7 HABITS FOR STRUCTURING YOUR REAL ESTATE FINANCING – 5-2-15
HIGHLIGHTS FROM TODAY’S PODCAST:
MARKET NEWS
LOOK BACK MEMPHIS TRIVIA CONTEST
QUESTIONS ANSWERED BY TOM KING:
QUESTIONS ANSWERED BY JO GARNER :
- Talk about more of the habits to get to good mortgage
- HABIT #3 First Things First-preapproval letters with supporting income and asset HABIT #4 Think Win-Win
If everybody in the real estate transaction feels they are getting a good deal, chances are everyone will be working together to make it happen –PLUS, you just feel so much better.
REAL ESTATE TIP OF THE WEEK:
_________________________________________________________________
Good morning, Memphis! Good morning across the country on iHeart Radio and BOCI Radio. You’re on the Real Estate Mortgage Shoppe program and I’m Jo Garner, your host, Mortgage Officer with Evolve Bank and Trust. Sitting across the coffee table joining us is Tom King, appraiser with Bill King co. <Tom introduces himself and talks about what he does –about 1.5 minutes >
(Jo) today our general topic is 7 HABITS FOR STRUCTURING YOUR REAL ESTATE FINANCING. But WHICHEVER real estate topic YOU want to discuss, we are ready to talk about it. Give us a call on the air at 901 535-WREC. Tom, what kind of trends have you seen in the appraisal world this week? <Tom comments 1 min approx.>
- (Jo) The headlines appeared yesterday about Rates Moving Seriously Higher, and they were right , rates are higher than they have been in 6 weeks—but they are still low compared to where they have been over the last few years. Rates yesterday ended the day on the conventional 30 yr fixed around 3.875%; 30YR FIXED – 3.75%-3.875%
- FHA/VA – 3.375-3.5, 15 YEAR FIXED – 3.125 and there is still lots of discussions on the smoothest way to move from loan application to loan closing after the new August 1st 2015 regulations kick in. Check out the podcast from last week’s show on how to have a smooth flight from loan to closing on www.JOGarner.com
- Or we can talk about it right now with you.
- Winners in this market this week seem to be people who have already locked their rate and terms while they were lower and those people who are buying houses and STILL getting a great rate on refinancing. Don’t forget on a few of the refinance loan products, you will not need a full appraisal. My assistant Susan Belew and I are ready to talk with you on the 7 Habits for Structuring Your Real Estate Financing. You can call me direct off the air at (901) 535 WREC (9732 or DIRECT AT 901 482-3454 (901) 482-0354 OR connect with us at JOGarner.com
<Tom King comments>
(Jo) A lot of my friends kid me about my list of “things to get done today” and the exuberance in which I check them off as I get them done. Each item has a rank in priority and sometimes it’s like doing triage to get all of the top priority tasks done first. Back in the early 90’s (before everyone had IPHONES, & ANDROIDS and APPLE WATCHES), the whole Franklin-Covey Day Planners reconfigured my brain to achieve things I never thought possible and the 7 Habits of Highly Effective People was part of a daily read. Today we’re talking about the 7 Habits For Structuring Your Real Estate Deal so YOU can achieve things YOU never thought possible in the financing realm. Several years ago I was listening to a motivational speaker who asked us, “Who is it that can lead and you willingly follow to your utter failure in almost everything you do? Who is it that can help you each day build a life of success, abundance and great outcomes at whatever you endeavor to do? Who is it that can day-by-day determine what your tomorrow’s will be like? HABITS, that’s who.” If you develop good habits, you will do them almost effortlessly without even giving it much thought. Aristotle said, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” What habits do YOU have ? Here are 7 that Steven Covey had and we are going to tie some of them to real estate later in this show.
Habit #1: Be Proactive, Habit #2: Begin With The End In Mind Habit #3: Put First Things First; Habit #4: Think Win-Win; Habit #5: Seek First To Understand, Then to Be Understood; Habit #6: Synergize; Habit #7: Sharpen the Saw.
The first habit is be Proactive—set an appointment with yourself or with someone else and make note of how much money you have in the bank, how much do you owe creditors, what bills are still looming? How much income to you bring in each week? How much is your house worth today? Where would you LIKE to be financially 5 years from now? Next year? Now that you know the truth about your finances, its time to do some restructuring to get rid of the debt faster with the least amount of expense. We can start with looking at your mortgages on your primary residence and on the other properties you own too. Based on your plans for the next 5 years, let’s look at a restructure that will get you where you want to go. Even if you don’t really know the answers to all of the questions, Call us on the air at <901 535-WREC 901 535-9732. Or you can call me off the air at 901 482-0354 (901) 482-0354 or connect with me at www.JOGarner.com
<Tom comments>
(Jo) Another Habit is “Begin With The End In Mind.” Where do you want to live, what does your ideal work day look like in 5 years—or even 1 year? How much money do you want to have free each month so you can bless your family? You might be shocked when I show you how , with rates like we have now, we have been able to save some of our clients TENS OF THOUSANDS of dollars with a very simple refinance of the terms.
Tom, I know you get called so many times when your customers are in transition from one situation to another—people who are having an estate sale, or maybe they are selling their home and downsizing, or maybe going through a divorce, paying cash for rental property and part of being proactive is to know the official value of your real estate property. What are some examples of appraisal situations YOU encounter? <Tom launches>
2nd segment after 9:15 break—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 is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping even if you’re on a budget and they would like to help you if your crepe myrtles are showing signs of the mysterious fungal disease that is hitting Shelby County TN. The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to one of our trivia questions, call us at 901 535 WREC 901 535-9732.
Garner # 51 05/02/15
The University of Memphis Cecil C. Humphreys School of Law!
Question: For my category, I was voted the # 1 facility in the entire nation! Who am I?
Hint: My first building was opened in 1885.
Hint: My last addition was made in 1929.
Hint: Originally, I housed three different divisions of the Federal government .
Final Hint: NCAA “March Madness” often occurs in my facility.
Answer: The University of Memphis Cecil C. Humphreys School of Law!
Opened in 1885 as the United States Custom House, Court House and Post Office in 1885 at the corner of Front Street and Madison Avenue, the building was the first public use building in The Promenade section of the Memphis riverfront. The original building was three stories tall, with a five-story tower on the northeast and southeast corners. The Cossitt-Goodwyn Library opened next door in 1893. The activities of the Federal government grew substantially after the turn of the 20th century, so an additional was built in 1930 that wraps the north, east and south sides of the site and removing the two five-story towers. This building was added to the National Register of Historic Places in 1980.
In the 1960s, the courthouse moved to the new Federal building in Civic Center Plaza in 1963 and the customs function relocated to the Airport. The 38103 Post Office branch remained in about 20% of the building, until the January, 2010 opening of the Cecil C. Humphreys School of Law by the University of Memphis. The extensive renovation retained much of the historic structure and architectural details: original Pony Express emblems, etched glass, brass window cages, wood beams with intricate hand-stenciled designs, door knobs engraved with the scales of justice, crown molding, and Tennessee marble floors and columns. The main lobby remains unchanged from its original design, except for upgraded safety requirements.
Each year, the NCAA “March Madness” of Mock Trials comes to this facility and the Shelby County Courthouse. In 2014, the facilities were voted the # 1 Law School facilities in the Nation by PreLaw magazine. Free walking tours of the facilities are given Monday-Friday at 12:00 noon.
Last Week: Memphis Aviation Triva Questions!
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn, with the Spring, 2015 tours with the next Bridge Walk being May 17 and the next TUESDAY TOUR being May 7 (Beale Street). Go to jimmyogle.com for the 2015 Spring season schedule and locations.
QUESTIONS ANSWERED BY TOM KING:
- What is the difference between a relocation appraisal and a mortgage appraisal?
- Shelby County Tax Appraisal vs Zillow vs professional realtor opinion?
QUESTIONS ANSWERED BY JO GARNER :
- Talk about more of the habits to get to good mortgage
- HABIT #3 First Things First-preapproval letters with supporting income and asset documents so we can make your preapproval stronger than the person trying to outbid the other guy competing to buy the same house you want to buy.
- Once the seller accepts your offer subject to inspection, d o the home inspection first before the apprasisial if you think there may be problems with the house.
.
- HABIT #4 Think Win-Win
- If everybody in the real estate transaction feels they are getting a good deal, chances are everyone will be working together to make it happen –PLUS, you just feel so much better.
____________________________________________________________________________________
REAL ESTATE TIP OF THE WEEK: (practical, money-saving, time-saving real estate related tip by Tom King and Jo Garner . About 1.5 minutes)
Announcements: Talk Shoppe offers free education and networking to anyone interested in real estate or business. This Wednesday April 29TH, 2015 9A-10A the Mastermind Principle based on the book Think and Grow Rich by Napoleon Hill at University of Phoenix 65 Germantown Court 1st floor Cordova, TN 38018. For more information about Talk Shoppe, go to www.TalkShoppe.com
- To hear today’s podcast of the Real Estate Mortgage Shoppe and others, go to JoGarner.com
- Master The Art Of Smart Networking to get to the things you want. Be a part of POWER UP at the University of Phoenix 65 Germantown Court in Cordova, TN Saturday May 16th 1:45pm to 4:15pm Register now at phoenix.edu/powerup
<when you are going off the air while the music is playing, say, “MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.”
Transitional Music: Old Habits Die Hard-Mick Jagger; At The Beginning-Anatasia; On My Way Phil Collins; “Memphis” by Johnny Rivers for the Trivia contest
ABOUT TOM KING:
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. (901) 487-6989
ABOUT JO GARNER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 @jogarner
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.BIZ 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.
For real estate financing solutions, plug into the Real Estate Mortgage Shoppe program. You can find mortgage rates, FHA Streamline refinance with no out-of-pocket costs, refinancing options, home purchase loan programs, answers and real estate, money-saving tips and more.