WELCOME TO REAL ESTATE MORTGAGE SHOPPE—COME ON IN AND JOIN US
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 BUYING & SELLING REAL ESTATE? CRAFT YOUR ENTRANCE TODAY, PROFIT FROM YOUR EXIT STRATEGY LATER. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call us while we’re live today May 9th, 2020 at (901) 535-9732.
Silvana Piadade, Realtor of EXP Realty, will be sharing a special program for putting cash buyers with home sellers who want to sell their home as a cash transaction. I will be covering three questions you want to answer to position yourself well on your financing when you BUY a home. We will also go over three ways to set up multiple exit strategies to use later when you it is time to SELL.
INTRODUCING SILVANA PIADADE, REALTOR WITH EXP REALTY
Silvana Piadade, has 15 years experience as a realtor and has earned her broker’s license and many awards and credentials including Certified Distressed Property Expert and she is fluent in Spanish. She listens, she cares, she delivers. It is great having you with us on Real Estate Mortgage Shoppe, Silvana. Tell us a little bit about yourself and what you do for your real estate clients (Silvana introduces herself and talk about what she does for her clients)
(Jo) TheMillennial Generation is making a great entrance into the home buying market, and they are thinking ahead with some smart exit strategies to use later too. Very often the person calling me is trying to decide, “Should I rent a home or buy one?” I remember young lady who wanted to own her home but this is what she said, “Hey, I want to own my own home but, I don’t want to feel stuck! I want to feel like I can go where I want, when I want.”
KATHERINE’S SMART CHOICES…MULTIPLE EXIT STRATEGIES
Katherine was in her late 20’s, out of college and just getting started in her career. She wanted freedom to eat out and have fun after work and on the weekends. She wanted to have that peace of mind that she could move when and where she needed to get farther in her career. She did not want to feel stuck.
But some of her friends had bought their homes. But Katherine did not want to feel hemmed in or stuck with a mortgage commitment. She felt like she could never get ahead with her rent going up each month year and surely there had to be some way to buy a house and still not feel stuck.
The realtor did some research on the neighborhoods that interested Katherine. Katherine could buy a house in a neighborhood that traditionally continued to go up in value year after year Her payment would be about one-third less than she would be paying in rent for the same type house. The interest rate on the mortgage was fixed for 30 years, so no more rent increases every year.
For Katherine, it was all about having some profitable exit strategies—just in case she ever wanted to move and not be tied to the house. Katherine could see three possible exit strategies to use if she should ever decide to move.
The first exit strategy considered that the values had been steadily going up. She could probably sell at a profit even after only a short time.
The second possible exit strategy involved the FHA loan program Katherine used for her financing. The FHA program allows for the borrower to later allow a subsequent buyer to assume that mortgage if they can qualify with whichever bank will be servicing the loan at the time of the assumption. In a market of rising rates, having the ability to allow someone to take over her low interest loan, gave her a further advantage for selling.
The third possible exit strategy involved the neighborhood where Katherine purchased her property. It was in a market that would allow her to rent her house out one day for much higher than her payment, which would give her a third profitable exit strategy. No more feeling stuck! No more having to worry about how much the landlord would hike the rent either.
What do YOU want to accomplish with YOUR mortgage? Make Your Plan. Work Your Plan. If the deal works for you today, do it today. Let’s explore your best entrance strategy and how to set up some exit strategies for later. (901) 482-0354 Jo@JoGarner.com
SPECIAL EXPRESS OFFER -CONNECTING CASH BUYERS TO SELLERS
(Jo) Silvana Piadade, YOU definitely have some exit strategies for sellers. There are many, but you have a special program to tell us about today on how you can find CASH buyers for people who want to sell their home quickly and with no hassles. (Silvana launches into her topic on the Cash Buyer programs….
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 Silvana Piadade, Realtor with EXP Realtors will be sharing more tips and strategies for buying or selling your home.. See you back in just a moment.
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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 Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures
entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by
Googling “JIMMY OGLE PINK PALACE”. View
at 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 # 70
Agricenter International
Question: Known as the “Versailles” of American agricultural technology, I opened in 1985. Who am I?
Hint: A part of my funding came from the 1982 Memphis Jobs Conference, by the State of Tennessee.
Hint: John Charles Wilson, my Executive Director, just recently announced his retirement after 15 years of leadership.
Hint: The Shelby Showplace Area was open as my neighbor in 1986.
Final Hint: My legacy, the Shelby County Penal Farm, was a “model farm” in the middle 20th century.
Answer: Agricenter International is a self-sustaining, not-for-profit organization that provides economic development and improved quality of life by facilitating agricultural research, educational programs, environmental conservation, natural area preservation and recreational opportunities. Public awareness of Agricenter’s role in society is demonstrated through efforts involving education, demonstration, environmental responsibility, conservation, wildlife preservation, and other agriculturally related items. The Agricenter has non-agricultural related activities to attract the public to Agricenter in order that they become aware of it many programs – Farmer’s Market, RV Park, Wildlife Observation Tower, Outdoor Classroom, Show Place Arena, public forums, and the exhibition center attract thousands of visitors annually.
The Agricenter develops alternative agriculturally related programs to attract and educate the general public. An example of an alternative program is the development of our 8-acre corn maze that provides education, recreation and generates revenue. The maze is open every September and October and is hosted through Mid-South Maize (Chris and Justin Taylor). For more information, you can visit cornfieldmaze.com. The Agricenter continues development of Farm Research by enhancing partnerships, providing service and leadership and use our urban farm for the scientific enrichment of society. www.agricenter.org.
Jimmy Ogle has retired from walking tours in Memphis. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed for FREE on the internet by Googling “JIMMY OGLE PINK PALACE”. View JimmyOgle.com for more information.
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TOPICS COVERED BY SILVANA PIADADE, EXP REALTY
- EXP Realty’s EXPRESS OFFER is a UNIQUE, agent owned, global, cloud based real estate company. The company offers EXP agents the opportunity to purchase stock with every transaction to become an actual shareholder. In addition the company also awards stock based on performance. We are represented in all 50 states, United Kingdom, Novia Scocia, Canada and Australia with a total count of over 20,000 agents/shareholders.
What this means to the consumer: We can offer the seller choices that no one has been able to offer before…
At EXP Realty we have an exciting program called EXPRESS OFFERS and I have the ability to expose a property to a marketplace of cash buyers.
Discover the modern way to sell your home by going directly to cash buyers! Express Offers is an instant offer platform that connects “the homeowner” with cash buyers who are looking for properties in your local market. This allows you to sell your home quickly, skipping the hassle of listing, showings, and the uncertainty of a traditional home sale.
Benefits
- Sell your home quickly
- Get a competitive cash offer
- Skip the hassle of listing, staging and showings
- No bank approval needed
- Choose your closing date
Sellers are under NO OBLIGATION to accept the offers and there is NO COST to you for this service, UNLESS you choose to accept an EXPRESS OFFER.
I have been trained in this platform and we had a lot of success helping homeowners get their homes sold conveniently and without the hassle of showings, staging and repairs….
- What are some strategies a home seller can use to get the best profit on the sale of their home in this current market?
- What are some strategies you recommend to the buyer’s you represent to help them come out ahead in this competitive market?
- What sets you apart as a realtor in the way you serve your clients?
- Can you share a short client story that illustrates some of your points?
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
- What are three important questions to ask when you are putting together your financing to buy a home?
Question #1: What is the maximum house payment, including taxes and insurances, neighborhood association fees, that I can comfortably afford?
Question #2: What is the maximum down payment on a house that I can comfortably pay at closing and still leave enough emergency funds available?
Get to the truth about what you can comfortably afford on a house note and what you can comfortably afford on a down payment for a house, continuing to keep a healthy emergency fund in the bank. You want to enjoy making your house payment each month.
If you are that person who just cannot force yourself to go through all of the last 12 months bank statements and credit card statements to put together a working household budget, then turn up the volume on some good tunes, set a timer for as long as you need to review the last 3 to 6 months bank statements and credit card statements. Write down how much you are spending each month and where your money is going. Don’t forget bills you have to cover once or twice a year.
Calculate your true income after taxes and deductions. Your income-to-debt ratios ideally should be where your total house note and all other debt should not exceed over 40% to 45% of your gross income. Some loan program software will preapprove you will debt ratios as high as 50% to 55%, but who want to be handcuffed to a house note with debt ratios that high?
If your debt ratios are too high, let’s talk about what you want to accomplish with your mortgage financing. It may be possible to rearrange some debt to make your cash flow each month more manageable. Don’t pay off any debt until you have talked with your loan officer. Depending on your situation, it may be more advantageous to you to keep more money in the bank than to use it to pay down debt.
Advice from experts is to leave plenty of money available for emergencies. Some financial gurus have said that if you have a stable job, keeping 3 months of living expenses might be enough for adequate emergency funds. Some say that if you are self-employed or have an income that is not stable, try keeping a year’s worth of expenses in an emergency fund.
Question #3 What significant financial events do you see occurring within the next 5 years? If you know you will sell a home and have a big chunk of funds coming within the next few months, you may want to look at a different loan structure, to maximize who much you pay in borrowing costs over time. Call me and let’s talk!
- What are some special financing you can use to help you get what you need today and be set up to profit tomorrow?
In Katherine’s story I shared earlier, she did not have a lot of money down. There are plenty of programs or combination of programs that will help you buy your own home with less than $1,000 down.
Other products may require a little more down payment, but you may pay a lot less for interest cost or lender mortgage insurance over time.
You may not be able to sell your home before you need to move into your newly home. There are several temporary type loans that can serve as a “bridge” either secured on the home you are buying, your current home or a loan secured on a different property.
Here’s Zana’s story-
Zana Zagar (not her real name) received some good news and bad news all on the same day. The good news—the sellers accepted Zana’s offer to buy the home Zana had searched long and hard to find. The bad news? The family selling to Zana her dream home needed to close quickly. Zana would not have time to get her current home ready to sell before she would need to close on her new home.
Zana and I explored a number of creative tactics she could take to get her the funds she needed to make the large down payment to keep her mortgage payment low on the new home, even though she would not be able to use the equity on the sale of her current home in time to use it for the down payment on the new home.
One of the solutions for Zana was to get a departure home equity line from her bank on the equity in her current home to use for a large down payment on the new home. With the big down payment on the new home, this would set her up for the permanently low payment on the new home.
Zana could go ahead and close and move into her new home and enjoy a low mortgage payment on the new house because being able to access the equity on her current home with the temporary equity line to use until she could sell her old home.
- What are some common profitable exit strategies to think about for that day in the future when you want to sell your home? (Katherine’s story. Rising value, rising rent rates, assumable loans.) Some hybrid adjustable rate programs can be good depending on pricing and rates.
- What are some strategies you can use for a profitable refinance?
- Lower the rate and the payment
- Lower the rate and shorten the term
- Combine other higher interest debts into the mortgage and we can explore the payments and number of years saved by combining these loans in one fixed rate lower payment.
REAL ESTATE TIP OF THE WEEK (Silvana Piadade shares a real estate related money-saving or time-saving real estate tip): It is a very competitive market with many offers on the same property. Get a VERY STRONG preapproval from your lender. The stronger the letter from your lender, the more attractive your offer will be to a seller
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate, business and health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis (The Clark Tower.) This Wednesday May 13th, 2020 Talk Shoppe presents: “Richard Scarborough, 40 Year Real Estate Broker and Investor, “Why NOW Is The Perfect Time to Invest in Real Estate.” This Wednesday Talk Shoppe will be meeting in our online virtual meeting space. To join us, go to www.TalkShoppe.com and click UPCOMING EVENTs tab. Just click on the online meeting website to join us.
Talk Shoppe events are free thanks to sponsors like Earle Leake of Leake Insurance Agency to protect your business and commercial assets. Earle can help you with the right insurance and peace of mind. Connect with Earl Leake at (901) 737-9352.
Thank you to Brett Carter of ServiceMaster by Cornerstone for sponsoring Talk Shoppe’s free networking and education to our local community. Don’t go it alone, call ServiceMaster by Cornerstone to restore your home or office after a fire, flood or bio hazard. (901) 624-9200
2. Hats off to all of the Mother’s this Mother’s Day weekend. We honor you and appreciate you today on Real Estate Mortgage Shoppe
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:
Charles Jaffe It’s not your salary that makes you rich; it’s your spending habits.”
Lifehack “Know what you own, and know why you own it.”
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REJOINDERS:
- Bill Emmerling, Vista Points Mt Juliet and Memphis, TN (providing special needs trusts and resources) www.vistapoints.org
- Leah Anne Morse, All Things New in Collierville, TN (helping people and families organize to down size, up size or hold an estate sale. (901) 488-9733
- Jana Cardona, Executive Director of BNI Mid-South www.bnimidsouth.com
Transitional Music: “Looking Out My Back Door” by Creedance Clearwater Revival; “Moving On Up” Theme from The Jeffersons; “ Get This Party Started” by Pink; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT SILVANA PIADADE
I moved from Houston Texas in 1997, I am married, a mother of a 17-year old Junior attending CBHS high school. I am originally from Latin America (Bilingual) fluent in Spanish. I have 13 years of experience in residential real estate and hold several accreditations but for the purpose of this conversation: CDPE (Certified Distressed Property Expert, my forte in Short Sales. I have also earned every year performance awards from Collins-Maury. In July 2017, I earned my Broker’s license. My previous training in customer satisfaction comes from a background in the hospitality industry and most of my clients are direct referrals. I love music and good food. Why me? Because I listen, I care and I deliver.
Silvana Piadade, CRS, ABR, CDPE, MRP, CPRES
Broker
TN Company Lic# 257511
TN Agent Lic# 289316
Coldwell Banker Collins-Maury Realtors
Ofc 901-259-8550
Cell 901-647-6661
E-fax 888-965-9104
CB International President’s Elite Award 2015-2014
2016 Real Trends – Best Real Estate Agents in America
Client Reviews: https://www.zillow.com/profile/user8150076/#reviews
CONTACT INFO:
Cell 901-647-6661
Email: piadade@collins-maury.com www.FindHomesinMemphis.com
Facebook: www.facebook.com/silvanainmemphis/ Twitter: twitter.com/spiadade
Linkedin: linkedin.com/in/silvana-piadade-1a58871b/
Instagram: instagram.com/silvanapiadade/?hl=en
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 (currently working with Sierra Pacific Mortgage, Inc)
“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