MORTGAGE FINANCING FOR YOUR BARGAIN FIXER-UPPER MADE EASY
In this show we will be sharing some stories of people who found their bargain-priced home and made it their own by using renovation and repair financing. If the homes you are finding are too expensive for your budget or the home just needs a few modifications to work for you, you may connect with your solution during this episode of Real Estate Mortgage Shoppe.
What do YOU want to accomplish with YOUR mortgage? Let’s stay connected! I want to hear your story and what you want to do. (901) 482-0354 Jo@JoGarner.com . Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS# 757308
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 “MORTGAGE FINANCING FOR YOUR BARGAIN FIXER-UPPER MADE EASY.” Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call us while we’re live today February 15th, 2020 at (901) 535-9732.
INTRODUCING MICHAEL BROOKS RENOVATION & REPAIR MORTGAGE MANAGER
In the studio to talk with you is Michael Brooks, National Renovation Manager for Sierra Pacific Mortgage. Michael you have had almost 20 years experience building renovation lending teams for mortgage companies. You have the system down so well its so much easier for home owners, home buyers and realtors to get a renovation repair loan today than ever before. (take a moment and tell our listeners a little about yourself and what Sierra Pacific Mortgage does for our renovation and repair mortgage clients—about 1 minute) (Michael’s notes (I work with Sierra Pacific Mortgage and I’m the National Renovation Manager and we specialize in renovation Financing. We offer current or future homeowners the ability to purchase or refinance a property and include the costs needed for remodeling. Currently I’m traveling across the country training our business partners with renovation financing, and this is what we will be discussing today…)
INTRODUCING KYLE PORTER, SIERRA PACIFIC MORTGAGE CORDOVA, TN BRANCH MANAGER
(Jo) Also in the studio today is Kyle Porter, manager of Sierra Pacific Mortgage in Cordova, TN. Kyle, you have really hit the ground running at Sierra Pacific Mortgage. You roll up your sleeves to support our loan officers and our customers and referring partners. You are innovative and creative. Take a moment to tell our listeners a little bit about yourself and what you do at Sierra Pacific Mortgage. (Kyle has about 45 seconds to introduce himself and what we do at Sierra Pacific Mortgage)
THE POWER TO CREATE—HOME RENOVATION HOLDS PROFITABLE POSSIBILITIES
(Jo says) I don’t know who said this, but the quote goes like this– “Creativity is seeing what everyone else has seen, and thinking what no one else has thought.”– Some people have a negative feeling when they see “fixer-upper” or “handyman’s special” on a real estate ad. But, with the right mortgage financing, what if that home got you into the higher valued neighborhood at a much lower payment to fit your budget? What if the only home you can find in the neighborhood where you want to live needs some modifications to make it fit the way you want to live? Think outside the box. Would a renovation and repair loan make that house the right one for you?
Mr. and Ms. Lancaster (not their real names) found a house in the country and close to other family. It had a perfect layout for enjoying their retirement with a bonus room for entertaining their grandchildren when they came to visit. The property was priced well below the other homes, making it very affordable to the Lancaster’s on their income. It was truly a needle in a haystack.
The flaw in the arrangement was that there was rotted wood that needed to be replaced and painted. There were some fixes that needed to be made to the electrical systems. The Lancasters were in a Catch-22. The mortgage company would not allow them to close on the home until the repairs were done. But they couldn’t make the repairs until they owned the house.
The solution? An FHA 203K Renovation and Repair loan. Even with the price they paid for the home and the cost of the repairs, the home was worth quite a bit more than they had to spend. The Lancasters had quite a celebration day at closing and bragging rights when they went home to their new digs.
ADVANTAGES OF USING A RENOVATION AND REPAIR MORTGAGE
Michael Brooks, you specialize in multiple renovation and repair mortgage programs and making them very user friendly to customers and their referring partners. Take a few minutes to talk about the advantages of using a renovation and repair loan. (Michael has about 2-3 minutes to start into his talking points before we go to 9:15 AM break.)
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 Michael Brooks and Kyle Porter of Sierra Pacific Mortgage will be sharing more about how you can still get a bargain buying a home with today’s newest renovation financing.
TOPICS COVERED BY MICHAEL BROOKS OF SIERRA PACIFIC MORTGAGE
Jo asks: Why is renovation so Popular?
Mike will Answer.
Jo Asks: How do renovation programs work?
Mike Will Answer
Jo asks: What are the benefits for consumers with renovation financing?
Mike Will Answer
Jo asks: What type of repairs are allowed?
Mike Will Answer
Jo: asks: Are permits required?
Mike Will Answer
Jo: Let’s talk about contractors.
Mike will Answer
Jo: I have heard the term Future Value can you explain?
Mike will Answer
Jo: Why should someone consider a renovation program as opposed to handling the renovation by themselves?
Mike will answer
Mike will provide tip
TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
- Here’s a story of a former client who believed she would get what she wanted and was willing to do what others were not willing to do to get it.
IF IT IS TO BE, IT’S UP TO ME—KATARINA KLAUSSEN’S STORY
As a little girl, Katarina Klaussen never had to hesitate when friends and family would ask her what she wanted to be when she grew up. “A doctor. I’m going to be a doctor,” she would reply matter-of-factly. At least that what her heart yearned to do. But it would cost money—money she did not have. Katarina recited to herself, “If it is to be, it is up to me. I have to figure out a way to get up, under or around this mountain.”
Katarina studied hard, earned a scholarship and, after getting her 4 year degree, now it was off to medical school. She worked on some special projects which earned her some paid tuition to medical school, but only to a school out of state. How could she afford to live there?
Katarina found an abandoned home that people in town referred to in a derogatory sense as “That House.” This house was close to the school and needed a LOT of cleaning up and quite a number of repairs, including moving the family of racoons out of the basement. The owner was only too glad to sell this eye-sore to Katarina at a cheap price and he even offered to finance it for her—since the banks wouldn’t loan on such a derelict property.
She cleaned up one corner of the upstairs so she could move in and progressed on cleaning up the rest of the house. But, the property needed electrical and plumbing repairs and some carpentry to make it livable. She was short on time and skill. Who could help her without charging her an arm and a leg? The Answer? Some skilled college friends who worked doing maintenance for the school. They needed a little extra money so the work got done at a bargain price. Katarina rented a few of the rooms in THE HOUSE to roommates and, voila’, she was making an income.
After graduating medical school, Katarina was able to sell her renovated home for a huge profit. This helped fund the next 3 years of her medical residency in a different area of the country. Today, Katarina is a successful doctor, providing a good life for her family. I am sure she is teaching her children what she learned–to take responsibility for their own future. “If it is to be, it is up to me.”
- Other opportunities : Refinancing a home you own to make it more valuable.
- Refinancing to combine your other higher interest rate debt into one low, fixed rate mortgage. Then use some of your monthly savings to set up automatic prepayments to principal to get rid of your mortgage sooner.
- If you are a realtor looking to create a steady stream of real estate referrals in the fixer-upper or second chance home markets, let’s talk! Connect with me over coffee or come over to see us. Let us show how much easier our system is for getting home buyers financed to buy homes that need renovation and repairs.
REAL ESTATE TIP OF THE WEEK (Michael Brooks of Sierra Pacific Mortgage shares a real estate related money-saving or time-saving tip- When you are considering buying a home that needs renovation and repair, hire a home inspector to comb over the property to let you know of any structural, security of sanitation issues. Secondly get a contractor to bid on these repairs and any other modifications on your WANT list):
Jo’s tip- If you are a realtor looking to create a steady stream of real estate referrals in the fixer-upper or second chance home markets, let’s talk! Connect with me over coffee or come over to see us. Let us show how much easier our system is for getting home buyers financed to buy homes that need renovation and repairs.
Kyle’s tip: To maximize your credit score to get it higher, it is a good idea to keep your revolving credit cards balances UNDER 30% of the total credit limit.
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (The Clark Tower) “Skills, Knowledge, Opportunities” presented by Andrew Israel
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Thank you to Leah Anne Morse of All Things New. Leah Anne is skilled at helping people down size or change living situations. Leah Anne can help with organization and making the changes more enjoyable. Contact Leah Anne Morse at www.AllThingsNewWTN.com
2. Thank you to Don Lawler of www.storytellersmemphis.com for helping with some of the videography at some Talk Shoppe events. If you are looking for a professional to help you get your business brand recognized and remembered using photography and video, contact Don Lawler at StoryTellers Memphis at www.storytellersmemphis.com
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4. 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.
Dolly Parton “If you don’t like the road you are walking, start paving another one.”
(Michael Brook’s quote) “ If money can fix it, it’s not a Problem”
- Eric Eurich, Kaizen award-winning business coach with Focal Point Business Coaching
- Pat Goldstein, Crye-Leike Realtors “The Gold Standard in Real Estate” in West TN and North Mississippi (901) 606-2000
- Mark Loden, MKL Personal Monthly Budgeting Service mklpersonalbudgetingservice.com
Transitional Music: “Fixing A Hole” by the Beatles; “I’m Your Handyman” by Jimmy Jones; “The Talkin’ Song Repair Blues” by Alan Jackson; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
ABOUT KYLE PORTER, BRANCH MANAGER OF SIERRA PACIFIC MORTGAGE CORDOVA, TENNESSEE
Kyle is a native Memphian that has been in mortgage banking in the Mid-South for 20+ years. Specializing in construction lending and first-time home buyers, Kyle and his team at Sierra Pacific Mortgage make it a point to treat every customer and client like they are family, making sure each one is given the hands-on attention that is needed in the mortgage process. Kyle is heavily involved in the real estate community, serving on the Affiliate Board for the Area Association of Realtors and is an active volunteer for Habitat for Humanity and Youth Villages.
ABOUT MICHAEL BROOKS, SIERRA PACIFIC MORTGAGE
Michael Brooks is our National Renovation Manager has embraced the renovation for 19 years. Michael successfully originated, underwritten, disbursed, trained and built renovation departments within the industry since 2000. He has developed and now oversees the Renovation Department with Sierra Pacific Mortgage and has just returned from six-week cross county road show training realtors on renovation loans.
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