Here’s a question for our listeners—Are you wildly successful in your career, making all kinds of money? Maybe you are busy building your business. Consider starting today investing in something that tends to grow in value and increase passive income to you. Our guest today is famous songwriter, performer, producer with his music hitting high on the charts. He was experiencing great success in career. His wife helped start them on the journey of investing in real estate, putting money where it would grow in value over time and allow them to enjoy the magic of life even more over time.
We hope what you hear on Real Estate Mortgage Shoppe today will encourage you make time in your busy work day to invest in real estate. Don’t wait to buy real estate. Buy real estate and wait.
Host: #Jogarner #MortgageExpert (901) 482-0354
Co-Host: #SherriMotesJones MotesJones.com
Special Guests: #RickDerringer #JendaDerringer RickDerringer.com
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is May 4th, 2024. You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. For your home purchase or cash out refinance, I can help you find the right mortgage and make the process EASY. Connect with me at www.JoGarner.com. Our general topic THE MUSIC AND MAGIC OF REAL ESTATE-ROCK-N-ROLL LEGEND, RICK DERRINGER & JENDA’S STORY .
INTRODUCING Sherri Motes Jones of MotesJones.com
Co-hosting Real Estate Mortgage Shoppe this morning is Sherri Motes Jones of MotesJones.com. It is always a joy having you back in the studio. Sherri, you and Jamon of MotesJones promote your clients with a tailored approach using creative audio, video, and brand development. You understand the power of telling the story to amplify the essence of your client and their brand. You helped us here at Real Estate Mortgage Shoppe to develop our brand and our message to the world, making us available digitally around the country. Today, you are bringing to us your very special friends and clients, Rick and Jenda Derringer.
Sherri Motes Jones introduces Rick and Jenda Derringer. Rick Derringer is a legendary musician who has been inducted into the Florida Music Awards Hall of Fame. He is a Grammy Award-Winning Producer, songwriter, and performer. He has enjoyed being on the top of the charts with his music. He has been instrumental in bringing other great musicians to the charts also.
Jenda Derringer, Rick’s wife, is an accomplished real estate investor and licensed realtor in the state of Florida. Jenda has helped build even more wealth for their family with her real estate investing.
(Rick and Jenda share their stories with Jo and Sherri and our listeners until our first advertising break at 9:15 CT – to be continued when we come back from break)
Rick Derringer shares the back story of how he learned to play the guitar at 9 years old. He got really good at playing guitar and later needed a band. He got the band in Indiana, The McCoys, and they backed musicians for promoters coming through town. The band, the Strangeloves, took an interest in Rick and his band. It was that connection that helped get him to the place where they recorded the #1 hit “Hang on Sloopy.”
The song “Hang On Sloopy” was originally called “My Girl, Sloopy.” Rick changed the name and the McCoys made the hit #1 in 1965, making the Beatles song “Yesterday” come in at #2.
He connected with Johnny Winters and wrote another hit song, “Rock-n-Roll Hootchie Koo” which also was a top hit. He also played with Johnny and Edgar Winter and did some great work there.
Rick and Jenda Derringer has just released his new 50-song album “My Double Gold Life” which can be purchased right now at www.RickDerringer.com
OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage? I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com When we come back we will be hearing more from our co-host Sherri Motes Jones from MotesJones.com and our guests rock-n-roll legend, Rick Derringer and his wife Jenda. See you back in just a moment.
2nd segment 9:18 am – 9:30 am
2nd segment is after 9:15 break from about 9:18Am to 9:30 AM break
RICK AND JENDA DERRINGER’S STORIES CONTINUE
(THE MUSIC AND MAGIC )
More stories from Rick’s career in music and
More from Jenda on how their real estate investments created even more opportunities to enjoy life
Jenda Derringer, Rick’s wife, tells the story of how she took the college fund money and bought real estate instead of going to college. She was so successful, buying her first home using the special state bond first-time homebuyer program. She continued buying income-producing properties which funded other enterprises with an in-house studio and more.
After experiencing so much success in real estate investing, Jenda had figured out the direction she wanted to take with her studies. She was in her late 20’s and was able to fully fund her college education.
Later, Jenda met Rick Derringer and they were married. Today they are a power couple dedicated to their family and their music. Their newly released album includes some songs that the Derringer family wrote and performed together.
Rick Derringer recounts that early in his career, he lived in Manhattan, NY where so much of the music was being created at the time. Since 90% of the people living in Manhattan at the time were renters, he did not own any real estate. He rented a home where he could be available when top musicians called to asked him to join them for a recording session. Rick said he believes that being available to connect readily and often with the hit makers was key in getting him the opportunities to build his own career as well as helping other musicians build their careers too.
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
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Real Estate Mortgage Financing Scenarios. Which one is the best fit for you?
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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.
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DSCR (Debt Service Coverage Ratio) Loans
The DSCR loan is great for real estate investors who don’t want to take time to verify all of their income. The DSCR loan just uses the lease income on the property the investor if buying or refinancing. As long as the monthly mortgage payment including Principle and Interest, Taxes and Insurance PITI will not exceed the monthly lease amount, the income requirement is met. The investor must verify the source of his or her down payment and closing costs money and the credit score has to be acceptable. The house has to be in good shape too, but the DSCR is a great mortgage product to use for purchasing rental property or refinancing to pay off a temporary loan or to get better terms.
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.
What do YOU want to accomplish with your mortgage? Let’s explore the possibilities. Connect with me at www.JoGarner.com
(MORE TIME LEFT IN THIS 3RD SEGMENT TO CONTINUE WITH MORE STORIES FROM RICK AND JENDA DERRINGER )
Sherri Motes Jones asked Rick what stands out to Rick is the most memorable from the start of his career to now.
Rick Derringer says that when they put together their new album “My Double Gold Life, ” they placed them chronological order. He thought that the older songs would sound more naïve today. Surprisingly the older songs are still fun and still so good. They are as good as the newer songs, including the newest song, “Rock the Yacht.”
4th segment following 9:45 am break about 9:48 to 9:56 am
REAL ESTATE TIP OF THE WEEK : Rick and Jenda Derringer have about 1 minute to share a helpful tip about their real estate investments
Jo Garner’s mortgage tip: Whether you a home to live there or to use for rental income, you can enjoy confidence in knowing you are using the exact best mortgage program to reach your goals today and for years to come.
We can go through the Get-It-Right-The-First-Time Checklist. We can go through it over the phone. You can also find this check list in my book “Choosing the Best Mortgage-The Quickest Way to the Life You Want” on Amazon and Barnes and Noble
Let’s explore the best mortgage program that will give you some bragging rights. I can make the mortgage process easy. It is easy to get started. Connect with me at (901) 482-0354 Jo@JoGarner.com www.JoGarner.com
Rick Derringer says he has found that people can speak a language and lie. However, music is the universal language and it never lies. You can tell when you get instant feed back from the audience with the applause.
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 May 1st 2024 9AM CT
Talk Shoppe events are free thanks to sponsors like Thank you retired US Navy Line Commander, Peggy Lau. Peggy enjoys life traveling to beaches and oceans. If you want to make the best memories with your loved ones on the best vacations, contact Peggy Lau of Club Seacret. Peggy can show you how to get lotions and potions, beaches and oceans at a bargain price. (901) 289-0747
Thank you also to Craig Jennings and Marla Roethe at Avalon Capital for serving our real estate investors with hard money loans to buy and rehab investment properties quickly. If you are looking for a temporary loan to buy and fix up rental property, contact Craig and Marla at 901 417-8427
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.
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.
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QUOTE CORNER: “Music is the universal language of mankind.” – Henry Wadsworth Longfellow.
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REJOINDERS:
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Tressa Todd, REIN Real Estate Investment Trainer Dallas, TX
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Saul Klein, Interactive Data in San Diego, CA
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Dan Sater, Author of 20 Top Toxic Credit Mistakes Long Island, NY
Transitional Music: “Rick Derringer- Sloopy, Hootchie Koo, American collage; Rick Derringer- Live at Cheny Hall collage; Rick Derringer- Rock Yacht, Cool Hot, United States collage
(Music collage was arranged by Motes Jones Company)
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 SHERRI MOTES JONES OF MOTESJONES.COM
Motes Jones & Company is a dynamic and innovative company founded by Jamon and Sherri D. Motes Jones, two exceptionally talented individuals with a passion for music and media. Through their unique theory of the mind, they express their creativity and expertise in a variety of mediums including music production, podcasting, songwriting,
piano lessons, branding, and more.
Jamon Jones is an accomplished musician who was discovered by David Porter, The Soul Man, at a young age. He quickly rose to prominence and produced for Justin Timberlake, Kirk Whalum, Lou Rawls, Larry Dodson of The Barkays and more; and his talent as a producer continues to make waves in the industry. Inspired by legendary producers like Babyface and Quincy Jones, Jamon brings unparalleled originality to each project he undertakes.
Sherri D. Motes Jones began her musical journey as a singer-songwriter and pianist. With numerous albums released across various genres including jazz, alternative pop, and gospel, she has written over 300 songs and recorded over 70 original works. Sherri’s talents extend beyond music as she is also an accomplished author with several published books to her name and has published other authors to her credit. Her skills as a wordsmith are recognized in talk radio where she has worked with CBS Radio and iHeart Media as a radio personality.
Together, Jamon and Sherri are committed to living their passion for music while simultaneously running their successful business. They provide guidance and production services to a diverse range of artists in their state-of-the-art studio both online and offline. Whether it’s producing captivating podcast episodes or crafting unforgettable compositions, Motes Jones & Company excels at bringing artistic visions to life.
With their combined expertise and wealth of experience, Motes Jones & Company stands out as an exceptional force within the industry. Their unwavering dedication to their craft is reflected in every project they undertake.
REAL ESTATE MORTGAGE SHOPPE THANKS MOTES JONES COMPANY FOR BRINGING RICK AND JENDA DERRINGER TO SHARE THEIR STORIES AND THEIR MESSAGE WITH OUR LISTENERS.
MOTESJONES.COM
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ABOUT RICK AND JENDA DERRINGER
Rick Derringer is an American musician, Grammy Award-Winning producer, and songwriter. He achieved success during the 1960s with his then band, the McCoys. Their debut single, “Hang on Sloopy,” made number-one one the charts in 1965 and became a classic track of the garage rock era. The McCoys did well with seven songs that charted in the top 100, including versions of “Fever” and “Come on Let’s Go.”
In 1974, Derringer experienced even more success with his own song, “Rock and Roll, Hoochie Koo.”
Rick Derringer has written songs and performed for countless numbers of events and causes around the world from writing songs for well-known movies to the World Wrestling Federation to the White House.
Rick Derringer has experienced great success in the music industry. He has discovered and helped other well-known musicians make it big in the industry too.
Rick and Jenda put a high priority on their family. You can find some of Rick’s well-known songs from rock to jazz. You can also find songs with Rick and his family all on his new album Double Gold Life https://rickderringer.com/shop
For more about Rick and Jenda Derringer www.rickderringer.com
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 Everitt Financial, Inc dba Supreme Lending Company #2129) equal housing opportunity
Online Mortgage 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 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”