Stories of women who broke through obstacles to build wealth and a better life investing in real estate. Here’s how they did it. Here’s how you can do it, finance it and build your own success investing in real estate.
What do YOU want to accomplish with YOUR mortgage? Make you plan. Let’s work your plan. If the deal works for you today, let’s do it today.
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner.com
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HOST: #JoGarner, Mortgage Loan Originator NMLS# 757308/Host of Real Estate Mortgage Shoppe www.JoGarner.com (901) 482-0354
COHOST: Amy Wicker, Host of the podcast Her House, Her Home and president of Watercress Properties, a Michigan-based real estate investing firm.
SPECIAL GUEST: Tresa Todd, Author, Speaker and Founder of Women’s Real Estate Investors Association
Featuring: Marci Surfas, successful real estate investor. Achieved “woman-aire” status in one year working with Tresa Todd’s Women’ Real Estate Investors Association.
Featuring: Loretta McNary, Host of the Loretta McNary Show and successful real estate developer.
(1st segment 9:06am to 9:15Am)
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. We are talking about REAL ESTATE INVESTING-HOW WOMEN BROKE THROUGH THE OBSTACLES TO FINANCIAL SUCCESS. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. We are talking with Tresa Todd, of Women’s Real Estate Investor’s Network and author of “Without Fear of Her Future: A Women’s Guide to Real Estate Investing.” We will be hearing from some women who broke through fear and other barriers to build wealth and income investing in real estate.
INTRODUCING AMY WICKER, HER HOUSE, HER HOME PODCAST
(Jo) Also joining us on Real Estate Mortgage Shoppe is Amy Wicker, an award winning journalist, podcast host, and president of Watercress Properties, a Michigan-based real estate investing firm. Wicker enjoys using creative financing strategies to create wins for everyone involved in the real estate transaction process. Through her podcast, “Her House, Her Home”, she hopes to empower women and educate them on the benefits of homeownership. In her free time, Wicker enjoys cooking, pilates and cross country skiing.
(Amy has about 1 minute or so to intro herself and tell listeners about her podcasts and benefits of subscribing etc)
(Amy Wicker introduces Tresa Todd and ahares a little about book and what she has done for women breaking through the glass ceiling to get into real estate)
(Tresa Todd has the rest of the first segment to share what she does and to share a story or two of women she has helped go from zero to wealth in real estate)
(AMY) Thank you Jo. I’m excited to be hear with you today. Little back story about me. I grew up around real estate. My father and grandfather having spent their entire careers in commercial real estate. I wasn’t interested in real estate at that point, so I went on to journalism school and worked in the newsroom for many years before having children. Then a few years ago, I was bitten by the real estate bug. Since then, I’ve been doing some wholesaling, I’ve got a short term rental, and I’m now looking to do some buy and holds. I’ve also launched a podcast, Her House, Her Home that aims to inspire and educate women on the benefits of homeownership.
I want to give credit where credit is due, and this goes to my coach Tressa Todd. Tresa is an investor and the founder of the Women’s Real Estate Investors Network, the largest learning and networking community for women real estate investors in the nation. She is a motivational speaker, host of Without Fear of Her Future podcast and bestselling author of Without Fear of Her Future: A Women’s Guide to Real Estate Investing. She is a leading expert on becoming financially confident, building multi-generational wealth, and designing a life you love.
Welcome Tresa. We’re so pleased to have you on the show today.
You have inspired thousands of women across this country to invest in real estate and impact their communities. Can you start off by talking about the types of success your students have seen as a result of your program and more specifically real estate investing?
Let’s talk about your own personal journey and how you got started in real estate?
(Jo-outro) You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, licensed mortgage loan originator. What do YOU want to accomplish with your mortgage? Connect with me at www.JoGarner.com When we come back, you will be hearing more from Amy Wicker, host of podcast “Her House, Her Home.” Tresa Todd, author and real estate trainer will be sharing more stories of women who started small and built big wealth buying real estate . See you back in just a moment…
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
TOPICS BY TRESA TODD, AUTHOR AND REAL ESTATE TRAINER
Tresa Todd
Amy, Tresa and Marci
Q for Tresa: Your program encompasses so much more than real estate. You’ve got work out groups, book clubs, motivational speakers, and of course, fabulous team of coaches. Why was it important for you to start this program?
Q for Tresa: What do you think it is about the program that has made it so successful.
Marci Surfas
One of Tresa’s most successful students is joining us now. Real estate investor and mom Marci Surfas.
Marci started her career as a real estate developer and investor in 2021 and now owns and operates more than $25M in real estate investment properties. She’s acquired more than $30M of real estate within the past 24 months.
Welcome Marci. We’re so thankful that you could be here to share your real estate investing journey with us.
Q for Marci: Tell us how you did it?
Q for Marci: What do you hope to accomplish through REInvesting?
Q for both Tresa and Marci – What do you think it takes to be a successful real estate investor today. Personal attributes? Money? Are there any other considerations for women when it comes to real estate investing?
*Is there a particular investment strategy like you like above all else?
*Can you give us the details of your most profitable investment?
*Biggest challenge you’ve faced with one of your deals? How did you resolve it.
*Are you doing anything differently today than you were doing 3 to 6 months ago in light of interest rates, etc?
Q for both: Is there one take away that you would like women to know about when it comes to real estate investing?
It’s the Who, Not the How
(3rd SEGMENT 9:35 AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE ORIGINATOR
TWO BASIC TYPES OF REAL ESTATE INVESTMENT FINANCING
(Picture two separate racks of house keys-traditional and non-traditional)
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Traditional Financing
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Some of the safest and most common mortgage products used by real estate investors
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Standard 30 year fixed rate conventional mortgage. I see investors using the 30-year fixed rate mortgage as a tool to create bigger positive cash flows because, as the rental income these investors receive each month continues to increase, their principal and interest payment on their 30-year mortgage stays the same. The investor’s profit is the expanding margin between the higher rents they receive and the fixed, low principal and interest payment that never changes.
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Renovation and repair mortgages for homeowners and investors too.
With the high demand for homes in the current market and the shortage of homes available for sale, you have to know where to look to find a bargain in this competitive market. You also have to know how to finance these bargain properties since so many of the bargain priced properties are fixer-uppers. It takes a special loan to finance a home needing major repairs and renovation.
Give me a call and let’s talk about the property YOU want to buy.
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Hard money- when to use it. Hard money is usually money from private sources and not through the bank or mortgage company. Real Estate investors tend to use hard money when they need money fast to purchase a home and renovate it but only need the money for a short time. Hard money tends to have a much higher interest rate than the market rates and requires upfront cash to pay for the use of the funds. To pay back the hard money, investors usually sell the home at a higher price after fixing it up and pay off the hard money loan at the closing and pocket the profits. If you are not going to keep the property very long, hard money can be a convenient.
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Credit lines – Credit lines are great for temporarily getting funds to pay cash quickly for a home to fix up and resell or refinance after repairs are done to pay off the credit lines and pocket the positive Some of my investors have borrowed temporarily on their 401k retirement funds, cash value on life insurance policies and they have used an equity line of credit that is secured on their primary residence or other properties.
If the real estate investor plans to keep the home for a good while for rental income, usually we work out a plan to for me to refinance the property with a fixed rate, permanent mortgage to pay off the credit lines and private money loan so that those lines of credit will be available for purchasing the next real estate bargain.
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Non-Traditional Financing
DSCR
Purchase loan:
1:1 ratio PITI payment to monthly lease amount
Monthly House payment including principal and interest, taxes, insurance, mortgage insurance and any association fees cannot exceed the monthly lease amount. The lender wants to make sure you are losing money each month
Minimum 20% down payment for purchase loan for investment properties. The lender will require source of funds to close to be properly verified. Rate term refinances maximum loan-to-value is 75%. True cash out refinances, like when borrowers are paying off a temporary hard money loan or paying off credit lines they used to buy and repair the property.
Homes must be in good condition
Good title
Good credit
Benefits for using the DSCR:
For DSCR borrowers who are self-employed and do not show enough income to qualify for the loan after taking legal tax write offs. The income on the DSCR loan concentrates on the rental property income and not personal income.
For DSCR borrowers who own several rental properties and do not want to take the time and trouble to produce mounds of paperwork to verify income and expenses on the other properties as they are required to do on traditional financing. Since the DSCR loan is only looking at the income on the subject property being purchased or refinanced, documentation on Income and expenses on the other properties are not required.
Borrowers buying or refinancing a rental property can do the loan in the name of their LLC in most cases.
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Fix and Flip
Substitution of Collateral
Introducing Loretta McNary, Successful Real Estate Developer and Host of the Loretta McNary show
Loretta’s story about how you have to pivot like a rock star when you encounter obstacles on your journey. Keep you vision clear on your desired outcomes. Search out, visualize, gather resources and JUST DO IT.
Her story of stepping out of her comfort zone, buying land and developing over 50 lots
What do YOU want to accomplish with YOUR mortgage?
I can make the home purchase or refinance loan easy for you.
It is EASY to get started. Just call or text me at 901 482-0354
Email me at Jo@JoGarner.com
Or connect at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Amy Wicker has 1 minute to share a real estate tip of the week
My tip – I would recommend listeners read both Jo’s book “Choosing the Best Mortgage: The Quickest Way to the Life You Want” and Tresa’s book “Without Fear of Her Future.” Tresa also offers a $17 online masterclass several times a year that will give you a great overview of various real estate investment strategies. I would recommend that as well.
Tresa Todd has about one minute to share a real estate tip
If you are a woman who really wants to make your wealth in real estate, you needs mentors who can walk you through finding the property, financing and making a profit. Tresa Todd’s can help you.
Jo Garner, Mortgage Loan Originator and Host of Real Estate Mortgage Shoppe Connect with me at (901) 482-0354 Jo@JoGarner.com www.JoGarner.com
ANNOUNCEMENTS FROM SPONSORS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business or in health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar the 1st floor in the Memphis Clark Tower and also on zoom. Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday August 23rd, 2023 Follow up coach Wanda Allen Wanda@followupstrategies.com will be presenting “Follow Up Strategies That Will Get More Clients and Close More Sales”
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors. Thank you to Talk Shoppe sponsor Craig Jennings of Avalon Capital -private money lenders for real estate investors. For private money financing for YOUR one-to-four unit real estate investment, contact Avalon Capital at 901 417-8427
Thank you to Talk Shoppe sponsor Investment and Commercial Realtor Sherry Harbur of Harbur Realty for YOUR contributions to our real estate community. For assistance in buying residential real estate or commercial real estate in Tennessee, contact Sherry Harbur at www.harburrealty.com
For our Memphis area listeners, join us for Women In Real Estate Development WIRED meetings every third Tuesday night 6:30pm at Perkins Restaurant at Germantown Parkway and Wolf River in Germantown, TN
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
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.
LEGAL STUFF: 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 AND NOT AN OFFER TO LEND.. 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 quotes from Barbara Corcoran of Shark Tank:
“Don’t you dare underestimate the power of your own instinct.”
“Finding opportunity is a matter of believing it is there”
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REJOINDERS:
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Bernice Ross Austin, TX Ingram Real Estate News columnist
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Terri Murphy, Author and Real Estate Coach www.terrimurphy.com
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Attorney’s Rob Draughon and Shelley Rothman of Griffin Clift Everton and Maschmeyer (901) 752-1133
Transition Music: “Born to Run” by Emmalou Harris; “Superwoman” by Alicia Keys; “Million Dreams” by Pink
PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER
An essential guide for real estate professionals and their customers.
Now on Amazon and Barnes and Noble
ABOUT LORETTA MCNARY, MEDIA PERSONALITY AND REAL ESTATE INVESTOR
TV & Radio Media Personality, Interviewing on the Red Carpet, in the Studio and “On Location” all across the Nation! Host of the Loretta McNary Show
ABOUT MARCI SURFAS, SUCCESSFUL REAL ESTATE INVESTOR
Marci Surfas started her career as a real estate developer and investor in 2021 and now owns and operates over $25M in real estate investment properties. In total, she’s acquired over $30M of real estate over the past 24 months. Her portfolio is made up of development/flip projects and rentals in California and Louisiana. She started the business from scratch, using a combination of hard money and private money to quickly grow her portfolio. Marci is known for always finding a way to get the deal done!
After Marci’s first “flip” during covid in 2020 landed flat with zero profit, she took a deep dive into finding various mentors, courses, books, and conferences to learn as much as she could about the business of RE investing as fast as possible. In 2021, she discovered Tresa Todd’s master class on Instagram, and then joined the WREIN Mentorship. Since then, she has acquired 12 properties, sold two, has one in escrow, and is holding 9 rental properties (a combination of short-term and student rentals).
One of Marci’s favorite parts of being a female real estate investor is connecting with other women in business. She enjoys mentoring and is launching a course this summer focused on the complex details of financing your first deals in real estate.
Marci loves to connect! Find her at marcisurfas.com to see current projects and sign up for her newsletter. You can also connect with her in all the usual places @marcisurfas
ABOUT AMY WICKER, REALTOR AND HOST OF PODCAST “HER HOUSE, HER HOME”
Amy Wicker is an award winning journalist, podcast host, and president of Watercress Properties, a Michigan-based real estate investing firm. Wicker enjoys using creative financing strategies to create wins for everyone involved in the real estate transaction process. Through her podcast, “Her House, Her Home”, she hopes to empower women and educate them on the benefits of homeownership. In her free time, Wicker enjoys cooking, pilates and cross country skiing.
ABOUT TRESA TODD, WOMEN’S REAL ESTATE INVESTMENT NETWORK
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
(currently working with Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner
www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “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 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 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 Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”