September 12, 2024 • 30 mins
Is it possible to secure a mortgage without navigating the complexities of traditional banking? Join me on this episode of "Come to Find Out" as Nathan Lindley from Gold Star Mortgage Financial reveals the advantages of working with a non-depository bank focused exclusively on mortgages. Discover creative loan solutions such as bank statement loans and financing for non-warrantable condos, perfect for those eyeing investment properties or considering relocating to Florida. With the state entering its busy season, Nathan explains how Gold Star’s tailored support across various states can help you capitalize on competitive interest rates and innovative mortgage options.
Florida’s real estate market is unique, shaped by factors like hurricane season and macroeconomic trends. We discuss how inventory shortages and current higher interest rates influence seller negotiations, and why buying a home should align with your personal and financial readiness rather than market timing. Life events often dictate the decision to purchase a home, and understanding the role of interest rates and financial planning can help manage your mortgage over time. For a deeper dive into personalized mortgage solutions and the Florida real estate market, tune in and don't forget to check out reviews on platforms like Zillow and Google.
To contact Nathan Lindley:
email: lindleyloanteam@goldstarfinancial.com
phone: 727.452.9868
https://www.instagram.com/thelindleyloanteam/
https://www.facebook.com/TheLindleyLoanTeam
Sarah Thress
614-893-5885
First Time Home Buyer course: https://sarahthress.graphy.com/
Instagram https://www.instagram.com/sarah_thress_realtor/
Facebook https://www.facebook.com/SarahThressRealtor/
https://www.youtube.com/@LIFEINCOLUMBUS
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Hi and welcome to this week's episode of Come to
Find Out.
This week we are meeting withNathan Lindley and he is a Gold
Star Mortgage Financial, so GoldStar for short.
But he is based in Florida andsince you know that I am
licensed in Ohio and Florida, alot of my content ends up being
(00:25):
about Ohio just because I'm here, more than in Florida.
But I'd really like to makesure that we're educating
everyone on Florida.
Florida is getting ready to gointo their busy season and
anyone that's out there thinkingabout an investment property or
relocating In fact, I just hadsomeone call me today that said
that they're getting ready torelocate to Florida, so, and
(00:47):
they're going in December, whichmakes perfect sense because no
one wants to be in Ohio in thewinter.
But anyway, thank you so much,nathan, for taking time out of
your busy, busy day.
Yes, yes.
So Gold Star Mortgage Financial.
Tell me a little bit about it.
You know, because I've heardabout it, but I don't know a lot
(01:08):
about it, so fill me in.
Speaker 2 (01:11):
Yeah, my pleasure.
So Gold Star Mortgage Financialis a we are called a
non-depository bank and so as anon-depository bank we do loans
just like the big banks and thecredit unions do, in the sense
that you know the underwritingis done in-house.
When we go to the funding tableor the closing table, you know
(01:34):
it's our funds that actually gettransferred to the title
company and then, like not allbanks but a lot of banks, then
package all their loans togetherand they sell it to a servicer
and then eventually get sold toFannie Mae and Freddie Mac.
Our loans follow the sameprocess.
So we do have some loans thatstay with us that we service
in-house but, to, you know, getthe most competitive pricing for
(01:54):
our loans.
You know a lot of times we'llpackage them to another servicer
and let them service the loans.
You know through the process,but it stays the same.
So you know, as a non-depositorybank, what that all that means
is that we don't do the otherbank services.
You know we don't have checkingaccounts, we don't have savings
accounts, we don't do car loans.
You know we don't haveinvestments.
(02:16):
You know, literally from thejanitor all the way up to the
president and owner, danMilstein of our company.
We are about doing mortgages.
So either you're a loan officerproducing mortgages, you're an
underwriter supporting it oryou're, you know, support staff
helping the company.
But the entire company that'sall we do is mortgages.
And then one of the caveats ofbeing you know, and I used to
(02:39):
work for one of the big banks,so I know what that banking
culture is like and I know thetight confines that you have
when you're working there.
But one of the nice thingsabout working for a
non-depository bank is that wecan also operate as a broker.
We can do one or the other, soyou typically get the best
interest rate and the lowestfees when you can do a normal
(03:03):
conventional Fannie Mae, freddieMac, fha, va.
You know type loan that youknow everybody can do.
But sometimes we need thingsthat are outside that box and
when I was at a bank I couldn'tdo those loans.
I had to say, oh well, callthis person Now I can transition
your file seamlessly over to.
Hey, we need to do something.
(03:24):
That's outside the box, youknow.
So it could be a bank statementloan for a self-employed
individual.
It could be a condo hotel thatis not financeable or
warrantable by Fannie Mae, itcould be.
You know some type of propertyexclusion.
That again, fha or conventionalloan, you know wouldn't do, it
(03:44):
could be.
You know a non-owner loan, youknow wouldn't do, it could be.
You know a non-owner occupied,you know income property, it
could be a second home there's,you know it could be a second
mortgage.
You know there's all kinds ofother things that can be done in
the world of the brokered loans, but not having somebody
competing like, oh, we want youto go this way, we want you to
(04:05):
go this way, no, we'll just doanything that's the best for you
.
You know, and so you know theloan officers at Gold Star.
You know we don't spend a lotof money on advertising.
You're not going to hear abouta Gold Star Stadium because
that's marketing money thatcomes out of the consumer's prop
.
You know.
So you know we hireprofessionals, and so there's
(04:26):
professional loan officers,professional underwriters, you
know that are very good at whatthey do, they're very good at
finding solutions for you.
So that's in a nutshell.
Our corporate headquarters is inAnn Arbor, michigan.
I personally am licensed in StPetersburg, florida.
My office is here in, you know,beautiful downtown St Pete, but
I've got the ability to doloans anywhere in the state of
(04:49):
Florida, but if you needsomething that's not in the
state of Florida, feel free toreach out to me and I'll be
happy to hook you up with one ofmy teammates that would be
licensed in whatever state thatyou're looking at.
I believe we have licensing inabout 37 to 38 states and
branches in about 20 states.
We have licensing in about 37to 38 states and branches in
about 20 states, but I canalways look that up online to
(05:10):
get specifics for you.
Speaker 1 (05:10):
Yeah, I love that and I love that you kind of gave
like the background and you knowall of that and it's
interesting to me that you knowit seems like this is kind of a
unique setup being, you know, abank without offering
traditional bank things.
So you have the access to thoseproducts for mortgages, to be
outside of the box, to givethose creative ideas, but yet
(05:32):
you can also do the traditionalthings.
So kind of walk me through.
If someone was to call you andsay, hey, I'm looking to
purchase a property, what doesyour process look like?
Do you have them come in theoffice?
Do you talk to them on thephone?
Do you do it via Zoom?
Do you, you know, like what isit that you do?
Speaker 2 (05:52):
Sure, and this is going to be, you know, loan
officer specific, because one ofthe things about my company is
they do not dictate how we dobusiness.
So I'll talk you through mypersonal way and my team's way.
So the, you know, the veryfirst step is what we call the
discovery call.
You know and this is 5, 10, 15,20 minutes, depending on you
know, how much conversation wehave.
You know, and this is where I'mcollecting the basic data of
(06:15):
what you're, what you're lookingto do.
We can do this over the phone,we can do this by, you know,
zoom, we can do this by even mejust sending you a link and you
filling out an online, you know,type of thing and then,
typically, from that step, youknow, from the discovery call,
then what I'm going to do is I'mgoing to do a soft pull on your
(06:38):
credit report.
I don't start with a hard pull.
It doesn't count as an inquiry,it doesn't, you know, cause the
mass trigger leads.
That's a whole notherconversation we can have about
trigger leads and getting 45phone calls within a day and a
half, you know, but it doesn'ttrigger any of those types of
things, but it gives me what Ineed to be able to run the
numbers for you.
And so then we schedule theconsultation Now.
(07:00):
I love to do consultations in myoffice, so if you can come and
join me in downtown StPetersburg for the day,
fantastic.
If we can't do that, I wouldvery much at least like to do a
Zoom call.
And the reason that I like todo the Zoom calls is because
I'll share information with youon my screen and I want you to
be able to see it.
And if you have it in yourphone, it's not big enough for
(07:22):
you to be able to see it, and ifyou have it in your phone, it's
not big enough for you to beable to see it.
So I want to have that abilityto interact and be able to show
you and demonstrate informationto you on my screen.
So that's the consultation, andthen from that point, depending
on what you know we gather fromthe consultation, you know, we
could do a fast pass approval.
We could do, you know, fullapplication.
(07:42):
We can do, you know, or we canset up a plan of like okay,
you're not mortgage ready, buthere's what you need to do over
the next three, six, nine, 10,12 months to be able to get
mortgage ready.
So that's my steps.
Discovery call quick credit,you know, and you know gathering
of information If you havecomplicated income, I might have
to ask you for your tax returnsdepending on, or I may have to
(08:04):
ask for, bank statements.
But then we do the consultationand that's where we answer and,
you know, dive deep into what,what we can have options for you
.
Speaker 1 (08:13):
Yeah, I love that and I like that you do the
consultation call, you know thediscovery call, because you're
really just trying to figure out.
You know, because that's what Ido.
You know I'm going to sit down,I'm going to find out, like,
what are your motivations forbuying a house, what you know,
what are the needs that you have, what are things you're looking
for, and then also connectingthem with the correct lender,
(08:38):
you know, or giving them a listof lenders to figure out who's
going to be the best for them,you know.
So I love that you kind of dothat too.
You're figuring out, you knowwhat are all the things you're
looking for.
Now, obviously, you know anyonethat is living in Florida now or
has lived in Florida or haswatched the news.
They've seen that you knowthere was that massive hurricane
a few years ago, uh, that youknow.
(08:59):
We haven't seen one like thatin you know decades.
So it was a little crazy, um,and I think that it kind of
scared people.
So what I'd love to hear iswhat are you kind of seeing in
the market right now, like, areyou still seeing it kind of slow
?
I know this is still the end oflike the slow.
You know quote unquote slowseason for Florida but you know
(09:20):
I'd love to hear your thoughtson kind of what you're seeing in
the market.
Speaker 2 (09:30):
So, let me first talk about personal experience.
You know I moved here in Texasand then I lived there for 12
years and then I lived insouthern Indiana for another
eight years and then I moved tohere.
And I've been here for a longtime and as far as natural
disasters go, I will takehurricanes all day long.
(09:50):
You know I lived in TornadoAlley.
I know what that freight trainsounds like and that is scary as
hell.
You know, I have seen, you know, massive flooding from rivers
rising.
You know I have seen all of the.
You know all those I haven'tseen.
(10:10):
You know the wildfires andthings like that.
But of all the natural disastersthat are out there, none of
them give you a five-day noticeto start being prepared for it.
And hurricanes, do you know?
So?
Hurricanes, it's a matter ofsiphoning through the news and
(10:32):
the mass hysteria that sometimesthe news can create and knowing
when you really need to preparefor it, when you really need to
evacuate for it and when youreally need to move.
But you typically have three tofive days of notice.
So I personally, you knowhurricanes do not bother me at
(10:54):
all.
Now, pinellas County, where Ilive, has not had a direct hit
in you know year, I mean decades.
Obviously, you know I'm not.
I'm knocking on wood andthanking God every day that I'm
not having to deal what you knowthe families in Cape Coral have
had to deal with and thefamilies of you know through all
.
You know, going all the wayback to Andrew, going all the
(11:16):
way back to the 1800s, when youknow the keys were hit, you know
, four times in this, in youknow, two seasons, by major
hurricanes.
You know it does absolutelyhappen, but as far as life is
concerned it is avoidable.
Property damage can happen.
That's why we have insurance,you know, and so I happen.
(11:36):
That's why we have insurance,you know, and so I.
To me, anybody who is, you know,thinking about, you know, do I
want to live in Florida?
Take that into account.
You know of like, okay, whenyou live in Florida I don't have
to deal with wildfires, I don'thave to deal with, you know,
lots of other issues, but I dohave to pay attention to the
(11:57):
tropical season.
You know, four, five, sixmonths out of the year and
listen, and, you know, learn andteach myself about when I
really need to do somethingversus when it's just a really
bad thunderstorm, and so youknow, with that, I don't see a
lot of market seasonalitybecause of hurricanes.
I think it's a talking pointthat's talked about and some
(12:20):
people will throw it out as anexcuse or a reason for maybe
this trend, maybe that trend.
But I think that themacroeconomics are much more a
factor in the market than fearof a storm, of, you know, a
storm.
I think that when you look atthe supply versus the demand,
(12:44):
you and the demand being thenumber of people that are moving
to Florida, the supply beingwhat's being built, you know
Florida is way behind the mark.
You know the entire country isbehind the mark, but Florida
especially, is behind the mark.
And so you know we don't haveexcessive inventory, we have
more inventory.
You know, I think I saw the.
You know we don't haveexcessive inventory, we have
more inventory.
You know, I think I saw the.
You know, oh yeah, theinventory is up.
You know, 500% from last year.
(13:06):
When, in doubt, zoom out andyou look at what our inventory
was a year ago and it ismulti-generational loads.
So the fact that it's higherthan last year is kind of like a
duh.
It's supposed to be higherbecause it never should have
gotten that low, you know.
And the other thing is, youknow, our population keeps going
(13:26):
up.
Really, our inventory, or thenumber of homes that we should
have on the market at any giventime, should be kind of going up
over time too, because we havemore homes, because we have more
population.
But you're not seeing that, youknow, especially in Florida.
You look at the trend, even asit goes up and down, it's
trending and has been trendingdown.
(13:46):
So until that turns around andgoes back up, there's still a
lot of inventory missing andthere's still a lot of demand
coming.
So that, to me, is the majordriving factor.
Now you hear, you know,anecdotal stories of oh, this
house dropped its sales price byyou know 500,000.
Okay, how realistic were theywhen they began, you know?
(14:09):
Did they throw a price outthere that said, hey, if
somebody is willing to pay $1.2million for my house, it's only
worth 500, sure, I'll sell.
But was it a realistic price tobegin with?
That's always the firstquestion that I ask.
Or you see something that'sbeen on the market for 45, 50,
60, 120, 200 days.
(14:30):
Where do they start?
What were they realisticallyexpecting to begin with?
I think things that are pricedreasonably are still moving
fairly quickly.
I do think that we see a littlebit of sellers being willing to
negotiate right now, which iskind of nice.
You know, I wouldn't say thatit's quite a buyer's market, but
(14:54):
maybe you can get a credit fora 2-1 buy down or you can get a
seller credit to pay some points, to get a lower interest rate,
you know something to offset thehigher rates and make that
payment a little bit moremanageable for you.
To begin with, I think rightnow and when I say right now I
mean literally today and maybefor the next couple months
you're going to continue to seesellers that are willing to
(15:15):
negotiate with you a little bit.
But as the rates drop andyou're going to continue to see
sellers that are willing tonegotiate with you a little bit.
But as the rates drop and youknow you don't it doesn't matter
.
The question is how much and howfast, not whether they're going
to drop or not.
As rates drop, more and morebuyers are going to read that
and see that in the news andthey're going to start coming
back.
And when those buyers startcoming back to the market, the
(15:38):
more buyers then we're going tostart coming back.
And when those buyers startcoming back to the market, the
more buyers.
Then we're going to quicklytransition back to multiple
offers, competing bids, totalseller's market, where they're
entirely in control and buyersare having to extend themselves
more and more and more just tobe able to buy a house that is
literally months away.
I don't know whether it's onemonth away, six months away, 12
(16:02):
months away, but it's going tobe driven by rates.
When the rates come down enough, every little step down, more
and more buyers, more and morebuyers, more and more
competition.
There's still not going to bemore listings out there.
There's still not going to bemore listings out there.
There's only one thing that canhappen.
So that's my kind oflong-winded response to here's
(16:23):
what I think is kind of going onin the market.
I'm not scared of storms.
Those can be mitigated.
I am worried for the buyersthat are waiting for the rates
to come down.
Buy the house now.
We can always get you lowerrates in the future.
We can always get you lowerrates in the future.
You know we can always get that.
But find the house right nowthat if it's time in your life
(16:44):
to buy, go ahead and buy.
My humble opinion for what it'sworth.
Speaker 1 (16:47):
Yeah, no, I love that and I appreciate that.
You know that insight and,ironically, I grew up in
Oklahoma so I totally know Ihave seen multiple tornadoes,
I've heard that freight train.
It is scary.
And you know I plan to move toFlorida after my kids are all
(17:08):
graduated.
So you know people say, oh mygosh, you're so crazy because of
hurricanes.
And I'm like y'all.
I grew up where you had like 10seconds notice to you know,
like not get in a basement,because no one has basements,
but to get in your hallway andput a mattress over you, like
that's what you do.
Speaker 2 (17:26):
I'll take the five day notice over the you know
five minute or you know a minutewarning all day long.
Speaker 1 (17:33):
I absolutely yeah, I love it.
Well, so I like to ask this andI always preface it with you
and I neither one.
Well, I assume you don't have acrystal ball, cause I don't
have one.
If you do, please tell me whereyou got it.
But as of as far as I know,neither of us has a crystal ball
.
But I'd love to kind of hearwhat you think, because of
(17:54):
course you know you kind oftouched on it a little bit.
You know, of course we keephearing like rates are going to
go down, rates are going to godown, rates are going to go down
.
And you know, most are sayingeverywhere that I've, you know,
read and and you know, kind ofstudied, it looks like it's
going to start coming down inSeptember.
You know, maybe one rate dropand then, you know, because of
everything that's happening inNovember, are we going to see
(18:14):
another one in November, are wegoing to see more in December.
So I would just love your kindof predictions of what you think
.
Speaker 2 (18:23):
Sure.
So I absolutely will come backto that answer and I will, and I
will say exactly what I think.
But I'm going to throw outthere a challenge of what does
it matter?
I love that.
What does it matter?
Rates go up, rates go down.
That should not be why you aredeciding to purchase a home.
(18:46):
Okay, if it is the right timein your life and what I mean by
that is that you are stable forthe next two to five years, that
you have stable employment,stable income, and you know you
are ready to settle down alittle bit or get onto the
hamster wheel that is theappreciation and get off the
(19:07):
rent wheel you buy a home.
You get the best rate you canin that 30-day window that you
have by working with aprofessional.
But you buy a home not becauseof interest rates.
You buy a home because it's theright time in your life to buy
it, or it's the right time toinvest and purchase investment
(19:28):
properties.
And there's a reason thatpeople bought a house when
interest rates were over 15%because it still made the best
sense at the time.
And I love listening to all ofthese media sources that say, oh
, now's a bad time to buy.
Okay, well, great, whatalternative are you proposing?
(19:52):
Because they never say, well,this is what you should do.
They just say, oh, it's a badtime to buy, but they never say
what you should do.
And then they never disclosethis like, oh, oh, I bought a
house last year or I've alreadybought my house, I'm already off
the hamster wheel that you'reon.
So you know, I'm just lookingout from the outside because I'm
already gaining all myappreciation because I did buy.
(20:13):
So you know, the point is youbuy when you're ready in your
life to buy.
And sometimes it's the otherdirection.
You know.
Sometimes it's like, okay, mykids are gone, I own a five
bedroom house.
Well, now it's time to sell and, you know, get a smaller
property and that's a whole.
Nother conversation we can haveabout people that are trapped
(20:33):
by the rate.
But you know, so that's thething that I look at is like the
interest rate should be theleast of your discussion points.
Okay, if you can't afford thepayment that you're looking at,
then you can't afford the housethat you're looking at.
Find a more realisticallypriced house.
You know, your first home doesnot have to be a five bedroom
(20:56):
McMansion.
You know there are plenty ofpeople that started with very
modest, small, moderate homesand then they, you know they
stair-stepped up through theirlife.
So, find a house that meets thepayment goals that you have,
and that's what we call withinyour budget.
Yes, cost of living is high.
Yes, all those things.
But is it better to do anythingelse?
(21:17):
You rent when your life isflexible.
If you're you, you're right outof college and you're bouncing
around between jobs and you'rebouncing around between where
you might live.
Do not buy a house, stayflexible.
But when you start that firstlittle bit of settling down,
then it's time to get onto theappreciation wheel.
(21:37):
You buy a house.
Now what are going to happenwith rates?
Okay, so you know the Fed hasgone through the most aggressive
cycle of maximizing, you knowrates that they've ever done.
It was the biggest swing in theshortest amount of time.
And you know the pendulumswings, swings this way.
Once it gets up to here,there's only one direction for
(21:58):
it to go.
It's going back.
All the debate is simply howlow, how fast?
And that's where the crystalball.
I have no idea.
But the other thing to keep inmind is that the Fed only meets
eight times a year and it's abunch of I'll save my the
(22:20):
individuals on the Fed meeteight times and they decide what
to do with rates eight times.
The mortgage market trades overeight times a second every
market day, you know.
So mortgage rates went, youknow, like here's the Fed rate,
fed fund rate, mortgage rateswent up to here and now they're
already coming back down.
So they bump down.
(22:41):
We'll come back down, you know,down a little bit with it, but
we're moving every day.
So we're looking.
The mortgage markets are much,much, much more dynamic and so
you're seeing average ratescoming down before the Fed even
lowers the rates the first time,just on the anticipation.
So I know they're coming down.
But again, I look at biggermacro opportunities and bigger
(23:04):
macro points.
As to, you know, when is it agood time to buy?
When it is not?
Well, okay, first of all, youask your life, is my life ready
to buy?
If it's yes, then I'm lookingat things.
Okay, when can?
When can I buy?
When there's less competition?
When can I buy when there'sless people?
Well, do you do that?
When rates are a little bithigher?
You don't wait until the ratesare at the bottom for that,
(23:25):
because then you're going to becompeting against everybody.
Because again, here's the thingIf you buy the house and the
rates are here and they go downto here, I can refinance you.
We can get a lower rate in thefuture when it gets there.
In fact, I'm starting myrefinances right now.
From the people that I've doneover the last 18 months you know
the people that got the worstrates I'm just now beginning to
(23:46):
start getting low enough forsome of those refinances.
So that's kind of my opinion.
My crystal ball is they'reabsolutely going lower because
the pendulum is going to swing.
How far?
How fast?
No idea.
Should you wait?
Hell no.
If you're ready to buy, buy Ifyou're pre-approved, if you've
(24:06):
got your finances in order, youbuy when your life is ready for
it and then you manage theinterest rate over the life of
the ownership of that property.
I bought my house in 2002.
I think I'm on my fifthmortgage.
You know, again, I'm in theindustry.
Obviously I'm going to be alittle bit more prone.
I get, you know, preferentialpricing being, you know, from my
(24:29):
company and those types ofthings, just because they, they
cut out everything for it.
So obviously it's maybe alittle bit easier for me.
But again, it's a financialtool that you use as you own the
home, so it's not stuck inperpetuity of like.
Oh well, this is the onlyinterest rate that you're going
to get, and if we get a sellercredit, maybe we can do
(24:50):
something like a 2-1 buy downAgain, maybe that's something we
talk about later.
Or we do a point reduction orsomething to help artificially
get that rate a little bit lowerat the beginning, just to help
your payment a little bit lowerat the beginning, just to help
your payment a little bit lower,until the market comes down and
we can refinance into a morepermanent option.
I hope that answers yourquestion.
I'm not trying to sidestep it,but I do truly believe that it
(25:13):
doesn't matter where rates aregoing.
That's not the question youshould be asking yourself.
You should be asking yourselfdo I want to keep paying rent or
is there a different option?
And that is the question youask yourself.
And there are times where rentis the right answer.
But if it's not, don't worryabout the rate for buying.
Find something you can buy now,get off the train or have a plan
(25:36):
in place of like OK, I want tobe able to afford this Great,
come and sit down with me, havea plan in place of like okay, I
want to be able to afford this.
Great, come and sit down withme, have a conversation with me
and we'll tell you what you haveto do.
Okay, you need to be makingthis amount of money.
You have to pay off these debts, you have to get your credit
score up to here and then youcan afford this.
Great, there's your 10 monthplan of what you need to do to
be able to afford what you want.
Speaker 1 (25:55):
Yeah, I love that and I love that you gave that
insight and your opinion as wellas just your predictions,
because I absolutely agree.
I think that all of the peopleout there that are like, oh my
gosh, no one's going to buyhouses now because the interest
rates are so high, and it's like, well, there's still people
(26:16):
that are having babies, gettingdivorced, getting married,
relocating, getting new jobs,like there's still people out
there that need to buy and sell.
So, you know, for all the peoplethat are trying to time the
market, you know, I always tellpeople like there, there is no
timing the market, like the besttime to buy a house was, like
yesterday.
Like you know, I don't know howto like help you to understand
(26:38):
that when the rates go down, theprices of homes go up because
there's more competition, somore people are bidding on the
house.
You're getting the multipleoffers and people are like, oh,
you're going to give that, well,I'm going to give this.
Oh, you're giving that, oh, I'mgiving this, and it just adds
it up.
So cool, you got that 5%interest rate, but you're also
paying a hundred thousanddollars more for that house than
you would have if you had justbought it at this higher
(26:58):
interest rate and so-.
Speaker 2 (27:00):
Absolutely possible, absolutely.
Speaker 1 (27:02):
Yeah, so I love that you drove that home.
So thank you, and I know thatwe have a ton of things that we
had talked about before westarted recording, just like all
of your outside of the box loanideas, bridge loans, equity
sharing, things like that.
So I'd love to have you back toum, do kind of like deeper
(27:24):
dives on that information.
Um, yeah, otherwise we'll endup making like a four hour um
podcast, but um, but yeah.
So if you're open to it, I'dlove to have you come back and
um and talk about each of thoseand um.
Thank you so much for your timetoday.
I really appreciate it.
Speaker 2 (27:42):
It's been my pleasure .
Thank you so much and I lookforward to continuing the
conversation on any topic thatwe can dive deeper for people.
Speaker 1 (27:49):
I love it.
I love it.
So in the show notes I willhave all of the ways for people
to get ahold of you.
Would you prefer people emailyou, call you, go to your
website, send you smoke signalsLike what, what is your
preferred method?
Speaker 2 (28:03):
Um, I, honestly, you know emails and phone calls or
texts, you know, uh, because the, the phone number that we'll
put is going to be my cell phone.
Um, you know, it's, it's whatwe use as the main office line,
because I want to be able toanswer phone calls, you know,
during the weekend and thingslike that, as necessary.
If you call at a bad time, I'lllet it go to voicemail and I'll
(28:27):
get back to you as soon as Ican.
So, you know, give me a phonecall, shoot me an email.
You know, I'd rather start theconversation that way rather
than.
You know, you know a website Ifyou want to see reviews on me.
There's reviews on Zillow,there's reviews on Google,
wherever different things alongthose lines.
But yeah, we are not here to tryto do 100 loans this month.
(28:51):
My office, my branch, Gold Star, the company absolutely they're
doing that.
They're doing way more thanthat.
Me personally, I'm not lookingto do that kind of volume.
I'm looking to do 10 loans,really, really, really well, a
month.
I'm looking to spend the timewith my clients, find out what
(29:11):
they need, customize the plan,maybe even talk to their other
professionals.
Maybe we bring in your CPA orwe bring in your financial
planner and we make sure thatthe debt side of your ledger is
working with the asset side ofyour ledger and not against each
other.
You know, let's make sure thatwe've got a full short-term and
long-term financial plan for youand your family.
Speaker 1 (29:33):
I love it.
I love it.
Well, thank you so much.
And do you guys have socialmedia?
Speaker 2 (29:38):
We do, and I will have all of those links for you
down below.
Speaker 1 (29:47):
I love it.
I love it, awesome.
Well, thank you so much anddefinitely make sure that you
take time to review this episode, because feedback is the
greatest gift you can give.
Please make sure you're sharingthis with someone, because that
is the greatest compliment thatyou can give.
Nathan and I is sharing this,and then also make sure that you
are following along so that younever miss another episode.
Thanks so much.
Yeah, we'll see you next timeon come to find out.
Hi and welcome to this week's episode of Come to
Find Out.
This week we are meeting withNathan Lindley and he is a Gold
Star Mortgage Financial, so GoldStar for short.
But he is based in Florida andsince you know that I am
licensed in Ohio and Florida, alot of my content ends up being
(00:25):
about Ohio just because I'm here, more than in Florida.
But I'd really like to makesure that we're educating
everyone on Florida.
Florida is getting ready to gointo their busy season and
anyone that's out there thinkingabout an investment property or
relocating In fact, I just hadsomeone call me today that said
that they're getting ready torelocate to Florida, so, and
(00:47):
they're going in December, whichmakes perfect sense because no
one wants to be in Ohio in thewinter.
But anyway, thank you so much,nathan, for taking time out of
your busy, busy day.
Yes, yes.
So Gold Star Mortgage Financial.
Tell me a little bit about it.
You know, because I've heardabout it, but I don't know a lot
(01:08):
about it, so fill me in.
Speaker 2 (01:11):
Yeah, my pleasure.
So Gold Star Mortgage Financialis a we are called a
non-depository bank and so as anon-depository bank we do loans
just like the big banks and thecredit unions do, in the sense
that you know the underwritingis done in-house.
When we go to the funding tableor the closing table, you know
(01:34):
it's our funds that actually gettransferred to the title
company and then, like not allbanks but a lot of banks, then
package all their loans togetherand they sell it to a servicer
and then eventually get sold toFannie Mae and Freddie Mac.
Our loans follow the sameprocess.
So we do have some loans thatstay with us that we service
in-house but, to, you know, getthe most competitive pricing for
(01:54):
our loans.
You know a lot of times we'llpackage them to another servicer
and let them service the loans.
You know through the process,but it stays the same.
So you know, as a non-depositorybank, what that all that means
is that we don't do the otherbank services.
You know we don't have checkingaccounts, we don't have savings
accounts, we don't do car loans.
You know we don't haveinvestments.
(02:16):
You know, literally from thejanitor all the way up to the
president and owner, danMilstein of our company.
We are about doing mortgages.
So either you're a loan officerproducing mortgages, you're an
underwriter supporting it oryou're, you know, support staff
helping the company.
But the entire company that'sall we do is mortgages.
And then one of the caveats ofbeing you know, and I used to
(02:39):
work for one of the big banks,so I know what that banking
culture is like and I know thetight confines that you have
when you're working there.
But one of the nice thingsabout working for a
non-depository bank is that wecan also operate as a broker.
We can do one or the other, soyou typically get the best
interest rate and the lowestfees when you can do a normal
(03:03):
conventional Fannie Mae, freddieMac, fha, va.
You know type loan that youknow everybody can do.
But sometimes we need thingsthat are outside that box and
when I was at a bank I couldn'tdo those loans.
I had to say, oh well, callthis person Now I can transition
your file seamlessly over to.
Hey, we need to do something.
(03:24):
That's outside the box, youknow.
So it could be a bank statementloan for a self-employed
individual.
It could be a condo hotel thatis not financeable or
warrantable by Fannie Mae, itcould be.
You know some type of propertyexclusion.
That again, fha or conventionalloan, you know wouldn't do, it
(03:44):
could be.
You know a non-owner loan, youknow wouldn't do, it could be.
You know a non-owner occupied,you know income property, it
could be a second home there's,you know it could be a second
mortgage.
You know there's all kinds ofother things that can be done in
the world of the brokered loans, but not having somebody
competing like, oh, we want youto go this way, we want you to
(04:05):
go this way, no, we'll just doanything that's the best for you
.
You know, and so you know theloan officers at Gold Star.
You know we don't spend a lotof money on advertising.
You're not going to hear abouta Gold Star Stadium because
that's marketing money thatcomes out of the consumer's prop
.
You know.
So you know we hireprofessionals, and so there's
(04:26):
professional loan officers,professional underwriters, you
know that are very good at whatthey do, they're very good at
finding solutions for you.
So that's in a nutshell.
Our corporate headquarters is inAnn Arbor, michigan.
I personally am licensed in StPetersburg, florida.
My office is here in, you know,beautiful downtown St Pete, but
I've got the ability to doloans anywhere in the state of
(04:49):
Florida, but if you needsomething that's not in the
state of Florida, feel free toreach out to me and I'll be
happy to hook you up with one ofmy teammates that would be
licensed in whatever state thatyou're looking at.
I believe we have licensing inabout 37 to 38 states and
branches in about 20 states.
We have licensing in about 37to 38 states and branches in
about 20 states, but I canalways look that up online to
(05:10):
get specifics for you.
Speaker 1 (05:10):
Yeah, I love that and I love that you kind of gave
like the background and you knowall of that and it's
interesting to me that you knowit seems like this is kind of a
unique setup being, you know, abank without offering
traditional bank things.
So you have the access to thoseproducts for mortgages, to be
outside of the box, to givethose creative ideas, but yet
(05:32):
you can also do the traditionalthings.
So kind of walk me through.
If someone was to call you andsay, hey, I'm looking to
purchase a property, what doesyour process look like?
Do you have them come in theoffice?
Do you talk to them on thephone?
Do you do it via Zoom?
Do you, you know, like what isit that you do?
Speaker 2 (05:52):
Sure, and this is going to be, you know, loan
officer specific, because one ofthe things about my company is
they do not dictate how we dobusiness.
So I'll talk you through mypersonal way and my team's way.
So the, you know, the veryfirst step is what we call the
discovery call.
You know and this is 5, 10, 15,20 minutes, depending on you
know, how much conversation wehave.
You know, and this is where I'mcollecting the basic data of
(06:15):
what you're, what you're lookingto do.
We can do this over the phone,we can do this by, you know,
zoom, we can do this by even mejust sending you a link and you
filling out an online, you know,type of thing and then,
typically, from that step, youknow, from the discovery call,
then what I'm going to do is I'mgoing to do a soft pull on your
(06:38):
credit report.
I don't start with a hard pull.
It doesn't count as an inquiry,it doesn't, you know, cause the
mass trigger leads.
That's a whole notherconversation we can have about
trigger leads and getting 45phone calls within a day and a
half, you know, but it doesn'ttrigger any of those types of
things, but it gives me what Ineed to be able to run the
numbers for you.
And so then we schedule theconsultation Now.
(07:00):
I love to do consultations in myoffice, so if you can come and
join me in downtown StPetersburg for the day,
fantastic.
If we can't do that, I wouldvery much at least like to do a
Zoom call.
And the reason that I like todo the Zoom calls is because
I'll share information with youon my screen and I want you to
be able to see it.
And if you have it in yourphone, it's not big enough for
(07:22):
you to be able to see it, and ifyou have it in your phone, it's
not big enough for you to beable to see it.
So I want to have that abilityto interact and be able to show
you and demonstrate informationto you on my screen.
So that's the consultation, andthen from that point, depending
on what you know we gather fromthe consultation, you know, we
could do a fast pass approval.
We could do, you know, fullapplication.
(07:42):
We can do, you know, or we canset up a plan of like okay,
you're not mortgage ready, buthere's what you need to do over
the next three, six, nine, 10,12 months to be able to get
mortgage ready.
So that's my steps.
Discovery call quick credit,you know, and you know gathering
of information If you havecomplicated income, I might have
to ask you for your tax returnsdepending on, or I may have to
(08:04):
ask for, bank statements.
But then we do the consultationand that's where we answer and,
you know, dive deep into what,what we can have options for you
.
Speaker 1 (08:13):
Yeah, I love that and I like that you do the
consultation call, you know thediscovery call, because you're
really just trying to figure out.
You know, because that's what Ido.
You know I'm going to sit down,I'm going to find out, like,
what are your motivations forbuying a house, what you know,
what are the needs that you have, what are things you're looking
for, and then also connectingthem with the correct lender,
(08:38):
you know, or giving them a listof lenders to figure out who's
going to be the best for them,you know.
So I love that you kind of dothat too.
You're figuring out, you knowwhat are all the things you're
looking for.
Now, obviously, you know anyonethat is living in Florida now or
has lived in Florida or haswatched the news.
They've seen that you knowthere was that massive hurricane
a few years ago, uh, that youknow.
(08:59):
We haven't seen one like thatin you know decades.
So it was a little crazy, um,and I think that it kind of
scared people.
So what I'd love to hear iswhat are you kind of seeing in
the market right now, like, areyou still seeing it kind of slow
?
I know this is still the end oflike the slow.
You know quote unquote slowseason for Florida but you know
(09:20):
I'd love to hear your thoughtson kind of what you're seeing in
the market.
Speaker 2 (09:30):
So, let me first talk about personal experience.
You know I moved here in Texasand then I lived there for 12
years and then I lived insouthern Indiana for another
eight years and then I moved tohere.
And I've been here for a longtime and as far as natural
disasters go, I will takehurricanes all day long.
(09:50):
You know I lived in TornadoAlley.
I know what that freight trainsounds like and that is scary as
hell.
You know, I have seen, you know, massive flooding from rivers
rising.
You know I have seen all of the.
You know all those I haven'tseen.
(10:10):
You know the wildfires andthings like that.
But of all the natural disastersthat are out there, none of
them give you a five-day noticeto start being prepared for it.
And hurricanes, do you know?
So?
Hurricanes, it's a matter ofsiphoning through the news and
(10:32):
the mass hysteria that sometimesthe news can create and knowing
when you really need to preparefor it, when you really need to
evacuate for it and when youreally need to move.
But you typically have three tofive days of notice.
So I personally, you knowhurricanes do not bother me at
(10:54):
all.
Now, pinellas County, where Ilive, has not had a direct hit
in you know year, I mean decades.
Obviously, you know I'm not.
I'm knocking on wood andthanking God every day that I'm
not having to deal what you knowthe families in Cape Coral have
had to deal with and thefamilies of you know through all
.
You know, going all the wayback to Andrew, going all the
(11:16):
way back to the 1800s, when youknow the keys were hit, you know
, four times in this, in youknow, two seasons, by major
hurricanes.
You know it does absolutelyhappen, but as far as life is
concerned it is avoidable.
Property damage can happen.
That's why we have insurance,you know, and so I happen.
(11:36):
That's why we have insurance,you know, and so I.
To me, anybody who is, you know,thinking about, you know, do I
want to live in Florida?
Take that into account.
You know of like, okay, whenyou live in Florida I don't have
to deal with wildfires, I don'thave to deal with, you know,
lots of other issues, but I dohave to pay attention to the
(11:57):
tropical season.
You know, four, five, sixmonths out of the year and
listen, and, you know, learn andteach myself about when I
really need to do somethingversus when it's just a really
bad thunderstorm, and so youknow, with that, I don't see a
lot of market seasonalitybecause of hurricanes.
I think it's a talking pointthat's talked about and some
(12:20):
people will throw it out as anexcuse or a reason for maybe
this trend, maybe that trend.
But I think that themacroeconomics are much more a
factor in the market than fearof a storm, of, you know, a
storm.
I think that when you look atthe supply versus the demand,
(12:44):
you and the demand being thenumber of people that are moving
to Florida, the supply beingwhat's being built, you know
Florida is way behind the mark.
You know the entire country isbehind the mark, but Florida
especially, is behind the mark.
And so you know we don't haveexcessive inventory, we have
more inventory.
You know, I think I saw the.
You know we don't haveexcessive inventory, we have
more inventory.
You know, I think I saw the.
You know, oh yeah, theinventory is up.
You know, 500% from last year.
(13:06):
When, in doubt, zoom out andyou look at what our inventory
was a year ago and it ismulti-generational loads.
So the fact that it's higherthan last year is kind of like a
duh.
It's supposed to be higherbecause it never should have
gotten that low, you know.
And the other thing is, youknow, our population keeps going
(13:26):
up.
Really, our inventory, or thenumber of homes that we should
have on the market at any giventime, should be kind of going up
over time too, because we havemore homes, because we have more
population.
But you're not seeing that, youknow, especially in Florida.
You look at the trend, even asit goes up and down, it's
trending and has been trendingdown.
(13:46):
So until that turns around andgoes back up, there's still a
lot of inventory missing andthere's still a lot of demand
coming.
So that, to me, is the majordriving factor.
Now you hear, you know,anecdotal stories of oh, this
house dropped its sales price byyou know 500,000.
Okay, how realistic were theywhen they began, you know?
(14:09):
Did they throw a price outthere that said, hey, if
somebody is willing to pay $1.2million for my house, it's only
worth 500, sure, I'll sell.
But was it a realistic price tobegin with?
That's always the firstquestion that I ask.
Or you see something that'sbeen on the market for 45, 50,
60, 120, 200 days.
(14:30):
Where do they start?
What were they realisticallyexpecting to begin with?
I think things that are pricedreasonably are still moving
fairly quickly.
I do think that we see a littlebit of sellers being willing to
negotiate right now, which iskind of nice.
You know, I wouldn't say thatit's quite a buyer's market, but
(14:54):
maybe you can get a credit fora 2-1 buy down or you can get a
seller credit to pay some points, to get a lower interest rate,
you know something to offset thehigher rates and make that
payment a little bit moremanageable for you.
To begin with, I think rightnow and when I say right now I
mean literally today and maybefor the next couple months
you're going to continue to seesellers that are willing to
(15:15):
negotiate with you a little bit.
But as the rates drop andyou're going to continue to see
sellers that are willing tonegotiate with you a little bit.
But as the rates drop and youknow you don't it doesn't matter
.
The question is how much and howfast, not whether they're going
to drop or not.
As rates drop, more and morebuyers are going to read that
and see that in the news andthey're going to start coming
back.
And when those buyers startcoming back to the market, the
(15:38):
more buyers then we're going tostart coming back.
And when those buyers startcoming back to the market, the
more buyers.
Then we're going to quicklytransition back to multiple
offers, competing bids, totalseller's market, where they're
entirely in control and buyersare having to extend themselves
more and more and more just tobe able to buy a house that is
literally months away.
I don't know whether it's onemonth away, six months away, 12
(16:02):
months away, but it's going tobe driven by rates.
When the rates come down enough, every little step down, more
and more buyers, more and morebuyers, more and more
competition.
There's still not going to bemore listings out there.
There's still not going to bemore listings out there.
There's only one thing that canhappen.
So that's my kind oflong-winded response to here's
(16:23):
what I think is kind of going onin the market.
I'm not scared of storms.
Those can be mitigated.
I am worried for the buyersthat are waiting for the rates
to come down.
Buy the house now.
We can always get you lowerrates in the future.
We can always get you lowerrates in the future.
You know we can always get that.
But find the house right nowthat if it's time in your life
(16:44):
to buy, go ahead and buy.
My humble opinion for what it'sworth.
Speaker 1 (16:47):
Yeah, no, I love that and I appreciate that.
You know that insight and,ironically, I grew up in
Oklahoma so I totally know Ihave seen multiple tornadoes,
I've heard that freight train.
It is scary.
And you know I plan to move toFlorida after my kids are all
(17:08):
graduated.
So you know people say, oh mygosh, you're so crazy because of
hurricanes.
And I'm like y'all.
I grew up where you had like 10seconds notice to you know,
like not get in a basement,because no one has basements,
but to get in your hallway andput a mattress over you, like
that's what you do.
Speaker 2 (17:26):
I'll take the five day notice over the you know
five minute or you know a minutewarning all day long.
Speaker 1 (17:33):
I absolutely yeah, I love it.
Well, so I like to ask this andI always preface it with you
and I neither one.
Well, I assume you don't have acrystal ball, cause I don't
have one.
If you do, please tell me whereyou got it.
But as of as far as I know,neither of us has a crystal ball
.
But I'd love to kind of hearwhat you think, because of
(17:54):
course you know you kind oftouched on it a little bit.
You know, of course we keephearing like rates are going to
go down, rates are going to godown, rates are going to go down
.
And you know, most are sayingeverywhere that I've, you know,
read and and you know, kind ofstudied, it looks like it's
going to start coming down inSeptember.
You know, maybe one rate dropand then, you know, because of
everything that's happening inNovember, are we going to see
(18:14):
another one in November, are wegoing to see more in December.
So I would just love your kindof predictions of what you think
.
Speaker 2 (18:23):
Sure.
So I absolutely will come backto that answer and I will, and I
will say exactly what I think.
But I'm going to throw outthere a challenge of what does
it matter?
I love that.
What does it matter?
Rates go up, rates go down.
That should not be why you aredeciding to purchase a home.
(18:46):
Okay, if it is the right timein your life and what I mean by
that is that you are stable forthe next two to five years, that
you have stable employment,stable income, and you know you
are ready to settle down alittle bit or get onto the
hamster wheel that is theappreciation and get off the
(19:07):
rent wheel you buy a home.
You get the best rate you canin that 30-day window that you
have by working with aprofessional.
But you buy a home not becauseof interest rates.
You buy a home because it's theright time in your life to buy
it, or it's the right time toinvest and purchase investment
(19:28):
properties.
And there's a reason thatpeople bought a house when
interest rates were over 15%because it still made the best
sense at the time.
And I love listening to all ofthese media sources that say, oh
, now's a bad time to buy.
Okay, well, great, whatalternative are you proposing?
(19:52):
Because they never say, well,this is what you should do.
They just say, oh, it's a badtime to buy, but they never say
what you should do.
And then they never disclosethis like, oh, oh, I bought a
house last year or I've alreadybought my house, I'm already off
the hamster wheel that you'reon.
So you know, I'm just lookingout from the outside because I'm
already gaining all myappreciation because I did buy.
(20:13):
So you know, the point is youbuy when you're ready in your
life to buy.
And sometimes it's the otherdirection.
You know.
Sometimes it's like, okay, mykids are gone, I own a five
bedroom house.
Well, now it's time to sell and, you know, get a smaller
property and that's a whole.
Nother conversation we can haveabout people that are trapped
(20:33):
by the rate.
But you know, so that's thething that I look at is like the
interest rate should be theleast of your discussion points.
Okay, if you can't afford thepayment that you're looking at,
then you can't afford the housethat you're looking at.
Find a more realisticallypriced house.
You know, your first home doesnot have to be a five bedroom
(20:56):
McMansion.
You know there are plenty ofpeople that started with very
modest, small, moderate homesand then they, you know they
stair-stepped up through theirlife.
So, find a house that meets thepayment goals that you have,
and that's what we call withinyour budget.
Yes, cost of living is high.
Yes, all those things.
But is it better to do anythingelse?
(21:17):
You rent when your life isflexible.
If you're you, you're right outof college and you're bouncing
around between jobs and you'rebouncing around between where
you might live.
Do not buy a house, stayflexible.
But when you start that firstlittle bit of settling down,
then it's time to get onto theappreciation wheel.
(21:37):
You buy a house.
Now what are going to happenwith rates?
Okay, so you know the Fed hasgone through the most aggressive
cycle of maximizing, you knowrates that they've ever done.
It was the biggest swing in theshortest amount of time.
And you know the pendulumswings, swings this way.
Once it gets up to here,there's only one direction for
(21:58):
it to go.
It's going back.
All the debate is simply howlow, how fast?
And that's where the crystalball.
I have no idea.
But the other thing to keep inmind is that the Fed only meets
eight times a year and it's abunch of I'll save my the
(22:20):
individuals on the Fed meeteight times and they decide what
to do with rates eight times.
The mortgage market trades overeight times a second every
market day, you know.
So mortgage rates went, youknow, like here's the Fed rate,
fed fund rate, mortgage rateswent up to here and now they're
already coming back down.
So they bump down.
(22:41):
We'll come back down, you know,down a little bit with it, but
we're moving every day.
So we're looking.
The mortgage markets are much,much, much more dynamic and so
you're seeing average ratescoming down before the Fed even
lowers the rates the first time,just on the anticipation.
So I know they're coming down.
But again, I look at biggermacro opportunities and bigger
(23:04):
macro points.
As to, you know, when is it agood time to buy?
When it is not?
Well, okay, first of all, youask your life, is my life ready
to buy?
If it's yes, then I'm lookingat things.
Okay, when can?
When can I buy?
When there's less competition?
When can I buy when there'sless people?
Well, do you do that?
When rates are a little bithigher?
You don't wait until the ratesare at the bottom for that,
(23:25):
because then you're going to becompeting against everybody.
Because again, here's the thingIf you buy the house and the
rates are here and they go downto here, I can refinance you.
We can get a lower rate in thefuture when it gets there.
In fact, I'm starting myrefinances right now.
From the people that I've doneover the last 18 months you know
the people that got the worstrates I'm just now beginning to
(23:46):
start getting low enough forsome of those refinances.
So that's kind of my opinion.
My crystal ball is they'reabsolutely going lower because
the pendulum is going to swing.
How far?
How fast?
No idea.
Should you wait?
Hell no.
If you're ready to buy, buy Ifyou're pre-approved, if you've
(24:06):
got your finances in order, youbuy when your life is ready for
it and then you manage theinterest rate over the life of
the ownership of that property.
I bought my house in 2002.
I think I'm on my fifthmortgage.
You know, again, I'm in theindustry.
Obviously I'm going to be alittle bit more prone.
I get, you know, preferentialpricing being, you know, from my
(24:29):
company and those types ofthings, just because they, they
cut out everything for it.
So obviously it's maybe alittle bit easier for me.
But again, it's a financialtool that you use as you own the
home, so it's not stuck inperpetuity of like.
Oh well, this is the onlyinterest rate that you're going
to get, and if we get a sellercredit, maybe we can do
(24:50):
something like a 2-1 buy downAgain, maybe that's something we
talk about later.
Or we do a point reduction orsomething to help artificially
get that rate a little bit lowerat the beginning, just to help
your payment a little bit lowerat the beginning, just to help
your payment a little bit lower,until the market comes down and
we can refinance into a morepermanent option.
I hope that answers yourquestion.
I'm not trying to sidestep it,but I do truly believe that it
(25:13):
doesn't matter where rates aregoing.
That's not the question youshould be asking yourself.
You should be asking yourselfdo I want to keep paying rent or
is there a different option?
And that is the question youask yourself.
And there are times where rentis the right answer.
But if it's not, don't worryabout the rate for buying.
Find something you can buy now,get off the train or have a plan
(25:36):
in place of like OK, I want tobe able to afford this Great,
come and sit down with me, havea plan in place of like okay, I
want to be able to afford this.
Great, come and sit down withme, have a conversation with me
and we'll tell you what you haveto do.
Okay, you need to be makingthis amount of money.
You have to pay off these debts, you have to get your credit
score up to here and then youcan afford this.
Great, there's your 10 monthplan of what you need to do to
be able to afford what you want.
Speaker 1 (25:55):
Yeah, I love that and I love that you gave that
insight and your opinion as wellas just your predictions,
because I absolutely agree.
I think that all of the peopleout there that are like, oh my
gosh, no one's going to buyhouses now because the interest
rates are so high, and it's like, well, there's still people
(26:16):
that are having babies, gettingdivorced, getting married,
relocating, getting new jobs,like there's still people out
there that need to buy and sell.
So, you know, for all the peoplethat are trying to time the
market, you know, I always tellpeople like there, there is no
timing the market, like the besttime to buy a house was, like
yesterday.
Like you know, I don't know howto like help you to understand
(26:38):
that when the rates go down, theprices of homes go up because
there's more competition, somore people are bidding on the
house.
You're getting the multipleoffers and people are like, oh,
you're going to give that, well,I'm going to give this.
Oh, you're giving that, oh, I'mgiving this, and it just adds
it up.
So cool, you got that 5%interest rate, but you're also
paying a hundred thousanddollars more for that house than
you would have if you had justbought it at this higher
(26:58):
interest rate and so-.
Speaker 2 (27:00):
Absolutely possible, absolutely.
Speaker 1 (27:02):
Yeah, so I love that you drove that home.
So thank you, and I know thatwe have a ton of things that we
had talked about before westarted recording, just like all
of your outside of the box loanideas, bridge loans, equity
sharing, things like that.
So I'd love to have you back toum, do kind of like deeper
(27:24):
dives on that information.
Um, yeah, otherwise we'll endup making like a four hour um
podcast, but um, but yeah.
So if you're open to it, I'dlove to have you come back and
um and talk about each of thoseand um.
Thank you so much for your timetoday.
I really appreciate it.
Speaker 2 (27:42):
It's been my pleasure .
Thank you so much and I lookforward to continuing the
conversation on any topic thatwe can dive deeper for people.
Speaker 1 (27:49):
I love it.
I love it.
So in the show notes I willhave all of the ways for people
to get ahold of you.
Would you prefer people emailyou, call you, go to your
website, send you smoke signalsLike what, what is your
preferred method?
Speaker 2 (28:03):
Um, I, honestly, you know emails and phone calls or
texts, you know, uh, because the, the phone number that we'll
put is going to be my cell phone.
Um, you know, it's, it's whatwe use as the main office line,
because I want to be able toanswer phone calls, you know,
during the weekend and thingslike that, as necessary.
If you call at a bad time, I'lllet it go to voicemail and I'll
(28:27):
get back to you as soon as Ican.
So, you know, give me a phonecall, shoot me an email.
You know, I'd rather start theconversation that way rather
than.
You know, you know a website Ifyou want to see reviews on me.
There's reviews on Zillow,there's reviews on Google,
wherever different things alongthose lines.
But yeah, we are not here to tryto do 100 loans this month.
(28:51):
My office, my branch, Gold Star, the company absolutely they're
doing that.
They're doing way more thanthat.
Me personally, I'm not lookingto do that kind of volume.
I'm looking to do 10 loans,really, really, really well, a
month.
I'm looking to spend the timewith my clients, find out what
(29:11):
they need, customize the plan,maybe even talk to their other
professionals.
Maybe we bring in your CPA orwe bring in your financial
planner and we make sure thatthe debt side of your ledger is
working with the asset side ofyour ledger and not against each
other.
You know, let's make sure thatwe've got a full short-term and
long-term financial plan for youand your family.
Speaker 1 (29:33):
I love it.
I love it.
Well, thank you so much.
And do you guys have socialmedia?
Speaker 2 (29:38):
We do, and I will have all of those links for you
down below.
Speaker 1 (29:47):
I love it.
I love it, awesome.
Well, thank you so much anddefinitely make sure that you
take time to review this episode, because feedback is the
greatest gift you can give.
Please make sure you're sharingthis with someone, because that
is the greatest compliment thatyou can give.
Nathan and I is sharing this,and then also make sure that you
are following along so that younever miss another episode.
Thanks so much.
Yeah, we'll see you next timeon come to find out.
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