Do you remember the last time you really felt like you Got Your Money’s Worth on something? It is a satisfying confidence that settles comfortably inside. I know several people who have sold homes, purchased homes and felt like they got their money’s worth on both the house and their mortgage. Let me introduce you to some of those people today. Brandon Thompson of Home Team Inspection Service in Memphis is going to share with you some interesting tips on how to get your money’s worth from a home inspection.
What do YOU want to accomplish with YOUR mortgage? Let’s talk! The best number to reach me is (901) 482-0354. Subscribe to receive Real Estate Mortgage Shoppe podcasts with show notes weekly in your inbox. www.JoGarner.com
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS #757308
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REAL ESTATE AND MORTGAGE MONEY TOPICS TODAY
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 Get Your Money’s Worth from Your House, Your Loan & Your Home Inspection. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is February 23rd, 2019.
Do you remember the last time you really felt like you Got Your Money’s Worth on something? It is a satisfying confidence that settles comfortably inside. I know several people who have sold homes, purchased homes and felt like they got their money’s worth on both the house and their mortgage. Let me introduce you to some of those people today. Brandon Thompson of Home Team Inspection Service in Memphis is going to share with you some interesting tips on how to get your money’s worth from a home inspection.
INTRODUCING BRANDON THOMPSON-HOME TEAM INSPECTION SERVICE
Sitting in the co-host chair today we have our expert home inspector, Brandon Thompson of Home Team Inspection Service in Memphis, TN. Brandon spent almost 20 years in the Air National Guard before launching into the home inspection business. Thank you for your service, Brandon. You said you got your taste for the real estate business working with your dad on some home renovation projects and Do-It-Yourself projects. Tell our listeners a little bit about yourself and what Home Team Inspection Service does for your clients. (Brandon introduces himself and also talks about the services offered by Home Team Inspection Service).
SOMETIMES THE BEST REAL ESTATE DEAL IS TO FOLLOW YOUR HEART
(Jo) Today we are talking about getting your money’s worth on your home, your loan and your home inspection and it reminds me of a call I got from a former client a while ago. We can call him Charlie (not his real name.) He was in his 30’s with a wife and a young child and another baby on the way. “The house we are in is a little cramped now, but when the baby is born, this house won’t work for us at all.” He talked about a neighborhood where he and his wife were looking at houses.
When I asked him questions about the price ranges of the homes in the neighborhood where he was describing he had been looking, his voice sort of trailed off and he didn’t finish his sentence. Without any warning, he just blurted out, “I don’t really want to buy an existing home anywhere. What I really want to do is build the house the way we want to live in it.”
When he asked me which way would be the best deal for him, my answer to him was the answer he already knew to be true before he ever asked. The real question was, “Where will you be happiest—in an already built home or the new construction home you design yourself?”
So may times the best deal ever is the one where you follow your heart and figure out for yourself how to make it work. Charlie and I started doing the numbers on what the money down would be and the payments per month if he built the house he really wanted out in the country. After looking at a few ideas, he finally decided that he could afford right now to build the house he wanted if he didn’t finish the attic and left the bonus room unfinished.
“With small children, I wouldn’t want them trying to navigate stairs anyway. When the children are a little older and I have a little more saved back, we can finish out the upstairs and it will be like having a brand new house.” His plan was to consult with a realtor who knew the values in the area. He was going to get with a builder and then come back to me with some prices and terms we could compare on putting together his mortgage terms.
On Real Estate Mortgage Shoppe we always say, “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.
Brandon, you work with home buyers, sellers and realtors too. Buying or selling a house can be a gigantic financial decision. What are some advantages to having a home inspection on these transactions? (Brandon launches into some his topics on
What areas are covered on a home inspection?
What is the difference between a home inspection and a home appraisal?
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. Connect with me at www.JoGarner.com When we come back Brandon Thompson of Home Team Inspection Service will be sharing with you some ways you can get the most out of your home inspection. 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. Jimmy speaking noon to 1 on Mondays and Thursdays at the Pink Palace starting in February 2019. Jimmy is a captivating storyteller, and brings Memphis history to life. To find out more about Jimmy Ogle, go to www.JimmyOgle.com Our Look Back Memphis Triva 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 . 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 901 535-9732.
Willie Mitchell
Question: I began my career at Hi Records in the 1970s. Who am I?
Hint: I was known in the studio as “Pap Willie”.
Hint: I owned my own independent record label in the 1980s, known as Waylo Records.
Final Hint: I ran Royal Studios in the Soulsville area of Memphis.
Answer: Willie Mitchell was an American trumpeter, bandleader, soul, R&B, rock and roll, pop and funk record producer and arranger who ran Royal Studios in Memphis, Tennessee. He was best known for his Hi Records label of the 1970s, which released albums by a large stable of popular Memphis soul artists, including Mitchell himself, Al Green, O. V. Wright, Syl Johnson, Ann Peebles and Quiet Elegance. At the age of eight, he began to play the trumpet. While in high school, he was a featured player in popular local big bands. He later formed his own combo, which from time to time included musicians such as trumpeter Booker Little, saxophonists Charles Lloyd, and George Coleman, and pianist Phineas Newborn, Jr.
Mitchell landed a job with the Home of the Blues record label as a producer, then left to join Hi Records as both a recording artist and a producer. Known at the recording studio as “Papa Willie”, Mitchell earned his nickname by taking over the reins of Hi Records in 1970 and guiding it through its most successful period. Mitchell’s productions have been much noted for featuring a hard-hitting bass drum sound (usually played by pioneering Memphis drummer Al Jackson, Jr. of Booker T. & the M.G.’s.
A trumpeter and bandleader in his own right, Mitchell released a number of popular singles for Hi Records as an artist in the 1960s, including “Soul Serenade.” It peaked at #43 in the UK Singles Chart in April 1968. Through the 1980s Mitchell ran his own independent record label, Waylo Records. Acts on the label included Billy Always and Lynn White. Mitchell died in Memphis on January 5, 2010, from a cardiac arrest.
His final work was producing the final Solomon Burke studio album, Nothing’s Impossible, released in June 2010.
Jimmy Ogle will be presenting two FREE “encore tours” of the Judge D’Army Bailey Courthouse on Friday, March 15 at 12:00noon and 1pm. Go to JimmyOgle.com for more information.
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TOPICS COVERED BY BRANDON THOMPSON OF HOME TEAM INSPECTIONS
What is a home inspection? What areas in and around the home does a typical home inspection cover?
It is a visual inspection of all the major components of the home. A basic home inspection includes the following items:
Roof
Structure
Exterior
Electrical system
Heating and Air Conditioning system
Plumbing system
Insulation and Vapor Barriers
Interior
Mechanical and Natural Ventilation system
We also inspect pools, irrigation systems, septic systems, wells, camera scope drain lines, and perform mold testing/assessments for an additional fee.
2. What’s the difference between an inspection and an appraisal? Aren’t they the same? Why do I need any inspection if I’m going to get an appraisal?
A home inspection is very different from an appraisal. A home inspection is a visual inspection and functionality check of all the major components of the home. We spend approximately two hours or more running the plumbing, checking the heating and cooling system, testing lights and receptacles, as well as thoroughly checking the structure so that you know what you’re buying.
An appraisal is an unbiased estimate of the true (or fair market) value of what a home is worth. All lenders order an appraisal during the mortgage loan process so that there is an objective way to assess the home’s market value and ensure that the amount of money requested by the borrower is appropriate. It is not a deep dive into the individual components that make up the home.
3. Tips for getting the most out of a home inspection-
Show up – Be present at the inspection. I always encourage my clients to be there for the full inspection. I like having that time to talk with them about their concerns. We also talk about the scope of the inspections, how we perform the inspection, things we’re looking for, as well as educate them on how to maintain the property. We talk about where the heating and air conditioner filter is how often it should be changed, where the water shutoff valve is, how to clean your gutters, etc. It is your time to really get a good understanding all the major components that make the house a home. Take advantage of it.
Ask questions – When you show up, I always tell my clients to “put their inspection goggles on”. If something looks wrong to you, point it out to me before I leave so I have a chance to address it. I want my clients to feel confident that they know everything they need to know about the property they’re purchasing and are ready to move forward.
Do your own pre-inspection- While you’re out shopping houses, do your own min-inspection to prepare for the official inspection. The more information you can give your inspector on the front end, the better. Take a look at the plumbing under the sinks, run the water in the sinks and flush the toilets. Look at the roof, does it look old to you? Does the electrical panel look old? Before you make that offer, look at more than just the new countertops and freshly painted walls.
Use someone you trust – When choosing your home inspector, do your homework. A good place to start is by visiting homeinspector.org. This is the website for ASHI (American Society of Home Inspectors). Find a certified home inspector and talk with them about their process, whether they will walk the roof, crawl under the home, etc.
Get pictures for proof – Take your own photos of defects and the condition of the home while you’re there at the inspection. As inspectors, we take a lot of pictures while at the inspection for the report and to document the condition, but as a buyer it’s good practice to do this as well.
After the home inspection, add up all the expenses – you should add up all the costs of items you want to repair, replace, paint, improve, landscape, etc. Adding up all those costs, plus getting bids and estimates to make those repairs and upgrades, will give you a better feel for how much you will be spending on the property once you take ownership.
Use all the information you have to request repairs – The seller is by no means obligated to repair anything, but it’s worth a try. Your real estate agent should be able to guide you through this phase, but the more detailed you are, the better.
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
1. How can you get your money’s worth on a home mortgage?
A. The United States of America is the only place in the world that I know of that offers a true fixed rate 30 year mortgage. In this current market the 30 year mortgage can usually let you enjoy a house note that is less than what others are paying in rent for a similar house.
As rent rates continue to climb, even though your taxes and insurance go up, your principal and interest payments remain the same, often keeping your house note lower and lower compared to rising rent rates. Without being saddled up with a punishing rent rate, you can enjoy doing a few
things on your bucket list that you would never be able to afford if you were paying escalating rent.
What is especially gratifying is being able to make extra principal payments throughout the year so that sooner rather than later, you will walk free of the mortgage payment altogether. Just one extra principal and interest payment per year, every year from the beginning of the mortgage term, can knock off 7 to 8 years of a 30 year loan. If you pay more prepayments to principal, especially in the beginning of the loan, getting the mortgage paid off early can happen quicker than you think.
B. Another way to get your money’s worth from a mortgage and your home is to buy at a price that is affordable to you and begin a little at a time to improve the home-like finishing the bonus room over the garage. Be careful not to over improve past the size and quality where the other houses are in the neighborhood. Also, consult with a professional on what improvement items can bring more return on investment if you ever decide to sell them home or rent to tenants.
C. Many of the first-time homebuyers that I know have qualified for some type of down payment assistance. They were able to put more than the minimum down payment into buying their home, keeping their payments lower and keeping more emergency money in their pockets.
D. How about buying real estate at a lower price, renovating and repairing them as profitable income-producing properties to rent out to tenants? There are some special financing tools that work well for those transactions. Call me and we can discuss what might work for you.
2. How do I get the best terms on a mortgage?
A. When you are trying to decide on a mortgage company or whether to get a 30 year fixed loan or a 20 year mortgage or a 15 year mortgage, shop at least 2 or maybe 3 places within a 2 week period. The lowest rate is rarely ever the best deal though. You want a lender who is truly listening to you and committed to getting your loan structured so that it works for you and it really comes down to who is going to get that loan approved and closed on time
B. If you are NOT planning on keeping the house for more than 3 or 4 years, you may want to look at not paying a lot of points to buy the interest rate down. If you are paying a full one percent of the loan amount for points to buy down the rate to below market rate, you might never recover savings enough to offset the hefty point or more you paid to get your interest rate below market. Call me. You and I can compare a few financing scenarios to see which you would more than likely come out making your investment back.
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REAL ESTATE TIP OF THE WEEK
(Brandon Thompson shares a real estate related money-saving or time-saving tip- Is it a good idea to have a professional home inspector do an inspection on new construction? Absolutely! Even builders and contractors can get in a hurry and miss something. It only takes one small item missed on the construction to later cause large, expensive problems)
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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 February 27th, 2019 Talk Shoppe presents: “Mastermind Principal: based on the book Think and Grow Rich by Napoleon Hill.
Talk Shoppe events are free thanks to supporters like Tim Gilliland of www.BackupRX.com When you need to recover lost data on your computer, you will feel very thankful when you call Tim at BackupRX and simply download all your data and system files immediately when you need it. Contact BackupRX about getting your data automatically backed-up at www.BackupRX.com
Thank you to Mary Lou Nowak, owner of Mid-South Home Helpers for your financial support of Talk Shoppe. Mary Lou knows what to do when it comes to helping your aging loved one enjoy staying safely and comfortably in their own home. Contact Mary Lou at (901) 414-9696,
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 USE FICTIONAL CHARACTERS AND DO NOT REFLECT REAL PEOPLE OR ACTUAL DETAILS IN ANY OF THE SITUATIONS.
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QUOTE CORNER:
Tony Hsieh “Chase the vision, not the money, the money will end up following you.”
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REJOINDERS:
1. Bob Turner, Hair Stylist at Goulds Salon Spa, Collierville, TN 875 W Poplar Ave Suite #9, Collierville, TN 38017 (901) 854-7336
2. Wis Laughlin, Tax and Estate Attorney Memphis, TN wislaughlin.com (901) 507-4274
3. Don Hutson, author, speaker, US Learning Memphis, TN don@donhutson.com
Transitional Music:
“If My Nose Was Running” Money by Aaron Wilburn; “I Might Be Cheap” Rik Roberts; “Money Song the Muppets” “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT BRANDON THOMPSON, HOMETEAM INSPECTION SERVICE OF MEMPHIS
Brandon Thompson, Home Team Inspections
Direct (901) 848-2388
Appointments (901) 562-0988
TN Home Inspector License#: 1553
ASHI Member#: 263050
NACHI Member#: 17020732
Home Team Inspection Service – Memphis
Brandon Thompson – owner of HomeTeam Inspection Service Memphis. I am a member of ASHI (American Society of Home Inspectors) and NACHI (International Association of Certified Home Inspectors), Memphis Area Association of Realtors, Women’s Council of Realtors, BNI, and I’m a licensed home inspector in the state of TN.
HomeTeam Inspection Service is the leading home inspection company in North America. For more than 20 years, home buyers, home sellers, and real estate professionals have recognized HomeTeam for being fast, trusted and accurate. And just as the name implies, we make every inspection a team effort. Because your time is valuable, we bring a team of professionals to your home inspection. This assures you of an efficient and thorough inspection.
I’ve lived in the Memphis TN area since 1998 and have spent the last 19 years working full-time for the Air National Guard as an IT Specialist. I earned my degree in Business Management from the University of Memphis with a minor in Real Estate Finance. My love for real estate started early on while working with my father on a couple of remodeling projects and developed over the years as a home owner and DIYer. I’ve always wanted to work for myself and I wanted do something to help people. I love the fact that I’m able to help buyers make one of the most important decisions of their life.
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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 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.com 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.