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PREPARE & PROTECT THOSE YOU LOVE- SOME WISDOM FROM THE MASTERS WITH YOUR FINANCES, INSURANCE, & IN A HOME DISASTER

by | Dec 9, 2019 | Finances, Financing, Financing & Refinancing, Home Buying, Loan Programs, Money, Mortgage Loans & Rates, Rental Property

Welcome to Real Estate Mortgage Shoppe!

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 PREPARE & PROTECT THOSE YOU LOVE -SOME WISDOM FROM THE MASTERS WITH YOUR FINANCES, INSURANCE, & IN A HOME DISASTER. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com Call us while we’re live today December 7th, 2019 at (901) 535-9732.

When an unexpected disaster strikes your home, wouldn’t you experience some relief and contentment knowing you were prepared to play a leading role in protecting your family? Join us during this episode of Real Estate Mortgage Shoppe as the masters of insurance and our home disaster restoration expert share some tips on how to avoid and mitigate fire and water calamities in your home. I will be sharing some tips and stories from the mortgage desk on ways some of my past clients have prepared themselves when the unexpected hits the stage.

INTRODUCING TROY AND LYNN MCDONALD, ERIN MCDONALD INSURANCE AGENCY

In the studio again we have Troy and Lynn McDonald of Erin McDonald Insurance Agency. They are well-known for delivering homemade chocolate cookies to celebrate with homebuyers at their closing. Troy and Lynn, you have modeled excellent customer service for other business people for years at Talk Shoppe. Please take the spotlight and tell our listeners a little about yourselves and what types of insurance products you offer your clients. (Troy and Lynn introduce themselves and list some of the types of insurance products they offer)

INTRODUCING BRETT CARTER, SERVICEMASTER BY CORNERSTONE

Also, in the studio again we have Brett Carter, of ServiceMaster by Cornerstone. Brett, we have heard some great reports about your first-class service in disaster restoration from people in our Talk Shoppe networking group. Even Andy Wise of Wise Choices, gives you top billing when it comes to your service. Take a moment and introduce yourself and share with our listeners some of the services you offer your customers. (Brett has about 45 seconds to introduce himself and list some of the services he offers his clients)

(Jo) We have a very special guest –a very wise master and mentor—who will be arriving at any time in the studio today. He has traveled further than any guest we have ever had on Real Estate Mortgage Shoppe—from a very faraway galaxy.

Speaking of space travel and gravitational time warps, the new Star Wars movie is coming to town in a week or two. The Star Wars movies draw us into the fights and plights of fictional heroes as they battle their own catastrophes. We can relate to the challenges, courage and redemption that the Jedi Knights experience, even though our own may be the loss of a loved one, a crushing divorce, health issues or a devastating financial disaster. Tragedy can define who we are in the way we respond to it—whether we give in and give up or we rise to the occasion.

As a mortgage loan officer for over 25 years, I have had a close- up view of some of my customers’ stories over the span of decades. I have to agree with some of the financial gurus on four top habits you can form to prepare and protect your loved ones financially

  1. Create an emergency fund that can cover you through a financial disaster.

Some experts suggest that you take a designated percentage off the top of any income you make so it automatically goes to an investment account that isn’t easy to access

  1. Set up a budget that works but that allows for a few fun things too. Stay accountable to someone to help you work a plan to get tomorrow what you cannot afford today.

Some experts suggest keeping your monthly house note, including taxes and insurances and association fees 25% to 31% or less than your gross income. Some of these experts suggest never allowing your total monthly debts, including the house not to exceed 38% to 43% of your gross income.

  1. Monitor your credit and keep your credit scores as high as possible. The higher your scores, the lower your borrowing costs.
  2. Reevaluate your financial situation and look for ways to lower borrowing costs and bring more joy to your home.

(The wise master greets our audience and gives a wise quote about the importance of preparation and protection-about 30 seconds)

(Jo) Troy and Lynn McDonald of Erin McDonald Insurance Agency, share with us some wise insights when it comes to getting the most protection for the least costs on home insurance.

Troy and Lynn McDonald share some of their topics until we take a break at 9:15 AM

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 you will be hearing more from Troy and Lynn McDonald of Erin McDonald Insurance Agency and Brett Carter of ServiceMaster by Cornerstone.

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2nd segment after 9:15 break:. The Look Back Memphis Trivia 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 or you can do the big project in phases . 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 WREC 901 535-9732.

Who am I?

Hint 1: I am a movie theatre chain that has remained family owned and operated for over one hundred years.

Hint 2: It has been led by four generations of the same family.

Hint 3: The company has 33 theatre locations with over 340 screens in six states (including Arkansas, Kentucky, Louisiana, Mississippi, Missouri and Tennessee).

Who Am I?

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More about Malco Theaters from Wikipedia: Malco Theatres’ history began during World War I when Morris A. “M. A.” Lightman, Sr., (known as M.A.) the son of Hungarian immigrant Joseph Lightman, left his hometown of Nashville, Tennessee, and went to Colbert County, Alabama, to work on the Wilson Dam project as an engineer. Although he held a degree in engineering from Vanderbilt University, he thought of himself more as a showman and entertainer. Lightman decided it was time to try something new one day while in Northwest Alabama, when he came upon a long line of people waiting to get into a local theatre. He decided he wanted to operate a movie theatre. Lightman traveled to Atlanta where he had made a contact in the theatre business and sought to learn the art of movie exhibition.

Upon his return two months later to Northwest Alabama, in February 1915, Lightman formed The Sterling Amusement Company and opened his first theatre in a storefront he had rented in Sheffield, Alabama. Lightman named this storefront theatre “The Liberty Theater”, and later opened a 400-seat theatre, “The Majestic” across the river in Florence, Alabama at 204 North Court Street, in August 1919. Lightman opened a third theatre in the area before accepting an offer from another local theatre owner to buy out his theatres in the area. In return, Lightman received a 50 per cent stake in a theatre in North Little Rock, Arkansas.

After leaving Northwest Alabama, M.A. partnered with his father, a stone construction contractor, to build the Hillsboro Theater in Nashville, Tennessee. They opened the Hillsboro on May 18, 1925, with the D.W. Griffith film America. Three months later, Tony Sudekum, founder of Crescent Amusement Co., opened a competing theater at the opposite end of the same block. The competition with Sudekum forced M.A. and his father to close the Hillsboro Theater. The theater was used as a live production venue, including as a temporary home for The Grand Ole Opry, for many years until being converted back into a cinema and renamed the Belcourt Theatre in 1966 by a new group of owners.[1]

The former Hillsboro Theater is still standing today and is operated by a non-profit organization as an independent art house. M.A. Lightman, Sr. left Nashville in 1926 after the Hillsboro failed and went to North Little Rock. Joseph Lightman died in 1928, in Nashville. His passing was covered on the front page of the Tennessean.

It was in North Little Rock that Lightman partnered with M.S. McCord and M.J. Pruniski forming the Malco Amusement Company. They began building a theatre chain by buying and building single screen cinemas throughout Arkansas.

In September 1926, Malco Amusement Company took on two more partners, W.F. McWilliams and L.B. Clark, in El Dorado, Arkansas. This led to the formation of Arkansas Amusement Enterprises, Inc. with a total of 32 theatres in Arkansas with locations including Little Rock, North Little Rock, Camden, Hope, Not long after the formation of Arkansas Amusement Enterprises, McWilliams and Clark left the partnership and bought the five El Dorado locations from the company.

In 1929, Arkansas Amusement Enterprises became Malco Theatres, Inc. This is also the year that the company started installing Vitaphone and Movietone equipment to add sound for the first time in their theatres.

Malco Theatres began acquiring cinemas not only in Arkansas but also in West Tennessee, Louisiana, Northern Mississippi, Western Kentucky, and Southeastern Missouri. It was in 1929 that Malco Theatres purchased its first location in Memphis, Tennessee, the Linden Circle Theatre.

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TOPICS COVERED BY BRETT CARTER, SERVICEMASTER BY CORNERSTONE

1. Preventing pipe bursts in freezing weather

2. What to do to prevent water damage if your pipes freeze

3. The number one thing you can do to prevent a major water disaster while you’re out of town during the holidays.

4. Top tips for avoiding and mitigating fires in the home

5. What to do to avoid and mitigate mold

6. What are some of the advantages your customers enjoy from working with ServiceMaster by Cornerstone?

7.

Wise master makes a comment during Brett’s topics

ABOUT TROY & LYNN MCDONALD, ERIN MCDONALD INSURANCE AGENCY

QUESTIONS ANSWERED BY TROY AND LYNN MCDONALD:

  1. Talk about some of the common ways you save your customers money on their homeowners insurance. Bundling and finding multiple opportunities to add discounts to the plans. The more coverage you have with an insurance company, the more discounts on your premiums you can enjoy. Also, when you have claims, the insurance company is less likely to drop your insurance coverage because you have multiple types of coverage with them.
  1. What is bundling? What kind of difference can bundling insurance coverage make on the overall price of insurance?
  2. Water claims—what is covered under insurance and what is not covered?
  3. Why you want a water mitigation team and why urgency is important?
  1. What about an umbrella policy? What does it cover? How much does it costs? The umbrella policy protects you over and above what your regular policy does not cover.   For instance, if you have a $1,000,000 umbrella policy, you may be able to save a lot more money on your regular homeowners policy and care insurance because you can buy coverage with a larger deductible, making those policies a lot less expensive.  In case of an incident, the umbrella can pick up what the other policy does not cover.  Using the combination of regular homeowners and car insurance with the lower priced higher deductibles, saves you enough money to easily pay the umbrella policy.
  2. When do you need a vacant house policy? What risk do you take if you do not have vacant
  3. What to DO and NOT DO when it comes to buying your insurance and filing a claim? DO NOT call the 1-800 number when you are asking about a claim. In many cases, even if no claim is paid or needed, it can still show up as a mark against your record as if you actually filed a claim.  DO call your personal insurance agent to inquire about whether you should file a claim.  Your insurance agent can help keep your record clean if there is no reason to actually file a claim.

(Wise Master appears here with words of wisdom)

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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER

  1. How to protect your credit score and your identity-
  1. Check your credit once a year at www.annualcreditreport.com Check all 3 credit bureaus at Equifax, Transunion and Experian. The government laws allow you one pull per year. Check for errors and accounts that do not belong to you. Report anything erroneous. Try to keep your revolving credit card owed balances under 30% usage on each credit line to help your credit score. Stay away from 12-months-same-as-cash accounts. The higher your credit scores, the lower your borrowing costs.
  2. To protect your identity and credit, the credit bureaus give you the option to freeze your credit or have your credit activities monitored to protect against identity thieves.
  1. Emergency Funds-fuel to power through the unexpected- Earlier in the show we were talking about the personal financial gurus you read about in books or see on TV or online. Many of them list as top priority sticking with a system of putting money in an emergency fund. Some believe that if you have a stable job with regular pay, the minimum amount to have for emergency is 3 to 6 months worth of living expenses. A full years worth of living expenses has been suggested for someone self-employed.
  2. Set up a budget program and stay accountable to someone to adhere to it. For example, if you can manage it, direct 10% of your income to automatically get invested in your retirement account or other savings for emergencies. If you enjoy the fruits of being a giver, you can direct another 10 % of your income to your church or other charitable cause. Set up your budget to use a little over 50% of your income for things you absolutely need and the other 25% or more toward the nicer things in life. Some of my mortgage clients have used Dave Ramsey’s program. One client last week has been happy using Mark Loden’s personal budgeting system. He was featured on Real Estate Mortgage Shoppe last week.
  3. Keep your mortgage payment low with room for other expenses to expand and contract with your life events. As we talked about earlier in the show, some of the personal financial gurus suggest keeping your monthly house not no more than 25% to 30% of your gross income. Your monthly house note, including taxes and insurance and association fees, along with her monthly debts should not exceed 38% to 41% of your gross income. Watch out for the mortgage automated underwriting systems. They can approve your mortgage for a lot higher debt sometimes.
  4. Restructure debt to lower costs, payments and lower risk of delinquency

Just like the twists and unexpected turns in the plot for our Jedi heroes throughout the Star Wars movies, Mr. and Ms. Johnson encountered some twists and unexpected challenges in their every day life. Mr. and Ms. Johnson managed to get their kids through college, but it took all of their savings and now they were drowning in debt that just kept compounding on more debt. Just recently they were blessed with their first grandchild. The problem? They wanted to spend time and money on their grandchild, making some great Disney World memories while their grandchild was young, but they were strapped with debt with no end in sight. They came into my office with a plan to gradually pay off the big bills first, but on that plan their grandchild would be grown by the time the debt had released its choke hold

Here’s what the Johnsons wanted; First they wanted to get their mortgage paid off in less than 15 years since that is all that was left on the mortgage. Second, they wanted to get rid of the big balance student loans first.

Instead of trying to pay off the big student loans first, we got rid of over $1,900 in monthly payments that were choking the Johnson’s cash flow the most. We paid off about $66,000 of those bills plus the existing mortgage of around $125,000 by refinancing their home , but we had to extend the mortgage back to a 30 year loan instead of 15 years to keep the payment manageable.

At first it looked like they were having to give up ground because they went back to a 30 year, but here’s where the brilliance of their plan really became real. They committed to use half of the $1,900 per month toward regular prepayments to principle on the new mortgage. At their request, I printed up the new amortization schedule. Guess what? They were still getting their mortgage paid off in LESS THAN 15 YEARS! Yay for the Johnsons! They freed themselves of the stranglehold of that high interest rate debt AND still would have their house paid off in less than 10 years with an extra $700 per month to put back for Disney World Trips and other fun times with their grandchild.

Wise master makes a comment during Jo’s topics

REAL ESTATE TIP OF THE WEEK (Troy and Lynn McDonald and Brett Carter each share a tip related money-saving or time-saving tip connected to their industry):

ANNOUNCEMENTS:

Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A 9A-10A at ServiceMaster by Cornerstone 9575 Macon Rd Cordova, TN (corner of Big Orange and Macon Rd) Eric Eurich, Kaizen award-winning business coach with Focal Point Business Coaching will be helping up with “Goal Setting for 2020.”

Talk Shoppe events are free thanks to supporters like Nita Black, business strategist with www.901ELearn.com Contact Nita Black to discover ways to make a profit sharing your knowledge and skills online.

2. Jack’s Challenge. Who do you know who is going through a hard time this holiday season? Invite them out for coffee. Spend time listening to them and being the friend they need. You may never know this side of heaven the positive difference you can make.

3. The Tigers play later today. Go Tigers!!!

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.

6 (Wise Master makes a closing comment )

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: Pinterest from Star Wars: “You want to know the difference between a master and a beginner? The master has failed more times than the beginner has tried.”

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REJOINDERS:

  1. Sonia Balcer, Rocket Scientist and “galactic” Star Wars fan, Montrose, California
  2. Mark McLaurine, Refrigeration Unlimited in Memphis, TN (901) 216-7782
  3. Jana Cardona, Executive Director of Business Network International Mid-South www.bnimidsouth.com (building your business by referral)

Transitional Music: “Star Wars Main Theme from soundtrack;” “Cantina Band” from the Star Wars soundtrack; “Theme from Star Wars:  The Last Jedi”“Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest

ABOUT TROY AND LYNN MCDONALD- ERIN MCDONALD INSURANCE AGENCY;

LYNN- I have worked for the same insurance company for 22 years and very much enjoy helping people manage risk through proper insurance coverage. We have a large agency and are well staff to take care of our clients need.

Specialties:Working with Landlords and Investors (901) 849-7101

ABOUT BRETT CARTER, SERVICEMASTER BY CORNERSTONE

9575 Macon Rd Cordova, TN 38016

(901) 624-9200

Business Development Manager

December 2012 to present

ServiceMaster by Cornerstone is an independently owned and operated franchise of ServiceMaster Restore. We restore residential and commercial properties and their contents when they are damaged by catastrophes resulting from water, fire, mold, odor or biohazards.

THANK YOU TO SONIA BALCER, ROCKET SCIENTIST AND PHYSICIST FOR SPECIAL ASSISTANCE IN TRANSPORTING OUR INTERSTELLAR, GALACTIC VISITOR- THE WISE MASTER

WISE MASTER & ROCKET SCIENTIST, SONIA BALCER

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