statements every month, what if you just got one and, and this finances your, all of your single family. It was single family and duplexes and then your two multifamily properties, right. So I guess technically two statements, but two is a lot less than 40 something, right? So we did that, we lowered his blended rate across the portfolio. We pulled cash out and when you factor in all of the costs and everything across the loan, his, his break even period was under 24 months. So he recouped all of that cash flow and then his cash flowing more or recouped all of that cost and then his cash flowing more for those two years.
- [30:15]
A
Now he also went from having a whole bunch of different loans that he had to worry about to one, right?
- [30:21]
B
The two. But yes, yeah, one on his multifamily and one on his single family portfolio. So important distinction here. If you're trying to bundle assets together whether they're single family, multi family, you generally cannot mix asset classes. So if you have short term rentals and then you have long term rentals, probably not going to be able to mix them. If you have multi family properties. When I say multi family, I mean five, five units and up, you're probably not going to be able to mix those with the one to fours in this case.
- [30:53]
A
Were we able to figure that out for him or is this just like a general rule that it doesn't work for most times?
- [30:59]
B
Most of the time you can't, you can't mix asset classes. So for him we actually did two separate loans, but it was one transaction. So it was one signing all of that. But yeah, so we have it. He gets two mortgage statements now. He gets one for his multifamily, he gets one for his single family.
- [31:14]
A
But if you're someone who has 11 different properties spread out over Kansas or over Michigan or something like that, and you have 11 different letters, you're getting 11 different insurances that have to be renewed all the time, 11 different statements, 11 different mortgages you have to make sure are getting paid or coming out. Like this was me, I had a lot more than 11 at one point and it was constantly like problems with the bank. So like let's say that I get a mortgage with Acme Mortgage company and then they sell that to the Smith Mortgage Company. Well, Smith Mortgage Company would mail me some letter to God knows where. It could have been my mom's address because I might have got the house when I was living with her. Could have been a house that I used to live in that I don't live in anymore. Sometimes it was the rental property, they'd send it there. I don't see this because I get a whole bunch of mail or I never got it. Now my loan is in default. This has happened to me like five or six times in my career because the auto, auto pay that I had set up gets kicked off when the new servicer takes over and then they start the process of default and they don't text you, they don't have your email, they really just like call whatever number they have on file, which was usually like a Google number that I had given or it was my number but it doesn't ring because I have my phone set to any number that's not saved. I mean my phone's probably ranked seven times since we've been recording. It just never stops doing that. I don't see it. And these are like $400 a month mortgages on a property with $400,000 of equity I bought years ago that I'm at risk of losing, and my credit takes a big hit because of these stupid problems. You turn all that into one note. Like what you're saying could save you a lot of time. It could also save you some money. So for those people who are in that situation, how would you recommend that they get a hold of you? And which people, if they're hearing this, should be reaching out to talk to you?
- [32:59]
B
So, two things there. One pro tip. Use a PO Box close to where you live. Send all of your statements there. Don't send it to an address. Don't send it to your. Your current home address. Don't send it to the rental property. Don't send it to your. Don't send it to your. Send it to a P.O.
- [33:16]
A
Box.
- [33:16]
B
You can change that P.O. box pretty easily. Also, if that's you and you have this situation, you can reach out to Wyatt W. Yatthee, one brokerage. So t h e o n e brokerage.com and we can take care of you.
- [33:35]
A
There we go. And everybody else should reach out at that same place too, right?
- [33:39]
B
Yeah, absolutely. All shapes, sizes, any type of loan that you want to do. Let's talk about it. And if you don't know what type of lo you want to do or what's beneficial for you, that's probably the best time to reach out. Let's get a strategy going for you so that we can figure out what you're trying to do, where you're trying to go, and how to get you there.
- [33:58]
A
You have a social media handle or anything that people can follow you at?
- [34:02]
B
I do. I'm actually getting it revamped currently because it was previously just, you know, friends and family, but it is Wyatt Wolf wlff. So W Y A T T W L F F on Instagram.
- [34:17]
A
Wlff. There's no O.
- [34:19]
B
Correct.
- [34:20]
A
Why'd you leave the O out?
- [34:22]
B
I. I don't know. Same thing that David Green 24 just.
- [34:25]
A
Yeah. You know why I made David Green 24? You want to know the secret there? Why I didn't have social media? Because I thought it was stupid. I still think it's stupid, but I have to have it because this is how everybody finds out about your business. So when I first got my real estate license, I had to make a social media, and 24 was my high school basketball number. Now everybody thinks it's something cool like, oh, that's Kobe Bryant. He's got the mama mentality where he works 24 hours a day. Both of those things are probably true, but that's not Why I picked it at all. I was just irritated that there was already a David Green and I didn't want to go 1, 2, 3, 4 all the way through, so I just skipped to 24. And now I'm contemplating if I should change it to David Green show and then change the website to David Green show or if I just run David Green 24. And I would ask you for your advice, but your social media is even how your last name is spelled right, so you're probably not the best person to ask. I would say just.
- [35:21]
B
Just rock and roll with it. Just own it.
- [35:23]
A
The wolf. Did you ever wear, like, a Napoleon Dynamite T shirt with, like, a wolf howling at the moon or anything when you were younger?
- [35:29]
B
Can't say I did. I was gonna get a tattoo when I was, like, 18. Thankfully, I didn't because it was way too expensive, but I was gonna get a tattoo of a wolf on my should was 18. So, you know, shout out to me. Being broke at the time and not having enough money for that.
- [35:45]
A
But, yeah, get it on your stomach, like, where Tupac had Thug Life. Get, like, the wolf howling at the moon and make, like, your nipple, the base of the moon, or your peck muscle or something like that. And then, like, your chest hair could be, like, turned into mountain foliage. That could work.
- [36:04]
B
That could. I could, like, shave the trees into it. Oh, man, we're getting detailed now. You've seen Lore. Lore has tattoos all the way. So she's the wrong. She won't talk me out of any bad idea.
- [36:13]
A
No. Well, I don't think she's gonna like that idea. She's never gonna let you come on the show again.
- [36:19]
B
You never know. Yeah, I'm gonna be like, david's a bad influence telling me to shave my chest hair in the trees.
- [36:25]
A
Absolutely, dude. All right, before we let you go, anybody who's listening, who's thinking about coming over to the one brokerage we're hiring loan officers. What advice would you give them? And let's assume that they're already working for some form of brokerage somewhere?
- [36:40]
B
Well, I would actually kind of split that. I would say, if you're a loan officer, if you enjoy working for your clients more than you enjoy working for your. Let's say, your lender, right. Or whatever it is, the financial institution, you should come join us. I always tell, you know, clients on the phone, like, I work for you. Right? I don't work for the lender. And that's the best. The power of being a broker is, you know, I don't work for, you know, Acme Global Corp. Lender or, you know, any of the big names that you would recognize, right? Like, I don't want to, I don't want to throw anybody under the bus because we have great relationships, but I don't work for them. I work for you, Mr. Client. So if this isn't the right deal or something goes sideways or whatever, I will move heaven and earth to make it right. Same thing. You know, if. If you truly value talking to your clients and you enjoy having that relationship and you want to build the relationship and nurture it, this is a great spot for you. If you want just like a call center, you know, just no feelings attached, clock in at 8, clock out at 5, you know, make a paycheck, never answer your phone on the weekends, you know, nights, all that jazz. Probably not the spot for you. I would, I would split that off and I would say anybody who wants to get into the industry, anybody who wants to learn, if you are highly motivated, if you are very organized, and if you are willing to go above and beyond to, you know, learn and really pride yourself on trying to do a good job for your, both your team and your clients, we want you, whether you're experienced or not, whether you're licensed or not. But that has to be you, and you have to be willing to really get after it.
- [38:24]
A
That's a great point. What do you think about the training you've got since you've, since you've been with us?
- [38:30]
B
I think that the training that I've gotten on, like our systems and, you know, our internal kind of, let's say, systems and processes has been fantastic. But I would say that externally we deal with so many lenders, we have so many products that there are going to be things that, you know, you're going to need to brush up on from time to time. I mean, I get emails for changes and all that all the time. So if this is like, if you ride yourself on knowing the best, the best of this one lender's portal and da da da da. It's not really that valuable. The training here on internally, how to think about things, how to work with clients, how to structure things so that it's most advantageous for your clients, where to take very specific niche scenarios that's world class as well as creative problem solving. Christian is probably one of the best in the country at creative problem solving for things that would be full stop for most, most finance mortals.
- [39:40]
A
Yeah, he looks at everything, like every loan anyone could ever have. We need to Find a way to close it. Which is why I think we have so many relationships with so many different lenders. And I'll say to your benefit, I think what you've learned with the different kinds of loans that you can do and the different types of products we have, you would run circles around your average loan officer who just does a loan over and over and over. And like you said, if they're the kind of person who wants to grow in their career and wants to get better, this is a good place to work. The sheer volume of stuff you'll see with us will force you to get good. Like, it's kind of like, you ever seen people in the military that were in shape when they were in the military, but then they get out and they're not? That's a person that doesn't like working out. They just were forced to work out when they were in the military. Right. You have no choice. You're going to be fit if you're there because they're going to make you do PT every single day. If you're in that kind of unit, it's similar to that. You're going to get so smart and so knowledgeable, and your confidence is going to grow from seeing the stuff you see. And like you and I talked about on the David Green show episode we did, that's what the world needs more of. Get yourself in the game. Get yourself in a position where you're being pushed. Get out of your comfort zone. Make yourself a more valuable person at whatever you do, and financial success will follow.
- [40:57]
B
Yes, exactly. So for all your, your young bucks out there, and when I say that, you know, young men, young women, if you are willing to look dumb to your teammates, Right. Not to clients, obviously, but to your teammates. If you are willing to look dumb and really put in the work, make mistakes and learn from the mistakes. Right. Don't make the same ones over and over. But if you're willing to do that, you want somewhere where you can just get reps and get after it. And this is a. This is as good a place as any for something like that. You will learn so much so fast.
- [41:34]
A
All right, well, thank you, Wyatt. Appreciate you being here. Appreciate you sharing these three examples. Appreciate the work you're doing for our clients. If you're listening to this and you'd like to get a hold of Wyatt, it's Wyatt the1brokerage.com. Go follow his social media, Wyatt Wolf, and it's WLFF. And let us know as his new social media comes along, what do you think of it? Let us know in the comment section what you thought of today's show. Did you learn anything? Was there something we should have covered that you'd like us to. We do. Read those and make sure you subscribe to the show. We're trying to keep the podcast growing and we could use your help. Share it with someone that you know. Share. Appreciate you, man. We'll do this again sometime. And we appreciate you, the listeners, for being with us on the journey. We'll see you guys next week on Mortgage Monday.