Are you experiencing a devastating illness or other adversity and wondering if you will ever be at the top of your game again? Hear REMAX Founder & CEO Dave Liniger share his story of Personal Storm to Triumph Against All Odds.
Subscribe at www.JoGarner.com and let’s stay in touch. What is the topic in real estate or financing interest you the most? Contact me at jo@jogarner.com or (901) 482-0354.
To Your Success,
Jo Garner, Mortgage Loan Officer and Radio Talk Show Host
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Good morning Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. Our show is brought to you today by Evolve Bank and Trust the Memphis mortgage office headed up by Chad Irwin. Are you or someone you know looking to ratchet up their mortgage career and have fun doing it? Contact Chad at 901 260-1480. We want to talk with you about WHATEVER real estate topic you want to discuss. Our general topic today is THROUGH PERSONAL STORMS, HOUSING & FINANCING CYCLES, SEIZE YOUR MAXIMUM DAY OF DESTINY.
INTRODUCING JOHN QUINN AND BILL STEWART, RE/MAX REALTORS
We have around the coffee table this morning John Quinn, real estate agent with Re/Max. With over 26 years of experience, John Quinn is a trailblazer in the Memphis real estate industry. He was the first real estate agent to bring the Guaranteed Sale Program to Memphis, this guarantees that your home will sell at a price acceptable to you or he’ll buy it for cash.* While the typical agent struggles to sell 4-5 homes per year, John and his team consistently close over 150 homes per year. John tell us a little bit more about yourself and what you do at Re/Max.
Sitting next to John Quinn is Re/Max broker, Bill Stewart. Bill also has MANY years experience in the real estate industry. A vital part of today’s real estate industry is technology, and Bill provides his clients with state-of-the art web tools and marketing. Bill, tell us a little about yourself and what you do at Re/Max. <
INTRODUCING DAVE LINIGER
Jo: This morning we have a very distinguished guest, David Liniger, visionary leader of the Denver-based global real estate franchise he co-founded with his wife, Gail, in 1973. Dave is well respected internationally for his vast knowledge of the real estate industry and influence on housing policy. At the height of the recession, Dave pushed for governmental housing reform policies that would help speed the housing recovery; many of his recommendations were adopted. He is widely credited with improving conditions for real estate agents by creating a successful business model combining the maximum commission concept with a host of support services. Dave is a major advocate of advanced training and education – and, as a result, RE/MAX agents are the most productive in the industry.
Dave spent much of 2012 recovering from a life-threatening infection that surfaced in late January. After multiple surgeries, weeks in intensive care, and months in the hospital, he returned to RE/MAX World Headquarters in July. He talks about his ordeal and recovery in his New York Times Best Seller, “My Next Step: An Extraordinary Journey of Healing and Hope.” Dave, I know we’re going to get into more of your story and your secrets to reaching some of your greatest successes after battling through some of your greatest obstacles. Take a minute or so to introduce yourself to our listeners and share a little bit about the philosophies you live by.
MORTGAGE MARKET
Jo: Hold on to your hat. Hold on to your positive convictions, good habits and keep your vision for your destiny clearly in your mind so that you keep your ship on course during the storms that blow through your personal life. Be ready to adjust your sails with the ever-changing housing and financial cycles.
Here’s an insider tip on how to predict mortgage rates. Generally speaking the pricing on mortgage rates follow the yield on the US 10 year bond. There are some exceptions to this, but usually if the yield on the US 10 year bond is up, then prices on mortgages are up too. As the 10 year bond market goes, so goes the mortgage market. But call me and let’s talk. We can get an exact rate for your specific situation. Call me now on the air at 901 482-0354 or after the show at 901 482-0354 901 482-0354 or connect with me at www.JoGarner.com Remember, MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY ,LET”S DO IT TODAY.
REAL ESTATE MARKET WINNERS
Jo: Right now the clients my assistant, Susan and I are seeing with the biggest bragging rights are families who have been renting their home for years and now are able to buy a much bigger home with more amenities with a payment LOWER than what they were paying in rent for the smaller house.
Another group of market winners are our clients who are buying rental property that, with these low rates, are providing them with quite a positive cash flow. If you buy enough properties like that, after awhile, the positive cash flow can turn into REAL INCOME each month. Give me a call if you want to look at possible financing options on that can help you reach YOUR financial destiny.
Today, we are talking THROUGH PERSONAL STORMS, HOUSING & FINANCING CYCLES, SEIZE YOUR MAXIMUM DAY OF DESTINY. David Liniger is co-founder and CEO of Re/Max—one of the largest, well-known companies in the world. Stay tuned to the Real Estate Mortgage Shoppe to hear Dave share his insights on our housing market and some of his secrets to great success even through adversity. Dave, how did you start Re/Max and what was your vision for this enterprise?
It’s time for the Look Back Memphis Trivia Contest. The Look Back Memphis Trivia Contest is brought to you by Memphis notable historian, Jimmy Ogle www.jimmyogle.com,. Jimmy Ogle offers free historic walking tours in downtown Memphis. To get his spring and fall schedule, go to www.jimmyogle.com .
Our Look Back Memphis Trivia Contest SPONSOR is Shelly Baur, consultant, communications coach, speaker, facilitator and author of the book Integrity-Based Communications. Shelley Baur educates and energizes “Sales Superstars” about Integrity-Based Communications, Value, Clarification, and Living a Balanced Life to develop the skills of self-awareness, and to assist in increased productivity; lowering stress and health-related down time. You can reach Shelley at www.ShelleyBaur.com
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Questions Answered by David Liniger
- What makes you think that lending has been overly restrictive in recent years.
- Why do you believe that more reasonable lending will not result in another housing crisis?
- If homebuyers put less money down, aren’t they more likely to default on that mortgage?
- Do lower premiums for mortgage insurance really make that much difference on FHA loans?
- What is it that makes mortgage portfolios have a higher quality today?
- Why is it important that the first-time buyer play a larger role in the home buying process?
- What has kept the first-time buyer out of this market?
- In your mind, what was it that caused the housing crisis?
- Is it possible to repeat history, especially if borrowing standards are lax?
- Does housing really contribute that much to the overall economy?
- What are some examples of ways Re/Max uses cutting edge technology and best practices to exceed expectations in the industry?
- You have experienced TREMENDOUS success in your lifetime, but not many people realize the TREMENDOUS adversity you have also had to overcome. Talk a little about some of the greatest struggles—even literal “heart-stopping” hurdles you have had to fight to overcome.
- For anybody out there who has BIG dreams but also some BIG obstacles in the way, David Liniger has a book you can pick up on Amazon “My Next Step-An Extraordinary Journey of Healing and Hope.” Dave, tell us a little bit about this book and any others you want to talk about.
- You are co-founder of Re/Max Corporation and you have a unique vision and mission statement for this company. What was your vision for starting Re/Max and what still sets you apart today from other real estate companies in the industry?
- You have experienced ABSOLUTE success in your lifetime and you have helped generate great wealth for others too. In your thoughts and with your belief system, what are common words or mottos that you catch yourself saying to yourself over and over?
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Questions Answered by Jo Garner
- What advice do you have right now for your clients entering the house-buying market? Know what your budget can easily bear on the amount of a house payment. If you have good credit and some liquid assets, the computerized underwriting software may preapprove you for a house payment that is 40% or more of your gross income and a debt ratio of over 50% of your gross income. But do you REALLY want to spend your life making a house payment and nothing else? Why not try and keep the house payment under 30% of your income and your total debt to income ratio under 41% of your gross income. Plan your home purchase so that you will always have savings left for emergencies.
- Put very experienced real estate professionals with good reputations to work for you. You need a good realtor, a good mortgage officer (Susan and I would like very much to work with you), a good title company or closing attorney and more. Their experience will help you avoid costly mistakes.
- Underwriting First Priority—Liquid Funds In Reserve– The most important factors are liquid assets like money and tradable securities first, followed by equity in the home, credit history, income stability and condition of the house. Fannie Mae’s research proves that there is less likelihood of loan default when the borrower has made a higher down payment, managed their finances well and has a fair amount of money left in the bank account after closing. I have had customers who came to me for a loan and informed me that the day before they talked to me, they emptied their savings account to pay off credit cards. SomeTIMES, the borrower might not get a loan approval if she uses her savings to reduce her monthly bills instead of leaving savings in the bank. In many cases it is better for the borrower to have a higher than normal income-to-debt ratio rather than using her savings to pay down excessive debts. Ask your loan officer what should be paid down or paid off before you make any financial moves.
- What common barriers do you see YOUR clients struggling to get over when they are trying to get financing to buy a house or refinance one?
- First, clients will tell me they don’t have any money to put down. My assistant and I are very good treasure hunters and we can find money from people in places they never thought to look! Particularly for clients who have not owned a home in 3 years or more, there are a multitude of down payment assistance programs available. If the seller pays the closing cost and prepaid taxes and insurance for the buyer, then normally the down payment assistance pays the down payment and they get in for zero down or very little.
- Even if you are not a first time homebuyer, we have the 100% VA loans and the 100% USDA loans. We can possibly use a bank loan secured on a different asset to give you the funds you need to close with very little money down on the house you really want. In many cases you can borrow against a retirement fund without penalty. Gifts from family are nice.
- The second barrier is showing enough income to qualify for the loan you need to buy or refinance a home. If you have only been on your job a few months, we can only count your guaranteed base income and not the commissions that you hope to average over the course of the next several months.
If you have a great income but write off on your taxes $10,000 or $20,000 dollars in unreimbursed employee expenses, the loan officer has to deduct this amount from your pay in some cases, so when you are with your loan officer, be sure and tell them about any losses showing on your tax returns.
If you are self-employed and you have a lot of income that you control but, after write-offs, you only show very little, let Susan and I review ALL PAGES of your last 2 years tax returns and business returns. We have found tens of thousands of dollars worth of income in the BACK PAGES of the tax returns. If there is a way, we can find it to help our clients get qualified for what they want to accomplish.
- The third barrier that we can overcome is credit issues. Did you know that If you keep your balance owed on credit cards UNDER 30% of the total credit limit, it will boost your credit scores? If you owe OVER 50% of the total credit limit, it can really hurt your credit scores. Check out www.MyFico.com to find out more about how to develop the right credit habits that can bring you many rewards down the road.
- The fourth barrier is problems with the house needing repaired or a title issue. This is where an experienced realtor or closing attorney.
Your answer to the repair requirements can be easily fixed by negotiating the seller of the property to pay it or agreeing to put money back into an escrow account in some cases to make the repairs after closing. If the repair list is massive, then we may need to switch you to one of our Renovation and Repair loan programs. Title issues, most of the time, are managed or cured by an experienced closing attorney.
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Announcements
Talk Shoppe offers free education and networking to anyone interested in real estate or in business. Talk Shoppe events are free to the public. If you want to advertise your business on a variety of platforms at a bargain price, contact me at (901) 482-0354. For more information about Talk Shoppe, go to www.TalkShoppe.com
To hear the podcast from today’s show or other podcasts, go to www.JoGarner.com
Make Your Plan, Work Your Plan. If The Deal Works For You Today, Do It Today. See you next week!
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ABOUT DAVID LINIGER, CO-FOUNDER & CEO OF RE/MAX CORPORATION
Dave Liniger is the visionary leader of the Denver-based global real estate franchise he co-founded with his wife, Gail, in 1973. Dave is well respected internationally for his vast knowledge of the real estate industry and influence on housing policy. At the height of the recession, Dave pushed for governmental housing reform policies that would help speed the housing recovery; many of his recommendations were adopted. He is widely credited with improving conditions for real estate agents by creating a successful business model combining the maximum commission concept with a host of support services. Dave is a major advocate of advanced training and education – and, as a result, RE/MAX agents are the most productive in the industry.
Dave spent much of 2012 recovering from a life-threatening infection that surfaced in late January. After multiple surgeries, weeks in intensive care, and months in the hospital, he returned to RE/MAX World Headquarters in July. He chronicled his ordeal and recovery in an inspirational New York Times Best Seller, “My Next Step: An Extraordinary Journey of Healing and Hope.”
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ABOUT BILL STEWART, RE/MAX
I work for you!
I work hard to provide my clients with the most positive real estate experience possible. A vital part of today’s real estate industry is technology, and to that end I provide my clients with state-of-the art web tools and marketing. It’s just one of the many things that has made me one of the most respected real estate agents in the neighborhoods I work! (901) 351-2355 bsremax@gmail.com
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ABOUT JOHN QUINN, RE/MAX
With over 26 years of experience, John Quinn is a trailblazer in the Memphis real estate industry. He was the first real estate agent to bring the Guaranteed Sale Program to Memphis, this guarantees that your home will sell at a price acceptable to you or he’ll buy it for cash.* While the typical agent struggles to sell 4-5 homes per year, John and his team consistently close over 150 homes per year. John’s attention to detail, knowledge of the market, and innovative marketing plans differentiate him from the competition. He is a huge stickler on traditional, old fashion customer service. He firmly believes in serving the customer better than anybody in the marketplace. John’s intensity to get things done and outrageous sense of humor creates a whirlwind of activity that adds life and fun to an otherwise stressful profession. john@johnquinnrealestate.com
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About Jo Garner
cell: (901) 482 0354
Twitter: @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they 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. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
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 Jo is host of Real Estate Mortgage Shoppe and currently publishes on her blog www.JoGarner.com