COUNT THE REASONS TO BE THANKFUL FOR OWNING YOUR HOME
Today we will be sharing some examples and stories of people who have become very thankful for owning their homes. We will talk about the 5 wealth-building aspects of real estate. Tom, our expert appraiser, will be sharing some observations from the field that can cause homeowners to be thankful.
What do YOU want to accomplish with YOUR mortgage? Lets stay connected? Subscribe at www.JoGarner.com and get Real Estate Mortgage Shoppe podcasts with show notes every week.
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS# 757308 (901) 482-0354
(currently with Sierra Pacific Mortgage)
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 COUNT THE REASONS TO BE THANKFUL FOR OWNING YOUR HOME. Call us while we are on the air and tell us the reasons YOU are thankful for owning YOUR home. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call us while we’re live today November 23RD, 2019 at (901) 535-9732.
INTRODUCING TOM KING, REAL ESTATE APPRAISER
Tom King, it is great having you back in the studio. You have been zipping around doing so many appraisals it’s hard to catch up with you. Take a moment to tell our new listeners a little bit about yourself and the types of appraisals you do for your clients. (Tom King introduces himself and talks about he types of appraisals he does, like real estate purchase, refinance and estate appraisals. Divorce settlement and cash home purchases)
RAYMOND RIDLEY’S STORY – 6 REASONS TO BE THANKFUL FOR HOMEOWNERSHIP
(Jo) There are so many reasons to be thankful for owning your home and the biggest reasons aren’t always financial. A home is your castle. It is the neighborhood where your children will grow up, where family stories take place and are retold for years during family holidays. There are financial reasons to be thankful for you home too.
Raymond Ridley (not his real name), licensed real estate broker and full-time investor, has successfully owned, rehabbed and sold over 500 homes and apartment units. Raymond began by saying, “ I have probably made more money in real estate than anyone in this room, and I have probably lost more money in real estate than anyone in this room. When someone makes an income, he has to be on the job every day to earn his pay. When he builds wealth by buying real estate, the tenants continue to pay him rents—even when he is on vacation.”
Raymond presented six aspects of real estate and here they are A sixth bonus is the opportunity for family relationship bonding while working together in the real estate investing business.
- Cash flow is income per month minus the mortgage payment including taxes and insurance. Income – PITI= Cash Flow.
- Appreciation is the rate the house value increases every year. Raymond pointed out that there is a direct correlation between cash flow and appreciation. Cash flow is usually less per month in areas with higher appreciation rates.
- Real estate can provide a wonderful Tax Shelter where an investor can make a six- figure income and pay zero taxes. To shelter $50,000 per year in income, an investor would need approximately $1,000,000 in real estate. Raymond prefers having 10 houses valued at about $100,000 rather than 30 houses valued at $30,000. With 10 houses he only has 10 tenants with 10 possible problems instead of 30 tenants with the possibility of 30 problems.
- The fourth aspect of real estate involves Amortization. With each mortgage payment the principal balance is being paid down at a faster pace. This builds equity in the house as the mortgage is paid off. The investor may choose to borrow against this equity later to purchase something else.
- The fifth aspect of real estate is Leverage. Real estate is one of the few investments that allow the investor to borrow almost the entire value of the investment without a large lump sum of cash.
- A sixth bonus is the opportunity for family relationship bonding while working together in the real estate investing business.
Raymond used an example of how he made money on a house purchased for $100,000. The amortization equaled about $100 per month; the positive cash flow was about $200 per month; approximately $300 per month created by the tax shelter; around $200 per month for appreciation totaling $800 per month. This total equals approximately $10,000 per year profit per house. 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. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
Tom, as a real estate appraiser, how do you see people being thankful for owning their own homes? (tom takes about 2 minutes or so to share some examples)
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, appraiser, will be sharing more from the field. Mark Loden of MKL Personal Budget Systems will be sharing some tips with our real estate pros.
TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROS—from Mark Loden of MLK Personal Budgeting System
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe financial supporter-Mark Loden of MKL Personal Budgeting Service. You help homeowners and aspiring home owners to get control of their finances on a flexible, personal budgeting system. Mark Loden, I believe you have our Talk Shoppe Business Tip For Real Estate Pros….(Mark offers his tip)
My two tips for your listeners:
Do any of you expect on having a future expense in the next 12 – 18 months. Most likely you will.
And most likely you will put it on the credit card or pay cash and eliminate your cash reserves.
I have a better idea, why not take your best educated guess and set aside money for all future needs
you KNOW you will need. Ever expect car repair or tags? Clothes? Christmas or gifts? Insurances or
taxes of any kind? Add what those monthly guesstimated expenses would be and move them to Bank
Savings Account monthly. Instead of spending your Future Expense needs during the year, you will be
saving them for when you need them. You will be Sooooooooooooo glad you did!
_1. What are the most common challenges you see you’re your clients?
2. What is the best way to contact you? __________________________________________________________
TOPICS COVERED BY TOM KING, BILL KING APPRAISAL COMPANY
- The best return on investment when upgrading and fixing up a home
2. owning a home allows homeowners to restructure debt and get a loan secured on a home with a low, fixed rate to combine higher interest rate debt.
3. Homeowners have the ability to leave an inheritance to loved ones.
4. Homeowners enjoy expanding equity when they continually pay more and more each month toward pay off mortgage
TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
- 5 reasons to be thankful for owning your home-Raymond Ridley’s story
- Peace of mind having multiple exit strategies
- Options for life-
- Creating an Income from Your Primary Residence
- College student renting out a rooms in the home purchased by him/her and parents in college town
- Renting the bonus room upstairs in a primary residence
- Moving your business to your home to save on rent overhead
- Subdividing your property and infill building a home or two for resale
- Investment Property
- Buy a turn-key property or a fixer-upper and go into the transaction making a positive cash flow from tenants renting the home. Keep buying and building your income portfolio from rental property
- By commercial property
- Using your almost paid-off property to get a reverse mortgage
(story of Ms. Opal Osborn)
- Cash out refinance or equity line to remodel home or new life style, pay off high interest rate debt. (Story of Darik Dennison)
REAL ESTATE TIP OF THE WEEK (Mark Loden shares a budget related tip Tips 2:
It is getting so close to Christmas that my tip may have needed to come early but there is always next year.
First thought: talk to the family concerning those in your family who are really too old to give gifts too
like those in their 20’s-40’s group. Of course, give those small ones a gift and the parents along with the
grandparents. You decide who needs what but gifts are so expensive and we do not need to give a gift
we cannot afford.
Make a list of each person that you are going to get a gift for Christmas and/or Birthday:
Beside each name, put the most you will spend on that individual both Christmas and Birthday (if appl.)
Add up that figure and divide by 12 (months). As we did in our first tip, set that money aside in your
Bank Savings Account until needed.
1.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 Cordova, TN (corner of Big Orange and Macon Rd ) Join us for a casual Open Microphone Mixer Wednesday 11-27-19 9A-10A. Share with the group a little bit about yourself, your profession and build on some profitable business relationships.
2. Talk Shoppe events are free thanks to supporters like Kaizen Award-Winning Business Coach with Focal Point Business Coaching, Eric Eurich, getting you from where you are to where you want to be (901) 340-9558
3. Happy Thanksgiving Holiday weekend! Make some great memories with your loved ones.
4. Jack’s Challenge: Invite someone you know that is going through a tough time this holiday for some coffee time. Buy their coffee, listen and be a friend.
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.
6. Tom King announces Bellevue Baptist Church’s Singing Christmas Tree. Contact Bellevue Baptist Church in Memphis and get your tickets early.
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.
Anonymous “Be thankful that you do not have everything you desire. If you did, there would be nothing to look forward to.”
- Leah Anne Morse, All Things New (organizing and downsizing & making it pleasant) www.allthingsnewwtn.com
- Troy and Lynn McDonald, Bartlett, TN with Erin McDonald Insurance Agency (901) 849-7101
- Sonia Balcer, Montrose, California (Rocket Scientist)
Transitional Music: “What a wonderful world” Louis Armstrong; “Gratitude” by Josh Groban; “Home” by Roger Miller; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip For Real Estate Pros
CALLER: SONIA BALCER, ROCKET SCIENTIST (MONTROSE CALIFORNIA)
CALLER: TIM VAN HORN, REALTOR CRYE-LEIKE, INC. (901) 262-5000
CALLER: LYNN MCDONALD, ERIN MCDONALD INSURANCE AGENY (901) 849-7101
ABOUT MARK LODEN, PERSONAL FINANCIAL BUDGET SYSTEM
Welcome to the MKL Personal Budget Planning Experience!
My name is Mark Loden, counselor and founder of MKL Personal Budget Planning System. I do not sell investments or insurance of any kind. I am a budget specialist and I teach people the Essential Tools for managing their personal finances through a monthly bill paying budget plan. My service is simple and straight forward; not a ball and chain, but an organized plan that includes all your monthly budget needs and will help you to:
- Pay bills on time and stop collection agency phone calls
- Pay down debt such as credit cards, personal loans, etc.
- Set aside money for future needs such as clothes, car maintenance, vacations, savings and much more
- Learn how to manage your money so well that at any given time of the month, you will be able to know where you stand with regard to groceries, gasoline, savings, etc, in order to monitor your priorities and see them become reality.
It is a “Fiscal Fitness Plan” for your personal finances!
ABOUT TOM KING, APPRAISER WITH BILL KING COMPANY
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-MORTGAGE LOAN OFFICER:
WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?
“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