Latest / The Steve Harvey Morning Show / Real Estate: She helps first-time home buyers, self-employed individuals, and those with unique challenges.

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Real Estate: She helps first-time home buyers, self-employed individuals, and those with unique challenges. · The Steve Harvey Morning Show

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