P: (901) 482-0354 | E: Jo@JoGarner.com

P: (901) 482-0354 | E: Jo@JoGarner.com

BUILDING REAL ESTATE WEALTH WHILE IN COLLEGE- RESOURCES & SUPPORT TO PREPARE, EMPOWER & PROVIDE EDUCATION FUNDING

by | Oct 7, 2019 | Benefits, Credit, Downpayment, Finances, Home Buying, Loan Programs, Money, Mortgage Loans & Rates, Rental Property

 

BUILDING REAL ESTATE WEALTH WHILE IN COLLEGE- RESOURCES & SUPPORT TO PREPARE, EMPOWER & PROVIDE EDUCATION FUNDING

Today John and Joyce Charbonnet of Class 101 will be sharing with you some resources available that can empower you to make smart choices when it comes to picking a college and finding financing through assistance and scholarships. I will be sharing some success stories of some of my mortgage clients who created income and generated wealth buying real estate while they were in school.

Tell me about YOUR real estate and mortgage plans? Let’s put together some financing scenarios to compare. Call me at (901) 482-0354 or email at Jo@JoGarner.com Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS # 757308

JOIN US FOR REAL ESTATE MORTGAGE SHOPPE!

https://soundcloud.com/jo-garner-3/building-real-estate-wealth-while-in-college-resources-support-prepare-empower-10-5-19

Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is BUILDING REAL ESTATE WEALTH WHILE IN COLLEGE- RESOURCES & SUPPORT TO PREPARE, EMPOWER & PROVIDE EDUCATION FUNDING. Subscribe to get Real Estate Mortgage Shoppe weekly podcasts with show notes at www.JoGarner.com Call in and talk with us while we are live today on October 5th, 2019 at (901) 535-9732

INTRODUCING JOHN AND JOYCE CHARBONNET –CLASS 101 MEMPHIS MIDSOUTH

John and Joyce Charbonnet of Class 101 are sitting across from me this morning. John and Joyce guide students and their families through the complex steps leading to college selection, admission and scholarships. You know where the resources are and how to tap into them. Take a minute or so and tell our listeners a little bit about yourselves and what you do through Class 101 to help your customers. (John and Joyce introduce themselves and the services they offer through Class 101)

“IF IT IS TO BE, IT IS UP TO ME”—KATARINA KLAUSSEN’S STORY

The late great Henry Ford has been quoted to say, “Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” With my over 25 years experience as a mortgage loan officer, my mortgage clients have taught me about the value of thinking outside the box and a host of other gems too.

IF IT IS TO BE, IT’S UP TO ME—KATARINA KLAUSSEN’S STORY

The late great Henry Ford has been quoted to say, “Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” With my over 25 years experience as a mortgage loan officer, my mortgage clients have taught me about the value of thinking outside the box and a great many other gems too.

Let me introduce you to one of my former clients, Katarina Klaussen (not her real name.) As a little girl, Katarina Klaussen never had to hesitate when friends and family would ask her what she wanted to be when she grew up. “A doctor. I’m going to be a doctor,” she would reply matter-of-factly. At least that what her heart yearned to do. But it would cost money—money she did not have. Katarina recited to herself, “If it is to be, it is up to me. I have to figure out a way to get up, under or around this mountain.”

Katarina studied hard, earned a scholarship and, after getting her 4 year degree, now it was off to medical school. She worked on some special projects which earned her some paid tuition to medical school, but only to a school out of state. How could she afford to live there?

Katarina found an abandoned home that people in town referred to in a derogatory sense as “That House.” This house was close to the school and needed a LOT of cleaning up and quite a number of repairs, including moving the family of racoons out of the basement. The owner was only too glad to sell this eye-sore to Katarina at a cheap price and he even offered to finance it for her—since the banks wouldn’t loan on such a derelict property.

She cleaned up one corner of the upstairs so she could move in and progressed on cleaning up the rest of the house. But, the property needed electrical and plumbing repairs and some carpentry to make it livable. She was short on time and skill. Who could help her without charging her an arm and a leg? The Answer? Some skilled college friends who worked doing maintenance for the school. They needed a little extra money so the work got done at a bargain price. Katarina rented a few of the rooms in THE HOUSE to roommates and, voila’, she was making an income.

After graduating medical school, Katarina was able to sell her renovated home for a huge profit. This helped fund the next 3 years of her medical residency in a different area of the country. Today, Katarina is a successful doctor, providing a good life for her family. I am sure she is teaching her children what she learned–to take responsibility for their own future. “If it is to be, it is up to me.”

PREPARATION LEADS TO OPPORTUNITY—CLASS 101 RESOURCES

Today we are talking about RESOURCES & SUPPORT TO PREPARE, EMPOWER & PROVIDE EDUCATION FUNDING. John and Joyce Charbonnet, through Class 101, you can help connect students and their families with resources to prepare, empower and provide them funding for making college affordable. ( I’ll be a good student and take notes) (John and Joyce give an overview of the services and resources they offer their customers.)

You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today. Connect with me at www.JoGarner.com (901) 482-0354. When we come back John and Joyce Charbonnet will be sharing some more great tips and resources that will help you make going to college more affordable.

THE LOOK BACK MEMPHIS TRIVIA CONTEST

2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. For information about Jimmy Ogle, go to www.JimmyOgle.com . The Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project or you can do the big project in phases . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.

Garner # 162 * 10/5/19

WHER

Question: I was another “first” for the Nation in radio from Memphis in 1955. Who am I?

Hint: My founders were Sam Philips and Kemmons Wilson.

Hint: My location was in the third-ever Holiday Inn built in America (972 S. Third Street).

Final Hint: My original call letters were to be WSHE, but they were already being used so the call letters became another pronoun describing a female. Who am I?

Answer: WHER – THE NATION’S FIRST ALL GIRL RADIO STATIONOn October 30, 1955, in a Holiday Inn at 972 S. Third Street, the nation’s first radio station to staff only women as disk jockeys went on the air as “WHER–1,000 Beautiful Watts.” Sam Phillips of Sun Studio and Kemmons Wilson of Holiday Inn developed the idea. Dotty Abbott, Fay Bussel, Dot Fisher, Barbara Gurley, Donna Rae Jackson, Marion Keisker, Becky Phillips, Phyllis Stimbert, and Bobbie Stout were the first set of on-air personalities. At WHER 1430 AM, the Studio was the “Doll Den,” the Control Room was the “Playroom,” and the Manager’s Office was marked “Boss Ma’am.” Becky Phillips said the format was “better music, the kind that lives on through the years to bring back pleasant memories.” In 1970, the format gave way to “informational radio,” and a male was hired as general manager. The call letters were changed to WWEE in 1972. On August 10 of this year, the Shelby County Historical Commission unveiled a historical marker for WHER at 972 S. Third Street, right in front of the Calvary Rescue Mission facility.

Jimmy Ogle has retired from walking tours in Memphis. Along with other actors, he will portray A.B. Carruthers in Soul Of The City at Elmwood Cemetery on October 25-26. Reservations required, call 901-774-3212 or go to elmwoodcemetery.org. or JimmyOgle.com for more information.


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TOPICS COVERED BY JOHN AND JOYCE CHARBONNET, CLASS 101

Joyce Charbonnet

CLASS 101 MEMPHIS:

Class 101 Memphis MidSouth guides students and their families through the complex steps leading to college selection, admission and scholarships. Each institution has their own requirements, scholarships and financial aid packages.

CLASS 101 FUN FACTS:

  • over 3,200 students have graduated from the Class 101 program nationwide

  • over 300 colleges are attended by Class 101 students including 8 Ivy Leagues

  • 100+National Merit students have gone through the Class 101 program nationwide

  • Average amount of merit-based scholarships is $212,000 per student for 4 years nationwide

  • Average ACT score increase is 3.1 points

  • Average SAT score increase is 170 points

  • Class 101 proprietary software tracks all Custom College Planning including:

    • college lists, reports, deadlines, requirements, applications, essays, scores, research, checklists, and calendars

  • Class 101 proprietary ACT/SAT software includes actual tests, drills, quizzes, assignments, video solutions, and testing trends tracking.

CLASS 101 MEMPHIS SERVICES:

    • ARE ALL COLLEGE ADMISSIONS REQUIREMENTS THE SAME?

  • College & universities have different admissions requirements. We check and verify all deadlines for admissions, scholarships, grants, and housing. Tiered admission groups include Most Selective, Very Selective, and Selective. We guide students based on their qualifications and the admissions requirements.

    • HOW DOES CLASS 101 HELP STUDENTS CREATE A COLLEGE LIST?

        • Most students do not spend enough time exploring their college options. They tend to stay within their comfort zone and research colleges their parents, friends or relatives attended or plan to attend. We identify the student’s college factors such as size, location, interests, majors, weather, personality, and culture. Often, we uncover colleges that the student never thought or heard of before.

  • ARE ACADEMIC MERIT AND TEST SCORES IMPORTANT?

        • Yes, academics and test scores are a priority! During our college list research we constantly review GPA’s and ACT/SAT scores required. This helps the student set academic and testing goals.

  • HOW DO YOU HELP STUDENTS SELECT A MAJOR OR FIELD OF STUDY?

        • Many of our students come to us not knowing what they want to major in during college. Selecting a major as a freshman can be very overwhelming. Our discussions, majors/career testing and personality testing help identify interests in strengths.

  • WHAT ABOUT PROXIMITY REQUIREMENTS AND TRAVEL BUDGET?

        • This is one factor often overlooked by families when making a college decision. The location of the college can add thousands of dollars to the overall cost of attendance. Scheduling family events, holidays and vacations can be complicated and expensive.

  • HOW DOES CLASS 101 FIND MERIT SCHOLARSHIPS AND SPECIAL SCHOLARSHIPS?

      • Scholarship research requires a tremendous amount of time. We work with students to identify scholarship opportunities based on qualifiers including academic merit, test scores, athletics, arts, leadership, degree majors, community relations and corporate sponsorships.

      • Our students are highly encouraged to stretch their goals. Increasing an ACT score one extra point can result in thousands of additional scholarships dollars.

      • Each year, an estimated $46 billion in grants and scholarship money is awarded by the U.S. Department of Education and the nation’s colleges and universities. In addition, about $3.3 billion in gift aid is awarded by private sources, including individuals, foundations, corporations, churches, nonprofit groups, civic societies, veteran’s groups, professional groups, service clubs, unions, Chambers of Commerce, associations and many other organizations.

  • ARE RESUMES IMPORTANT?

      • We motivate our students to get involved in extra-curricular activities both in school and the community that reflect their interests and passions and set them apart. College admissions are looking for quality, not quantity. Leadership positions and internships are great separators. This should be something fun, flexible, with friends and aligns with their future.

  • Does Class 101 offer ACT/SAT?

      • At Class 101 our company average ACT increase is 3.1 points and SAT average increase is 170 points.

      • Our classes and ACT/SAT software provide students with abundant resources including drills, worksheets, quizzes and tests. These can be accessed both in and outside the classroom. Class 101 focuses on accountability for the student and the parent; half of the work is done in the class and half outside the classroom. Students who put in the work see positive results. Students can attend one of two classes per week over a four-week period.

      • We also offer ACT/SAT Practice Tests that simulate an actual test day. We score the test and recommend a specifically targeted strategy.

  • WHAT IS FAFSA AND CSS PROFILE?

      • The Free Application for Federal Student aid is often misunderstood form. Everyone should fill out the form regardless of income.

      • TSAC – Tennessee Student Assistance Corporation is associated with the popular Hope and Promise scholarships. To qualify for these scholarships, you must fill out FAFSA.

      • As long as you file the FAFSA, you have a chance of getting some form of gift aid. Most institutions use the FAFSA to determine your eligibility for institutional need-based aid. If you don’t file the FAFSA, you could be paying thousands more for college than needed.

      • The most frequent mistake made on the printed form is leaving a field blank. If the answer is zero or the question does not apply to you, write in a zero. If you leave a question blank, the processor will assume that you forgot to answer.

      • How is CSS profile different from FASFA? The FAFSA is needed for federal student aid, while the CSS Profile is used only by some schools for state and institutional aid. The CSS Profile is only used by certain schools as part of their financial aid process for aid like grants and scholarships. Examples of colleges that are part of the CSS profile are Vanderbilt, Sewanee and Rhodes.

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

  1. What are some methods you have seen that have worked for college students building wealth while in college?

  1. Parents cosigning with student to purchase a home with low down payment, fixed rate in an area near college where homes are traditionally rising in value

Mr. and Ms. Smith knew they wanted their son to be able to college at their alma mater out of state. The tuition with the living expenses were going to strain their budget, and how much were they going to have to sacrifice to get their son to graduation? Not much all, as a matter of fact. The Smiths decided to step outside the box and BUY a home close to the university where their son could live. Their son went on the loan with them as the owner occupant, so the deal didn’t cost much cash out of pocket, and their son rented two of the rooms to other students which more than paid the mortgage payment Very clever for the Smiths! They made money each month and built equity and their son built his credit at the same time too. Who do you know that could use this smart strategy for their college student? Let’s talk!

  1. Wendy Weaver-single mother-college student makes her money on a rented apartment

Let me introduce you to Wendy Weaver, a young single mom, recently divorced and still in college trying to earn her counseling degree. She really needed to get her degree in counseling in order to do what she loved to do and make enough money to support her two elementary school aged children, but the child support from the father was not enough to make this possible.

Necessity is the mother of invention which certainly held true for Wendy. She went on a search for a cheaper apartment and found a large 7-room apartment in an apartment house that needed some plumbing repairs and major clean up to even be habitable. Wendy made a deal with the landlord to have a friend fix the plumbing and she would clean, polish and paint theapartment in exchange for a 3-year lease at half the market rent.

The landlord agreed and Wendy moved in and rented two of the extra rooms to university students, helping her afford to stay in school and get her degree. She eventually landed a great job with her college degree and her professional license. She bought her own home in an area where she could raise chickens and have eggs to trade and sell on the side. So, even today, Wendy knows how to make real estate pay HER to enjoy living in her home.

  1. What is the difference in mortgage terms between a scenario where the parents buy the home in the college town as investment without the occupying student being on the loan vs. the occupying student being on the loan by himself or with parents as his cosigners?

  1. If parents are cosigning and their student son or daughter who will be living in the home plans to occupy the home as their primary residence, many times the student is getting a government-backed FHA loan with a minimum down of 3.5% of the sales price plus some closing costs and property taxes and insurance. This product offers a low, fixed interest rate.

  2. If the parents just buy the property by themselves in the college town without their college student being on the loan, then the transaction is done as an investment property with a minimum down payment around 20% down payment. The mortgage rate is still low but around a half point or more higher than if the transaction was being done as a primary residence. The parents would be spending more money down and more per month, but if their college student child is able to rent out some of the rooms of the house, then it is possible for them to still make profit between the difference in the rent income and the house payment.

  1. Give some examples of ways mortgage clients have set up multiple exit strategies as a safety net when buying homes.

  1. If you are buying in a neighborhood that traditionally has gone up in value, then there is a good chance that you would be able to sell the property later with enough money to pay a real estate commission and still walk away with a profit.

  2. If you are buying in a neighborhood that has a strong rental market where rents tend to increase annually, there is a good chance that, later on, if you need to sell your home and the selling market is not good, you could rent your property to tenants for a monthly profit.

  3. Some mortgage types allow you to sell your property and allow your buyer to assume (or take over your payments) without having to get a new loan. They would have to qualify with your mortgage company to be allowed to take over your loan. But years from now, if the mortgage rates are much higher, having the assumable loan with the lower rate gives you an extra selling strategy.

REAL ESTATE TIP OF THE WEEK (John and Joyce Charbonnet shares tip Jo’s tip –Offers to help you compare different mortgage financing scenarios for using a mortgage or home equity line to help with funding college expenses. :

ANNOUNCEMENTS:

Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at ServiceMaster by Cornerstone 9575 Macon Rd (at the corner of Big Orange and Macon Rd) in Cordova, TN This Wednesday October 9th, 2019 Josh Goode of XMC Excellence In Office Solutions will be presenting “Networking Nuggets—Tools To Build Your Business By Referrals” For more information about Talk Shoppe www.TalkShoppe.com

Talk Shoppe events are free thanks to supporters like Tim Gilliland of www.BackupRX.com When you need to recover lost data on your computer, you will feel very thankful when you call Tim at BackupRX and simply download all your data and system files immediately when you need it. Contact BackupRX about getting your data automatically backed-up at www.BackupRX.com

Thank you to Mary Lou Nowak, owner of Mid-South Home Helpers for your support Talk Shoppe’s free education and networking for our business community. Mary Lou knows what to do when it comes to non-medical assistance in caring for your loved one in their own home. Contact Mary Lou at (901) 414-9696. www.homehelpershomecare.com

2. Memphis Tigers are playing this afternoon. Go Tigers!!

4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER:

Bill Vaugh “Economists report that a college education adds many thousands of dollars to a man’s lifetime income—-which he then spends sending his son to college”

Nhathongminhaz.net “Life is a one-time offer. Use it well.”

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REJOINDERS:

  1. Troy and Lynn McDonald of Erin McDonald Insurance Agency (901) 849-7101 Bartlett, TN

  2. Nita Black, www.901ELearn.com Memphis, TN (helping you share your knowledge and skills online to make money)

  3. Mark McLaurin, Refrigeration Unlimited (heating and air strategist and repairman) www.myhvacman.com

Transitional Music:

“This World Is Yours”  by Julie Durden;  “Best Day of My Life” by American Authors;  “My Wish For You”  by Rascall Flatts; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

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ABOUT JOHN AND JOYCE CHARBONNET

 

Class 101 Memphis MidSouth
joycecharbonnet@class101.com

www.class101.com/MemphisMidSouth

Ph # 901-833-6440

CLASS 101 MEMPHIS MIDSOUTH

JOHN AND JOYCE CHARBONNET

www.class101.com/memphismidsouth

FaceBook @Class101MemphisMidSouth

John: 901-652-9093 johncharbonnet@class101.com

Joyce: 901-833-6440 joycecharbonnet@class101.com

Joyce and John have 3 children, two attended college and one is a junior in high school. Both know how complicated and stressful the college planning process can be with teenagers. 

They are passionate about helping families eliminate this stress and anxiety with a proven 22 year year system. 

What We Do…

We are with Class101—College Planners. At Class 101 we help qualify students for colleges where they will perform their best and maximize their scholarship and budget opportunities. We help with every step of the college planning process including college applications, scholarship applications, FAFSA, essay workshops, resume development, ACT/SAT prep and interview coaching. A good referral for me is the President of your high school parent association or advisor of any high school clubs.

Class 101, making college more affordable!

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

 

WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308

“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.

Jo Garner has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine  and was personally mentored in San Diego, California  by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients. 

In addition to her work in the mortgage field, Jo Garner  is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com