Today you will hear some examples of how people are financing their home purchase and how some are financing investment real estate. And, as a bonus, during this show we have experts to show you the best way to appeal your 2025 Shelby County real estate tax assessment.
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Host: #JoGarner #MortgageExpert 901 482-0354
Co-Host: #SherryHarbur #MidSouthRealtor www.Harbur.com
Special Guest: #TomKing #memphisappraiser 901 487-6989
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#homeloan #homebuyer #mortgagefinancing #realtor
#realestatetax #firstimehomebuyer #realestateinvestor
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Let’s Get Started…
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 HOW TO FINANCE A HOME OR AN INVESTMENT PROPERTY IN TODAY’S MARKET. Subscribe to get our weekly blogposts with podcasts at www.JoGarner.com. Call us while we are live today April 19th, 2025 at 901 535 9732.
Thank you to Tim Flesner and Genell Holloway of MidSouth Home Helpers for sponsoring THIS episode of Real Estate Mortgage Shoppe. For non-medical assistance for your loved one needing assistance with daily activities of living, contact Tim Flesner and Genell Holloway at MidSouth Home Helpers 901 414-9696.
Introducing Sherry Harbur of Harbur Realty
Sherry Harbur of Harbur Realty (H-A-R-B-U-R) brings her experience and skills to help you sell your home or buy your first home or even your fourth home. She wrote the book and workbook “Senior Housing Roadmap- Step-by Step Guide For Choosing the Right Option for Your Family.” Sherry, you have a long list of happy home sellers, home buyers and real estate investment clients. Take a moment and introduce yourself to our newer listeners. Tell us about the services you offer your clients. (Sherry Harbur has about a minute and a half to intro herself and talk about the services she offers her clients )
(JO) At some time in your life you may have been in a situation that you could describe as “having champagne taste on a beer budget. I know I have been there myself. Here is a quick story of one of my very clever mortgage clients, (Linda Layton-not her real name.) Linda knew what she where she wanted to live and what she wanted her house look like inside and out. The houses she really liked made the monthly payments too high for her and would have used up her emergency fund. Linda sighed with frustration, “It’s impossible for me. Maybe I just need to wait.”
Linda Layton- Patience and Ingenuity
Linda was a first-time homebuyer. We tried several programs with down payment assistance so that Linda could maintain her emergency fund. We even tried a special program for first-time homebuyers with a lower-than-market interest rate to keep her payments low. The problem? The houses Linda wanted were just above her price range.
It was a while before I heard from Linda again. But, one day my phone rang and it was her. “ I have a new plan,” she said. “I am going to buy a smaller home now, live in it and later sell it and use the profit to buy what I really want. Let’s talk about this cute little house I found.”
Kudos! to Linda Layton for her ingenuity and spunk. She and I talked about some ideas like gradually over time replacing an old sliding door with beautiful French doors, and building a better, more modern pantry in the kitchen and adding to the front yard garden area and more. We were laughing because, each time she added an improvement to the smaller house, it would feel like she was living in a new home. Time to celebrate!
If you are renting but want to buy a home to start building your own wealth, let’s explore some financing options. Are you are thinking, “I can’t afford the house I want?”
Let’s look at some special programs that can make the payment lower and more affordable. You may want to buy a smaller starter home first to start building equity. Later, you can sell it and take the profit to leverage up to the home you want. I can help you find the right mortgage program and make the mortgage process EASY. Connect with me today at www.JoGarner.com Call or text me at 901 482-0354..
(Jo) Sherry Harbur of Harbur Realty H-A-R-B-U-R dot com. Lots of our Shelby County TN homeowners are going through shock at seeing their new Shelby County TN Real Estate Property Tax Assessments.
You have a gift for them…
I have gifts for our Shelby County residents (Memphis and surrounding suburbs)?
1. This is Shelby County Re-assessment year! Some of our residents are probably overwhelmed when they see the new tax assessment – and think their house is probably not worth that much, or if it is they are considering selling it. What I have done for my clients over the last 26 years is offer a free comp analysis for my clients if they are concerned about that number. I offer that today as a perk to up to 10 of your listeners as well. All I need is either a copy of their letter from the Shelby County Assessor or they can text me their address and I will get a report out to them as quickly as we can work it in next week. They have until the end of May to submit for an informal review. Don’t wait until the end of May to get in touch with me, as I need a little time to prepare for you. Text or call me today at 901-496-8193.
We are lucky enough to have someone in the studio that can also help with this — If you need something more formal than the comps I can share:
Sherry Harbur introduces Tom King, Appraiser with Bill King Appraisal Company_ Tom can gives his wisdom about how to appeal your taxes
(Jo) 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 we will be hearing more from Sherry Harbur of Harbur Realty. Appraiser Tom King of Bill King Company will be showing us how to appeal our Shelby County TN real estate tax assessments. See you back in just a moment.
2nd Segment following 9:15 break (9:18 am to 9:30 am)
HOW TO APPEAL YOUR SHELBY COUNTY TN REAL ESTATE ASSESSMENT 2025
Tom King, Appraiser with Bill King Company
(901) 487-6989
More than 40 years experience appraising in Shelby, Tipton and Fayette Counties TN
(Tax Appeal Appraisals, Cash-Buyer Appraisals, Divorce and Estate Appraisals and more)
Our expert appraiser Tom King of Bill King Company has joined us to
talk about how to appeal your Shelby County Tn real estate tax assessment. Tom, you have been appraising homes in Shelby Tipton and Fayette Counties in Tennessee for over 40 years.
You know how the Shelby County Real Estate Property Tax Assessment appeal works too.
For our homeowners out there in Shelby county want to appeal the assessment value of their home, first, how to you find out how much your real estate assessment is? Then, how do we go about appealing that assessment amount?
(Tom has about 5 minutes to explain the steps to appealing the tax assessment.)
Sherry Harbur offers to give free comparable real estate sales in homeowner’s neighborhood to help them know the value of their home.
Tom King, Appraiser 901 487-6989
(Tom joins the conversation about how to finance homes )
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TOPICS COVERED BY :
Sherry Harbur of Harbur Realty Harbur.com and
Jo Garner, Mortgage Loan Officer (901) 482-0354
(Jo) What do I have going on in the market right now?
(Sherry) I am excited as I have several different things going on in different states! Seller’s are selling and Buyer’s are buying!! Real estate is “GOOD AGAIN”
For example:
1. Single Family (7189 Lucia Lane) 4 bedroom, 2 bath home under $260,000 that we are selling at Auction. While the sale is NOT limited to only auction, we will accept traditional offers prior to the auction date, we are doing this to fit a timeline for the seller who is trying to coordinate school graduation, and a relocation on a tight schedule. This one is in Mississippi and based on the USDA map, it shows it may be eligible for the USDA loans through the United States Department of Agriculture (Rural Development Single Family Housing Guaranteed Loan Program) Do you work with that or have you found other products that may work as well or better?
Auction
(Jo) To buy at auction is a fairly common way to buy real estate. If you are not paying cash, connect with me and I can help you get the preapproval letter you need to give the auctioneer.
Primary Residence Loans Zero to 3.5% Down
If you are buying the home as a primary residence we can use traditional mortgage, low-money-down type programs zero to 3.5% down payment. We also have special programs with a larger down payment for self-employed borrowers that don’t show a lot of income on their tax returns, but have plenty of business income coming through their bank statements.
Investment Mortgages -Low Documentation -20% or More Down
If you are buying as an investment, sometimes DSCR program (low documentation loan for investors) offers you a lower rate than the traditional loans. The DSCR investor loan is a 30 year fixed rate mortgage (but you can get a lower introductory rate if you use an adjustable rate) Usually this mortgage requires 20% down or more. The real estate investor has to have okay credit and enough reserve money left in the bank for unexpected expenses over and above the money he or she needs to close.
Sherry, these are just a few of the loan programs that might work for your listing at 7189 Lucia Lane.
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3rd Segment 9:35 am to 9:45 am
TOPICS BY:
Jo Garner, Mortgage Loan Officer and Sherry Harbur, Realtor with Harbur Realty continue talking about How to Finance a Home or Investment Property in 2025.
(Jo) Sherry, Do you have other homes listed today?
(Sherry)
Yes, I have more:
2. Multi-family (1307 Vinton) in one of Memphis’ Historic Districts. This one is 5 units and is listed under $500,000.. Where can you find a house under $100,000 each? Some families could go together and buy this one and live side by side and rent the other spaces! At the moment, there are leases in place for all the spaces, but this could be an option when the leases expire.
When it comes to loans, how many units can you finance before it bumps over to a commercial loan? Is it 4 units? How do your investment multifamily loans work?
(Jo) The mortgages I do for primary residences, vacation homes and investment properties are limited to 4 units per property or less. However, I am connected with several private individuals who loan long term on commercial properties with 5 units, 30 units or more.
If the buyer has a good relationship with his or her bank, sometimes a bank loan can help finance a property with over 4 units.
Sherry, what else have you got on the market right now?
(Sherry)
3. Lake House (EastPort Marina at Pickwick Lake) with 5 bedrooms, 3 full baths and lots of living spaces, decks, plenty of parking. When it comes to a home like this, we often think Vacation Home first, but several people live here year round! Because if is already furnished and the furniture can be negotiable at the time of sale, I keep thinking what an opportunity to have a vacation home that could possibily be rented out when you are not using it!
How would your second home mortgages differ from a regular home loan?
(Jo) When you are financing a vacation home, mortgage companies will not use rental income on that property. When the appraiser goes out to inspect the property, make sure there are no tenants living there-unless it is clear the lease has ended and the tenants will vacate before the closing date.
Minimum down on a vacation home is around 10% of the price or appraisal value, whichever is lower. The mortgage rates run a little over 1 point higher than the mortgage rate you would get if you were buying it as a primary residence.
For example if your cousin lived down in Pickwick where you listing is and she wanted to buy this home as her primary residence, she could make a down payment HALF the amount you would pay down if you were buying the property for your vacation home. You are going to pay more per month too—even though it would still probably be reasonable.
But, if the house was big enough and you get along really well with your cousin, you could cosign with her. She would be buying the home and moving into it as her primary residence. If you help her with the down payment or cosign for her, she might let you use the back part of the house when you are galivanting around Pickwick Lake.
(Sherry) Jo, we have other homes on the market or coming soon, too, but I am sure our time is running out at this point.
(Jo) Steps to Getting a Mortgage and Buying a Home
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Determine your PERSONAL comfort level on a monthly house payment. Determine your PERSONAL comfort level on the amount of money you can pay down at closing.
(Many of the online personal budget consultants recommend keeping your monthly house under 25% to 35% of your monthly income. They suggest not going over 45% of your monthly income with total monthly debt, including the new mortgage payment.
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Complete a mortgage application online or over the phone or in person. ( I would like the opportunity to serve you as your mortgage officer) Once you are prequalified or preapproved, it is time to shop for homes.
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Get with your realtor like Sherry Harbur here in the studio. It is time to shop for homes. If you find a home that is a higher price than the amount on the prequalification letter, let your mortgage officer know the address and price you need to pay. If the real estate taxes are lower on that property, you may be able to still qualify for the higher price you need without straining your budget. You won’t know until you do the numbers with your mortgage officer.
Make your plan. Let’s work your plan. If the deal works for you today, do it today. Connect with me at www.JoGarner.com Subscribe at www.JoGarner.com and you will get our weekly podcasts with show notes conveniently in your email box. Pick up the phone and call me the old fashion way. I want to hear your plan and roll up my sleeves with you to come up with a design to get your mortgage financing working for you. (901) 482-0354
4TH SEGMENT 9:48 AM TO 9:55AM
REAL ESTATE TIP OF THE WEEK (Tom King of Bill King Company gives a tip about 1 minute ) Tom King is available to do an appraisal on your home for you to use to appeal your taxes.
For tax appeal purposes, you only need to use sales comparables dating from January 1st, 2025 through one year earlier.
Check your home’s square feet to make sure the tax assessor’s office is not using an assessment on square footage you don’t have in your house.
Be courteous to the people on the county property tax appeal board.
Number one thing NOT TO SAY “My house is not worth that much. YOU buy my house for the assessment value.”
Sherry Harbur of Harbur Realty gives a tip (about 1.5 minutes)
. My second free gift today to your listeners if they text me in the next hour or call me today — This is for 55+ homeowners or their children.. They can get a signed copy of my book “SENIOR HOUSING ROADMAP” If they are wondering what the next step is in their housing journey we have a lot of information in our book to help them make some good decisions. Today we will go a step further and also offer them the workbook to go with it to help them get organized and make some plans for their future. We normally hold the workbook until we are having a free workshop so we can get them started on the workbook, but today only we will give them BOTH! This is not a downloadable copy, but a BOOK and WORKBOOK they can hold their hand and enjoy. Time is of the essence in reaching out, though!
HAPPY Easter Everyone!
Jo Garner’s tip If you have not picked up my book on Amazon or Barnes and Noble, today is the day to order it. “Choosing the Best Mortgage-The Quickest Way to the Life You Want” This book will help you prepare your credit and your finances so that you are positioned for the best financing options. Some of the customer stories in the book may spark some ideas of your own for strategies YOU may want to use.
If you want to buy a home or refinance right now, I am happy to talk with you today (901) 482-0354 JOGARNER.COM
ANNOUNCEMENTS:
Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1st floor Memphis, TN
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Join in person or online by clicking www.TalkShoppe.com and click the Events tab for the link to get into the event online.
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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: If you think no one cares about you, try missing a couple of mortgage payments. Stephen Wright
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On Amazon and Barnes and Noble
REJOINDERS:
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Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101 (home and auto)
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Clint Cooper of Redeemers Group (foundation repairs) www.redeemersgroup.com
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Donna Roach of Hearthside Senior Living in Bartlett 901 651-2503
Transitional Music: “In This House” Granger Smith; “We Bought a House” Kat and Alex; “This is the Story of Your Life” Matthew West; “Taking Care of Business” by BTO for the Talk Shoppe Business Tip for Real Estate Pros
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SHERRY HARBUR, REALTOR WITH HARBUR REALTY
Sherry Harbur, Broker and Owner of Harbur Realty. 1984 started my real estate journey in New Mexico and it has been a pleasure assisting buyers and sellers in the Memphis/Midsouth market since 2000! I’ve worked through up and down markets and we get creative to make things happen for our clients best interest, no matter what the market decides to do!
Today, we still work hard for our first-time home buyer, relocation buyers and sellers, and helping our buyers and sellers right size for their current housing needs. We’ve appreciated working with multiple generations in the same family! We also love helping investors build their portfolios while making sure they truly understand our Memphis market before investing here.
We are very passionate about representation for our 55+ community. We have witnessed some serious senior abuse in their housing sales and it is heartbreaking to know their one asset that they could live on was sold at steeply discounted prices. We are adamant about taking education to our communities to help protect this class, so this last year we wrote a book called “Senior Housing Roadmap”. We want to get this into as many hands as possible for our senior community or their families. We deliver the books for free or can send them a digital link if they want to read it on their phone or iPad.
We then offer free workshops and provide a free workbook for them to work with — we call it a “Roadmap”, because it helps avoid a WRECK in their real estate planning. This is for anyone that owns a home and do not have a PLAN for what to do going forward. It allows them to know what their “Scenic Route” ahead would look like if all goes as planned, but it also gives direction for their family in the event things turn and they have to “Fast Track” into different housing. It’s always nice when we know what our loved ones desire and we can work towards that goal even if they are not able to communicate that to us at some point.
Sherry Harbur, Realtor
Harbur Realty
(901) 496-8193
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com X @jogarner NMLS# 757308
(currently working with Everitt Financial dba Supreme Lending)
ONLINE LOAN APPLICATION : https://jogarner.supremelendingLO.com
“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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY. She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.
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 30 years. She grew up in West Tennessee and got her start in real estate 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 30 years.
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 Pick up Jo Garner’s book on Amazon or Barnes Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”