On this New Year’s episode of Real Estate Mortgage Shoppe, we will look back to real estate trends from 2018 and then turn to the future in 2019. Tom King, our appraiser expert will be giving some tips on how to put the most value into the home you own now. He will share some tips on finding a home to buy that will continue to increase in value. I will be sharing some ways you can visual the life you want to live. We will pull out some tools and strategies to help you get there.
What do YOU want to accomplish in 2019? Let’s look at how real estate and the right structure on your financing can help you get there. Call me at (901) 482-0354 and let’s talk about your plans. Subscribe for Real Estate Mortgage Shoppe weekly podcasts with show notes at www.JoGarner.com.
To Your Success,
Jo Garner, Mortgage Loan Officer #757308
(901) 482-0354 Jo@JoGarner.com
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LET’S TALK REAL ESTATE!
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 MOVE FORWARD TO THE LIFE YOU WANT USING REAL ESTATE IN 2019. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is January 5th, 2019.
REAL ESTATE AND MORTGAGE TOPICS FOR TODAY’S SHOW
On this New Year’s episode of Real Estate Mortgage Shoppe, we will look back to real estate trends from 2018 and then turn to the future in 2019. Tom King, our appraiser expert will be giving some tips on how to put the most value into the home you own now. He will share some tips on finding a home to buy that will continue to increase in value. I will be sharing some ways you can visual the life you want to live. We will pull out some tools and strategies to help you get there.
INTRODUCING TOM KING, EXPERT APPRAISER
Sitting in the co-host chair today we have our expert real estate appraiser, Tom King of Bill King Appraisal Service. Tom has been an appraising real estate in the Greater Memphis area for over 40 years. Tom, you have seen up close what real estate values did last year and you have some good hints on what we can expect to see in this market in 2019. (Tom has about 1.5 minutes to talk)
THE LIFE YOU WANT-BE SPECIFIC
(Jo) Tom, I am sure there are plenty of listeners out there who have made some New Year’s resolutions—something that will help them get closer to the life they want in 2019. What about some goals that will waltz you into a life really audaciously beyond what you can imagine today?
If you were living the life that would bring you joy, peace and a sense of fulfillment, what would every day look like for you living that life? Be specific. What time would you get up in the mornings? What would your house look like inside and out? what routines would you run through each day? Who are the ones who would be closest to you? What type work would you do—where and for how long? What would you hear people say about you? Write down the answers to these questions. Tape them to your bathroom mirror, on a vision board –somewhere that you see them regularly.
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THE GRAHAM’S STORY-GOOD STEADY REAL ESTATE HABITS
What are habits are you building to hoist you closer and closer to reality? Aristotle told us that, “We are what we repeatedly do.” If you can identify these good habits, schedule them as a recurring activity, automate, practice them, you will be soon be inhaling the fresh air on top of your mountain.
I have been in the mortgage business for over 25 years. It has been a privilege to be on the journey to the mountaintop with so many families like the Grahams (not their real names) who chose to use real estate as a vehicle to get to the life they always wanted. They started small with their own primary residence, renovating the kitchen and upgrading the bathroom fixtures so they could rent the house for a nice profit. They bought another house, lived their awhile and then kept that house to rent for an income. After a few years they had acquired several income-producing real estate properties to the point neither of them had to work a job. It is at that sweet moment that they found they could travel, spend time at the river with children and later grandchildren. They were able to pour themselves into charitable causes and enjoy hobbies.
Let’s talk about what YOU want to accomplish with your mortgage–with your real estate. 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. Or just call me the old-fashioned way at (901) 482-0354.
Tom, we were just talking about how the Grahams used real estate as stepping stones to the top of their mountain. What are some specific types of renovations that you see bring the most value to a home? What are some renovations that do not bring a dollar-for-dollar return on value?
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TOM’S APPRAISER OBSERVATIONS FOR MEMPHIS REAL ESTATE MARKET
(Tom launches into his tips and knowledge about what brings the most value to a property….. sharing stories to illustrate examples)-
(upgrading kitchen and bathrooms are generally the best place to invest in home improvements to get the best return on your money)
Tom to look back and share what real estate values did in the Greater Memphis area in 2018. Shares his predictions of what he sees real estate values will do in the local area in 2019. How will this market in 2019 affect buyers and sellers.
(prices will continue to increase but not as much has in 2018. Still some inventory shortage challenges but not so fierce as in 2018)
Sellers will need to work harder to attract the top dollar offers. Millennials will be prominent in the real estate buying market. They tend to desire home purchases as “treasure or trash.” This means if you have $100K needed to renovate your house, don’t. Selling it for the lower price without renovations could attract buyers who want to fix it up the way they want it. Or if you have renovated your home to sell, make sure it is done very well. The Millennial borrower tends to want to buy on one extreme or the other. Check with your realtor for advice on your market area.
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. When we come back Tom King, our appraiser expert, will be sharing his tips and predictions for real estate in 2019. Leah Anne Morse of All Things New will be sharing some tips for organizing for your next move. And we can explore some ways to use your financing as a tool to get where you want to be. Call us while we are live on Real Estate Mortgage Shoppe (901) 535-9732.
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THE LOOK BACK MEMPHIS TRIVIA CONTEST
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Shelby County historian, Jimmy Ogle. Jimmy gives free historic walking tours downtown in spring and fall. For more 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 . 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 901 535-9732.
Trivia Answer: St. Mary’s Episcopal CathedraL
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TRIVIA QUESTION:
Question: I was begun as a mission church in 1857 and became a cathedral church in 1871. Who am I?
Hint: “Free seats” and “open to all” would be the policy of the church, built as a “house of prayer for all people”.
Hint: My current sanctuary took almost 30 years to complete.
Hint: A very well respected school for girls was begun at my location in 1847 and is the oldest school in Memphis.
Final Hint: Four nuns and two priests are memorialized in the altar of the cathedral for their efforts during the Yellow Fever Epidemic of 1878, eventually losing their lives.
Answer: St. Mary’s Episcopal Cathedral. Before it became an Episcopal cathedral, St. Mary’s was a mission church, organized in 1857 by members of Calvary Episcopal Church on the semi-rural, eastern fringe of Memphis, Tennessee, on a spot now considered to be part of Downtown. It became the cathedral church of the old statewide Episcopal Diocese of Tennessee in 1871 and later the cathedral of the Diocese of West Tennessee with the creation of the three dioceses within Tennessee in 1983. A small wooden Gothic structure was built on a lot located at the eastern edge of the city at Poplar and Orleans. It was the desire of James Otey, the First Bishop of Tennessee that “free seats” and “openness to all” would be the policy of this church, built as a “house of prayer for all people.” St. Mary’s Church was officially dedicated on the following Ascension Day (May 13, 1858). Construction of its present English Gothic Revival structure began in 1898 and was completed in 1926. St. Mary’s “Sisters’ Chapel” was built in the 1880s for the Sisters of St. Mary’s to use as the chapel for St. Mary’s Episcopal School, once housed at this location.
Memphis suffered periodic epidemics of yellow fever, a mosquito-borne viral infection, throughout the 19th century. The worst of the epidemics occurred in the summer of 1878, when 5,150 Memphians died. Five years earlier, a group of Episcopal nuns from the recently formed Sisterhood of St. Mary arrived in Memphis to operate the St. Mary’s School for Girls, which was relocated to the cathedral site. When the 1878 epidemic struck, a number of priests and nuns (both Protestant and Catholic), doctors, and even the proprietress of a bordello stayed behind to tend to the sick and dying – including nuns Constance, Ruth, Thecla and Frances, and priests Parsons and Schuyler.
Jimmy Ogle gives free outdoor walking tours on the sidewalks and parks in Downtown Memphis during the Winter and Spring of each year, with the next being the Judge D’Army Bailey County Courthouse Tour (indoors): one Thursday each month at 12:00 noon – the next being Thursday, February 16. Go to jimmyogle.com for more information.
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TOPICS COVERED BY TOM KING, REAL ESTATE APPRAISER
What did real estate values in the Memphis, TN area do in 2018?
What do you foresee real estate values in the Greater Memphis area in 2019?
For homeowners choosing to renovate their current home instead of buying a different home, what types of renovations and improvements tend to raise the value on the home dollar-for-dollar?
What types of renovations and improvements to a home tend to raise the market value the least?
If you are planning to buy a home in 2019, what are some tips for determining the direction values will be going over the next 5 years?
CONTENT FROM SALLY BAKER OF THE SOURCE UNLIMITED
(HOME & OFFICE ORGANIZING AND ESTATE SALE COORDINATOR)
(901) 258-4775
Long before you actually are ready to move out of your home to your next home, begin little by little to pack a drawer from a cabinet labeling the box as to which drawer’s contents it holds.
Go through your house packing the contents of drawers, closets, keeping the contents of each box with just the items that belong in a certain drawer or other storage space
Sally talks about keeping all of your financial activity and files together in one area of your house for easy access when you handling financial paperwork. Divide each month’s receipts and business paperwork into hanging file folders separated by each month of the year. Set up a flow of paperwork and a set procedure for making sure you do not miss anything.
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
What do you foresee the mortgage market looks like for homebuyers and people who want to restructure their financing in 2019?
Core Logic statistics indicate that home prices are not increasing that the high rate we saw several months ago, but they home prices are still expected to continue rising but at a slower pace in 2019.
Millennials are driving the home purchase market and will continue to do so in 2019. If you are selling a home in 2019, it is probably a good idea to make sure your home has fast internet, Wifi connection. Consult with an
experienced realtor who can advise you on what you need to do to make
your home more desirable for buyers.
Inventory on homes for sale is still predicted to be low, causing continued
Competition among buyers. But, the shortage of homes for sale is not predicted to be as dire as in 2018.
Mortgage rates are generally expected to stay steady for fixed rate programs in 2019. . However, the Federal Reserve is still poised for multiple rate hikes that tend to raise payments and borrowing costs for people with variable rate or adjustable rate mortgage programs.
If you want to protect yourself against rate hikes over the long haul, we can explore restructuring your mortgage financing with some cash out to pay off variable home equity lines of credit, credit cards and other lines of you. We can compare terms to see how much restructuring some of your financing an save you over time. Call me at 901 482-0354 or connect with me at www.JoGarner.com
What are some tips for buying a home in 2019?
Know what you want. Know what you can comfortable afford per month on a payment and on a down payment. There are ways to a house for zero to 3.5% down in many cases. Sit down with a financial adviser or take some time to review your paystubs, your bank accounts and credit card statements to determine your comfort limits on a mortgage payment. You want to enjoy the home you purchase without feeling strapped.
Team up with an experienced realtor and mortgage loan officer. Interview two or three and decide who seems to fit with what you are trying to accomplish on your home purchase. I’d like to sign up to be on your team as your mortgage loan officer.
Get preapproved for your mortgage. A strong prequalification letter with no contingencies and attractive terms to the seller gives you a winning edge if you are in competition with others to purchase the same house.
Commit to not opening in new accounts, adding balances to what is owed on accounts or making major purchases or job changes until after you have completed the purchase of your home.
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What are some tips for buying investment real estate in 2019?
A very successful real estate investor told me one time, “Buy the property with terms that allow you to make a profit. You will never make it on volume if you are losing money on your investments.”
Connect with a reputable realtor experienced with finding good real estate investment opportunities and negotiating profitable terms for you.
Team up with an experienced mortgage officer who is accustomed to working with successful real estate investors. Let’s talk! I would like to sign up to be on your team.
Set realistic goals and be very specific about the types of properties you want to purchase and the methods you intend to turn a profit.
Think outside the box. Even though standard mortgages for investors buying non-owner occupied income properties require 15% to 20% down payment, I can show you several ways to arrange your financing so that you are still getting into the property with zero to very little down payment.
What are some tips for people who want to restructure their financing in 2019?
What do you want to accomplish by restructuring your financing?
Do you want to pay off your 30-year mortgage in less than 15 years?
Do you want to cut your overall monthly debt by $500 per month?
Do you want to be debt-free in 10 to 15 years?
Mr. Ratcliffe, not his real name, made a New Year’s resolution to pay off debt that had a strangle-hold on him. He said, “I had some unexpected life events that costs me lots of money. One after another, they just kept hitting me. I could never catch a break. Before I knew it, several years had gone by and I was drowning in debt.”
There is a wise saying that until you are so miserable in your current situation that the risk of stepping out to make changes is less daunting that staying where you are, you will never take the chance and make the change. Mr. Ratcliffe experienced the face-slapping realization that his life was being sucked out of him by piling up debt.
He forced himself to tally up what he owed to each creditor and how much interest he was paying for each account. He was paying double-digit interest rates on these. He called and managed to get some of the interest reduced, just by asking.
He owed about $100,000 on his mortgage with about 18 years left. His house was valued about $250,000. He refinanced back to a 30 year loan and pulled cash out enough to pay off over half of his credit cards. Yes, he was back to a 30 year loan on his mortgage but by putting most of the double-digit interest rate credit cards onto a 5% fixed rate mortgage, he freed up several hundred dllars a month.
His next plan of action was to first apply the several hundred dollar a month savings to systematically pay off the rest of the credit cards over time. Second, once the credit cards were paid off, he could take the several hundred dollar savings and start an automatic prepayment plan to go toward getting rid of his mortgage in less than 15 years.
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Mr. Ratcliffe made a commitment to his goal.
He wrote his goal down. INC magazine cited a survey done over a large number of college graduates over the course of 10 years. 92% of the graduates reported that they had not even come close to the goals they set for themselves. Eight percent reported achieving or even exceeding their goals. Want to know the difference between the 92% and the 8%?
The graduates who were in the 8% group who where successful in meeting their goals reported that they wrote down their goals and reviewed them on a regular basis. Write down you goals. If you are a visual person, find pictures online or in magazines that represent your goals. Cut them out and paste them on a vision board.
Mr. Ratcliffe shared his goal with some people he trusted that would keep him accountable to stay on track.
He put some financial professionals on his team
He preset his digital calendar to show recurring reminders every month to cover these bill payment tasks
Mr. Ratcliffe automated some of the payments so that it would go to pay down designated debts before he could ever be tempted to spend it somewhere else.
He checked his progress regularly and rewarded himself at predetermined milestones along his journey.
Mr. Ratcliffe followed the pattern of the eight percent in the survey of college graduates and experienced the same successful outcome…and so can you.
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REAL ESTATE TIP OF THE WEEK
Jo Garner shares a real estate related money-saving or time-saving tip. Write down your goals. Attach pictures representing what you want your life to look like. Post your written goals where you see them everyday. ):
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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 Pinot’s Palette 8225 Dexter Rd Cordova, TN. This Wednesday January 9th, 2018 Talk Shoppe presents Accelerating Success with Your Vision Board, Shelley Baur, Leader Developer & Author, Intergrity-Based Communications, 901-340-7517 Shelley@shelleybaur.com Taylor Morse of Cartridge World in Collierville will be at Talk Shoppe to assist you in creating your own vision board (901) 853-3230
Talk Shoppe events are free thanks to advertisers like Gina Davis, of Custom-Growth Event Marketing Strategist. For marketing your event, Contact Gina at https://www.customgrowthgroup.com/about-me-gina-davis/
Thanks our Talk Shoppe business coach, Kaizen award-winning business coach, Eric Eurich from Focal Point Business Coaching (901) 340-9558
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 USE FICTIONAL CHARACTERS AND DO NOT REFLECT REAL PEOPLE OR ACTUAL DETAILS IN ANY OF THE SITUATIONS.
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QUOTE CORNER:
Rottenecards “I’m gonna lose weight. I’m gonna exercise everyday. I’m gonna go on a diet and stick to it… Is that cake?”
Snafflepuss “When something goes wrong in your life. Just yell “PLOT TWIST” and move on.”
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REJOINDERS:
Attorney Wis Laughlin, for tax preparation, estates, business www.wislaughlin.com (901) 507-4274
Eric Eurich, Kaizen Award-winning business coach with Focal Point Business Coaching (901) 340-9558 https://ericeurich.focalpointcoaching.com
Leah Anne Morse, owner of All Things New-helping people and families organize for life changes and moves like down sizing or moving to new home. www.allthingsnewwtn.com
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Transitional Music:
“If Today Was Your Last Day” by Nickelback; “The Best Is Yet to Come” by Red; “Whatever It Takes” by Imagine Dragons; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
(901) 487-6989
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing with the county and state boards of equalization and in valuations of property for tax appeal purposes.
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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 20 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 20 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 She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com