DON’T WAIT TO INVEST IN YOUR DREAMS—INVEST IN YOUR DREAMS AND WAIT
Highlights from podcast:
Market News
Look Back Memphis Trivia Contest
QUESTIONS ANSWERED BY JEREMY VELDMAN:
1. Why did you decide to expand into the Little Rock, Arkansas market?
2. Why is the Little Rock, Arkansas market attractive for real estate?
3. What is the most important thing to consider when investing in a new market?
4. Do you think investors should diversify the markets where they buy real estate?
5. Tell us about the team you have in Memphis, TN and Little Rock, Arkansas
6. What does a typical Turnkey deal look like for your clients?
7. What kind of return on investment do your clients see?
8. How did you get started in this business?
QUESTIONS ANSWERED BY JO GARNER:
- 1. When you’re talking with your loan clients, how can you tell if the refinance or purchase loan works for them?
- 2. What is the best method for paying your mortgage off early?
REAL ESTATE TIP OF THE WEEK by Jeremy Veldman
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Good morning, Memphis! Good morning across the country on IHEART radio, you’re on the Real Estate Mortgage Shoppe program. I’m your host, Jo Garner, Mortgage Professional with Evolve Bank and Trust. We want to talk with you about WHATEVER real estate topic YOU want to discuss, so give us a call on the air at (901) 535 WREC. That on-air number again is (901) 535 9732. Our General topic today is “Don’t Wait To Invest In Your Dreams-Invest In Your Dreams And Wait.” Sitting around the coffee table with us are Jeremy of TurnKey Properties. Only a few months ago he was sitting around the table on William Shatner’s show “Moving America Forward.” Jeremy, it is always a pleasure having you with us. Please tell our listening audience a little about yourself and what you’re doing with Memphis TurnKey Properties.
- (Jo) The inventor of the telephone, Alexander Graham Bell said, “When one door closes another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us. This week opened doors for homeowners and aspiring homeowners in many ways. Mortgage rates ducked down surprisingly to a 6 month low yesterday. Financial experts were fairly certain when the stunningly good jobs report came out yesterday, that rates would spike higher—and that IS how the morning started, but then news from the Ukraine stirred uneasiness and the bond market got a boost, ignoring the obviously strong job report and sending mortgage rates down the slide. 30YR FIXED –4.25
- FHA/VA – 3.75-4.0%
- 15 YEAR FIXED – 3.375%
- 5 YEAR ARMS – 3.0-3.50% depending on the lender
(Jo) Today we’re talking about opportunity and investing to reach our goals and dreams. This week when rates dipped suddenly to a 6-month low, the door of opportunity opened again for people who need to refinance their homes to a lower interest rate or who need to restructure their mortgage for other reasons. If you tried and failed before because the value on your home was too low, you may be pleasantly surprised to find that today we can refinance because your home value is higher. The minimum credit score accepted on loans today by lenders has eased back from a 640 minimum to as low as 620. If you or someone you know falls into this category, please call Susan Belew, my very experienced assistant or me directly at (901) 482-0354. Our number is (901) 482 0354 or catch me on my blog www.MortgageLoansBlog.com We would like very much to give you bragging rights on your mortgage terms.
(Jo) Some of the very best investments I have ever made were in real estate. If you are renting and plan on staying in the vicinity for the next 3 years or so, consider BUYING a home. Last week we had a couple in our studio who had been renting a 900 square foot home, but once we had their credit scores up to par, they were able to purchase a 23 hundred square foot home with a payment lower than the monthly rent. We got them a low interest rate on a 100% USDA loan. Talk about bragging rights!
If you don’t think Social Security or your pension fund is going to be there for you when you’re ready to get it, consider buying rental real estate that brings you a positive cash flow while the rates are in the 3’s and 4’s. America is the ONLY country in the world that I know of that offers a 30 year FIXED rate loan! If you buy a home today with a fixed rate in the 3’s and 4’s you will be enjoying an extraordinarily low payment compared to what was available say in 2006 when rates reached 6.75% on the 30 year loan. Don’t stare to long at a closed door in your life only to miss the awesome doors of opportunity that are swinging wide open for you—for now.
Put wise professionals around you on your journey to acquiring real estate—people with a good reputation who care about YOU! You need a good real estate agent, a good loan officer and other professionals to guide you around the pitfalls and into a profitable investment. I would like to be on the road to homeownership with you as your loan officer. Give me a call directly at 901 482 0354 or call me right now on the air at (901) 535-WREC. That’s (901) 535-9732 or catch me on my blog www.MortgageLoansBlog.com
(Jo) The very first home I ever bought had been vacant for 2 years with ceilings collapsed from bursted water pipes, a gutted kitchen and other problems—like the swimming pool in the garage when it rained. This was over 20 years ago and my budget was TIGHT. I hired an inspector to walk through the house with me and give me a professional opinion. He told me the biggest problem with the house was that it had been abandoned due to foreclosure and water pipes allowed to break. He made suggestions on how to fix this and the drainage problem by the garage. He said it was a good house that could be bought at a bargain. Due to my tight budget, I made a low offer, expecting the seller to counter. But, the next day my offer was accepted! Due to the water problems at the house, I got a renovation loan first and then refinanced on a permanent mortgage after the repairs were done. I bought the house for a little over 50 cents on the dollar. After doing some repairs and adding some items that increased the value of the home, the house was mine for LESS than 50 cents on the dollar. I rented part of the home to a law student. With her prepaid rent payments, I was able to get into the home with NOTHING DOWN! IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
We’re talking about “Don’t Wait To Invest In Your Dreams-Invest In Your Dreams And Wait.” Jeremy Veldman, you are a pro on how to invest in real estate and build wealth. How can we get started investing today to reach our dreams tomorrow? <Jeremy launches his topic>
2nd segment of show after 1st break: It’s time for the Look Back Memphis Trivia Contest provided by notable Memphis historian, Jimmy Ogle. Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn. Go to jimmyogle.com for the 2014 Spring season schedule and locations: Our Look Back Memphis Trivia Contest SPONSOR is Marlene Foster of ADT Security Services—the number one security system. Give Marlene a call at 901 232-6277. She will take good care of you Marlene is giving away a $25 gift card to the first person who calls with the correct answer to our Trivia Contest. If you know the answer, call us on the air at (901) 535 WREC. (901) 535 9732.
Garner # 12 04/30/14
Question: Steamboating used to be the primary way to get to Memphis and I was the “Babe Ruth” of Memphis Steamboating. My former home is now a bed & breakfast. What is my name?
Hint: My daughter, Rosa, began the Memorial Art Academy in my house in 1929.
Hint: My address is 690 Adams Avenue, in the heart of Victorian Village.
Hint: My next door neighbor is the Woodruff-Fontaine House
Last Hint: I am now a “Bed & Breakfast” offering five-star amenities in five meticulously appointed suites!
Answer: James Lee House
Back Story: The 8,100-square-foot home was constructed by William Harsson in 1848. From 1862 to 1926, the Lee Line worked the ports of the Mississippi River from Friar’s Point, Mississippi to Paducah, Kentucky. James lee, Jr., a Princeton University-educate riverboat captain, dvice-president of First National Bank, and of the Taxing District of Memphis in the aftermath of the yellow fever epidemic, was also a lawyer that gave up the practice in 1877 to manage the 32 vessels of the Lee Line steamers. Jose Velaquez, local developer and former director of Latino Memphis, has invested $2.1 million to restore the 165-year old mansion, which had its ribbon cutting on April 10, 2014 [jamesleehouse.com].
Jimmy Ogle gives free walking tours in Downtown Memphis during the Spring and Autumn.
Go to jimmyogle.com for the 2014 Spring season schedule and locations:
Shelby County Courthouse: Third Thursday each month at 12:00 noon
Memphis & Arkansas Bridge Walk: Sundays (March 30, April 13, May 18) at 2:00 p.m. at Crump Park
TUESDAY TOURS: Tuesdays from April 1 to June 10 at 11:45 a.m. for about four blocks from a different
street corner each week
QUESTIONS ANSWERED BY JEREMY VELDMAN:
1. Why did you decide to expand into the Little Rock, Arkansas market?
2. Why is the Little Rock, Arkansas market attractive for real estate?
3. What is the most important thing to consider when investing in a new market?
4. Do you think investors should diversify the markets where they buy real estate?
5. Tell us about the team you have in Memphis, TN and Little Rock, Arkansas
6. What does a typical Turnkey deal look like for your clients?
7. What kind of return on investment do your clients see?
8. How did you get started in this business?
QUESTIONS ANSWERED BY JO GARNER:
- 3. When you’re talking with your loan clients, how can you tell if the refinance or purchase loan works for them?
What works and doesn’t work really depends on the needs and desires of the individual client. Susan and I try to discover what our client wants to accomplish today but also what his plans are for the next 5 to 10 years –just to make sure we are offering the exact right loan product.
Speaking in general terms, when refinancing you want to lower the rate by at least one point and be able to recapture your closing costs in less than 18 months. If you are shortening the term on your loan and you plan keep the house for the long term, then we calculate how many mortgage payments you’re saving by shortening the term. Shortening the term can save a homeowner, not just a few thousand dollars but TENS OF THOUSANDS of dollars over time.
When buying a home, the most important factor is making sure the payment is comfortable for our client and that they have coping strategies and more than one exit strategy in case of a financial emergency. Coping strategies could be money put back that could be used in a true financial emergency to get a homeowner over a rough spot without having to lose the home.. The availability of family support in an emergency is a ready coping strategy too.
The most common exit strategies for most of my clients purchasing a home if they should have to move are first to simply sell the house or to keep it and rent it out to tenants. A third exit strategy that gets overlooked is the options on FHA and VA government loans that will allow a buyer to ASSUME (or take over payments) on an existing mortgage. The new buyer would be required to qualify first with the lender before they could do it. But assumptions don’t require as much in closing costs and if there isn’t a lot of equity in the house, it can be a low cost way to turn the house and mortgage over to someone else if needed.
- 4. What is the best method for paying your mortgage off early?
REAL ESTATE TIP OF THE WEEK:
Jeremy to announce the upcoming Memphis Investors Event in May
Jo’s announcements:
- Talk Shoppe offers free networking and education to anyone interested in real estate or business. This Wednesday Arnold Dormer, seasoned real estate investor will be presenting “What Investors Need to Know about Section 8 Housing” Wednesday 9:00 AM to 10:00 AM at our NEW location at the YMCA corporate office 6373 Quail Hollow Rd Memphis at Massey Rd and Quail Hollow. For more information about Talk Shoppe go to www.TalkShoppe.BIZ
- Summer Camp at the YMCA is designed to reduce summer learning loss, get your children actively having fun, learning new skills and most importantly…encouraging them to DREAM BIG! Register today for your child’s spot at YMCA summer camp by going to www.ymcamemphis.org
- The Chocolate and Shopping Show is going on right today 10A to 7pm May 3rd 2014 at the Wolfchase Mall in Memphis. You can get in on some sweet treats, lots of fun and networking too. Catch the fashion show there by Carolyn Bendall of the Fashion Academy that will be going on this afternoon
- Catch us on the Real Estate Mortgage Shoppe every Saturday 9A to 10A on News Radio AM 600, IHEART radio or catch this podcast and our others on www.MortgageLoansBlog.com
Transition Music: “The Money Song” by the Muppets; “Tomorrow” by the Muppets; “Dreams” by the Cranberries
For the Look Back Memphis Trivia Contest- “Memphis” by Johnny Rivers
Jeremy Veldman -TurnKey Properties 662-418-7511
Memphis Turnkey Properties has expanded operations into Little Rock, Arkansas to form ‘Little Rock Turnkey.’ The move has been in the works for some time as a result of increased competition in the Memphis market and excessive Hedge Fund activity. Memphis Turnkey has always prided itself on offering an elite class of investment properties to its investor client base. These are properties in “Better Areas” that make “Better Investments” in the long-run due to tenant longevity and a better quality of renovation. However, Hedge Funds and the local competition has caught up and are now farming in the same areas. To stay ahead of the curve, Memphis Turnkey continued to expand it’s foot print and buy in areas further east of Memphis- including: Arlington, Lakeland, and Oakland. But consistently finding good deals in these areas to satisfy our client base has been challenging.
Jeremy Veldman and Alex Craig were featured in this past July 23, 2013 Episode ˜Moving America Forward hosted by William Shatner (a.k.a. Captain Kirk)
To View the Program, Click on the Link Below. http://www.youtube.com/watch?v=AaImwf2SoKA
Jo Garner’s Bio
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 25 years in Memphis, TN. 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. She hosts the Real Estate Mortgage Shoppe program on News Radio AM 600 WREC in Memphis and on IHEART radio 9A to 10A CST every Saturday.
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.