Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right, good morning, thank you for joining us for
bott bart and sold. Another week has gone by. Real
estate is still rocking. Brad Smith Cross Country Mortgage bradsmithlones
dot Com. Hanging out with us today, Brad, how are
you of my friend?
Speaker 2 (00:20):
Well, I'm great. How are you good? I am good?
Speaker 1 (00:23):
Just you know, back in the swing of things at
least for the next I feel like maybe a few weeks,
and you know, then then we got a little bit
of holiday, we got the you know, Christmas, and and
then uh, twenty twenty five is almost upon us.
Speaker 2 (00:38):
Don't don't don't miss my birthday after the Christmas before
New Year's goodness, that's the biggest I mean, everybody should
know that. Wait, what days is December twenty ninth? December
twenty ninth. Oh, I'm kidding. It's just and that is
my birthday. But it obviously doesn't get a lot of
recognition in that in that window that does seem like
it might be a little bit more difficult. You know,
it's not difficult as much as you just don't know
(01:00):
any better.
Speaker 1 (01:00):
But do you end up celebrating on like Christmas because
everybody's going to be near you like that old families
don't do anything.
Speaker 2 (01:07):
Oh how amazing. Where it really gets me is that
I just don't give a lot for other people's birthdays. Yeah,
just because it's never been a big deal in my
own head. Yeah. And so for like my wife that
thinks she gets a birthday week or month, I'm like, eh,
maybe maybe lunch. I don't know. So, man, interesting, I'm
(01:29):
a hard birthday giver because I've never gotten it makes sense. Yeah,
don't know that makes sense. I mean it's tough.
Speaker 1 (01:35):
I my birthdays in June, so you know, I mean
like it's it's like usually the week after Father's Day.
Speaker 2 (01:41):
Yeah, you know, it's it's summertime, and it's kind of good,
you know. And listen, let me be forty two. Who cares?
You know? Well? We care? We care, John, we care,
don't we I didn't mean to waste a minute of
air time on but when you were going after Christmas,
THENU it's And I was like, then it's my birthday.
Then it's twenty two?
Speaker 3 (02:00):
Right?
Speaker 4 (02:00):
How do you think Jesus felt three wise men showed up,
not just more than this is for your birthday and Christmas.
Speaker 2 (02:07):
Just so we're clear, he's not getting double Frankinsen. That's it,
that's right, that's right. Well anyway, sorry.
Speaker 1 (02:14):
Well today, hey, you know, it's all good. We will
celebrate your birthday this year. Where we since we're coming
towards the end of the year, this is when we
really get a lot of phone calls from investors trying
to diversify some taxes and so, you know, usually our
phone calls start in October of like, hey, I need
(02:37):
to buy one to four houses this year so I
can write these off on taxes, you know, start doing
some cost segregation so that we can accelerate some depreciation.
And so we I mean, we're getting phone calls for duplexes,
quad plexes, apartments. We had one that was a forty
We've got somebody looking for a forty to sixty unit
(02:58):
apartment complex.
Speaker 2 (03:00):
Uh, that just popped up this past week.
Speaker 1 (03:02):
And so uh and these are folks that want to
they want to hit by the end of the year
because they want to be able to.
Speaker 2 (03:08):
Use that on their taxes this year.
Speaker 1 (03:10):
So we're going to talk a little bit about you know,
financing options a little bit later on in the show
that that that folks that maybe you know don't have
that cash for that uh, maybe the first rental house,
but building that plan for that first or second orehouse,
or wanting to spread that cash that they've got into
multiple properties.
Speaker 2 (03:30):
Yeah, you know, you know you can. That's another option.
You may have the cash for one, but you could
spread that cash in by four Yeah, with financing. So
there you go. Oh y's I like that. I like that. So, uh,
but I do want to I want to give a
special shout out. We've got uh.
Speaker 1 (03:44):
We put seven homes under contract this past week. What
was interesting is three of those agents, uh or three
of our agents put two homes under contract. So we
only had four agents that put homes under contract, but
three of those put to each. So so Riley, Brianna,
and TJ had two homes under contract each this past weekend.
(04:05):
Then Ashley on our team put a home under contract.
So congratulations to y'all for a holiday contract.
Speaker 2 (04:14):
That's great.
Speaker 1 (04:15):
You know, yeah, I like that the congratulations y'all.
Speaker 2 (04:20):
You know. One of the things kind of going back
into that I found this was kind of a going
into the market talking about like looking at week over
a year over year of that week. Yeah, and I
know we're kind of another week but behind now but
we're just now kind of getting the reports of numbers
and stuff like on mortgage applications, and it was saying,
but the numbers were down on from year over year
(04:42):
from the week last time last year, but last year
that week wasn't a Thanksgiving week. Yeah, so that was
interesting to think that, you know, because because the Thanksgiving
can fall and that was it the fourth Thursday, but
sometimes there will be a fifth Thursday. So the actual
week of November was a different week for Thanksgiving. So
the week of over week now members aren't really comparison
year over year, So I found that interesting on some
(05:03):
of the stuff, like kind of going back drawing on
the numbers because mortgage applications on purchases were down twenty
one percent over that week, and I was like, oh,
twenty one percent on purchases, like that's that's that's a
huge drop, right, And then then then the caveat this
year that was this was this year that was a
Thanksgiving week. Last year that wasn't Thanksgiving week. So yeah,
kind of those the interesting things you're talking about numbers
(05:23):
and things going under contract.
Speaker 1 (05:24):
Yeah, well, I mean it's you know, I've got some
interesting numbers. I just I'm gonna pull it back up
here in a minute, but I'll do kind of year
to date, like year year to date, but year over year,
like I'm generating the report now that I want to
you know, like like November cells were down, you know
(05:46):
this November compared to last year, which is super interesting
because rates were higher last last November.
Speaker 2 (05:53):
Yep, you know, so I think it was that taste
of the lower rates there for that forty five day
window we had maybe sixty total you know that. Now
it's like, ooh, it did get down into those what
are the five was the first number some and so
now that little bit of taste of that put some
people that they got off the fence and said, oh, well,
(06:14):
wouldn't find anything. I'm going back on the fence till
it settles back down. Yeah, you know, more than year
over year, more of like we just saw it down there.
Why am I going to go back to seven? I
just saw it in the fives.
Speaker 1 (06:25):
Well, for example, like I'll pull up I'll share our numbers.
In November, our team closed on fourteen homes okay for
four and a half or four point six million, and
our average days on market was thirty three days and
we also not only do we you know, list of
(06:45):
market homes, but we also represent a lot of home buyers.
And we we saved on average our home buyers forty
six hundred dollars this past month. So that's awesome, good stuff,
but it was actually lower than our average. Our average
actually this year has been a buyer savings of seventy
three hundred.
Speaker 2 (07:04):
Yeah, I knew that was probably down, but I also
wondered if some of that, with the inventory and some
of the markets, like if some of that had shifted
maybe what's available to be what's out there in that coinstopt.
But also you know, if you have a little bit
of a lower number that's right for the month, then
you know, less affecting it.
Speaker 1 (07:19):
But we've you know, year to date going into December,
we've closed on two hundred and twenty two homes for
a little over sixty five.
Speaker 2 (07:26):
Million in volume. That's awesome.
Speaker 1 (07:28):
So that's always uh, that's that's always good. But I'll
pull up some like year to date numbers. Let me
let me scroll to the bottom of this list. And
so I like to look at you know, where we at,
and you know, year to date and then year over
(07:49):
year we're down twenty three percent and home sold last year. Wow,
twenty three percent, So uh, that's an incredible amount. And actually,
hold up, let me change something real quick, because.
Speaker 2 (08:08):
We put Gusty on the spot on the fly, I just.
Speaker 1 (08:11):
Noticed something that wasn't accurate, So I want to redo
these numbers. So anyways, we'll get back to that in
a minute, because it's gonna take a minute to generate.
I just noticed one thing on the record, and I
was like, that is completely inaccurate. So and I have
a feeling that's going to make some pretty big changes
to our numbers.
Speaker 2 (08:31):
But that in that out you know, it's got to
be in their right to get the right.
Speaker 1 (08:36):
I'm telling you, you gotta you gotta. It's kind of
like a I you gotta you gotta. You gotta give
it the right questions to get the right information right,
you've got to prompt it accurately. Okay, you want to go,
let's see if we've got this accurate. Now, okay, all right,
this this seems a little bit more no you know what.
(08:59):
Uh okay, No, I'm not gonna.
Speaker 2 (09:04):
Talk about it, so I'll go other numbers. So this
is this is this, what are you seeing Yeah, I said,
so I had some jobs reports this past week. ADP
reports came out. Yeah, so we got we got some
love there on the mortgage rate. So, uh, it's it's
one of the things I found interesting on one of
the one of the things I was listening to is
how normally this time of year then there's a seasonal adjustment,
(09:28):
and usually that seasonal adjustment moves it down because they're
not permanent jobs. You know, being Christmas, you've got a
lot of retailers and stuff hiring and stuff, but they
know it's gonna be a short term to get to
the holidays. They actually made a seasonal adjustment up on
the numbers, which the markets responded to, feeling like as
far as there was more job creations, but just seasonal creations,
(09:50):
seasonal creations that are normally extrapulated out. So and then
even on that, it was still about twenty five thousand
lower than they expected. So again, ob growth looks to
be slowing down, and it's especially in certain industries. Manufacturing
is down, like twenty four percent of the job growth
is negative twenty four percent, So manufacturing is slowing down,
(10:14):
which is a pretty good number to be paying attention
to as far as what's been going on here. So
the stocks reacted by a little bit of a dip down,
Mortgage backed securities and bonds got a little bit influx there,
and so starting to get the average thirty year fixed
back down in like the six seven to five range.
So keep on coming down. So again, you know what,
(10:37):
three weeks ago, we were at around six point one
on the thirty year average nationally six point one five.
Maybe that's been about a month ago. It's been about
forty five days. Yeah, so we're so we're about six
eighths above that now. So, but we were also trending
into the seven range. So we've gotten a little bit
of relief. We've gotten above the hundre day and one
(10:57):
hundred day moving averages, and we're in between some good
ceiling and floors on the Fibonacci levels, which is my
favorite word to say, because Gustin always likes to put
me on the spot when I use it. So that
that's what I'm seeing. But at least we're starting to
trend the right direction on that sure, and this is
usually the time of year we get a little more
relief on the right side.
Speaker 1 (11:18):
I do like seeing the graph of the ten year
Treasury note when it's going down.
Speaker 2 (11:23):
Yeah, and that's shifted a Wednesday morning, like mid mid morning.
It actually was going the other way and then all
of a sudden it flipped and went went back to
our way or where we like to see it for
mortgage for eight purposes. So yeah, again, it's it can
move and change by the minute and be different by
the time you listen to it and you check in
on it. But it's it's interesting just to kind of
(11:44):
keep an eye on because it's it feels like some
of the market data is coming out. We had FED
chairs had some conversations this week two weeks before they're
having that the last FED meeting of the year on
the eighteenth, I believe, is coming up, and so we're
going to be back on the market watch or we're
going to get the quarter percent drop again from the
FED funds or not. And so yeah, some of these
(12:07):
job reports and BLS numbers and different inflation data for
the year is going to make a difference there. But
but we're you know, keeping an eye on it, and yeah,
just you get the rates are what they are, right,
and so so you've still got things happening you've still
got to do certain things. If you're in the market,
you're in the market. I just think that we got
(12:27):
that that that little one to one in a one
and a quarter percent decrease in the rates there in
August in September got people excited, got excited, and people
did jump, But then some people didn't get under contract
or close in that window, and now they're going, well, now,
why do I want to rush back into it end
up with seven percent if it's going to come back
down in the next thirty sixty ninety days and I
(12:48):
don't have to make a move. So yeah, I think
we're I think we're positioned.
Speaker 1 (12:51):
Well, well, i'll run I'll run through some numbers, all right.
I feel like I've got it accurate now cells year
over year. Now, I've pulled only Jefferson County, Shelby County,
and Saint Clair County, which basically makes up the biggest
part of the footprint of art MSA, And there's been
(13:13):
twelve seven hundred and ninety nine homes closed through November,
so I'm not looking at anything that's closed yet in December.
So it's actually an increase of two percent in home sold,
which I find is interesting. Now other pieces that are interesting.
The average price is up five percent, so that's almost
(13:38):
looking at appreciation. So the average price three hundred and
sixty thousand as compared to one year ago of three
hundred and forty two thousand dollars, and then the median value,
which had an increase of three percent. The median values
two ninety nine nine as compared to two eighty nine
nine from last year. Now we have seen an increase
(13:59):
of eight per send an inventory. So typically for the
with an increase in inventory, you would think that there's
probably not seeing as much appreciation, but a five percent
appreciation is actually probably pretty darn good for seeing an
eight percent increase in inventory. So I thought that was
really interesting. And that's year to date. Now let me
(14:21):
let me focus on just November. Okay, so I'm gonna
pull this report up. It might take a minute for
it to uh to prep.
Speaker 2 (14:31):
Well and with a good thing too though, with inventory
increasing and this doesn't go for everybody, but with the
inventory going up, it's also putting more buyers in the market. Yeah,
it gives more opportunity well, but it also makes those
are people now that are committed that they're well not
that they're all it's all selling and buying. But if
(14:51):
you've got eight percent increase in inventory, you've got a
larger increase of buyers to those people are gonna sell
and buy something else for a lot of a lot
of that pool. So you've got more people out there
also going to buy things as the inventories increasing. So
it works itself out. But it is see that we're
staying on the up, on the good on some good
things there, all right.
Speaker 1 (15:11):
So November's numbers, now, this will probably change over the
next couple of days as data is still kind of
you know, populating, but down by six houses this year,
uh in November. But the average price is up eight percent,
The median price is up eight percent, inventory up fifteen percent.
(15:31):
So we've seen the average this year of eight percent
increase in inventory. But right now we've got a fifteen
percent increase in inventory. So that tells me there's gonna
be you know, still more more houses coming on the market.
So fifty one hundred houses on the market in Jefferson, Shelby,
and Saint Clair counties. Wow, yeah, pretty interesting stuff.
Speaker 2 (15:50):
What's what what is the average days on market right now?
Do you have that in front of you. Where's that trend?
Speaker 1 (15:55):
I'll have to I'll pull that up. Maybe I can
pull that up a little bit later on in the show.
But yeah, well we'll look at that here pretty soon.
We're gonna actually we're gonna head break.
Speaker 2 (16:04):
Sounds good.
Speaker 1 (16:05):
When we come back, we're going to talk about, you know,
investing maybe at your first or second house and using
some some loan products on instead of just paying cash
for a house, utilizing some loan products, uh, to buy
some rental houses. So, uh, we'll be right back on
bomb Barton sold. We wanted to talk about, especially coming
(16:32):
towards the end of the year, people are looking for
tax right off, so looking at rental homes, duplexes, maybe
quad plexes, and and and trying to figure out, uh,
what could be some loan options. So we've got Brad
Smith Cross Country Mortgage. Brad, what kind of loan options
(16:55):
do you have for somebody that you know is looking
to They might be buying their first investment, but it
could be a seasoned, you know, investor that's looking at,
you know, wanting to buy a couple more houses to
kind of remove some of their tax burden for the year.
Speaker 2 (17:10):
Yeah, so I mean, there's obvious there's a lot of options,
and every investor and their portfolio are different, right so
in what they're buying, So we really try to look
at the total scope of it. Because we do have
the DSCR loans, which is the debt service coverage ratio loans.
That's probably the most popular, the most talked about right now,
(17:30):
just because it is it's cash You're you're essentially being
approved on the ability for that property to cash flow,
so that that's all you need is that the property
cash flows and then you've got the down payment for that.
So normally on those on the d SCR loans, we
can go all the way to ten percent down, but
you really start getting some hits on rates and all
(17:50):
that other stuff, like really twenty five percent down is
kind of that that sweet spot to get the best rate,
best best product available. If you've got a lot of
it investment income history and you personally cash flow, we
can just do traditional conventional loans on investment properties. That's
where you're going to get your best interest rates, best fees.
(18:11):
That market still holds the biggest bucket and has the
best ability to get get you in the best rate
in terms possible. But the ds c R loans are
great just again because it's it's if you've never had
investment properties and you have the down payment and you're
you're not really you know, you're self employed, and maybe
all your stuff doesn't cash flow right, but the property does.
(18:34):
We've got options there. Again at the property you can
go off of what it's projected to bring in this
rent that hey, this thing's going to cover the more
payment and some you're good to go buy it. And
so that's the one that the most talked about. But
we've even got some products that that for investors where
well we've got to fix and flip program for investors.
So it's a six month loan and it's got some
(18:58):
construction tied to it. If you need to buy property
and you're wanting to fix it up, it's actually a
construction loan for investors to flip. And so that that
there's there's different options there. It's got a little bit
more things around it. But again it's it's it's a
it's a really cool product. It's it's just another way
of like, hey, I don't necessarily want to rental. I
see some flips I want and I don't know necessarily
(19:19):
if I need to go to the bank or or
what that how that looks into a mortgage lender. We
actually have that option now too, So I mean it's
it's not just rental income properties for investors. We can
do fix and flips, we can do multi unit properties.
You know, if you're buying a the only thing if
you're buying multiple properties and they're on different parcels, then
(19:39):
we do need to do multiple different loans for those
multiple parcels. But but again, it really depends on the
individual and the investor on what they're wanting to accomplish
and then us fitting them in the perfect program or
the program that's gonna fit best for them short term
in long term of what they're wanting to do. But
but no, I mean that's this is that this is
that time of year, and I feel like there's a
(20:01):
lot of people looking to do something by the end
of the year, and a lot of people go into it,
and when you've talked to them, I talked to them.
You've got people that say, hey, I've got just make
up a number. I've got two hundred thousand dollars that
I need to do on investment, on an investment property
before the end of the year. Just use that number,
you know. So then it's kind of asking them, hey, well,
do you want to take that two hundred thousand dollars
(20:22):
and buy one two hundred thousand house or would you
rather buy four two hundred thousand our houses and put
fifty thousand dollars down on all four of them? And
now you've got four properties, they're diversified, they're cash flowing,
they're building equity at a greater pace because you've got
four of them doing it opposed to the one, and
the percentages do work out that you know you're going
(20:44):
to be in a better position. And so again I
think that that's one of the things that people need
to be thinking about or say, hey, look, I was
looking at putting two hundred thousand dollars in by the
end of the year into the market. What does that
look like for me if I decided I wanted to
buy two or three in that price range. So I
think that's where the biggest kind of workshop and kind
of knowing what they want to do, Hey, do you
(21:04):
want to be do you want to be working on
managing four properties? You have somebody managed for properties or
you just wanting to put your toe in. But again
it's all different for everybody. And just love to have
those conversations and say, you know, how can we help
you build your portfolio out in the best way possible.
Because some people are going to have properties, we've still
got things for them too, So it really does depend
(21:25):
on the individual. But we've got just about every product
you could imagine for single family, multifamily, but residential living. Yeah,
there you go so well.
Speaker 1 (21:36):
I mean, so you know, if you're listening out here
and you are looking at your options to diversify some
of your taxes, give us a call at two five
four to two nineteen ninety six Gustigouglisgroup dot com and
just say, hey, look, I want to looking at investing
(21:57):
in some real estate and I need some uh I
need some tax right off.
Speaker 2 (22:03):
And I mean we both know to the rental the
rental market is still very strong. I mean that that's
I mean I really think.
Speaker 1 (22:10):
Well, you can get cash flow right now, Yes, you
can get appreciation right now, and you can get depreciation
right now.
Speaker 2 (22:18):
So I mean it's three huge wins, it really is.
And and and you know, I mean, talk to your
CPA's and accountants. But I mean, not only can you
get all those things, I mean it helps do a
lot of offsets. I mean your cash flowing, your cash
flow and your your bank account is growing, but you're
not paying more taxes on that money, not not not
not all the time, not not not all the way around,
(22:40):
you know, until you may have to realize some of
those gains or something on the amortization if you do
decide to sell it. But but but there's so many
positives that are coming from it and so many things
that can help offset and that's why people look into
doing it, or people are saying, hey, you know, I
mean and you know, you know, people at the time
of the year, like you know, they're told, hey, you
need to go hurt and go buy a new truck
or something, you know for acts purposes that that you're
(23:01):
not getting a return on that down the road, and
you're just getting to appreciate that that that off So yeah,
I think I think it's a I think it's a
no brainer if it if it meets kind of what
your goals are and what you're looking for, and you're
you're looking to either expand your portfolio or starting to
diversify it and need to go a different route with it.
So that's right on Bradsmith Loans dot com. There you go.
(23:22):
So yeah, we'd love to learn more. And even if.
Speaker 1 (23:25):
It's like you know, by the end of the year
is too too too quick, let's build a plan so
that you can kind of remove some of your you know,
tax burden for next year too started early, because I mean,
you got to build a plan. You gotta build a
plan plan. All right, Well, y'all stay tuned. We' up
against the top of the hour. We will be right
back Bob bart and Sold. Welcome back to Bob bart
(23:53):
and Sold. And uh again, thank you for joining us. Uh,
we're halfway through the show. And you know, this is
the time that we like to talk about our new
listings and and we like to play a mortgage game.
And it's called Guess the Mortgage Payments. It's a fancy man,
it's a fancy one. And uh, we've got Brad Smith
(24:14):
of Cross Country Mortgage Bradsmith Alones dot com hanging out
with us each and every week and talking. He's gonna
be doing the doing the game. So there would you
like to explain the game, and it looks like John,
me and you, my friends, Me and you.
Speaker 4 (24:29):
Yeah, you know, I'm gonna try and you know, do
better than that one guess ahead last week where I
was off by a factor of like three.
Speaker 2 (24:34):
Yeah, you're you're off a little bit. But that's okay,
you just misspoke. I had it right for you. I know,
ikne what you meant the whole time. Yeah, yeah, so
uh so. Yeah, So Gussy's gonna go through some cuming
soons or listening they already have, or maybe smoking houses
they've got going on. But some things they've got going
with the Gusty Gillis group. He's gonna give the purchase price.
I will give a scenario of a potential down payment
(24:55):
a home buyer may make on that house, and then
Gusty and John guess the thirty year fixed monthly principal
interest only payment principal and only payment off of the
down payment, principal and only principal and interesting only. Am
I saying it right? Yet? I tried. I tried to
(25:16):
carve out the see I got out myself thrown off.
No s crows, no pm I, no mortgage insurance, no
none of that good stuff, No tax, no insurance, just
principal interest.
Speaker 3 (25:24):
No homeowners association.
Speaker 2 (25:26):
No homeown association. Yeah, what are we doing now? What
are we doing? What are we doing? What are we
doing here? Gus He's waiting to be quiet so he
can give you a purchase prices. I'm done.
Speaker 1 (25:35):
That's okay, that's okay. You're doing great, you're doing just
all right. Hey, we've got a We're open this afternoon from.
Speaker 2 (25:45):
Two to four.
Speaker 1 (25:45):
There you go go see Alita Piaedra by the way,
she has been with our team, just closed on her
first deal. Super excited. I've got we got some talented
new agents working with us. One has three homes under contract.
One has a couple of homes under contracts, so really
(26:07):
excited about them. And this is one of Alita's new listings.
It's a She's got it, gonna be hold open this
afternoon from two to four. It's in Trustful in the
Carrington Lakes neighborhood. This is eighty five seventy eight Highlands Trace,
built in two thousand and four. It's a split four your,
four bedroom, three bath, seventeen hundred and eighty four square
(26:28):
feet on the main level eight ninety two finished in
the basement and we're asking four hundred and nineteen thousand
dollars four nineteen and go see Alita this afternoon if
you're intrustful Carrington Lakes.
Speaker 2 (26:43):
Plus she's just super nice and sweet to go see her. Yes,
and he can hang out. She's a cool one, all right.
Four hundred nineteen thousand and five percent down four hunred
nineteen thousand dour purchase price, five percent down, gusty thirty
or fix all right, So let me think about this.
How many how much down? Five percent down on a
(27:04):
four hundred and nineteen thousand dollars purchase, probably five percent down.
I'm gonna go with. I'm gonna go with twenty five
hundred bucks, twenty five hundred from gusty gosty, Yeah, gosty ghasty. John.
Speaker 4 (27:21):
Now there is the same uh, same rates as last week?
Or do you then move up or down or you
can't say they're about it.
Speaker 2 (27:27):
There's there's been a little adjustment, okay, my very minor
to the very minor to the positive, uh to it
should make the payments go down.
Speaker 4 (27:35):
Okay, See that sounds like to the positive, John, which
is a negative in terms of the way.
Speaker 2 (27:40):
That Yeah, I feel like I feel like you're getting
led down a path though. The rates went down, John,
but not by much, right, not enough for you're going
to calculate differently, Okay, So I'm gonna say twenty three fifty,
twenty three fifty. The actual payment was two thousand, six
hundred and ten dollars. Gusty gets it for round one. Yeah,
(28:04):
that's what's up, okay, dam I was afraid all that
moved down talk was really was steering your ear. Yeah,
I got no.
Speaker 3 (28:12):
I gathered that was probably where he was going with it.
Speaker 2 (28:14):
But does Yeah. Yeah.
Speaker 1 (28:15):
Our next new listing of the week is courtesy of
Graham Reesburg. Graham is presenting one twenty eight Honeysuckle Lane
in Gardendal. This is a home that was three bedrooms,
one bath, built in nineteen forty five, sits on one
and a half acres, one thousand and forty three square
feet and asking one nineteen nine. So how about Gardendal,
(28:39):
I know a three to one one nineteen nine on
an acre and a half.
Speaker 2 (28:44):
How about that? Go get it, snatch that one up,
all right, one hundred nineteen nine. Purchase price ten percent down,
ten percent down, ten percent down, John, you get to
go first.
Speaker 4 (28:58):
Ten percent down on one nineteen easy math there, So
eleven thousand dollars down, we'll call twelve thousand dollars down,
So just a little over one hundred thousand dollars that
you're financing thirty year fixed rate.
Speaker 3 (29:09):
I'm gonna say seven six, six.
Speaker 2 (29:18):
Eighty six eighty mister mouths. What you got there, Gustin?
What is it?
Speaker 1 (29:24):
How much down?
Speaker 2 (29:26):
Ten percent? Just your standard ten.
Speaker 1 (29:32):
Dum dumb ten percent down. I'm gonna go with on
this dirt, the Gardendale dirt, Gardendale dirt, he said, six eighty.
I did, man, I think he's I think he's pretty clean.
Like it's your number, I'm gonna go with six ninety two.
Speaker 2 (29:56):
Sixty to the actual payment with seven hundred and eight
dollars went the right direction, went the right direction.
Speaker 4 (30:07):
You've seen the rates aren't going down like I was.
You were trying to encourage me last time, got.
Speaker 2 (30:11):
It, But I mean, you know you were twenty eight
dollars off and gus he went halfway between. So still
pretty good, pretty good effort there. Yeah, it was a
valid effort.
Speaker 1 (30:23):
I thought about making it at six eighty, but I
was like, well, I can't do that.
Speaker 3 (30:28):
You can't pick the same number, it's changed by a dollar.
Speaker 2 (30:31):
I really thought he might do six eighty one, just
to do it now on purpose. I was already like
pretty laughing for that.
Speaker 1 (30:39):
Hey, we've got, we've got let's see another new listing.
This is a courtesy of Graham Reysburg. Again, Graham, you've
been busy, my friend. This is eleven forty nine Beaver Avenue.
This is in Birmingham, built in nineteen forty eight, three bedrooms,
one and a half bath, sits on just over half
(31:00):
an acre lot. It's in the Forest Dell area, one
thousand and eighty eight square feet and we're asking one
sixty four nine, one sixty four nine. So Graham, congratulations
on your new listing.
Speaker 2 (31:14):
Almost yelted about another five. Sorry you're on another little yourself. Yeah,
I know, it's like, wait, what are we doing again?
One sixty five one sixty four nine. I believe you
said five percent down, five percent down, back to gusty
to go first, five percent down, one sixty four nine. Well,
(31:42):
I'm gonna go with mm hmm. Oh man. Well my
math is not really going so well in my head.
We just need to restart everything like it's getting it.
(32:05):
I'm gonna go with. You can tell us the end
of the year. They're getting there. Nine to ninety eight,
nine ninety eight.
Speaker 4 (32:17):
It's a very specific number, very specific because I was
I was thinking right at one thousand, so you were
a little under a thousand. So I don't want to
steal your number here.
Speaker 2 (32:25):
So it's hey, look you you steal my thunder my front.
You got to you know, the goal is to get
it right.
Speaker 3 (32:30):
That's right, I've I've okay, ten ten.
Speaker 2 (32:34):
Ten ten. They actual payment was one thy and twenty
eight dollars. I guess around three. Look out, these are close.
Good job close today. Congratulated to one. Going into round four.
Around the four where the wheels come off.
Speaker 1 (32:53):
We shall see chinking the armor. John all Right ten
thirty two Derby Parkway. This is in Kimberly, Alabama, the
saddle Brook Farms neighborhood. If you've never been to Saddlebrook Farms,
I highly encourage you to go to that neighborhood. It's
one of the nicest neighborhoods in Kimberly. This was built
in twenty fourteen. It's four bedrooms, four and a half baths,
(33:13):
twenty six and ninety seven square feet on the main
two levels. There's also a couple hundred square feet finish
in the basement. There's a bathroom and there's also a
bedroom that could easily be like it's it's got literally
everything except you know, like some florid So it's got
a fence yard, two car garage, it's got a covered deck,
(33:34):
and one of the coolest stack stone fireplaces I've seen
in a long time. So it's got a keeping room
right off of the kitchen that has grant countertops. In
this keeping room, it's got this eighteen foot cathedral ceilings,
stackstone up top, reclaim wood on the ceiling. Like super
(33:57):
pumped to see these pictures. That's also one of the
coolest keeping rooms I've seen. It a great place for
a giant Christmas tree. Asking five nine, five ninety nine,
putting ten percent down and this listing is courtesy of
John Riddle. So John, thank you so much for the
opportunity to list another helm with you.
Speaker 2 (34:19):
It's not his house, is it. No, it's not, it's not.
Speaker 1 (34:22):
Okay, congratulations on your new listing. How about that on
another on another new list list?
Speaker 3 (34:30):
Okay, So.
Speaker 4 (34:35):
Six hundred thousand dollars ten percent of sixty thousand dollars.
Who are really financing five forty?
Speaker 2 (34:42):
I like that. That's a good suffing. Can you bank that?
Let's go with I can't do it.
Speaker 3 (34:50):
Go with what the heck? Three thousand dollars?
Speaker 2 (34:55):
Three thousand dollars?
Speaker 1 (35:00):
Well, I'm going to go with I think it's higher
than that. But how much higher? I'm going to go
with three thousand, four hundred and one dollar.
Speaker 2 (35:17):
The actual payment was three thousand, five hundred and forty
one dollars. Gets it in round four. Gusty takes it today,
three two one.
Speaker 1 (35:29):
Hey, we've got some buyer needs I'd like to share.
We've got uh, well, thank you. I'm gonna give myself
a pad on the back. Congratulations to keep.
Speaker 3 (35:40):
A sticky note. Is there a sticky note anymore?
Speaker 2 (35:43):
No, he's got sticky notes over there.
Speaker 3 (35:47):
You take it out of that was This is a
bigger pad though.
Speaker 2 (35:51):
I stole this off the off of that from the
last week. I just took it with me.
Speaker 1 (35:54):
Okay, So, but uh, we do have some VP buyer needs.
Let's go I don't want to share. I've got somebody
looking in the South Side area. They've got a couple
of kids going to UAB. So they want to buy
a house four bedrooms up to five hundred thousand, so
please let me know. We've got somebody also looking up
to six hundred thousand in the basically two eighty corridor
(36:18):
Liberty Park, Vestavia, Brook Hyland, Vestavia or well else said
that twice or Irondale looking for a three to two
with main level living up to six hundred. We've got
somebody looking up to three hundred and seventy five thousand.
They're looking for a three to two with a finished basement.
They would like a flat lot and they are open
to trustful pens and leeds. Kimberlyan Warrior so, and then
(36:41):
we've got some investors. I've got like I mentioned earlier
in the show, I've got somebody looking for a forty
to sixty unit multi family apartment complex in the.
Speaker 2 (36:49):
Greater Birmingham area.
Speaker 1 (36:51):
And we've got some folks that are looking at buying
rental homes under one hundred thousand. So we've got multiple
buyers that are wanting to add to their portfolio.
Speaker 2 (37:01):
So, uh, if you have.
Speaker 1 (37:05):
A property that matches one of these buy our needs,
please reach.
Speaker 2 (37:09):
Out to us.
Speaker 1 (37:10):
Or if you want to build a plan of action
for twenty twenty four or twenty twenty five. Go to
Gustygulisgroup dot com or call us at two oh five
five four to two nineteen ninety six.
Speaker 2 (37:22):
Can I ask you a novice question just out of
curiosity here, So, if one of your VIP buyer needs
like the forty to sixty units, yeah, how many properties
like that exist in that area in the market. That's
a great question. I don't know, okay, I mean I
was just thinking, like that's pretty specific and I'm pretty
pretty large. I'm not saying it's the largest in the
(37:42):
area or anything, but I just was curious, like how
many how many properties fit that profile? So, I mean
this is probably.
Speaker 1 (37:50):
You know, a two to five million dollars purchase, Yeah,
you know, somewhere between fifty to one hundred thousand dollars
per or and you know, I mean there there's I mean,
like I in the last week I found two that
are not on the market that are going to be
potential options.
Speaker 2 (38:09):
But we're looking at all of our options. Yeah, for sure,
I want to hear more. I was just curious, like,
how may that even like exist?
Speaker 1 (38:15):
And then the funny thing happens is when you start
talking about it, Guess what happens? Other people are like, well,
I want to buy that or I want to sell that.
So hey, if you're in the apartment game, call me
text me five four two nineteen ninety six. Hey, guess
what time it is.
Speaker 2 (38:33):
It's testimonial time.
Speaker 1 (38:37):
All right, this is from Jacob. Jacob says, and this
about Alita. I couldn't have been happier with the help
we received from Alita. She was patient with me and
gentle with my children, yet resolute when required. Was so good.
She was always willing to flex her schedule to accommodate hours.
(38:57):
We toured many houses and ultimately he found the perfect home. Uh,
he said. She she is a five stars, but she
earned ten diamonds.
Speaker 2 (39:09):
How about that?
Speaker 1 (39:12):
So uh, Jacob, thank you so much, and congratulations on
your new home. And Alita, congratulations on.
Speaker 2 (39:20):
Another five star review. And they got loud in wait,
waited all segment for that, kept trying to trying to
use it the other stuff you did.
Speaker 1 (39:30):
We're using it throughout the week now exactly. That review
was so good. We're just gonna end it on that review.
So y'all stay tuned. We will be right back Bob
bard and Sold. Welcome back to Bob bard and Sold.
And you know, it is the holiday season. What about
(39:51):
a home for the holiday season.
Speaker 2 (39:56):
It just seems like that's what the natural progression. You
just need to you need a home for the holidays.
All right.
Speaker 1 (40:02):
It's seventeen days away from Christmas Day, right, Is it
possible to get a loan and close before Christmas Day?
Speaker 2 (40:11):
It is? No one but got ready to be super organized,
ready to get Yeah, we can't go back and forth
and not I mean go back and forth. Yes, but
we can't have a bunch of stuff up in the
air and like waiting for a whole lot of other things,
or I need to talk to eighteen different people. Everybody
look at it on the same page, on the same page.
(40:31):
Be proactive, ready to get stuff in. I mean but really,
if you do it, if you get it all in
on the very front end, it makes it even easier.
But yeah, I mean it, I mean, definitely can get
it done before Christmas. You know. You know there's there's
a lot of people also that they they plan on
making a move, they need to do something, and they
I feel like this is that time of year where
(40:52):
people maybe have some extra sick days or vacation days,
and they use those at the end of the year
because for whatever reason, they don't, they don't roll over,
they don't get them again. So everybody's on skeleton cruise.
Everybody's on skeleton cruise. But from the home buyers standpoint,
I feel like there is this little wave of people
like wanting to not just buy investment properties that before
(41:14):
the end of the year, they want to go ahead
and get the house they want to move into bought
and get all the moving and stuff done when they're
already going to be off maybe that week between Christmas
and New Year's and some of those extra days they have,
they want to maximize them fully, so they did you know,
they're not buying it in February or March and then
taking days off already to get it all done. So
they want that little bit of that grace period. So
(41:35):
I feel like the holiday time again. I also think
that's why, like we usually see a little dip down
in November and we get a little bump up in December.
And it's not all just from the investors, a lot
of them, it is people like wanting to buy a house,
wanted to get into a home before Christmas or before
the end of the year and get some of the
move and some of that stuff knocked out so when
we're we can move as quick as you want us
(41:56):
to move, but then you've got to move quickly with us.
And so we got we can get it done. Though,
if you're listening to this and you've got something you
want to make an offer on this week, we really
needed about really ten days, ten to fifteen days, so
you've got some time. Like if you if you've listened
to this, you want to get pre approved and try
to get something done because you were driving around or
online and saw something, and we can get it done,
but we just we need to jump on it quick.
(42:18):
Let me ask you. Appraisal waivers.
Speaker 1 (42:23):
Usually have y'all been seeing some of those come through lately,
and I think it usually it comes in with a
larger down payment.
Speaker 2 (42:29):
Yeah, so really so you know, now with technology and everything,
a lot of a lot of the things are being
streamlined and cleaned up a little bit, so they can
kind of tweak what the system reads on what would
make more and less appraisal waivers. We've had less appraisal
waivers in the past year two okay, because so many
(42:53):
properties that already existing properties the last time they were bought, rowed,
or sold, did it do all right? They got in an
appraisal waiver then, so there's no new data on that property,
no new measurements, no new pictures to make sure the
quality and the classification. So some of the actual properties,
(43:16):
even if it's fifty percent down in a subdivision, are
coming back wanting a actual praiser to go out and
see them. So some of the tweaks they're do behind
the scenes when we get our automat our automated underwriting
systems tell us, hey, this is PROOFD for appraisal appraisal waiver,
this one isn't needed full one here or drive by.
So it's been very interesting that things that I would
(43:38):
go into it going I all for sure getting a
praise a waiver on this, and don't And then sometimes
are randomly you'll get one and be like, on what
trigger this? But a lot of times it's it's how
fresh of how good do we feel about that property
and what's inside of it and how long has it
been since anybody's been in that property. That's really interesting.
So it's a little more in depth than probably you
think it is, and not just so much like, hey,
(43:59):
this is no brain they're putting fifty percent down because
they really want to make sure there's not another twenty
percent there also that that could be going exchanging hands
in a non arm length transaction or so the appraisal
waivers have been have been fewer and far between because
we got so many of them when rates were down
during COVID, and so many appraisal waivers that went down
(44:21):
on those quicker refinances because people had just bought them
and their rates for at four and a half percent,
then they were refinancing them down to three percent, and
they've just had a full appraisal done within you know,
twelve months, eighteen months, had some six months before refinancing
it again. So we were getting appraisal waivers on those
because we they'd just seen them and then felt real
good about that value. Now we're getting where we're Some
of these properties are five six, seven, eight, nine years
(44:42):
if they didn't have anybody go through it before during COVID,
and and they want they want somebody to go back
through there make sure it's been no changes or room
adjustments or anything. And so it's it's it's a lot
more in depth and kind of what triggers that in
our automative underwriting. But I would say I would say
they're fewer and far between than they were. But just
(45:03):
like everything else, I expect we'll start seeing more of
them again once the data has been collected in the
past year or two on a lot of these properties,
so it'll be it's just it's just one of the
It's just another one of those random Yeah, well.
Speaker 1 (45:15):
I know that, you know, an appraisal waiver can get
you know, it can get you moving a lot quicker,
it can save you a week of time. And again,
typically your inspection is going to be a week, appraisal
is going to be a week, and then you know,
if you're kind of wrapping up all the financing things,
it's that inspection.
Speaker 2 (45:33):
A lot of it's going to come down to are
you okay paying for the appraisal and the inspection at
the same time knowing that one of those could kick
it back and not not staggering those two because that
that's where I mean ordering an appraisal as soon as
you're going to contracts not that big of a deal.
That one week is fine. Where we feel pretty good
about the assumptions that we're going to be close on
(45:53):
that value. If we need to be there, it's it's
to your point. It's, hey, we want to get a contract,
we need five days to do inspect in review that.
Once we're clear on all that and any repairs we
want done and everything else needs to be done, then
we'll order the appraisal and to make sure that we
got all that worked out first. Obviously, that's just eating
up days on the calendar, not saying we can't get
it done. Not so we can't do a rush request
on an appraisal, a little bit extra cost, but when
(46:16):
you want to go through the full process. It's why
normally takes around thirty days to do the full process.
And it's not for the lenders a lot of times
it's for the borrower and the sellers. You know, a
lot of people can't go that quick or aren't prepared
to go that quick. But if you are and you
need to do something or want to do something, we
can get it done. We just got to both jump
in feet first and let's go. So it's there. It's
(46:38):
there for them, So it's there. You can be in
your home for the holiday and before. Yeah, I always
think about that. John asked the question to break kind
of we got here real quick, and you know, we
were He was asking he could does somebody give a
house for Christmas? Yeah, And immediately thought about the movie
Miracle on thirty fourth Street when they you know, at
the end, when the girl just wanted to dad and
(47:00):
a family and a house. They drive out there in
the and Santa Claus from Uricle and their forcit gave
him the house. But yes, people do give houses for Christmas, and.
Speaker 1 (47:10):
So never I've never had that happen, but I've had
people buy to be in before Christmas. But hey, if
you want to buy somebody a home for Christmas, holler
at us. Buy your kid a condo for college, and
we'll we'll, we'll make it happen.
Speaker 2 (47:26):
On our end.
Speaker 1 (47:27):
Dustygoulisgroup dot com. You should go on there and get
a value. Brad, thanks for being here again every week. John,
thank you again for your time. We'll catch you next week.
Ball Barn and Soul We're out.
Speaker 2 (47:41):
Peace,
All right, good morning, thank you for joining us for
bott bart and sold. Another week has gone by. Real
estate is still rocking. Brad Smith Cross Country Mortgage bradsmithlones
dot Com. Hanging out with us today, Brad, how are
you of my friend?
Speaker 2 (00:20):
Well, I'm great. How are you good? I am good?
Speaker 1 (00:23):
Just you know, back in the swing of things at
least for the next I feel like maybe a few weeks,
and you know, then then we got a little bit
of holiday, we got the you know, Christmas, and and
then uh, twenty twenty five is almost upon us.
Speaker 2 (00:38):
Don't don't don't miss my birthday after the Christmas before
New Year's goodness, that's the biggest I mean, everybody should
know that. Wait, what days is December twenty ninth? December
twenty ninth. Oh, I'm kidding. It's just and that is
my birthday. But it obviously doesn't get a lot of
recognition in that in that window that does seem like
it might be a little bit more difficult. You know,
it's not difficult as much as you just don't know
(01:00):
any better.
Speaker 1 (01:00):
But do you end up celebrating on like Christmas because
everybody's going to be near you like that old families
don't do anything.
Speaker 2 (01:07):
Oh how amazing. Where it really gets me is that
I just don't give a lot for other people's birthdays. Yeah,
just because it's never been a big deal in my
own head. Yeah. And so for like my wife that
thinks she gets a birthday week or month, I'm like, eh,
maybe maybe lunch. I don't know. So, man, interesting, I'm
(01:29):
a hard birthday giver because I've never gotten it makes sense. Yeah,
don't know that makes sense. I mean it's tough.
Speaker 1 (01:35):
I my birthdays in June, so you know, I mean
like it's it's like usually the week after Father's Day.
Speaker 2 (01:41):
Yeah, you know, it's it's summertime, and it's kind of good,
you know. And listen, let me be forty two. Who cares?
You know? Well? We care? We care, John, we care,
don't we I didn't mean to waste a minute of
air time on but when you were going after Christmas,
THENU it's And I was like, then it's my birthday.
Then it's twenty two?
Speaker 3 (02:00):
Right?
Speaker 4 (02:00):
How do you think Jesus felt three wise men showed up,
not just more than this is for your birthday and Christmas.
Speaker 2 (02:07):
Just so we're clear, he's not getting double Frankinsen. That's it,
that's right, that's right. Well anyway, sorry.
Speaker 1 (02:14):
Well today, hey, you know, it's all good. We will
celebrate your birthday this year. Where we since we're coming
towards the end of the year, this is when we
really get a lot of phone calls from investors trying
to diversify some taxes and so, you know, usually our
phone calls start in October of like, hey, I need
(02:37):
to buy one to four houses this year so I
can write these off on taxes, you know, start doing
some cost segregation so that we can accelerate some depreciation.
And so we I mean, we're getting phone calls for duplexes,
quad plexes, apartments. We had one that was a forty
We've got somebody looking for a forty to sixty unit
(02:58):
apartment complex.
Speaker 2 (03:00):
Uh, that just popped up this past week.
Speaker 1 (03:02):
And so uh and these are folks that want to
they want to hit by the end of the year
because they want to be able to.
Speaker 2 (03:08):
Use that on their taxes this year.
Speaker 1 (03:10):
So we're going to talk a little bit about you know,
financing options a little bit later on in the show
that that that folks that maybe you know don't have
that cash for that uh, maybe the first rental house,
but building that plan for that first or second orehouse,
or wanting to spread that cash that they've got into
multiple properties.
Speaker 2 (03:30):
Yeah, you know, you know you can. That's another option.
You may have the cash for one, but you could
spread that cash in by four Yeah, with financing. So
there you go. Oh y's I like that. I like that. So, uh,
but I do want to I want to give a
special shout out. We've got uh.
Speaker 1 (03:44):
We put seven homes under contract this past week. What
was interesting is three of those agents, uh or three
of our agents put two homes under contract. So we
only had four agents that put homes under contract, but
three of those put to each. So so Riley, Brianna,
and TJ had two homes under contract each this past weekend.
(04:05):
Then Ashley on our team put a home under contract.
So congratulations to y'all for a holiday contract.
Speaker 2 (04:14):
That's great.
Speaker 1 (04:15):
You know, yeah, I like that the congratulations y'all.
Speaker 2 (04:20):
You know. One of the things kind of going back
into that I found this was kind of a going
into the market talking about like looking at week over
a year over year of that week. Yeah, and I
know we're kind of another week but behind now but
we're just now kind of getting the reports of numbers
and stuff like on mortgage applications, and it was saying,
but the numbers were down on from year over year
(04:42):
from the week last time last year, but last year
that week wasn't a Thanksgiving week. Yeah, so that was
interesting to think that, you know, because because the Thanksgiving
can fall and that was it the fourth Thursday, but
sometimes there will be a fifth Thursday. So the actual
week of November was a different week for Thanksgiving. So
the week of over week now members aren't really comparison
year over year, So I found that interesting on some
(05:03):
of the stuff, like kind of going back drawing on
the numbers because mortgage applications on purchases were down twenty
one percent over that week, and I was like, oh,
twenty one percent on purchases, like that's that's that's a
huge drop, right, And then then then the caveat this
year that was this was this year that was a
Thanksgiving week. Last year that wasn't Thanksgiving week. So yeah,
kind of those the interesting things you're talking about numbers
(05:23):
and things going under contract.
Speaker 1 (05:24):
Yeah, well, I mean it's you know, I've got some
interesting numbers. I just I'm gonna pull it back up
here in a minute, but I'll do kind of year
to date, like year year to date, but year over year,
like I'm generating the report now that I want to
you know, like like November cells were down, you know
(05:46):
this November compared to last year, which is super interesting
because rates were higher last last November.
Speaker 2 (05:53):
Yep, you know, so I think it was that taste
of the lower rates there for that forty five day
window we had maybe sixty total you know that. Now
it's like, ooh, it did get down into those what
are the five was the first number some and so
now that little bit of taste of that put some
people that they got off the fence and said, oh, well,
(06:14):
wouldn't find anything. I'm going back on the fence till
it settles back down. Yeah, you know, more than year
over year, more of like we just saw it down there.
Why am I going to go back to seven? I
just saw it in the fives.
Speaker 1 (06:25):
Well, for example, like I'll pull up I'll share our numbers.
In November, our team closed on fourteen homes okay for
four and a half or four point six million, and
our average days on market was thirty three days and
we also not only do we you know, list of
(06:45):
market homes, but we also represent a lot of home buyers.
And we we saved on average our home buyers forty
six hundred dollars this past month. So that's awesome, good stuff,
but it was actually lower than our average. Our average
actually this year has been a buyer savings of seventy
three hundred.
Speaker 2 (07:04):
Yeah, I knew that was probably down, but I also
wondered if some of that, with the inventory and some
of the markets, like if some of that had shifted
maybe what's available to be what's out there in that coinstopt.
But also you know, if you have a little bit
of a lower number that's right for the month, then
you know, less affecting it.
Speaker 1 (07:19):
But we've you know, year to date going into December,
we've closed on two hundred and twenty two homes for
a little over sixty five.
Speaker 2 (07:26):
Million in volume. That's awesome.
Speaker 1 (07:28):
So that's always uh, that's that's always good. But I'll
pull up some like year to date numbers. Let me
let me scroll to the bottom of this list. And
so I like to look at you know, where we at,
and you know, year to date and then year over
(07:49):
year we're down twenty three percent and home sold last year. Wow,
twenty three percent, So uh, that's an incredible amount. And actually,
hold up, let me change something real quick, because.
Speaker 2 (08:08):
We put Gusty on the spot on the fly, I just.
Speaker 1 (08:11):
Noticed something that wasn't accurate, So I want to redo
these numbers. So anyways, we'll get back to that in
a minute, because it's gonna take a minute to generate.
I just noticed one thing on the record, and I
was like, that is completely inaccurate. So and I have
a feeling that's going to make some pretty big changes
to our numbers.
Speaker 2 (08:31):
But that in that out you know, it's got to
be in their right to get the right.
Speaker 1 (08:36):
I'm telling you, you gotta you gotta. It's kind of
like a I you gotta you gotta. You gotta give
it the right questions to get the right information right,
you've got to prompt it accurately. Okay, you want to go,
let's see if we've got this accurate. Now, okay, all right,
this this seems a little bit more no you know what.
(08:59):
Uh okay, No, I'm not gonna.
Speaker 2 (09:04):
Talk about it, so I'll go other numbers. So this
is this is this, what are you seeing Yeah, I said,
so I had some jobs reports this past week. ADP
reports came out. Yeah, so we got we got some
love there on the mortgage rate. So, uh, it's it's
one of the things I found interesting on one of
the one of the things I was listening to is
how normally this time of year then there's a seasonal adjustment,
(09:28):
and usually that seasonal adjustment moves it down because they're
not permanent jobs. You know, being Christmas, you've got a
lot of retailers and stuff hiring and stuff, but they
know it's gonna be a short term to get to
the holidays. They actually made a seasonal adjustment up on
the numbers, which the markets responded to, feeling like as
far as there was more job creations, but just seasonal creations,
(09:50):
seasonal creations that are normally extrapulated out. So and then
even on that, it was still about twenty five thousand
lower than they expected. So again, ob growth looks to
be slowing down, and it's especially in certain industries. Manufacturing
is down, like twenty four percent of the job growth
is negative twenty four percent, So manufacturing is slowing down,
(10:14):
which is a pretty good number to be paying attention
to as far as what's been going on here. So
the stocks reacted by a little bit of a dip down,
Mortgage backed securities and bonds got a little bit influx there,
and so starting to get the average thirty year fixed
back down in like the six seven to five range.
So keep on coming down. So again, you know what,
(10:37):
three weeks ago, we were at around six point one
on the thirty year average nationally six point one five.
Maybe that's been about a month ago. It's been about
forty five days. Yeah, so we're so we're about six
eighths above that now. So, but we were also trending
into the seven range. So we've gotten a little bit
of relief. We've gotten above the hundre day and one
(10:57):
hundred day moving averages, and we're in between some good
ceiling and floors on the Fibonacci levels, which is my
favorite word to say, because Gustin always likes to put
me on the spot when I use it. So that
that's what I'm seeing. But at least we're starting to
trend the right direction on that sure, and this is
usually the time of year we get a little more
relief on the right side.
Speaker 1 (11:18):
I do like seeing the graph of the ten year
Treasury note when it's going down.
Speaker 2 (11:23):
Yeah, and that's shifted a Wednesday morning, like mid mid morning.
It actually was going the other way and then all
of a sudden it flipped and went went back to
our way or where we like to see it for
mortgage for eight purposes. So yeah, again, it's it can
move and change by the minute and be different by
the time you listen to it and you check in
on it. But it's it's interesting just to kind of
(11:44):
keep an eye on because it's it feels like some
of the market data is coming out. We had FED
chairs had some conversations this week two weeks before they're
having that the last FED meeting of the year on
the eighteenth, I believe, is coming up, and so we're
going to be back on the market watch or we're
going to get the quarter percent drop again from the
FED funds or not. And so yeah, some of these
(12:07):
job reports and BLS numbers and different inflation data for
the year is going to make a difference there. But
but we're you know, keeping an eye on it, and yeah,
just you get the rates are what they are, right,
and so so you've still got things happening you've still
got to do certain things. If you're in the market,
you're in the market. I just think that we got
(12:27):
that that that little one to one in a one
and a quarter percent decrease in the rates there in
August in September got people excited, got excited, and people
did jump, But then some people didn't get under contract
or close in that window, and now they're going, well, now,
why do I want to rush back into it end
up with seven percent if it's going to come back
down in the next thirty sixty ninety days and I
(12:48):
don't have to make a move. So yeah, I think
we're I think we're positioned.
Speaker 1 (12:51):
Well, well, i'll run I'll run through some numbers, all right.
I feel like I've got it accurate now cells year
over year. Now, I've pulled only Jefferson County, Shelby County,
and Saint Clair County, which basically makes up the biggest
part of the footprint of art MSA, And there's been
(13:13):
twelve seven hundred and ninety nine homes closed through November,
so I'm not looking at anything that's closed yet in December.
So it's actually an increase of two percent in home sold,
which I find is interesting. Now other pieces that are interesting.
The average price is up five percent, so that's almost
(13:38):
looking at appreciation. So the average price three hundred and
sixty thousand as compared to one year ago of three
hundred and forty two thousand dollars, and then the median value,
which had an increase of three percent. The median values
two ninety nine nine as compared to two eighty nine
nine from last year. Now we have seen an increase
(13:59):
of eight per send an inventory. So typically for the
with an increase in inventory, you would think that there's
probably not seeing as much appreciation, but a five percent
appreciation is actually probably pretty darn good for seeing an
eight percent increase in inventory. So I thought that was
really interesting. And that's year to date. Now let me
(14:21):
let me focus on just November. Okay, so I'm gonna
pull this report up. It might take a minute for
it to uh to prep.
Speaker 2 (14:31):
Well and with a good thing too though, with inventory
increasing and this doesn't go for everybody, but with the
inventory going up, it's also putting more buyers in the market. Yeah,
it gives more opportunity well, but it also makes those
are people now that are committed that they're well not
that they're all it's all selling and buying. But if
(14:51):
you've got eight percent increase in inventory, you've got a
larger increase of buyers to those people are gonna sell
and buy something else for a lot of a lot
of that pool. So you've got more people out there
also going to buy things as the inventories increasing. So
it works itself out. But it is see that we're
staying on the up, on the good on some good
things there, all right.
Speaker 1 (15:11):
So November's numbers, now, this will probably change over the
next couple of days as data is still kind of
you know, populating, but down by six houses this year,
uh in November. But the average price is up eight percent,
The median price is up eight percent, inventory up fifteen percent.
(15:31):
So we've seen the average this year of eight percent
increase in inventory. But right now we've got a fifteen
percent increase in inventory. So that tells me there's gonna
be you know, still more more houses coming on the market.
So fifty one hundred houses on the market in Jefferson, Shelby,
and Saint Clair counties. Wow, yeah, pretty interesting stuff.
Speaker 2 (15:50):
What's what what is the average days on market right now?
Do you have that in front of you. Where's that trend?
Speaker 1 (15:55):
I'll have to I'll pull that up. Maybe I can
pull that up a little bit later on in the show.
But yeah, well we'll look at that here pretty soon.
We're gonna actually we're gonna head break.
Speaker 2 (16:04):
Sounds good.
Speaker 1 (16:05):
When we come back, we're going to talk about, you know,
investing maybe at your first or second house and using
some some loan products on instead of just paying cash
for a house, utilizing some loan products, uh, to buy
some rental houses. So, uh, we'll be right back on
bomb Barton sold. We wanted to talk about, especially coming
(16:32):
towards the end of the year, people are looking for
tax right off, so looking at rental homes, duplexes, maybe
quad plexes, and and and trying to figure out, uh,
what could be some loan options. So we've got Brad
Smith Cross Country Mortgage. Brad, what kind of loan options
(16:55):
do you have for somebody that you know is looking
to They might be buying their first investment, but it
could be a seasoned, you know, investor that's looking at,
you know, wanting to buy a couple more houses to
kind of remove some of their tax burden for the year.
Speaker 2 (17:10):
Yeah, so I mean, there's obvious there's a lot of options,
and every investor and their portfolio are different, right so
in what they're buying, So we really try to look
at the total scope of it. Because we do have
the DSCR loans, which is the debt service coverage ratio loans.
That's probably the most popular, the most talked about right now,
(17:30):
just because it is it's cash You're you're essentially being
approved on the ability for that property to cash flow,
so that that's all you need is that the property
cash flows and then you've got the down payment for that.
So normally on those on the d SCR loans, we
can go all the way to ten percent down, but
you really start getting some hits on rates and all
(17:50):
that other stuff, like really twenty five percent down is
kind of that that sweet spot to get the best rate,
best best product available. If you've got a lot of
it investment income history and you personally cash flow, we
can just do traditional conventional loans on investment properties. That's
where you're going to get your best interest rates, best fees.
(18:11):
That market still holds the biggest bucket and has the
best ability to get get you in the best rate
in terms possible. But the ds c R loans are
great just again because it's it's if you've never had
investment properties and you have the down payment and you're
you're not really you know, you're self employed, and maybe
all your stuff doesn't cash flow right, but the property does.
(18:34):
We've got options there. Again at the property you can
go off of what it's projected to bring in this
rent that hey, this thing's going to cover the more
payment and some you're good to go buy it. And
so that's the one that the most talked about. But
we've even got some products that that for investors where
well we've got to fix and flip program for investors.
So it's a six month loan and it's got some
(18:58):
construction tied to it. If you need to buy property
and you're wanting to fix it up, it's actually a
construction loan for investors to flip. And so that that
there's there's different options there. It's got a little bit
more things around it. But again it's it's it's a
it's a really cool product. It's it's just another way
of like, hey, I don't necessarily want to rental. I
see some flips I want and I don't know necessarily
(19:19):
if I need to go to the bank or or
what that how that looks into a mortgage lender. We
actually have that option now too, So I mean it's
it's not just rental income properties for investors. We can
do fix and flips, we can do multi unit properties.
You know, if you're buying a the only thing if
you're buying multiple properties and they're on different parcels, then
(19:39):
we do need to do multiple different loans for those
multiple parcels. But but again, it really depends on the
individual and the investor on what they're wanting to accomplish
and then us fitting them in the perfect program or
the program that's gonna fit best for them short term
in long term of what they're wanting to do. But
but no, I mean that's this is that this is
that time of year, and I feel like there's a
(20:01):
lot of people looking to do something by the end
of the year, and a lot of people go into it,
and when you've talked to them, I talked to them.
You've got people that say, hey, I've got just make
up a number. I've got two hundred thousand dollars that
I need to do on investment, on an investment property
before the end of the year. Just use that number,
you know. So then it's kind of asking them, hey, well,
do you want to take that two hundred thousand dollars
(20:22):
and buy one two hundred thousand house or would you
rather buy four two hundred thousand our houses and put
fifty thousand dollars down on all four of them? And
now you've got four properties, they're diversified, they're cash flowing,
they're building equity at a greater pace because you've got
four of them doing it opposed to the one, and
the percentages do work out that you know you're going
(20:44):
to be in a better position. And so again I
think that that's one of the things that people need
to be thinking about or say, hey, look, I was
looking at putting two hundred thousand dollars in by the
end of the year into the market. What does that
look like for me if I decided I wanted to
buy two or three in that price range. So I
think that's where the biggest kind of workshop and kind
of knowing what they want to do, Hey, do you
(21:04):
want to be do you want to be working on
managing four properties? You have somebody managed for properties or
you just wanting to put your toe in. But again
it's all different for everybody. And just love to have
those conversations and say, you know, how can we help
you build your portfolio out in the best way possible.
Because some people are going to have properties, we've still
got things for them too, So it really does depend
(21:25):
on the individual. But we've got just about every product
you could imagine for single family, multifamily, but residential living. Yeah,
there you go so well.
Speaker 1 (21:36):
I mean, so you know, if you're listening out here
and you are looking at your options to diversify some
of your taxes, give us a call at two five
four to two nineteen ninety six Gustigouglisgroup dot com and
just say, hey, look, I want to looking at investing
(21:57):
in some real estate and I need some uh I
need some tax right off.
Speaker 2 (22:03):
And I mean we both know to the rental the
rental market is still very strong. I mean that that's
I mean I really think.
Speaker 1 (22:10):
Well, you can get cash flow right now, Yes, you
can get appreciation right now, and you can get depreciation
right now.
Speaker 2 (22:18):
So I mean it's three huge wins, it really is.
And and and you know, I mean, talk to your
CPA's and accountants. But I mean, not only can you
get all those things, I mean it helps do a
lot of offsets. I mean your cash flowing, your cash
flow and your your bank account is growing, but you're
not paying more taxes on that money, not not not
not all the time, not not not all the way around,
(22:40):
you know, until you may have to realize some of
those gains or something on the amortization if you do
decide to sell it. But but but there's so many
positives that are coming from it and so many things
that can help offset and that's why people look into
doing it, or people are saying, hey, you know, I
mean and you know, you know, people at the time
of the year, like you know, they're told, hey, you
need to go hurt and go buy a new truck
or something, you know for acts purposes that that you're
(23:01):
not getting a return on that down the road, and
you're just getting to appreciate that that that off So yeah,
I think I think it's a I think it's a
no brainer if it if it meets kind of what
your goals are and what you're looking for, and you're
you're looking to either expand your portfolio or starting to
diversify it and need to go a different route with it.
So that's right on Bradsmith Loans dot com. There you go.
(23:22):
So yeah, we'd love to learn more. And even if.
Speaker 1 (23:25):
It's like you know, by the end of the year
is too too too quick, let's build a plan so
that you can kind of remove some of your you know,
tax burden for next year too started early, because I mean,
you got to build a plan. You gotta build a
plan plan. All right, Well, y'all stay tuned. We' up
against the top of the hour. We will be right
back Bob bart and Sold. Welcome back to Bob bart
(23:53):
and Sold. And uh again, thank you for joining us. Uh,
we're halfway through the show. And you know, this is
the time that we like to talk about our new
listings and and we like to play a mortgage game.
And it's called Guess the Mortgage Payments. It's a fancy man,
it's a fancy one. And uh, we've got Brad Smith
(24:14):
of Cross Country Mortgage Bradsmith Alones dot com hanging out
with us each and every week and talking. He's gonna
be doing the doing the game. So there would you
like to explain the game, and it looks like John,
me and you, my friends, Me and you.
Speaker 4 (24:29):
Yeah, you know, I'm gonna try and you know, do
better than that one guess ahead last week where I
was off by a factor of like three.
Speaker 2 (24:34):
Yeah, you're you're off a little bit. But that's okay,
you just misspoke. I had it right for you. I know,
ikne what you meant the whole time. Yeah, yeah, so
uh so. Yeah, So Gussy's gonna go through some cuming
soons or listening they already have, or maybe smoking houses
they've got going on. But some things they've got going
with the Gusty Gillis group. He's gonna give the purchase price.
I will give a scenario of a potential down payment
(24:55):
a home buyer may make on that house, and then
Gusty and John guess the thirty year fixed monthly principal
interest only payment principal and only payment off of the
down payment, principal and only principal and interesting only. Am
I saying it right? Yet? I tried. I tried to
(25:16):
carve out the see I got out myself thrown off.
No s crows, no pm I, no mortgage insurance, no
none of that good stuff, No tax, no insurance, just
principal interest.
Speaker 3 (25:24):
No homeowners association.
Speaker 2 (25:26):
No homeown association. Yeah, what are we doing now? What
are we doing? What are we doing? What are we
doing here? Gus He's waiting to be quiet so he
can give you a purchase prices. I'm done.
Speaker 1 (25:35):
That's okay, that's okay. You're doing great, you're doing just
all right. Hey, we've got a We're open this afternoon from.
Speaker 2 (25:45):
Two to four.
Speaker 1 (25:45):
There you go go see Alita Piaedra by the way,
she has been with our team, just closed on her
first deal. Super excited. I've got we got some talented
new agents working with us. One has three homes under contract.
One has a couple of homes under contracts, so really
(26:07):
excited about them. And this is one of Alita's new listings.
It's a She's got it, gonna be hold open this
afternoon from two to four. It's in Trustful in the
Carrington Lakes neighborhood. This is eighty five seventy eight Highlands Trace,
built in two thousand and four. It's a split four your,
four bedroom, three bath, seventeen hundred and eighty four square
(26:28):
feet on the main level eight ninety two finished in
the basement and we're asking four hundred and nineteen thousand
dollars four nineteen and go see Alita this afternoon if
you're intrustful Carrington Lakes.
Speaker 2 (26:43):
Plus she's just super nice and sweet to go see her. Yes,
and he can hang out. She's a cool one, all right.
Four hundred nineteen thousand and five percent down four hunred
nineteen thousand dour purchase price, five percent down, gusty thirty
or fix all right, So let me think about this.
How many how much down? Five percent down on a
(27:04):
four hundred and nineteen thousand dollars purchase, probably five percent down.
I'm gonna go with. I'm gonna go with twenty five
hundred bucks, twenty five hundred from gusty gosty, Yeah, gosty ghasty. John.
Speaker 4 (27:21):
Now there is the same uh, same rates as last week?
Or do you then move up or down or you
can't say they're about it.
Speaker 2 (27:27):
There's there's been a little adjustment, okay, my very minor
to the very minor to the positive, uh to it
should make the payments go down.
Speaker 4 (27:35):
Okay, See that sounds like to the positive, John, which
is a negative in terms of the way.
Speaker 2 (27:40):
That Yeah, I feel like I feel like you're getting
led down a path though. The rates went down, John,
but not by much, right, not enough for you're going
to calculate differently, Okay, So I'm gonna say twenty three fifty,
twenty three fifty. The actual payment was two thousand, six
hundred and ten dollars. Gusty gets it for round one. Yeah,
(28:04):
that's what's up, okay, dam I was afraid all that
moved down talk was really was steering your ear. Yeah,
I got no.
Speaker 3 (28:12):
I gathered that was probably where he was going with it.
Speaker 2 (28:14):
But does Yeah. Yeah.
Speaker 1 (28:15):
Our next new listing of the week is courtesy of
Graham Reesburg. Graham is presenting one twenty eight Honeysuckle Lane
in Gardendal. This is a home that was three bedrooms,
one bath, built in nineteen forty five, sits on one
and a half acres, one thousand and forty three square
feet and asking one nineteen nine. So how about Gardendal,
(28:39):
I know a three to one one nineteen nine on
an acre and a half.
Speaker 2 (28:44):
How about that? Go get it, snatch that one up,
all right, one hundred nineteen nine. Purchase price ten percent down,
ten percent down, ten percent down, John, you get to
go first.
Speaker 4 (28:58):
Ten percent down on one nineteen easy math there, So
eleven thousand dollars down, we'll call twelve thousand dollars down,
So just a little over one hundred thousand dollars that
you're financing thirty year fixed rate.
Speaker 3 (29:09):
I'm gonna say seven six, six.
Speaker 2 (29:18):
Eighty six eighty mister mouths. What you got there, Gustin?
What is it?
Speaker 1 (29:24):
How much down?
Speaker 2 (29:26):
Ten percent? Just your standard ten.
Speaker 1 (29:32):
Dum dumb ten percent down. I'm gonna go with on
this dirt, the Gardendale dirt, Gardendale dirt, he said, six eighty.
I did, man, I think he's I think he's pretty clean.
Like it's your number, I'm gonna go with six ninety two.
Speaker 2 (29:56):
Sixty to the actual payment with seven hundred and eight
dollars went the right direction, went the right direction.
Speaker 4 (30:07):
You've seen the rates aren't going down like I was.
You were trying to encourage me last time, got.
Speaker 2 (30:11):
It, But I mean, you know you were twenty eight
dollars off and gus he went halfway between. So still
pretty good, pretty good effort there. Yeah, it was a
valid effort.
Speaker 1 (30:23):
I thought about making it at six eighty, but I
was like, well, I can't do that.
Speaker 3 (30:28):
You can't pick the same number, it's changed by a dollar.
Speaker 2 (30:31):
I really thought he might do six eighty one, just
to do it now on purpose. I was already like
pretty laughing for that.
Speaker 1 (30:39):
Hey, we've got, we've got let's see another new listing.
This is a courtesy of Graham Reysburg. Again, Graham, you've
been busy, my friend. This is eleven forty nine Beaver Avenue.
This is in Birmingham, built in nineteen forty eight, three bedrooms,
one and a half bath, sits on just over half
(31:00):
an acre lot. It's in the Forest Dell area, one
thousand and eighty eight square feet and we're asking one
sixty four nine, one sixty four nine. So Graham, congratulations
on your new listing.
Speaker 2 (31:14):
Almost yelted about another five. Sorry you're on another little yourself. Yeah,
I know, it's like, wait, what are we doing again?
One sixty five one sixty four nine. I believe you
said five percent down, five percent down, back to gusty
to go first, five percent down, one sixty four nine. Well,
(31:42):
I'm gonna go with mm hmm. Oh man. Well my
math is not really going so well in my head.
We just need to restart everything like it's getting it.
(32:05):
I'm gonna go with. You can tell us the end
of the year. They're getting there. Nine to ninety eight,
nine ninety eight.
Speaker 4 (32:17):
It's a very specific number, very specific because I was
I was thinking right at one thousand, so you were
a little under a thousand. So I don't want to
steal your number here.
Speaker 2 (32:25):
So it's hey, look you you steal my thunder my front.
You got to you know, the goal is to get
it right.
Speaker 3 (32:30):
That's right, I've I've okay, ten ten.
Speaker 2 (32:34):
Ten ten. They actual payment was one thy and twenty
eight dollars. I guess around three. Look out, these are close.
Good job close today. Congratulated to one. Going into round four.
Around the four where the wheels come off.
Speaker 1 (32:53):
We shall see chinking the armor. John all Right ten
thirty two Derby Parkway. This is in Kimberly, Alabama, the
saddle Brook Farms neighborhood. If you've never been to Saddlebrook Farms,
I highly encourage you to go to that neighborhood. It's
one of the nicest neighborhoods in Kimberly. This was built
in twenty fourteen. It's four bedrooms, four and a half baths,
(33:13):
twenty six and ninety seven square feet on the main
two levels. There's also a couple hundred square feet finish
in the basement. There's a bathroom and there's also a
bedroom that could easily be like it's it's got literally
everything except you know, like some florid So it's got
a fence yard, two car garage, it's got a covered deck,
(33:34):
and one of the coolest stack stone fireplaces I've seen
in a long time. So it's got a keeping room
right off of the kitchen that has grant countertops. In
this keeping room, it's got this eighteen foot cathedral ceilings,
stackstone up top, reclaim wood on the ceiling. Like super
(33:57):
pumped to see these pictures. That's also one of the
coolest keeping rooms I've seen. It a great place for
a giant Christmas tree. Asking five nine, five ninety nine,
putting ten percent down and this listing is courtesy of
John Riddle. So John, thank you so much for the
opportunity to list another helm with you.
Speaker 2 (34:19):
It's not his house, is it. No, it's not, it's not.
Speaker 1 (34:22):
Okay, congratulations on your new listing. How about that on
another on another new list list?
Speaker 3 (34:30):
Okay, So.
Speaker 4 (34:35):
Six hundred thousand dollars ten percent of sixty thousand dollars.
Who are really financing five forty?
Speaker 2 (34:42):
I like that. That's a good suffing. Can you bank that?
Let's go with I can't do it.
Speaker 3 (34:50):
Go with what the heck? Three thousand dollars?
Speaker 2 (34:55):
Three thousand dollars?
Speaker 1 (35:00):
Well, I'm going to go with I think it's higher
than that. But how much higher? I'm going to go
with three thousand, four hundred and one dollar.
Speaker 2 (35:17):
The actual payment was three thousand, five hundred and forty
one dollars. Gets it in round four. Gusty takes it today,
three two one.
Speaker 1 (35:29):
Hey, we've got some buyer needs I'd like to share.
We've got uh, well, thank you. I'm gonna give myself
a pad on the back. Congratulations to keep.
Speaker 3 (35:40):
A sticky note. Is there a sticky note anymore?
Speaker 2 (35:43):
No, he's got sticky notes over there.
Speaker 3 (35:47):
You take it out of that was This is a
bigger pad though.
Speaker 2 (35:51):
I stole this off the off of that from the
last week. I just took it with me.
Speaker 1 (35:54):
Okay, So, but uh, we do have some VP buyer needs.
Let's go I don't want to share. I've got somebody
looking in the South Side area. They've got a couple
of kids going to UAB. So they want to buy
a house four bedrooms up to five hundred thousand, so
please let me know. We've got somebody also looking up
to six hundred thousand in the basically two eighty corridor
(36:18):
Liberty Park, Vestavia, Brook Hyland, Vestavia or well else said
that twice or Irondale looking for a three to two
with main level living up to six hundred. We've got
somebody looking up to three hundred and seventy five thousand.
They're looking for a three to two with a finished basement.
They would like a flat lot and they are open
to trustful pens and leeds. Kimberlyan Warrior so, and then
(36:41):
we've got some investors. I've got like I mentioned earlier
in the show, I've got somebody looking for a forty
to sixty unit multi family apartment complex in the.
Speaker 2 (36:49):
Greater Birmingham area.
Speaker 1 (36:51):
And we've got some folks that are looking at buying
rental homes under one hundred thousand. So we've got multiple
buyers that are wanting to add to their portfolio.
Speaker 2 (37:01):
So, uh, if you have.
Speaker 1 (37:05):
A property that matches one of these buy our needs,
please reach.
Speaker 2 (37:09):
Out to us.
Speaker 1 (37:10):
Or if you want to build a plan of action
for twenty twenty four or twenty twenty five. Go to
Gustygulisgroup dot com or call us at two oh five
five four to two nineteen ninety six.
Speaker 2 (37:22):
Can I ask you a novice question just out of
curiosity here, So, if one of your VIP buyer needs
like the forty to sixty units, yeah, how many properties
like that exist in that area in the market. That's
a great question. I don't know, okay, I mean I
was just thinking, like that's pretty specific and I'm pretty
pretty large. I'm not saying it's the largest in the
(37:42):
area or anything, but I just was curious, like how
many how many properties fit that profile? So, I mean
this is probably.
Speaker 1 (37:50):
You know, a two to five million dollars purchase, Yeah,
you know, somewhere between fifty to one hundred thousand dollars
per or and you know, I mean there there's I mean,
like I in the last week I found two that
are not on the market that are going to be
potential options.
Speaker 2 (38:09):
But we're looking at all of our options. Yeah, for sure,
I want to hear more. I was just curious, like,
how may that even like exist?
Speaker 1 (38:15):
And then the funny thing happens is when you start
talking about it, Guess what happens? Other people are like, well,
I want to buy that or I want to sell that.
So hey, if you're in the apartment game, call me
text me five four two nineteen ninety six. Hey, guess
what time it is.
Speaker 2 (38:33):
It's testimonial time.
Speaker 1 (38:37):
All right, this is from Jacob. Jacob says, and this
about Alita. I couldn't have been happier with the help
we received from Alita. She was patient with me and
gentle with my children, yet resolute when required. Was so good.
She was always willing to flex her schedule to accommodate hours.
(38:57):
We toured many houses and ultimately he found the perfect home. Uh,
he said. She she is a five stars, but she
earned ten diamonds.
Speaker 2 (39:09):
How about that?
Speaker 1 (39:12):
So uh, Jacob, thank you so much, and congratulations on
your new home. And Alita, congratulations on.
Speaker 2 (39:20):
Another five star review. And they got loud in wait,
waited all segment for that, kept trying to trying to
use it the other stuff you did.
Speaker 1 (39:30):
We're using it throughout the week now exactly. That review
was so good. We're just gonna end it on that review.
So y'all stay tuned. We will be right back Bob
bard and Sold. Welcome back to Bob bard and Sold.
And you know, it is the holiday season. What about
(39:51):
a home for the holiday season.
Speaker 2 (39:56):
It just seems like that's what the natural progression. You
just need to you need a home for the holidays.
All right.
Speaker 1 (40:02):
It's seventeen days away from Christmas Day, right, Is it
possible to get a loan and close before Christmas Day?
Speaker 2 (40:11):
It is? No one but got ready to be super organized,
ready to get Yeah, we can't go back and forth
and not I mean go back and forth. Yes, but
we can't have a bunch of stuff up in the
air and like waiting for a whole lot of other things,
or I need to talk to eighteen different people. Everybody
look at it on the same page, on the same page.
(40:31):
Be proactive, ready to get stuff in. I mean but really,
if you do it, if you get it all in
on the very front end, it makes it even easier.
But yeah, I mean it, I mean, definitely can get
it done before Christmas. You know. You know there's there's
a lot of people also that they they plan on
making a move, they need to do something, and they
I feel like this is that time of year where
(40:52):
people maybe have some extra sick days or vacation days,
and they use those at the end of the year
because for whatever reason, they don't, they don't roll over,
they don't get them again. So everybody's on skeleton cruise.
Everybody's on skeleton cruise. But from the home buyers standpoint,
I feel like there is this little wave of people
like wanting to not just buy investment properties that before
(41:14):
the end of the year, they want to go ahead
and get the house they want to move into bought
and get all the moving and stuff done when they're
already going to be off maybe that week between Christmas
and New Year's and some of those extra days they have,
they want to maximize them fully, so they did you know,
they're not buying it in February or March and then
taking days off already to get it all done. So
they want that little bit of that grace period. So
(41:35):
I feel like the holiday time again. I also think
that's why, like we usually see a little dip down
in November and we get a little bump up in December.
And it's not all just from the investors, a lot
of them, it is people like wanting to buy a house,
wanted to get into a home before Christmas or before
the end of the year and get some of the
move and some of that stuff knocked out so when
we're we can move as quick as you want us
(41:56):
to move, but then you've got to move quickly with us.
And so we got we can get it done. Though,
if you're listening to this and you've got something you
want to make an offer on this week, we really
needed about really ten days, ten to fifteen days, so
you've got some time. Like if you if you've listened
to this, you want to get pre approved and try
to get something done because you were driving around or
online and saw something, and we can get it done,
but we just we need to jump on it quick.
(42:18):
Let me ask you. Appraisal waivers.
Speaker 1 (42:23):
Usually have y'all been seeing some of those come through lately,
and I think it usually it comes in with a
larger down payment.
Speaker 2 (42:29):
Yeah, so really so you know, now with technology and everything,
a lot of a lot of the things are being
streamlined and cleaned up a little bit, so they can
kind of tweak what the system reads on what would
make more and less appraisal waivers. We've had less appraisal
waivers in the past year two okay, because so many
(42:53):
properties that already existing properties the last time they were bought, rowed,
or sold, did it do all right? They got in an
appraisal waiver then, so there's no new data on that property,
no new measurements, no new pictures to make sure the
quality and the classification. So some of the actual properties,
(43:16):
even if it's fifty percent down in a subdivision, are
coming back wanting a actual praiser to go out and
see them. So some of the tweaks they're do behind
the scenes when we get our automat our automated underwriting
systems tell us, hey, this is PROOFD for appraisal appraisal waiver,
this one isn't needed full one here or drive by.
So it's been very interesting that things that I would
(43:38):
go into it going I all for sure getting a
praise a waiver on this, and don't And then sometimes
are randomly you'll get one and be like, on what
trigger this? But a lot of times it's it's how
fresh of how good do we feel about that property
and what's inside of it and how long has it
been since anybody's been in that property. That's really interesting.
So it's a little more in depth than probably you
think it is, and not just so much like, hey,
(43:59):
this is no brain they're putting fifty percent down because
they really want to make sure there's not another twenty
percent there also that that could be going exchanging hands
in a non arm length transaction or so the appraisal
waivers have been have been fewer and far between because
we got so many of them when rates were down
during COVID, and so many appraisal waivers that went down
(44:21):
on those quicker refinances because people had just bought them
and their rates for at four and a half percent,
then they were refinancing them down to three percent, and
they've just had a full appraisal done within you know,
twelve months, eighteen months, had some six months before refinancing
it again. So we were getting appraisal waivers on those
because we they'd just seen them and then felt real
good about that value. Now we're getting where we're Some
of these properties are five six, seven, eight, nine years
(44:42):
if they didn't have anybody go through it before during COVID,
and and they want they want somebody to go back
through there make sure it's been no changes or room
adjustments or anything. And so it's it's it's a lot
more in depth and kind of what triggers that in
our automative underwriting. But I would say I would say
they're fewer and far between than they were. But just
(45:03):
like everything else, I expect we'll start seeing more of
them again once the data has been collected in the
past year or two on a lot of these properties,
so it'll be it's just it's just one of the
It's just another one of those random Yeah, well.
Speaker 1 (45:15):
I know that, you know, an appraisal waiver can get
you know, it can get you moving a lot quicker,
it can save you a week of time. And again,
typically your inspection is going to be a week, appraisal
is going to be a week, and then you know,
if you're kind of wrapping up all the financing things,
it's that inspection.
Speaker 2 (45:33):
A lot of it's going to come down to are
you okay paying for the appraisal and the inspection at
the same time knowing that one of those could kick
it back and not not staggering those two because that
that's where I mean ordering an appraisal as soon as
you're going to contracts not that big of a deal.
That one week is fine. Where we feel pretty good
about the assumptions that we're going to be close on
(45:53):
that value. If we need to be there, it's it's
to your point. It's, hey, we want to get a contract,
we need five days to do inspect in review that.
Once we're clear on all that and any repairs we
want done and everything else needs to be done, then
we'll order the appraisal and to make sure that we
got all that worked out first. Obviously, that's just eating
up days on the calendar, not saying we can't get
it done. Not so we can't do a rush request
on an appraisal, a little bit extra cost, but when
(46:16):
you want to go through the full process. It's why
normally takes around thirty days to do the full process.
And it's not for the lenders a lot of times
it's for the borrower and the sellers. You know, a
lot of people can't go that quick or aren't prepared
to go that quick. But if you are and you
need to do something or want to do something, we
can get it done. We just got to both jump
in feet first and let's go. So it's there. It's
(46:38):
there for them, So it's there. You can be in
your home for the holiday and before. Yeah, I always
think about that. John asked the question to break kind
of we got here real quick, and you know, we
were He was asking he could does somebody give a
house for Christmas? Yeah, And immediately thought about the movie
Miracle on thirty fourth Street when they you know, at
the end, when the girl just wanted to dad and
(47:00):
a family and a house. They drive out there in
the and Santa Claus from Uricle and their forcit gave
him the house. But yes, people do give houses for Christmas, and.
Speaker 1 (47:10):
So never I've never had that happen, but I've had
people buy to be in before Christmas. But hey, if
you want to buy somebody a home for Christmas, holler
at us. Buy your kid a condo for college, and
we'll we'll, we'll make it happen.
Speaker 2 (47:26):
On our end.
Speaker 1 (47:27):
Dustygoulisgroup dot com. You should go on there and get
a value. Brad, thanks for being here again every week. John,
thank you again for your time. We'll catch you next week.
Ball Barn and Soul We're out.
Speaker 2 (47:41):
Peace,
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