Latest / The Steve Harvey Morning Show / Financial Tips: She's an independent mortgage broker focusing on accountability, consistency, and her innovative tools.

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Financial Tips: She's an independent mortgage broker focusing on accountability, consistency, and her innovative tools. · The Steve Harvey Morning Show

• 0:05
  Speaker 1: Welcome to the show.
• 0:06
  Speaker 2: I'm Rashaan McDonald, the host of Money Making Conversations Masterclass,
• 0:10
  Speaker 2: where we encourage people to stop reading other people's success
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• 0:17
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• 0:20
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• 0:26
  Speaker 2: their local communities. Now, sit back and listen as we
• 0:29
  Speaker 2: unlock the secrets to their success on Money Making Conversations Masterclass. Hi,
• 0:35
  Speaker 2: I'm Rashaan McDonald, a host this weekly Money Making Conversations
• 0:38
  Speaker 2: Masterclass show. The interviews and information that this show provides
• 0:42
  Speaker 2: offer everyone. It's time to stop reading other people's success
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  Speaker 2: stories and start living your own. If you want to
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  Speaker 2: be a guesst on my show, please visit my website,
• 0:51
  Speaker 2: Moneymakingconversation dot com and click the b a guest button.
• 0:55
  Speaker 2: My guest is an independent mortgage broker. She's committed to
• 0:58
  Speaker 2: delivering exceptionals service. Do a focus on accountability and securing
• 1:03
  Speaker 2: the right mortgage for your home. They'll ensure a smooth
• 1:07
  Speaker 2: and seamless home buying process. Please work with the Money
• 1:11
  Speaker 2: Making Conversations Masterclass Latree's price get stalled. You know French
• 1:16
  Speaker 2: that gestalled. You got to got to put that gets stared.
• 1:19
  Speaker 2: From Houston, Texas the tree, So you know down there
• 1:22
  Speaker 2: y'all do all the San Antonio people listalled.
• 1:26
  Speaker 1: How you doing, my friend Letree, How you doing?
• 1:28
  Speaker 3: I'm doing great? How are you doing?
• 1:31
  Speaker 2: Finance? What's your what's your background? When you start talking
• 1:33
  Speaker 2: about you know, mortgage brokering and brokery and accountability and finance.
• 1:38
  Speaker 2: Give us a little history on you before we get
• 1:40
  Speaker 2: started and get deep into this interview.
• 1:42
  Speaker 4: Well, I am originally from San Antonio, Texas, and I
• 1:45
  Speaker 4: have a bachelor's degree in finance, and I've been in
• 1:50
  Speaker 4: finance since nineteen ninety nine. Where I originally started out
• 1:55
  Speaker 4: working in investment operations, which consists of like settlements operations
• 1:59
  Speaker 4: and and investment accounting. And then like around twenty twelve
• 2:04
  Speaker 4: or so, I moved over to doing auto of financing.
• 2:11
  Speaker 4: My husband and I we opened up a car dealership
• 2:13
  Speaker 4: and I was part owner and also our finance manager,
• 2:17
  Speaker 4: where I helped customers get financing for their cars. We
• 2:22
  Speaker 4: focused a lot on first time buyers and just pretty
• 2:26
  Speaker 4: much took care of them to make sure that they
• 2:27
  Speaker 4: were not being taken advantage of and getting good interest
• 2:31
  Speaker 4: rates and good payments that they could maintain because a
• 2:34
  Speaker 4: lot of the customers were like your college students and
• 2:37
  Speaker 4: first time buyers who had just who had just actually
• 2:40
  Speaker 4: just graduated from college.
• 2:41
  Speaker 3: And then right in the middle of all that, you know, well.
• 2:46
  Speaker 4: At the time, there was a lot of favor with
• 2:50
  Speaker 4: auto lending and so forth, and so a lot of
• 2:52
  Speaker 4: that changed, unfortunately, And so then I started looking into
• 2:55
  Speaker 4: mortgage financing just to kind of like compliment what I
• 2:58
  Speaker 4: was already doing. And that's pretty much how I ended
• 3:01
  Speaker 4: up in mortgages. I started well, I obtained my license
• 3:04
  Speaker 4: in twenty eighteen, and then in twenty twenty two I
• 3:09
  Speaker 4: decided to go ahead and take the leap and become
• 3:11
  Speaker 4: an independent mortgage broker where I.
• 3:13
  Speaker 1: Have my Well, I don't think you just took a leap.
• 3:16
  Speaker 1: You're a planner.
• 3:17
  Speaker 2: You're a planner now because you're dealing with numbers, so
• 3:22
  Speaker 2: you already know about taxes, you already know about understanding
• 3:27
  Speaker 2: the you know that profit margin that you have to
• 3:29
  Speaker 2: achieve now. As in the car industry, first of all,
• 3:34
  Speaker 2: are rarely meet a person of color who said they
• 3:37
  Speaker 2: went in the car dealership. You know, you re meet
• 3:40
  Speaker 2: car sellers, of car mechanics, of people of color. How
• 3:44
  Speaker 2: did y'all get into the auto industry from a dealership standpoint?
• 3:51
  Speaker 4: Well, actually, my husband he had his first car dealership
• 3:54
  Speaker 4: in San Antonio in the early nineties and it went
• 3:58
  Speaker 4: fairly well for him. He ventured off into doing some
• 4:01
  Speaker 4: other things, into like promotions and so forth, and then
• 4:07
  Speaker 4: around that time he decided to just go ahead and
• 4:09
  Speaker 4: start to do the car dealership again. But he didn't
• 4:11
  Speaker 4: want to do it the same way he did it before.
• 4:14
  Speaker 4: He decided to do it differently this time. And it
• 4:17
  Speaker 4: went very well for a while because it was around
• 4:19
  Speaker 4: the time when Obama was, you know, issuing out all
• 4:23
  Speaker 4: of the rescue money, and so the lending guidelines were
• 4:26
  Speaker 4: very helpful for those who were having a difficult time,
• 4:30
  Speaker 4: you know, at that particular time. And unfortunately they had
• 4:34
  Speaker 4: to go back and tighten up those lending guidelines again
• 4:37
  Speaker 4: and that changed the industry. And then COVID came right
• 4:41
  Speaker 4: behind that and made it even more tighter.
• 4:44
  Speaker 2: So cool now you could have asked this one car,
• 4:48
  Speaker 2: what about car dealerships? You know, you know, I've had
• 4:51
  Speaker 2: a lot of used cars in my life and I've
• 4:54
  Speaker 2: traded them in. Now should I have haggle to get
• 4:58
  Speaker 2: the price down the trees? Because I always trade it
• 5:02
  Speaker 2: in my used car, which would have been a better
• 5:05
  Speaker 2: right that you way that you would have recommended, and
• 5:07
  Speaker 2: just listening and people listening may follow your advice or
• 5:10
  Speaker 2: they might do their own thing.
• 5:12
  Speaker 1: What would you suggest haggling a trade in and used car?
• 5:16
  Speaker 4: I think that you should do definitely negotiate and make
• 5:21
  Speaker 4: sure that you get in the right deal. And you know,
• 5:23
  Speaker 4: a lot of people they go to Kelly Bluebook to
• 5:26
  Speaker 4: reference the value for their car, but I personally recommend
• 5:30
  Speaker 4: you going to Nada dot com their powered by Geni
• 5:34
  Speaker 4: Powers and associates now and they tend to give a
• 5:37
  Speaker 4: better explanation of what the value is of your car
• 5:41
  Speaker 4: because it gives it whether or not if it's in
• 5:42
  Speaker 4: good condition or a bad condition, or if it's even
• 5:46
  Speaker 4: in a syllable condition, and so you can kind of
• 5:50
  Speaker 4: you can negotiate off of those numbers. A lot of
• 5:52
  Speaker 4: times of dealerships they don't. They just assume that you
• 5:55
  Speaker 4: don't really know what the value of your car is.
• 5:58
  Speaker 4: And if you come in and you and you're educated
• 6:01
  Speaker 4: and you can you know, discuss on those particular parameters.
• 6:05
  Speaker 4: You could say, well, no, you know my car. You know,
• 6:08
  Speaker 4: I just did this, this, and this to my car,
• 6:10
  Speaker 4: so it's actually valued at this particular number, and this
• 6:12
  Speaker 4: is what I would like to have because they're going
• 6:15
  Speaker 4: to pay you what they're going to pay you and
• 6:16
  Speaker 4: turn back around and sell it and make sure that
• 6:19
  Speaker 4: they get.
• 6:22
  Speaker 1: Yeah, like anything, do your homework.
• 6:26
  Speaker 2: Yes, going there and have a stand a value stand
• 6:30
  Speaker 2: on your vehicle before you start trying to ask somebody
• 6:34
  Speaker 2: what they think is going to call yes them.
• 6:37
  Speaker 3: Because they're going to make sure they make their money.
• 6:40
  Speaker 5: Right.
• 6:40
  Speaker 1: Yeah, we're good.
• 6:41
  Speaker 2: Well, I brought you on the show to talk about
• 6:43
  Speaker 2: being an independent mortgage broker. The word independent is powerful. Yes,
• 6:48
  Speaker 2: you know, how are you an independent mortgage broker? First question? Secondly,
• 6:54
  Speaker 2: why are you an independent mortgage broker?
• 6:57
  Speaker 4: Okay, I am an independent mortgage broker because I basically
• 7:02
  Speaker 4: hold my own license as a broker. So I go
• 7:05
  Speaker 4: out and I establish relationships with various lenders to provide
• 7:10
  Speaker 4: different loan options to my borrowers. You know, I have
• 7:14
  Speaker 4: lenders that will cater to individuals who may be self employed,
• 7:19
  Speaker 4: who may have a difficult time getting approved. I also
• 7:22
  Speaker 4: have lenders who cater to first time buyers. I have
• 7:26
  Speaker 4: lenders that cater to those who may need help, you know,
• 7:32
  Speaker 4: due to citizenship, you know issues and so forth.
• 7:35
  Speaker 3: I mean, there's all types of lenders out there.
• 7:37
  Speaker 4: And so as a broker, you serve as that advocate
• 7:41
  Speaker 4: for your borrower to make sure that they're getting the
• 7:44
  Speaker 4: right loan product and not necessarily just getting approved, but
• 7:48
  Speaker 4: you know, do they have the right product that fits
• 7:50
  Speaker 4: their particular needs and so forth.
• 7:53
  Speaker 1: Okay, so, but why.
• 7:59
  Speaker 4: Well, what made me become well decide to become a
• 8:03
  Speaker 4: mortgage broker was I had actually been laid off at
• 8:06
  Speaker 4: a company.
• 8:07
  Speaker 3: It was a builder.
• 8:08
  Speaker 4: It was like in late twenty twenty two, the interest
• 8:12
  Speaker 4: rates has started to really go up, and so they
• 8:15
  Speaker 4: had lost like sixty eight percent of their contracts due
• 8:19
  Speaker 4: to borrowers falling out because they could no longer fit
• 8:23
  Speaker 4: the home because they were in the middle of construction
• 8:25
  Speaker 4: and so forth. And so I was faced with having
• 8:29
  Speaker 4: to go and find something, find new employment and so forth.
• 8:32
  Speaker 4: And so I just noticed that, you know, the commission
• 8:36
  Speaker 4: negotiations just did not fit my needs. And so I'll
• 8:40
  Speaker 4: just figure I might as well just go ahead and
• 8:43
  Speaker 4: advocate for people like I do, and also keep my
• 8:47
  Speaker 4: commissions at the same time.
• 8:50
  Speaker 2: There are certain things as you gain equity. That's the
• 8:53
  Speaker 2: big thing. That's the goal in any house is to
• 8:55
  Speaker 2: gain equity. Explain to us the value of mortgages when
• 9:01
  Speaker 2: you hit a certain age and you have a certain
• 9:03
  Speaker 2: equity in your house.
• 9:04
  Speaker 4: Okay, Well, I will say this due to the fact
• 9:08
  Speaker 4: that a lot of people do not really have very
• 9:11
  Speaker 4: much knowledge in reversed mortgages. The usage of them are
• 9:15
  Speaker 4: only like about two to three percent of senior citizens,
• 9:18
  Speaker 4: and it's typically in the age range like around seventy
• 9:21
  Speaker 4: five and older. And that's typically when people will you know,
• 9:25
  Speaker 4: will have enough equity in their home and or have
• 9:29
  Speaker 4: exhausted their retirement funds and have high medical costs and
• 9:33
  Speaker 4: so forth, and so it's just a way for them
• 9:36
  Speaker 4: to be able to have tax free cash coming into
• 9:39
  Speaker 4: their home. They can either take a lump sum amount,
• 9:42
  Speaker 4: or they can get they could receive a monthly payment,
• 9:46
  Speaker 4: or they can open up a line of credit where
• 9:49
  Speaker 4: they just withdraw the money out every month. I feel
• 9:53
  Speaker 4: like it is a good option for those, you know,
• 9:56
  Speaker 4: for individuals that are in that particular age range who
• 9:59
  Speaker 4: have a exhausted their retirement funds or have limited retirement funds.
• 10:04
  Speaker 4: And you know, it's just unfortunate that people typically do
• 10:10
  Speaker 4: not have enough education, you know, about them because what
• 10:14
  Speaker 4: happens sometimes is is that you know, they'll take out
• 10:17
  Speaker 4: the reverse mortgage and the family is unaware and when
• 10:20
  Speaker 4: they passed away, they don't know that the debt is there.
• 10:23
  Speaker 4: And so but what the family can do is if
• 10:25
  Speaker 4: they want to keep the keep the home in the family,
• 10:28
  Speaker 4: they can refinance it, you know, if they want to
• 10:31
  Speaker 4: keep it, or they can just sell it to pay
• 10:32
  Speaker 4: off the debt. Flowers while they're here. You know, they
• 10:39
  Speaker 4: paid all the equity into the house, so.
• 10:43
  Speaker 5: You know.
• 10:44
  Speaker 1: Okay, let me ask you this question. Write quickly tree.
• 10:46
  Speaker 2: I'm talking to the Tree's Price Get Started and independent mortgage
• 10:50
  Speaker 2: broker based in Houston, Texas. Okay, you take out a
• 10:54
  Speaker 2: lump sum? How does that work? How are you paying
• 10:57
  Speaker 2: it back? If you have no money and you having
• 11:01
  Speaker 2: financial issues and you do a lump sum or how
• 11:05
  Speaker 2: exactly walk me through how a reverse mortgage works and
• 11:09
  Speaker 2: how exactly.
• 11:10
  Speaker 1: Does it benefit?
• 11:11
  Speaker 2: Because if you if you take some money, they're going
• 11:14
  Speaker 2: to want it back. So how are they making those
• 11:16
  Speaker 2: payments back of the lump sum. Are the monthly songs
• 11:20
  Speaker 2: that they're requesting.
• 11:21
  Speaker 4: Well, the beauty of it is there are no monthly
• 11:24
  Speaker 4: payments going back to the institution. The data is paid
• 11:28
  Speaker 4: off when the home is paid off, you know, like
• 11:32
  Speaker 4: when the person passes away. The family can either refinance
• 11:35
  Speaker 4: it into their name or they can sell the home.
• 11:39
  Speaker 3: Yeah.
• 11:39
  Speaker 1: I see what you're saying. So so let's use some numbers.
• 11:42
  Speaker 2: So if the house is two hundred and fifty thousand dollars, yes,
• 11:46
  Speaker 2: then you can do a reverse mortgage own the equity
• 11:49
  Speaker 2: or the value of the home.
• 11:51
  Speaker 3: The equity, that's what you're saying.
• 11:53
  Speaker 4: Yes, yes, and you would need fifty percent of equity
• 11:57
  Speaker 4: in the home to be able to do it.
• 12:00
  Speaker 2: Okay, cool, So that means that you can do a
• 12:02
  Speaker 2: reverse mortgage on one hundred and twenty five thousand dollars. Yes,
• 12:06
  Speaker 2: if it's two hundred and fifty thousand dollars house, and
• 12:09
  Speaker 2: then they receiving payments, they don't have to make any
• 12:13
  Speaker 2: payments back.
• 12:14
  Speaker 1: But that's why you were saying, Rashan.
• 12:16
  Speaker 2: Generally people who do these reverse mortgages are in their seventies.
• 12:20
  Speaker 1: Yes, because it's not something you want to do in
• 12:23
  Speaker 1: your fifties?
• 12:23
  Speaker 2: No, no, okay, cool, Now that I.
• 12:29
  Speaker 3: Have to be at least sixty two years old.
• 12:32
  Speaker 4: I'm just saying that typically most of the barbers in
• 12:35
  Speaker 4: that range are around the seventy five ish range.
• 12:40
  Speaker 2: Right, so it has to be sixty two years old.
• 12:42
  Speaker 2: So do you handle those type of situations there?
• 12:46
  Speaker 3: Do?
• 12:48
  Speaker 1: Okay?
• 12:49
  Speaker 2: How does one contact you? Or how does one do?
• 12:52
  Speaker 2: You have a website? Let's start there. Let's start breaking
• 12:55
  Speaker 2: down the lines of communication. If somebody wanted to are
• 12:58
  Speaker 2: considering it, wanted to be educated about reverse mortgages, how
• 13:02
  Speaker 2: did they reach out to you?
• 13:03
  Speaker 4: They can reach me by phone at three four six
• 13:06
  Speaker 4: four seven six nine five five nine, or they can
• 13:09
  Speaker 4: go to my website ACI Mortgage LLC dot com.
• 13:14
  Speaker 2: Okay, cool, Now on to the next point, zero down
• 13:18
  Speaker 2: payment programs. Okay, I'm speaking to Lutreces Price gets started.
• 13:24
  Speaker 2: What exactly is that zero down payment program?
• 13:28
  Speaker 4: Well, I have a I have a lender that is
• 13:31
  Speaker 4: that that has that promotion at the at the present time.
• 13:33
  Speaker 4: And what they do is they loan the amount that's
• 13:37
  Speaker 4: needed for the down payment. It's it's up to like
• 13:40
  Speaker 4: three percent of the loan. And what they do is
• 13:44
  Speaker 4: they put the loan, they attach it to the actual
• 13:48
  Speaker 4: mortgage itself, and then it is it is paid. It
• 13:50
  Speaker 4: is paid off once the loan is either sold or
• 13:54
  Speaker 4: either refinance, but up until then it is it is
• 13:57
  Speaker 4: part of the part of the mortgage. But I also
• 14:00
  Speaker 4: do have other down payment assistance programs that will give
• 14:05
  Speaker 4: up to five percent of the value of the loan.
• 14:08
  Speaker 4: So what happens is with some people they use like
• 14:11
  Speaker 4: the three to three and a half percent that's required
• 14:13
  Speaker 4: for the down payment and then the remaining of the
• 14:15
  Speaker 4: five percent to pay off to help with the closing cost.
• 14:19
  Speaker 4: And so that's pretty much where that assistant comes into play.
• 14:24
  Speaker 5: Please don't go anywhere. We'll be right back with more
• 14:27
  Speaker 5: money Making Conversations Masterclass. Welcome back to the Money Making
• 14:37
  Speaker 5: Conversations Masterclass, hosted by Rashan McDonald. Money Making Conversations Masterclass
• 14:43
  Speaker 5: continues online at Moneymakingconversations dot com and follow money Making
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  Speaker 5: Conversations Masterclass on Facebook, Twitter, and Instagram.
• 14:52
  Speaker 2: You know, being an independent mortgage BROKERAM the big thing
• 14:56
  Speaker 2: that scares people off is big numbers, percentages, fifteen thirty
• 15:01
  Speaker 2: years mortgages would ever own it. Let's walk through the
• 15:05
  Speaker 2: process of how you handle clients LaTrece when they come
• 15:09
  Speaker 2: to you, the educational process. How does your business model
• 15:14
  Speaker 2: for you work and how does it benefit the customers
• 15:17
  Speaker 2: that come to you.
• 15:18
  Speaker 4: Well, the first thing that I ask each person when
• 15:22
  Speaker 4: they called is if they've purchased a home before and
• 15:27
  Speaker 4: how soon do they need to buy.
• 15:30
  Speaker 3: A home. And then I'll ask like key points like
• 15:34
  Speaker 3: how long they've.
• 15:34
  Speaker 4: Been on their job, what their credit score is like,
• 15:38
  Speaker 4: and what you know, do they have any money for
• 15:41
  Speaker 4: down payment, you know, anything in savings And I just
• 15:44
  Speaker 4: kind of like gauge off of what they tell me
• 15:47
  Speaker 4: and just kind of like take it from there. But
• 15:49
  Speaker 4: I do when I do offer the different type of
• 15:53
  Speaker 4: loan products, I do explain like the difference between the
• 15:57
  Speaker 4: you know, between each kind because you know, you you
• 16:00
  Speaker 4: have fah A v A conventional and U S d
• 16:04
  Speaker 4: A and and each one caters to a particular you
• 16:08
  Speaker 4: know customer, you know, whereas you I have like f
• 16:11
  Speaker 4: ah A you know, that's that's that's really more for
• 16:14
  Speaker 4: like the customer who may need a lower down payment
• 16:17
  Speaker 4: but also may have like a lower credit score than
• 16:22
  Speaker 4: than the average, or have like a lot of open
• 16:24
  Speaker 4: debt because that particular program allows for a higher dt
• 16:29
  Speaker 4: I versus someone who could go conventional who may have
• 16:34
  Speaker 4: like a higher credit score, but their down payment will
• 16:38
  Speaker 4: start like around three percent and go up to like
• 16:40
  Speaker 4: about five percent.
• 16:42
  Speaker 3: And so I guess to answer your.
• 16:44
  Speaker 2: Question, is score it permits their interest rate.
• 16:49
  Speaker 4: It is a very it's a very key component, you know,
• 16:54
  Speaker 4: because we do have programs that will go as low
• 16:57
  Speaker 4: as five five hundred credit score, but a course quite
• 17:00
  Speaker 4: naturally those who are like I would say, like around
• 17:03
  Speaker 4: seven to twenty and above will have your more favorable
• 17:07
  Speaker 4: you know, interest rates.
• 17:10
  Speaker 2: Okay, let's talk to it, because there's a lot of
• 17:12
  Speaker 2: people out there in that five hundred ranges probably listening
• 17:14
  Speaker 2: to my show now. But you can still help people.
• 17:18
  Speaker 2: Now that's a pretty low score. Now, that's a pretty
• 17:21
  Speaker 2: low score out there trying to buy a home. How
• 17:23
  Speaker 2: do you help somebody in that five hundred to six
• 17:27
  Speaker 2: hundred credit score range get in the house, Because right
• 17:31
  Speaker 2: now I think that's I think this be nearly impossible.
• 17:34
  Speaker 1: But you're saying you can make that happen.
• 17:36
  Speaker 4: Yes, The main thing with that particular group is that
• 17:40
  Speaker 4: they're going to have to have a higher down payment.
• 17:44
  Speaker 4: They're going to be the ones who's going to need
• 17:45
  Speaker 4: that ten to twenty percent down in most cases, because
• 17:49
  Speaker 4: those programs are not going to allow down payment assistance,
• 17:54
  Speaker 4: and the interest rate is going to raise the payment,
• 17:58
  Speaker 4: which is going to make the DTI heart to fit.
• 18:01
  Speaker 4: So that particular group of people is going to really
• 18:03
  Speaker 4: need that big down payment in order for that to work.
• 18:08
  Speaker 1: Okay, cool.
• 18:09
  Speaker 2: So that means that again, do you work with individuals
• 18:14
  Speaker 2: latrees over a six month period or do you coach
• 18:18
  Speaker 2: them along?
• 18:19
  Speaker 1: Somebody comes to.
• 18:20
  Speaker 2: You, say in January and they said, look this is
• 18:23
  Speaker 2: where I stand them at five hundred, and you said, well,
• 18:28
  Speaker 2: come back to me, do your homework. You get your
• 18:32
  Speaker 2: credits trade by making consistent monthly payment. Let's see we
• 18:36
  Speaker 2: can get that credit score up. Because right now, if
• 18:39
  Speaker 2: you roll into a plan right now, your interest rate
• 18:42
  Speaker 2: is going to be higher and your down.
• 18:43
  Speaker 1: Payment is going to be higher. Do you work with
• 18:45
  Speaker 1: individuals like that.
• 18:47
  Speaker 3: Latre, Yes, I do.
• 18:49
  Speaker 4: I do offer the opportunity to consult while they get
• 18:55
  Speaker 4: ready and so forth, and I do offer suggestions and
• 18:58
  Speaker 4: so forth. Out to be very careful about, you know,
• 19:02
  Speaker 4: credit counseling per se. But I do offer suggestions, and
• 19:05
  Speaker 4: you know, go over there file and just give them
• 19:07
  Speaker 4: what's called a what if scenario, and it is it
• 19:10
  Speaker 4: is provided by the credit bureau, and not not the
• 19:12
  Speaker 4: credit bureau, but but the credit reporting agencies that I use.
• 19:16
  Speaker 4: They have a report called what if scenario and I
• 19:18
  Speaker 4: go in and I'll put you know, like say that
• 19:21
  Speaker 4: they paid these particular credit cards down or what have you,
• 19:24
  Speaker 4: this is what it could possibly look like if they
• 19:26
  Speaker 4: did this and so forth. And I would give that
• 19:29
  Speaker 4: to them, and you know, we'll work over, you know,
• 19:32
  Speaker 4: their plan over those months and so forth, and I
• 19:36
  Speaker 4: will say about sixty percent of the people actually follow through,
• 19:42
  Speaker 4: and really, do you know come back and say, okay, listen, it's.
• 19:45
  Speaker 1: All about follow through.
• 19:46
  Speaker 2: It's all about your dream, all about whether you want
• 19:49
  Speaker 2: to make it happen. Yes, And that's really what we're
• 19:51
  Speaker 2: talking about right now. Yes, making up, putting it, putting
• 19:53
  Speaker 2: forth one hundred percent. Now in this world as being
• 19:57
  Speaker 2: an independent mortgage broker, frustrates you about it? And what
• 20:02
  Speaker 2: benefits do you feel you bring to the table?
• 20:05
  Speaker 4: Okay, I will say what frustrates me is, you know,
• 20:08
  Speaker 4: basically what we just talk about just now is the
• 20:11
  Speaker 4: customer that does not follow through or the customer that
• 20:15
  Speaker 4: is not honest and forthcoming.
• 20:18
  Speaker 1: Do you ever get mad in the little tree?
• 20:19
  Speaker 2: Do you ever get mad if some of your customers
• 20:21
  Speaker 2: come on that this is money making conversations?
• 20:24
  Speaker 1: Okay, somebody wasted your time for three or four months.
• 20:27
  Speaker 4: Now.
• 20:28
  Speaker 2: Yes, Basically, the reason she's an independent because a lot
• 20:31
  Speaker 2: of traditional outlets won't even look at you, They won't.
• 20:36
  Speaker 1: Even walk in the front door.
• 20:39
  Speaker 2: She is giving you an opportunity because early in our
• 20:42
  Speaker 2: conversation she spoke about she sets up relationships. She's kind
• 20:46
  Speaker 2: of like, it's a lot of people out there, like
• 20:47
  Speaker 2: independent insurance people. Well, you can come there and they
• 20:51
  Speaker 2: can do insurance with anybody out there.
• 20:53
  Speaker 1: And that's what you're saying that you can do as
• 20:55
  Speaker 1: an independent.
• 20:56
  Speaker 2: You not limited to one particular financial out correct.
• 21:01
  Speaker 1: Yes.
• 21:04
  Speaker 2: And now with that being said, do you have a
• 21:06
  Speaker 2: place you'll go to outlet? You don't have to say
• 21:08
  Speaker 2: the name, and why is that outlet that you go
• 21:11
  Speaker 2: to you feel works for you the most in your
• 21:15
  Speaker 2: independent platform and the type of customers that you bring
• 21:19
  Speaker 2: to the table.
• 21:19
  Speaker 4: I'll be more than happy to say that my outlet
• 21:22
  Speaker 4: would be you. Not at Wholesale Mortgage u w M.
• 21:26
  Speaker 4: They are the number one wholesale lender in the you know,
• 21:29
  Speaker 4: in the States, and they have a very.
• 21:33
  Speaker 3: Quick turnaround time.
• 21:36
  Speaker 4: My executive there is top notche The process is just
• 21:42
  Speaker 4: it's just it's impeccable, you know, every time.
• 21:46
  Speaker 3: And what.
• 21:49
  Speaker 4: The customer that that I would take there is actually
• 21:53
  Speaker 4: well I can't say the majority of them, but I
• 21:55
  Speaker 4: would just say the customers that they cater to you
• 22:00
  Speaker 4: are more of like, you know, your well your experienced
• 22:04
  Speaker 4: buyers is where's your first time buyers. But a particular
• 22:08
  Speaker 4: product that I like that they have there is there
• 22:10
  Speaker 4: one time construction loan, Like say you want to buy
• 22:14
  Speaker 4: land and build a house at the same time. Well,
• 22:17
  Speaker 4: you know, traditionally you would have to finance both separately,
• 22:21
  Speaker 4: but they will do the loan all in one, you know,
• 22:25
  Speaker 4: And that's what That's one of the main things that
• 22:28
  Speaker 4: I really like about them.
• 22:30
  Speaker 3: And so just as a process and the loan products
• 22:33
  Speaker 3: that they offer.
• 22:36
  Speaker 1: Cool.
• 22:36
  Speaker 2: As we close out the interview, I want to talk
• 22:38
  Speaker 2: about the benefits of utilizing f h A two thousand
• 22:42
  Speaker 2: and three is it two thousand and three K program
• 22:45
  Speaker 2: two or three.
• 22:45
  Speaker 4: K that is that is a home innovation yes, and
• 22:50
  Speaker 4: what people don't know is you can buy a fixer
• 22:53
  Speaker 4: upper at the you know, and and finance the renovations
• 22:57
  Speaker 4: as well as as the home within the the within
• 23:01
  Speaker 4: that that one transaction, and that's that's where the f
• 23:06
  Speaker 4: h A two or three K comes into play.
• 23:08
  Speaker 3: And it just it could be something as.
• 23:10
  Speaker 4: Low as as you know, replacing windows all the way
• 23:14
  Speaker 4: up to remediating mold. It just depends on what the
• 23:17
  Speaker 4: needs are for it, you know, for your project and
• 23:20
  Speaker 4: so forth.
• 23:22
  Speaker 3: And so.
• 23:24
  Speaker 2: That particular problem when you stay that when you stay
• 23:26
  Speaker 2: in the f h A and f stands for what.
• 23:30
  Speaker 3: Federal Housing.
• 23:32
  Speaker 4: That's I'm sorry, Federal Housing Association and that that's that's
• 23:37
  Speaker 4: basically the the the government agency that monitors those particular
• 23:44
  Speaker 4: types of loans and there and that's it's it's basically
• 23:46
  Speaker 4: there to protect the lenders against the the you know,
• 23:51
  Speaker 4: in case the bar defaults.
• 23:54
  Speaker 3: On the loan.
• 23:57
  Speaker 1: Okay, cool, okay cool.
• 23:58
  Speaker 2: And this particular program you telling me, a lot of
• 24:00
  Speaker 2: people are not aware of it. And I always get
• 24:03
  Speaker 2: mad when I hear that, and I said, mad, mad,
• 24:05
  Speaker 2: but I guess frustrated mad because there's so many programs
• 24:08
  Speaker 2: out there that are to benefit the buyer. But nobody
• 24:11
  Speaker 2: knows because guess what, they're not promoted. So how does
• 24:14
  Speaker 2: one find out by programs like this that can benefit
• 24:17
  Speaker 2: them that somehow don't make it trickle down to the
• 24:20
  Speaker 2: people that need them.
• 24:22
  Speaker 4: Well, I mean you would have to consult a mortgage broker,
• 24:28
  Speaker 4: you know, because it's not you know, just everyday knowledge
• 24:31
  Speaker 4: that is out there.
• 24:32
  Speaker 3: Now. Most people know about.
• 24:33
  Speaker 4: FACH loans, but they're not as well aware of the
• 24:37
  Speaker 4: of the FAHA two or three K program that is there.
• 24:40
  Speaker 4: A lot of times people think that they have to
• 24:41
  Speaker 4: buy the house first and then finance the renovations and
• 24:45
  Speaker 4: so forth.
• 24:45
  Speaker 3: But if this particular product, you can do both at
• 24:48
  Speaker 3: the same time.
• 24:51
  Speaker 1: Wow, I knew nothing about it.
• 24:52
  Speaker 2: Again, Please give us a contact number, and if you
• 24:55
  Speaker 2: have a website, please get a website number so we
• 24:56
  Speaker 2: can reach out to you. Because being an independent broker,
• 24:59
  Speaker 2: first of all, fearlessness. You seem to be a person.
• 25:02
  Speaker 2: If someone wanted to do this for a living, if
• 25:05
  Speaker 2: somebody wanted to step out on faith or just go
• 25:08
  Speaker 2: for a leap, what steps would you tell people to
• 25:11
  Speaker 2: make sure that you did that you will not do
• 25:14
  Speaker 2: that would help them be successful as independent as an
• 25:18
  Speaker 2: independent mortgage.
• 25:19
  Speaker 3: Broke things I would do.
• 25:23
  Speaker 2: You would not do because you made the mistakes to
• 25:25
  Speaker 2: resond that was I can tell you right now. There
• 25:28
  Speaker 2: were some things I did when I started my company
• 25:31
  Speaker 2: and I hired people who were not qualified for the job.
• 25:34
  Speaker 2: They were family, they were old friends, and I paid
• 25:37
  Speaker 2: them checks. They were overpaid because I knew they needed to,
• 25:41
  Speaker 2: you know, paid a certain amount of expenses for their family.
• 25:45
  Speaker 1: I didn't. I just had the bad business model.
• 25:47
  Speaker 2: Yes, and I would never do that again and so
• 25:51
  Speaker 2: and it was a hard decision because it eventually it
• 25:53
  Speaker 2: led to me laying these same people off that I
• 25:56
  Speaker 2: was trying to support.
• 25:57
  Speaker 1: So those are bad business decision.
• 26:00
  Speaker 2: Now you became an independent mortgage broker, what did you
• 26:03
  Speaker 2: do or would recommend so people would make the same
• 26:07
  Speaker 2: mistakes that you did, because we all make mistakes when
• 26:09
  Speaker 2: we start businesses.
• 26:11
  Speaker 3: I would say that I would have had more capital.
• 26:16
  Speaker 4: Before deciding to not move forward with with with other employment.
• 26:21
  Speaker 4: And that's because what I had to do was, since
• 26:24
  Speaker 4: I did not have as much capital, I had to
• 26:26
  Speaker 4: kind of like do a lot of side gigs and
• 26:30
  Speaker 4: so forth that took me away from my business and
• 26:33
  Speaker 4: so forth, and so and then also to have a
• 26:36
  Speaker 4: stronger pipeline. You know, even though I had been had
• 26:40
  Speaker 4: been originating loans for as long as I had been,
• 26:43
  Speaker 4: I don't feel like I had a full enough pipeline
• 26:46
  Speaker 4: to really take off. So not having a capital and
• 26:49
  Speaker 4: not having a full pipeline, that that kind of stagnated me.
• 26:53
  Speaker 4: And it made a little bit more difficult to really
• 26:55
  Speaker 4: you know, get going and so.
• 26:56
  Speaker 3: Forth and so. And then also the time frame.
• 26:59
  Speaker 4: It was during a time when interest rates were just
• 27:03
  Speaker 4: out of control, and it made it really hard to
• 27:06
  Speaker 4: get people, you know, approved and so forth. And so
• 27:09
  Speaker 4: I would say to definitely look at the economic you
• 27:13
  Speaker 4: know market at that particular time, make sure you have
• 27:18
  Speaker 4: that strong, solid pipeline, and then have that capital so
• 27:21
  Speaker 4: that you can focus more on the business versus you know,
• 27:25
  Speaker 4: just just.
• 27:26
  Speaker 3: Going for it.
• 27:29
  Speaker 1: Cool.
• 27:29
  Speaker 2: Let's get that number out there one more time. The
• 27:31
  Speaker 2: litree's price.
• 27:32
  Speaker 4: Okay is three four six four seven six nine five
• 27:35
  Speaker 4: five nine. Website is ACI Mortgage LLC dot com.
• 27:41
  Speaker 2: For coming on Money Making Conversations Masterclass.
• 27:44
  Speaker 3: Thank you, thank you. I have a good one, Roshan.
• 27:48
  Speaker 2: This has been another edition of Money Making Conversation Masterclass
• 27:51
  Speaker 2: posted by me Rashaun McDonald. Thank you to our guests
• 27:54
  Speaker 2: on the show today and thank you. I was listening
• 27:57
  Speaker 2: to your audience now. If you were to listen to
• 27:59
  Speaker 2: any episode I want to be a guest on the show,
• 28:01
  Speaker 2: Visit Moneymakingconversations dot com. Our social media handle is Moneymaking Conversation.
• 28:07
  Speaker 2: Join us next week and remember to always leave with
• 28:09
  Speaker 2: your gifts.
• 28:10
  Speaker 1: Keep winning.