Here are stories about people who gained financially by owning their homes and other stories of people who were enriched in other ways.
Host #JoGarner #MortgageExpert (901) 482-0354
Co-host #TomKing #MemphisAppraiser 901 487-6989
Caller: #LynnMcDonald Erin McDonald Insurance Agency shares personal story 901 849-7101
Caller: Real Estate Attorney Rob Draughon of Griffin Clift Everton & Maschmeyer shares his family story about reasons to love homeownership (901) 752-1133
Caller: Donna Roach, Director of Hearthside Senior Living in Bartlett, TN shares her reasons she and her family love owning their home (901) 651-2503
Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes www.JoGarner.com
#realestatemortgageshoppe #memphismortgage #realtor #thankfulforhome #homeowner #homebuyer
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. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic Reasons to be thankful for homeownership—Wealth, Freedom & Community
Today is November 30th, 2024 Call us in the studio while we are live at 901 535-9732. This episode of Real Estate Mortgage Shoppe is sponsored by real estate attorneys Rob Draughon and Shelley Rothman of Griffin, Clift, Everton, Maschmeyer Law Firm. For title work and closing on your home purchase or refinance, call Rob and Shelly at 901 752-1133.
Introducing Tom King, Bill King Appraisal Company
Tom King, our appraisal expert is back in the studio to offer some reasons why we can be thankful for homeownership this Thanksgiving season. Tom has been appraising homes in Shelby, Fayette and Tipton Counties in Tennessee for over 40 years. He has been sharing his wisdom and insights on Real Estate Mortgage Shoppe since our first episode 13 years ago. Tom, you have seen our real estate market through varying economic seasons. Tom, take a moment and share with us the types of appraisal services you offer your clients. Tell our new listeners a little about yourself. (Tom has about 1.5 min to intro himself and talk about the services he offers)
(Jo) Urban Institute did a national study in 2024 and found that homeowners are 40% wealthier than renters. The biggest contributors to this wealth is the increase in value of homes over time. The other big factor in building homeowners’ wealth happens every time the homeowner makes a mortgage payment. Part of that payment reduces the mortgage owed, giving the homeowner more net worth.
RAYMOND RIDLEY’S STORY – 6 REASONS TO BE THANKFUL FOR HOMEOWNERSHIP
(Jo) There are so many reasons to be thankful for owning your home and the biggest reasons aren’t always financial. A home is your castle. It is the neighborhood where your children will grow up, where family stories take place and are retold for years during family holidays. There are financial reasons to be thankful for you home too.
Raymond Ridley (not his real name), licensed real estate broker and full-time investor, has successfully owned, rehabbed and sold over 500 homes and apartment units. Raymond began by saying, “ I have probably made more money in real estate than anyone in this room, and I have probably lost more money in real estate than anyone in this room. When someone makes an income, he has to be on the job every day to earn his pay. When he builds wealth by buying real estate, the tenants continue to pay him rents—even when he is on vacation.”
Raymond presented six aspects of real estate and here they are A sixth bonus is the opportunity for family relationship bonding while working together in the real estate investing business.
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Cash flow is income per month minus the mortgage payment including taxes and insurance. Income – PITI= Cash Flow.
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Appreciation is the rate the house value increases every year. Raymond pointed out that there is a direct correlation between cash flow and appreciation. Cash flow is usually less per month in areas with higher appreciation rates.
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Real estate can provide a wonderful Tax Shelter where an investor can make a six- figure income and pay zero taxes. To shelter $50,000 per year in income, an investor would need approximately $1,000,000 in real estate. Raymond prefers having 10 houses valued at about $100,000 rather than 30 houses valued at $30,000. With 10 houses he only has 10 tenants with 10 possible problems instead of 30 tenants with the possibility of 30 problems.
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The fourth aspect of real estate involves Amortization. With each mortgage payment the principal balance is being paid down at a faster pace. This builds equity in the house as the mortgage is paid off. The investor may choose to borrow against this equity later to purchase something else.
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The fifth aspect of real estate is Leverage. Real estate is one of the few investments that allow the investor to borrow almost the entire value of the investment without a large lump sum of cash.
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A sixth bonus is the opportunity for family relationship bonding while working together in the real estate investing business.
Raymond used an example of how he made money on a house purchased for $100,000. The amortization equaled about $100 per month; the positive cash flow was about $200 per month; approximately $300 per month created by the tax shelter; around $200 per month for appreciation totaling $800 per month. This total equals approximately $10,000 per year profit per house. 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. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
What do YOU want to accomplish with YOUR mortgage? I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY. Jo Garner, Mortgage Loan Officer 901 482-0354 www.JoGarner.com
Tom, as a real estate appraiser, how do you see people being thankful for owning their own homes? (tom takes about 2 minutes or so to share some examples)
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 Tom King, appraiser, will be sharing more from the field.
TOPICS COVERED BY TOM KING OF BILL KING APPRAISAL COMPANY
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3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
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Creating an Income from Your Primary Residence
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College student renting out a rooms in the home purchased by him/her and parents in college town () I worked with a mortgage client who wanted to buy a home for his son in the college town where his son wants to go to school. He didn’t want to put a lot of money down which he would have had to come up with at least 20% if he was buying as a non-occupying borrower because the property would be considered investment property instead of a primary residence. My client assumed there was no way his son could qualify on the loan since he didn’t have a job. BUT, we were able to do the loan with his son as the primary occupying borrower and my client as a NON-occupying cosigner using the government FHA loan. His son had a credit score from a credit card account he had been using for a short time and of course my client was a very stable borrower. If the sellers on the property agree to pay my clients’ closing costs and prepaid taxes and insurance, my clients get into the property with only 3.5% down payment with a low rate in the low 4’s. His son will be able to rent out some of the rooms to other college friends and keep his monthly payment very much below what it would have cost to stay on campus AND he owns the asset and can use the equity build-up to accumulate some wealth while he is in school What a deal! If you know someone who would like to do this, call me on the air at 901 535-WREC or more directly at 901 482-0354.
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Renting the bonus room upstairs in a primary residence (Uber driver in Dallas has acquired over time 30 properties in the Dallas area and rents on short-term and mid-term rentals to make almost 30% or more for income than regular rentals She uses companies like Furnished Finders and other AirBNB and short term rental finders to connect with traveling nurses and other temporary corporate travelers as renters.
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Moving your business to your home to save on rent overhead
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Subdividing your property and infill building a home or two for resale
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Growing your own fruits, vegetables and herbs to save on grocery bill and feel secure in knowing you are have what you need for your family and to share with others when needed.
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Renting out storage space for someone to store their belongings or equipment.
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Investment Property
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Buy a turn-key property or a fixer-upper and go into the transaction making a positive cash flow from tenants renting the home. Keep buying and building your income portfolio from rental property
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By commercial property
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Using your almost paid-off property to get a reverse mortgage
(story of man who did not have any other assets but owned his house free and clear)
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Modify your home or your parent’s home so that you can care for your loved one under your roof to save on Assisted Living facility fees.
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Cash out refinance or equity line to remodel home or new life style, pay off high interest rate debt. (Renners Story borrowed on credit cards to get over economic slump with their business. Now they are ready to cash out refinance to get rid of the double-digit interest rate credit card debt. Even though they are refinancing their mortgage to a higher rate (in the 6’s from the 4’s, they are saving several hundred dollars a month in payments because no more credit card payments to make )
REASONS TO BE THANKFUL FOR OWNING THEIR HOME:
CALLER: LYNN AND TROY MCDONALD, Erin McDonald Insurance Agency 901 849-7101
CALLER: Rob Draughon, real estate attorney at Griffin, Clift, Everton and Maschmeyer 901 752-1133
CALLER: Donna Roach Director at Hearthside Senior Living in Bartlett (901) 651-2503
As a mortgage loan originator I see lenders working to provide just the right loan products to meet the needs from these trends. Then, we make the mortgage process EASY
Call or text me at 901 482-0354 Subscribe for more at www.JoGarner.com
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK
Tom King’s tip (about 1.5 min)
Jo Garner’s mortgage tip
Make your plan. Let’s work your plan. If the deal works for you today, let’s do it today. Contact me for exploring your mortgage options at 901 482-0354 and at www.JoGarner.com
Take some time to review your income and the money that goes out each month and at set times throughout the year. Once you know how much income you get and how much you are paying out, you will know what expenses what expenses you can eliminate or substitute to make room for a house payment. Connect with me, Jo Garner,licensed Mortgage Loan Officer, at JoGarner.com (901) 482-0354.
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 Concorde Career College 5100 Poplar Ave 1st floor Memphis, TN (Clark Tower).
Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday December 4th, 2024 9AM CT Certified Public Accountant, Carlin Stuart will be presenting “Tax Tips as the New Year Approaches” carlinstuart@gmail.com
Talk Shoppe could not offer the free educational networking events free to our community without some very giving sponsors.
Thank you to Talk Shoppe Genell Holloway of Eagle Hollow Enterprises. Genell Holloway has helped so many people who have given great testimonies for her service helping them get the right health benefit plans and the right medicare plans that save them money. For signing up for your health benefit plan and medicare benefits, call Genell Holloway TODAY at 901 653-5323
Talk Shoppe is free to you because of the generosity of our sponsors like Chuck Bohannon, Mid-South Booking Agent for Santa Claus. Make your family or work Christmas party positively memorable by booking Santa Claus to appear at your event. Call Chuck Bohannon at 901 619-6436
MAKE POSITIVE MEMORIES WITH YOUR LOVED ONES THIS THANKSGIVING WEEKEND. WE HAVE SO MUCH TO MAKE US THANKFUL
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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. Subscribe today for weekly podcasts with show notes at www.JoGarner.com
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:
“Thanksgiving dinners take 18 hours to prepare. They are consumed in 12 minutes. (Football game) Halftimes take 12 minutes. This is no coincidence.” Erma Bombeck
“Be present in all things and thankful for all things.” Maya Angelou
REJOINDERS:
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Sherry Harbur of Harbur Realty www.harburrealty.com
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Tim Flesner Home Helpers (not-medical assistance in the home ) 901 414-9696
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Pat Goldstein Realtor Crye-Leike 901 606-2000
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Transitional Music: I’ll Always Be Thankful the Pace Family; Thanksgiving Song by Johnny Cash; “Thankful” by Josh Groban
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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 TOM KING, APPRAISER WITH BILL KING COMPANY
(901) 487-6989
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @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”