WHEN FAMILY NEEDS CHANGE-REDESIGNING YOUR HOME, LANDSCAPING & FINANCING TO FEEL RIGHT & WORK FOR EVERYONE
Today on Real Estate Mortgage Shoppe we will be sharing some scenarios and solutions on ways to redesign your home, your outdoor spaces and your financing to fit your families changing needs. We will help you answer the question—do I modify my current home or do I buy a different home? Should I rent or buy a home?
What are some of the changes happening around your family? Let’s talk about some financing options that would work best for you. The best number to reach me is (901) 482-0354. Subscribe at www.JoGarner.com and we will send you our weekly podcasts with show notes.
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS #757308 (901) 482-0354 Jo@JoGarner.com
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GOOD MORNING FROM OUR FAMILY TO YOURS…
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 WHEN FAMILY NEEDS CHANGE-REDESIGNING YOUR HOME, LANDSCAPING & FINANCING TO FEEL RIGHT & WORK FOR EVERYONE. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is July 6th, 2019
LET’S TALK ABOUT HOW TO BEST DEAL WITH CHANGES
Today on Real Estate Mortgage Shoppe we will be sharing some scenarios and solutions on ways to redesign your home, your outdoor spaces and your financing to fit your families changing needs. We will help you answer the question—do I modify my current home or do I buy a different home? Should I rent or buy a home?
INTRODUCING THE LAWHON FAMILY OF LAWHON LANDSCAPE & DESIGN
In the studio today we are celebrating family—the whole family—The Lawhons of Lawhon Landscaping are here—John and Jennifer Lawhon, David, Wesley and Lexie. Since 1958 The Lawhon family has been offering excellence to individuals and families when it comes to creating landscaping and construction designs for meeting the needs of the entire household.
John and Jennifer, please take a moment and introduce your family and talk about what Lawhon Landscaping does for your clients. (the Lawhons take about 3 minutes to introduce their family and talk about what Lawhon Landscaping does for their clients.)
Are You Like The Old Dog Sitting On A Nail?
(Jo) This past week lots of our listeners have had a long 4th of July weekend to celebrate our country, our freedom and precious time with our families. Its during these family gatherings that we renew our vision for what would make life easier and happier for our family members. It may be children going to college or our children moving back in with parents for a while. It may be a situation where you are bringing in an aging loved one to live with you or perhaps you are downsizing. Maybe you are just starting your family and need more space. Maybe you are moving to start your career and are trying to decide whether to rent or buy.
After almost 30 years of serving my clients as their mortgage lender, I have several stories to share from my clients. I like to call them my “rock star” mortgage clients because they have come up with some brilliant solutions to common challenges most families face. Later in the show I am going to share with you some of their stories and solutions they have come up with to meet their changing family needs. So, stay tuned or subscribe to get our weekly podcasts with the show notes at www.JoGarner.com and listen later.
Let’s talk about two basic groups—and of course, there are sub groups within these groups. But the first group would be those people who know they need to make a change in where they live or how they live, but they just don’t want to take time and energy to do it right now. Refinancing and paying off high interest rate debt and reducing their monthly expenses by $600 or $700 per month would allow them to enjoy life and invest in an even better life, but they are like the old dog moaning on the front porch.
One day a farmer was sitting out on his front porch with his dog Clyde. Every few minutes the Clyde would let out howl of pain. A neighbor walked up to talk with the farmer and asked him, “Why is your dog howling so loudly? What’s wrong with him?”
The farmer replied, “Ole’ Clyde-he’s sittin’ on a nail. The nail’s hurtin’ him, but not hurtin’ him enough for him to get up and move.”
Some of my clients know what they need to do to make their living situation better and their finances more comfortable, but they are like that old dog sitting on the nail. It is time to get up off the nail and change their position.
Other stories I can share with you are from the second group of families who took the time to decide on some definite needs that family members had and took action to, at least meet those needs. Some of these families came up with some ideas that improved their lives beyond just meeting needs and it didn’t cost them that much to do it.
We will come back to their stories. For now, let’s hear from the Lawhons of Lawhon Landscape and Design on some ways you can change the scenery at your home or office and create some outdoor spaces that add value and pleasant experiences for your family members.
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 the Lawhons will be sharing some quick tips on how to solve problems with your existing landscaping.
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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 advertiser Mary Lou Nowak, owner of Mid-South Home Helpers, offering non-medical assistance to help your handicapped or aging loved ones enjoy living safely and comfortably in their home. Mary Lou, you truly know what to do when it comes to ideas on how to help families deal with changing circumstances when it comes to caring for handicapped or aging family members. What is our Talk Shoppe tip for our real estate pros? (Mary Lou has about 1 minute to share a tip related to what she does with Home Helpers)
QUESTIONS TO ASK MARY LOU NOWAK:
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What other type services do you offer your clients through Mid-South Home Helpers? Consulting on how to make the living environment safe for your loved one. Help with daily routines of life like eating, bathroom routines, light cleaning and more.
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What is the best way to contact you? (901) 414-9696
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TOPICS COVERED BY THE LAWHONS OF LAWHON LANDSCAPE AND CONSTRUCTION
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Share some stories of how your family (the Lawhons) has designed your landscaping at home to make life work better for your family?
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Talk about working in the business as a family over the years.
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Quick personal stories of life at the Lawhon home place from David, Wesley and Lexie
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Share some stories of clients who have hired you to gradually build their dream outdoor living areas over the course of time in phases?
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Give more examples of types of outdoor landscapes that can be done well in phases.
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What are some factors to consider before planning a landscape?
-Who will be using the outdoor space? Elderly family members? Toddlers? Teenagers? Pets?
-What kind of activities will the people using this outdoor space enjoy doing?
-Is low maintenance preferred?
-How will the outdoor space be used during each season?
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER:
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Should I stay or should I go? Questions to ask yourself-
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Do you love where you live?
Do you love where you live so much that you can’t think of anywhere else you would like to live? If you were still living in the same house 5 years from now, would you be happy?
How well do you know and like your neighbors? How close in proximity to your work and other important people and places are you where you currently live?
If you could make your family living arrangement better at an acceptable costs, where would you go? What kind of layout would your new home have?
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What does the budget allow?
There’s that “B”word again? You will need to set aside time to get really focused on determining a realistic budget. This is the foundation of whether your plan to move toward your ideal home life is realistic.
If you only have time to review the last 3 to 6 months bank statements, credit statements and income documents, don’t forget about the once-a-year expenses like car insurance, car tags, long term care policy payments and other once or twice a year bills coming due.
Consider your income today but whether it is likely to go up or down in the next 3 to 5 years. Are there other resources you can call on in an emergency? Make sure you have an ample emergency fund in place.
You can find several budget gurus and experts online and in books. Many of them recommend keeping your house note including taxes and insurance and association fees all under 30% of your gross income. Their recommendations suggest that your total income-to-debt ratios, including your house note to stay well under 45% of gross income. Please check with your certified financial advisor when you are making big decisions like this.
DARIK DENNISON FAMILY STORY—MODIFY THE HOME
. “I need elbow room,” said Daniel Boone. More room or more rooms?
Darik Dennison, a hard-working professional who was spending way too much time at work and not at home with his wife and younger children. The Dennison’s wanted to make some improvements to their home that would bring them together as a family more often.
They wanted to open up the kitchen area to allow them all to be in the same room while eating and doing other activities. They wanted to put in a nice gunite pool with a deck and extend the patio by building a covered area for grilling outside. With the pool and the deck and extended patio, the Dennison’s could grill out or sit and read the paper while the kids swam in the pool with their friends. It was a brilliant plan to squeeze in more family time and make every moment count.
Their challenge was that they would have to get a variable rate Home Equity Line of Credit for over $75,000 and the variable rates have been forecasted to go up repeatedly for the next couple of years. This would mean their payment on the equity line of credit could continue to go up too, which could be a budget buster for the Dennison’s.
The Dennison’s explored a number of ways to try to get the money to complete the renovations to their home. Some of the investments he had considered using for the improvements was invested and making a good return. But using a variable rate Home Equity Line in a market where variable rates were predicted to go up multiple times was not working with a fixed budget.
Mr. and Ms. Dennison decided to keep all the financing on a stable, fixed rate loan by refinancing their existing first mortgage and getting cash out to pay for the home renovations and repairs. The entire financing package would be on a fixed rate loan with no prepayment penalty. The Dennisons would be able to pay extra on their new first mortgage and get the mortgage paid off early. They had their renovations, giving them quality family time and a payment that would not break their budget.
BRENT AND BELLA BEAUMONTS’ STORY—BUY VS RENT WITH EXIT STRATEGIES
Brent and Bella had been renting an apartment in an neighborhood that seemed to be attracting more crime. When they first got married and moved into the apartment the rent was less than $900/month but now it was over $1,000 per month. When Brent and Bella got the news they were going to have their first baby, the apartment, they realized was too small for their growing family. The payment was too large.
How were they going to find a bigger home with a smaller payment? They wanted to be in a good area where their children could go to the same schools that Bella attended growing up The other challenge was they had very little in savings to put down on a house.
The decision to rent vs buy? Brent and Bella didn’t think they had a choice. But, they talked with a realtor who explained to them that, right now, in the Memphis area, they really could find a bigger home in an area where they wanted their children to grow up with a smaller payment and for less than $1,000 down payment.
The realtor showed Brent and Bella several homes and they made several offers. Finally, the seller on a nice 3 bedroom home accepted their offer and even agreed to pay the Beaumont’s closing costs. Their realtor pointed out two advantages of buying the home they were purchasing. As their loan officer, I pointed out two more advantages that would give the Beaumont’s, not one, but multiple exit strategies so they would never have to feel stuck.
The first advantage, the realtor pointed out, was that in the neighborhood where Brent and Bella had decided to buy, home values had traditionally increased in value over time. That meant that 3 to 5 years down the road, they could probably sell the home and buy another home if the need arose to move.
The second advantage, the realtor pointed out after she researched the area, was that the property the Beaumont’s were purchasing was located in a strong rising rental market. If the trend of rising rent rates remained steady, the Beaumont’s would also have a choice of buying a new home later on and using this property for income-producing rental income -just in case the home selling market was tougher a few years down the road when and if the Beaumont’s decided to move to a different home.
The third advantage, as their mortgage officer I got to point out to them, was that the mortgage program they were using was a government FHA assumable loan. That meant, if the Beaumonts could not sell their home outright in a future market and they did not want to use the property as an income-producing rental, they could allow someone to qualify with their mortgage company to take over payments or assume their mortgage instead of the future buyers having to get a new loan. If mortgage rates were much higher in the future when the Beaumont’s decided to sell, they buyers might even pay the Beaumont’s more upfront for equity to have the privilege of qualifying and taking over the existing much lower interest rate mortgage.
The Beaumont’s had three possible positive exit strategies on buying their first home. They could enjoy that peaceful feeling of being free and not stuck. They got some down payment assistance from the city of Memphis and some gift money from parents too and bought their home with about $500 down. They moved into a much larger home than the former cramped apartment with a fixed interest rate payment a couple of hundred dollars less per month than what they had been paying rent. A very SWEET deal for the Beaumont’s and their sweet little one on the way.
5. Renovation and Remodeling to Stay In Your Old Home?
What changes or upgrades need to be made to your home to get the looks and layout to work for you and your family?
How much will these renovations costs?
How long will it take to complete them?
Will the modifications and remodeling of your home cause your home to be overbuilt for the surrounding neighborhood?
Would it be less expensive to purchase home vs remodeling your old home?
REAL ESTATE TIP OF THE WEEK (Mary Lou Nowak has about 1 to 1.5 minutes to share a real estate related tip connected to what she does at Mid-South Home Helpers): Assess the home where the aging or handicapped loved one lives or the home they plan to buy. Plan way ahead for the modifications that have to be done to the home to make it safe for your family member Don’t handle these decisions simply as an afterthought. Grab bars in the bathroom, and wheelchair accessibility to necessary amenities in the home are some examples.
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at Pinot’s Palette 8225 Dexter Rd Cordova, TN. This Wednesday July 10th, 2019 Talk Shoppe presents: “Is Setting Up A Vendor Booth Relevant For My Business? Product Or No Product—Here’s How” by Gina Davis info@findvendorbooths.com
Talk Shoppe events are free thanks to advertisers Mark McLaurine, Heating and Air Strategist with Refrigeration Unlimited. www.myhvacman.com 901 216-7782 Mark doesn’t make you wait and is available 7 days a week with no over-time charges to keep your air conditioning running all summer.
2. Enjoy your extended Independence Day weekend with your family and other loved ones
3. Thank you, Scott Owen of Best Choice Roofing for your financial support to make Talk Shoppe’s networking and education free to our local business community. Are you missing shingles on your roof or experiencing a leak following a storm? Give Scott Owen a call at Best Choice Roofing (901) 483-7114
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:
Anonymous “If you want to call a family meeting, just turn off the WiFi router and then wait in the room where it is located.”
Anonymous – about family “We may not have it all together, but together we have it all.”
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REJOINDERS:
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Eve Sotiriou, property management and mom in Waterville, Maine
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Eric Eurich, Kaizen award-winning business coach in Memphis, TN WWW.ERICEURICH@FOCALPOINTBUSINESSCOACHING.COM
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Jana Cardona, Executive Director of Business Network International in West TN and North Mississippi www.BNIMidSouth.com building your business by referrals
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Transitional Music: “Our House” Crosby Stills and Nash; “Our House” by Madness; “We Are A Family” Sister Sledge; “Taking Care of Business” by Bachman Turner Overdrive for the Talk Shoppe Business Tip For Real Estate Pros.
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ABOUT MARY LOU NOWAK OF MID-SOUTH HOME HELPERS
www.homehelpershomecare.com (901) 414-9696
Mary Lou Nowak, managing partner of Mid-South Home Helpers and serves as Vice President of Marketing and 2018 Professional Conference Chairperson of Professional Network Of Aging. She is a professional who began client care at a 500 bed community hospital in 2001 and since, while working with seniors and their families as owner of Home Helpers became an expert in expediting long term care insurance policies saving families thousands.
Home Helpers – (901) 414-9696
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ABOUT THE LAWHONS OF LAWHON LANDSCAPE AND DESIGN:
(901) 754-7474
Beautiful gardens begin with thoughtful design. The staff of Lawhon Landscape Design includes professionals with degrees in Landscape Architecture, Plant Pathology, Studio Art, and Agronomy. Our designers and plant professionals create outdoor living spaces with your lifestyle in mind.
Our many years of experience in design, installing, and maintaining Mid-South landscapes make us uniquely qualified to create gardens that are both beautiful and practical to maintain.
A Family Business
Our business was started in 1958 by Rex and Beth Lawhon and was one of the first weed control companies in the Southeast. Over the years, we have kept our client list small and personal in order to serve the gardens of Memphis with the best in lawn and shrub care. The high quality of our work has paid off over the years by the many repeat customers we have – both residential and commercial. We follow the philosophy of doing it right the first time. We hope that you will give us the opportunity to serve your garden needs as well.
In 1985, we expanded our family company by offering a complete design build landscape service. John Lawhon, with a degree in Landscape Architecture, offers complete landscape designs for every budget as well as outstanding plant installation services. In order to help maintain your landscape, we offer complete irrigation system installation. We have verything you need to make your home more beautiful than ever.
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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
“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
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