Understanding Short Sales & Foreclosures : Josh Boggs on Resilience, Philanthropy, and Market Insights

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:17):
we're getting it out there, dude.
That's awesome.
I had no idea.
Yeah, one boss, so what?
Is that we'll talk about it.
Yeah, we'll talk about it.

Speaker 3 (00:24):
I want to know, yeah, um, okay.
So, jc, we are ready when youare my friend.
Let me hold on real quick.
One more thing.
I gotta put this up to thankthe people, thank all them,
people oh, all them peeps.

Speaker 1 (00:39):
Yep.
See, that's wicked.
You've got all this at yourdisposal, it took a while to set
this.

Speaker 3 (00:45):
Up this right here.
Me and JC went to my storageunit and pulled out two desktops
, popped them off.
The thing Went to go.
Look for something else, yeahstraight up.
And literally went to HomeDepot, built some legs and boom,
all of a sudden we had a table.

Speaker 1 (01:01):
Isn't that how discovery happens?
Anyway, you know you weren'tlooking for that.

Speaker 3 (01:05):
No, it was literally right before the episode with uh
, we had jeff robert elder, umwho else?
There was one other person, butit was like we had to have it.
We were doing it for the firsttime live, so we're like shit,
we can't just do chairs yeah,yeah, yeah, I like how from
there we stepped it up dude, yougot the ferns.

Speaker 1 (01:24):
Oh, man, you know Between two ferns.

Speaker 3 (01:27):
I got the other one over somewhere oh dude, that's
awesome, crazy.
Oh, jc, I'm ready when you are,if you want to count it out
Another episode of Key FactorsPodcast in 3, 2, 1.

Speaker 6 (01:40):
Trying to become a homeowner is so frustrating, I
mean, I wish it were easy tofind out what options or things
I may qualify for.

Speaker 4 (01:47):
There actually is an easier way.
I'd love to tell you about it.

Speaker 2 (01:50):
There is Hold on, let me call you back.
Okay, I'm interested.
What's the catch?

Speaker 7 (01:55):
There's no catch.
If you have two minutes, I canliterally show you now.
It's really easy.
Sure, let's go.
It's going to code to you lineby line and have you answer some
questions that will identifythe best loan products for you,
starting with the propertyaddress, which is specific to
the area, which programs willwork for you.
It's going to guide you througha series of numbers, loan
options and give you everythingso you can choose what works

(02:16):
best for you.

Speaker 5 (02:16):
Well, I had no idea there were so many options out
there for me.

Speaker 8 (02:27):
It was so easy, it was so quick and you didn't even
have to run my credit.

Speaker 3 (02:31):
I know I told you in less than two minutes.
Right, did I make it?
You did, let's go.
All right, let's go and welcomeback to another episode of Key
Factors Podcast Real Estate AF,where the AF stands for and
finance, and I'm your host, markJones, and we are powered by
ReviewMyMortgagecom, the largestindex of mortgage programs in
the nation, and it's good to beback, guys.
I took about a month and a halfoff to focus on production.
There is apparently not enoughbusiness to go around out there.

(02:57):
I'm hearing a lot of grumblingand people saying that nobody's
buying, nobody's selling,everything's sitting.
But luckily for us, about amonth in, I've got about almost
four million in the pipeline.
It's odd, and when we talkabout going back to the basics,
in most of the discussions we'vehad thus far, it stands true.
A lot of folks out there haven'thad an opportunity to establish

(03:18):
the basics because they gotinto the business maybe 2020,
2021, and it was like shootingfish in a barrel, so to speak.
But I'm here to tell you figureout, find a mentor that can
teach you those basics and stickto it and then add what you
want to it.
But in this discussion today Iwanted to hone in on another

(03:40):
topic that seems to be rising ineverybody's discussions, but
unfortunately or fortunately forus it's not actually rising in
numbers.
So today we're going to betalking about short sales,
pre-foreclosures, things likethat, with the expert and,
without further ado, let meintroduce my guest, josh Boggs.
Wow.

Speaker 1 (04:00):
Well, dang, what an intro.
I'm excited to be here.
You guys are actually crushingit, as your wall says yeah, man,
I was intro.
I'm excited to be here.
You guys are actually crushingit, as your wall says yeah man.
I'm geeking out because I wantto take photos and videos.
Dude you guys are.
It's a whole nother level.
I just got to be here andreally the expert thing, I love
it.
Somebody called me the otherday like, oh, I heard you're the

(04:20):
king of short sales.
I'm like dude.
First of all, I'd never saythat I don't believe I'm an
expert, but I believe I'mgetting to that point where I'm
always learning just enough tostay ahead of the casual person.

Speaker 3 (04:30):
That's probably exactly what an expert would say
.

Speaker 1 (04:32):
Okay.

Speaker 3 (04:32):
Well, okay.
A student to the game and astudent of the game.
So, Josh, there's folks outthere that may or may not know
who you are, but I want to giveyou a moment.
If you could just tell us alittle bit about yourself.
Where did you come from?
What are you about All thatgood stuff?

Speaker 1 (04:48):
Man.
Well, first of all, if you'veseen me, I'm a 6'4 skinny, goofy
bastard.
I mean I look, yeah, I get it.
I'm not the greatest of lookersout there.
I try, right, but no, I'moriginally from Indiana.
I moved down here when I prettymuch had $350 in my name.
I thought I was going to playbasketball.
Tried to do a walk-on at PurdueUniversity.
When I played basketball, ourteam was 16th in the nation at

(05:09):
Anderson High School, AndersonIndians, and so I sat the bench.
I didn't even get to play.
In fact, they cut me in mysenior year.
No way.
So, yeah, I was really upset bythat and anyway, just looking
for just what to do, and agirlfriend broke up for me with
me.
I moved to my dad's.
I was working in a foundry andworking like crazy.

(05:29):
I was like 80 hours a week andit was the worst work you've
ever seen.
It was in a foundry and youdon't have them down here
because it's so hot and horribleright.
Yeah, and then I just decided,you know what.
She broke up with me on a DearJohn letter and I said you know
what?
I'm moving to Texas.
I don't know why, but I hadfamily down here in San Antonio

(05:50):
and I wanted to learn from himbecause my uncle was like this
business guru didn't even finishlike high school and I saw how
successful he was and his wholefamily worked with them and I go
, man, if there's anybody thatcan teach me business, that's
him.

Speaker 3 (06:00):
Wow.
So that is the number one causeof you moving here to San
Antonio.
And when you got here, what wasthat transition like?
Going from Indiana to SanAntonio, Texas.

Speaker 1 (06:12):
I'm an QC manager at the age of 19 because I saw how
much waste was going out thewindow.
And I was like dude, get thisguy in an office, which was
awesome, with no college right.
So then I ended up.
Really, the main turnaround wasI was working after apartment

(06:35):
complexes.
I was a manager at the youngestage of 19 again, okay, as soon
as I came out of that forWestdale Asset Management and
was managing Bandera Crossingand Vista Crossing, back and
forth.
And then they promoted, theydemoted me because I went to
spring break and got a hickey, Imean.
I can't, I can't kiss and tellyou know, so that really upset

(06:59):
me.
And then my uncle, who wasrunning a nonprofit credit
counseling company, had startedto see, to see, hey look, you
took off on the ground running.
Clearly you're taking care ofyourself.
So that was his test to get meon board.
So I ended up becoming alicensed credit counselor in a
debt management company andfinancial counselor.
By that time I was almost 21.

(07:19):
So I did that and that's reallywhat got me into real estate,
because at the time I was partof the financial education
department of that nonprofit.
Well, the IRS came through andjust pretty much said, hey, we
got too much of these debtmanagement plant companies out
there, we're going to eliminatethem.
And so, for whatever reasonbecause my uncle had built most

(07:40):
of the family on the board thatwas not considered, I guess,
according to the litmus test,not cool.
So they were like, hey, we'regoing to take away your 5123.
Well, we were doing almost amillion dollars a month in
business.
Wow.
So it was crazy.
And, of course, me having nocollege, I'm like where am I
going to replace a decent incomelike I was making?

Speaker 3 (07:59):
Absolutely.

Speaker 1 (08:00):
Once I was like sorry , sorry about you, but you guys
got to go away.
So it really the whole familywent through a pretty.
That was a rough deal and mywife had.
I met my wife working there, soI decided to go to real estate.
And what's funny, you're goingto laugh because I would have
said, well, I'm going eithermortgage or real estate and I
want to go mortgage and my wholefamily was like no, no, you'll
be a better realtor.

Speaker 3 (08:26):
So a better realtor.
So I was like I think mortgageguys have it easier, I don't
know.
So that's funny that you saythat.
In regards to your beginningsinto the introduction of this
industry, I myself opened acredit repair company when I was
18 years old.
I had just gotten back fromplaying college football, didn't
know much about finance and allthat jazz.
So I was working at the bankinside of Walmart and

(08:47):
essentially a buddy of mine hadmoved back from Arizona and he
was like I've got this new thingand I think we can do it.
It's called credit repair.

Speaker 1 (08:54):
We were like okay.

Speaker 3 (08:56):
So we started helping people fix their credit and, as
you know, the number one reasonwhy people even want to fix
their credit it's not to go getanother credit card or another
car, it's to buy a house andsimilar crossroads I had was
going down the route of being arealtor or a lender.

(09:17):
And I went and took all thereal estate tests or real estate
classes, got to the end andwent this isn't for me.
Real estate classes got to theend and went this isn't for me.
After working in a bank formany years, it was like I think
I can help people on thefinancing side a little bit more
than I can on the real estateside and, no matter what, I can
always go the other direction ifit doesn't work out.
So yeah, here I am right Smartplay.

Speaker 1 (09:38):
I mean you like your weekends too, right?
No, I mean I know you guys workyour tails off too, but you're
right, it is a different.
It's funny how that justdivided my direction.
Right away, right.
But when we say credit repair,so we actually that was more of
a for-profit side that my uncleran on his own.
We were doing the DMPs, thedebt management plans.

Speaker 3 (09:58):
Okay.

Speaker 1 (10:01):
Where people would come to us just crap loads and
shillings in debt, right, andthey were like, hey, this is all
these unsecured credit cards, Ican't make my payments, blah,
blah, blah.
They're at 25% interest rate,right, and we would get them
under a plan where we consultthem into one payment and then
we'd basically negotiate to getthem down to like 0% or like 10%
, and then for us doing that, itwas a genius, real business
model that my uncle had found.
The credit card companies werepaying my uncle basically what's

(10:24):
called revenue share on themoney we are paying back.

Speaker 3 (10:27):
Which makes sense.
It's almost like the sameconcept that I tell people all
the time.
Trust me, the bank doesn't wantto foreclose on your property.
They're not in the business ofhoarding a bunch of properties.
They're in the business ofcollecting interest off of your
payment so that you can liveyour life in your home, build
your equity, et cetera.
Now it's funny that youmentioned the debt consolidation
piece, because I feel as thoughthere's a lot of that that is

(10:51):
necessary in today's world.
We're seeing the credit carddebt at the highest it's ever
been.
I on the lending side am seeingevery other credit report that
I pull heavy with credit carddebt, and I don't know if it's a
matter of they thought thingswere going to get better sooner,
or they had situations occurthat could not recover from, so

(11:16):
they're relying on those creditcards, or it's just wasteful
spending.
I mean all the above could bethe fact yeah absolutely just
wasteful spending.
I mean, all the above could bethat, yeah, absolutely so.
As you progressed, and I willsay, as you transitioned into
real estate.

Speaker 1 (11:33):
What was that?
Like yeah, you go home everyday and you're like, okay, I
didn't make any money.
Today, my wife and my kids arelooking at me like are you going
to bring money?
Home Are you just going out tohappy hours with your title
people.
Right, and that's back in theday with title companies could
actually do some stuff RightCause I've been in 20 years and
so I started as, like man, thesetitle companies were no joke
dude they were.

(11:54):
Spurs games and I mean it waslike, dude, I'm a rockstar, I
haven't even sold one propertyyet.
But.
But it was one of those where Iknew I had to buckle down and
thank God I had enough savingsin line where it was like seven,
eight months of savings where Ineeded it.
Yeah, and my wife at least wasworking at a doctor's office as
a secretary or whatever, so itsupplemented a little bit

(12:15):
because we both had worked atthat company, I see.
So we both lost our incomesright.
Yeah.
So it was a lot of like humblepie kind of thing because,
coming from a guy who was anentrepreneur, I had a
landscaping company for a whileand I sold that and made money,
right, and everything I workedon.
I worked so hard.
When I touch it I was like, ohwow, I'm making money and this
is cool.
I'm not really going after themoney, but this is good, right.

(12:38):
So when real estate startedI'll never forget I met David
Jones and Craig Owen at KW and II met David Jones and Craig
Owen at KW and I thought, man,these guys are a joke yeah.
Like I don't need any of this.
Like they're like oh, you needto go through Camp 443 and all
this training.
I'm like man, I ran a businesswith my family.
I know what I'm doing, Right.
Six months later, after beingat another company that has
their names on the doors, whenyou got to get out, I realized,

(13:01):
oh wow, it's not as easy as itsounds.
So I came back as like theprodigal son and asked David
Jones like please?
Take me back in.

Speaker 3 (13:16):
And okay, going through that transition with not
necessarily failing at thefirst brokerage.
But let's call it lack ofleadership, lack of mentorship,
because for sure you hadinspiration and drive.
I mean shit money was themotivator.
You needed to make some, yeah.

Speaker 1 (13:27):
It's nice.
It's nice to have it.

Speaker 3 (13:29):
Yeah, what was seeing the other side of the fence
looking like?

Speaker 1 (13:35):
for you.
You mean as far as the mortgageside of the fence.

Speaker 3 (13:38):
No, no, no, that like the oh so you worked in
mortgage?
Well, so no, I thought you weregetting into the transition to
short sale side, because I waslike okay, got it, but wait,
there's more Got it.
I was like I opened thatcurtain.

Speaker 1 (13:50):
So, yeah, in the real estate side, it was definitely
who you knew.
It was a contact sport, and myclaim to fame was open houses.
We had the database we had fromthe debt management plan at the
time, or the you know creditcounseling company.
We had my cousin got into realestate at the same time.
He was the CEO, it was hisfamily.

(14:11):
I'm I'm an outcast, I'm fromIndiana, so every single person
I knew in San Antonio wasthrough them, and guess who got
all the business he did, he didand and you know I love him to
death.
Him and I are brothers Well, hecrushed it, got rookie of the
year.
Of course, all those peoplewent to him, and so I had to
literally start from nothing.
And then, after two years,though, his business dried up,
cause he's like, hey, I'm notgetting people referring to me

(14:32):
anymore.
All my sphere is sold, and hewas like peace, I'm out.
And then that's when I startedlike hustling and I give Craig a
bunch of shit on this Cause.
He told me the other day likeman, your cousin, he's going to
make it, yeah, but I don't knowabout you, and that's what he
first told me.
Okay, 20 years later, do youstill think that?
Yeah, so yeah.

Speaker 3 (14:48):
No, he doesn't.
And it's I guess I don't knowodd that there's a lot of agents
out there.
You don't even have to look forit.
You jump on social media, youknocking the concept of open
houses, and the reason why youwere doing that is so that you
could meet people you had nevermet before.

(15:08):
And I have a saying that saysif we only did business with
people that we know, we'd all bebroke, Right, it's true.
So would you advocate forthings like that still to this
day?

Speaker 1 (15:19):
Oh, and that's a good one, mark.
So my company name Expose Homes, and I tell sellers hey, I'm
pulling back the curtain, I'mexposing you what the real
estate business does.
Right, absolutely.

Speaker 3 (15:29):
And while you're saying that, jc, go ahead and
throw up a reference.
Let's make sure that everybodyknows where to go.
Exposedhomescom everybody.
This is Josh Boggs' website.
You can go there to discoverall the things that real estate
has to expose to you.
Go for it.

Speaker 1 (15:48):
Wow, that's a heck of an intro.
I need to round more.
Well, you'll be able to grabthat clip.

Speaker 3 (15:51):
I love JC doing all that.

Speaker 1 (15:53):
By the way, it's awesome, thank you for that.
So, yeah, getting into that.
Now I just actually went upinto a listing agreement or
listing consultation where I wasgoing against four other agents
and they were really goodagents.
The reason they chose me andthey told me that after the fact
is that, dude, you're brutallyhonest, Like you just get to the
point and you don't bullshit us.
That's right.
And because one of thequestions the wife had on chat

(16:15):
GPT well, what you do openhouses and how many will you do?
And I said I'm going to do none, Because if you want an agent
to use your house to amplifytheir business, cool, go for it,
but I'm not the guy.

Speaker 3 (16:28):
But if you want to get it sold, I'm the guy, it's
outstanding that you say that,because it rings true to an
age-old philosophy of whenyou're doing, or when you set
out to do an open house, don'texpect to sell that property.
That is not even the MO ofdoing an open house.
You do an open house togenerate new business, to build
new relationships, to work onyour mouthpiece, essentially

(16:52):
because you're face-to-face witha customer right then and there
.
But the idea of selling an openhouse, I think it's happened
maybe twice in my entire careerand I'm a huge advocate for them
, because realtors need to knowhow to do them the right way,
right and you, having said thatand being honest with your
customer, that's that speaksvolumes.

Speaker 1 (17:13):
Truly.
Well, mark, here's the otherthing too.
And I tell them like, hey, thisis the same thing that you guys
haven't asked me yet.
But I'm going to tell you I'mnot showing your house to buyers
.
It's not me personally, right,because I represent you.
I know what I mean.
We're going to hit hard in thispresentation of what your
bottom line net could be, whatyou're comfortable with, how I
negotiate.

(17:33):
So, if I know all your cards,how do you know that agent
hasn't divulged any of that to abuyer's agent or the buyer if
they don't have an agent and say, hey, you guys figure it out
and I'm just going to collectboth sides of commission.
And then somehow it got down tothe number.
You guys would say that's mybare bottom dollar.
Weird, right, isn't that weirdAbsolutely.
And so I know a lot of otheragents out there might hate my
guts for saying that because, oh, that's the way you sell and

(17:55):
that's my job.
Well, maybe in the luxurymarket it's a little bit
different, right, and it'seasier.
But I'm just real passionateabout letting them know that,
guys, I'm in your court, justlike you would want an attorney
or anything like that.
And yes, I know we're notattorneys Right, but I really am
going to do everything I can tofight for you and your best
interest.
And when I tell you this iswhat I'm going to get you, I'm

(18:16):
going for it and hopefully more.

Speaker 3 (18:17):
Well, man, it's like refreshing hearing that right
there in itself, because for andI'll give you an example You've
got a lot of buyer's agent andI'm not speaking about all of
you buyer agents out there, butwe've seen it recently to where,
let's say, a property doesn'tappraise and I've got the
buyer's agent fighting for thatproperty to go up in value, when

(18:40):
the first question I ask is hey, show me the comps, guys, show
me the comps.
If they're not there, why don'tyou fight for your buyer, for
our buyer, in this situation, sothat they can get what they see
now at this point a deal on thehome.

Speaker 1 (18:53):
Absolutely Well.
That's the scary part too.
But if you and you know thatand you said it in another
podcast where you had a coupleof amazing other agents on there
too Basically, at the end ofthe day, most of these agents
haven't gone through a shift inthe market yet, so they don't
have these skills and theyhaven't really been trained
right, and I know JJ is lovingit right.

Speaker 4 (19:11):
He kept saying I'm Robert Orr and now I'm in the
playoffs, so I love JJ right.

Speaker 1 (19:15):
Yeah.
So he's got to write becausemost agents were just like well,
I was given a problem, I don'tknow what to do with it.
So here you guys figure it out.
That's right, right.
And and as a listing agent, Ialways have my comms, so I I'm
okay with it If they come in.
Hey, josh, uh, came in a littlelow and I'm like, awesome, I've
got all my comms, I've got my,my information, I'll go back to
the appraisal, they let me do it.

(19:39):
And then I get my clients thevalue that I've got, absolutely.
And I've had to tell them thatat the very beginning, when I'm
looking down at the sellers,like guys, it just doesn't mean
it's all you know sweet roses.
When I put it out there andbring in a buyer, I still got to
find the appraiser as well.
So if that appraiserwhatever've got the experience

(20:03):
and the education of almostappraiser, would just don't have
a license.

Speaker 3 (20:06):
That's exactly right, and I think more realtors
should focus on just the simpleconcept of learning how to read
an appraisal, so that they areequipped to be able to handle
that situation.
Um, you wouldn't be surprised.
We'll have how to read anappraisals class.
We'll have two agents show up.
It's like, okay, I guess youguys don't really care about

(20:29):
this, when in actuality, that'spart of your fiduciary
responsibility is to know whatthat is.
Don't call yourself an expert,don't call yourself even a
professional if you don't knowhow to do the basics of what it
takes to do your job.
Yep.

Speaker 1 (20:43):
No, mark, I think that's the one thing about real
estate.
Like I tell everybody, I don'ttell people I'm a realtor.
When they ask me, hey, what doyou do?
I'm like the last thing I say Iwas.
Oh, I'm a realtor.
I actually say I own a realestate company in San Antonio
and I'm a consultant.
And the reason I say that isbecause I've noticed and there's
no knock to the agents that areout there.
There's beautiful agents outthere that are really good at

(21:04):
just putting themselves outthere and putting a house out
there and they'll get clientsbecause they're a connector,
they're a networker and they'redoing their job.
That's a lead gen activity,that's what they should be doing
.
But as far as the knowledgebehind it and the know-how on
how the intricacies of thosedeals go, it's like talking to a

(21:25):
paper wall.
They had no idea what are youtalking about.
So I think that's the challengeI think I've seen for myself is
I'm not the greatest at gettingmyself out there and networking
and doing a lot more of it,because a lot of the deals that
get past my way are the dealswhere other agents had them and
couldn't get it done and I saidwell, I'm like a firefighter,
I'm jumping in there wheneverybody else is running out

(21:46):
because I will figure it out.
That's right and that's thedichotomy about real estate is
guys like me sometimes aren'talways at the head of the line,
the top of the line, when it'sthe Facebook groups Correct
People looking for referrals.
Because I'm not out there allthe time networking with all the
agents, I'm actually gettingthe deals done.

Speaker 3 (22:02):
I'm doing my job.
Yeah, isn't that crazy, thoughWeird.

Speaker 1 (22:05):
Because I know our job as agents is to lead gen.
Sure, but but where does I mean?
Maybe I'm an old school?
Where does the job of actuallygetting the deal done right go
in that?

Speaker 3 (22:15):
too.
No, it's a great, great point,and I think that our industry
needs more of that philosophyback into it, because it was
there.
But as real estate became aglamour sport, so to speak, I
don't know, we were flooded witha lot of folks that just saw

(22:36):
the paycheck and not the tradeand the craft for what it is
trade and the craft for what itis, and that that, to me, is
it's a, it's a bummer.
But at the same time, I'm alsooptimistic about it, because, as
you see figures of peoplefalling out of the industry that
can't keep up with the hardmarket or the tough market I

(22:56):
don't know if it's a toughmarket, hard market, what have
you but it is a market and as anexpert, you should be able to
navigate through the good times,the bad times, because, at the
end of the day, there are stillfolks that need to sell and
still folks that need to buy.

Speaker 1 (23:09):
Simply put, Simply put, and you're right and you
know I don't want to go on theside where I now I'm like the
Jerry Maguire of real estate andwrite the manuscript that I was
like oh Jerry, you're out ofhere.
But I always felt like that wasa little bit of my place
because I did notice there'sagain a lot of hypocrisy up
front, a lot of things thatRealtors are putting out there,

(23:31):
and the one thing that kicks meis that you can throw a stone
and hit three Realtors in San.
Antonio.
So most of us know a lot of thesame people and I'd be in front
of somebody that would make acomment like oh my gosh,
so-and-so is killing it.
Man, they're always posting onFacebook and I'm like dude,
they're posting other people'slistings, they just go to do it,
but I'm not going to rain ontheir parade, but, in their
perception, because they're outthere on Facebook, always

(23:53):
posting it, which is anothergood point why a lot of realtors
should be on Facebook a lotmore then they.
So it's a lot more than it.

Speaker 3 (23:59):
They're not getting the real story behind the deal,
so well, I mean, there's an oldphilosophy that I believe in,
but it's not the way that it'sbeing portrayed right now, which
is fake it till you make it.
I'm not saying fake it byposting somebody else's listings
and all of that.
It's walk the walk, talk thetalk and be honest.
If you don't know the answer,find out from somebody or let

(24:21):
them know you don't know theanswer and you will get back to
them as soon as you do Be thetrusted resource, so to speak.

Speaker 1 (24:27):
Well, and you're right, and don't get me wrong,
we all had to start somewhereand you had to fake it till you
make it right, and that was thequestion people would ask when I
got started.
I was what?
25 at the time, how old are you?
And I'm like I'll tell you whatat the end of this transaction,
if I haven't wowed your socksoff, then I'll tell you my age.
Right, and most of the timethey just forgot about it.
They're like dude, you'reawesome man, and so cause I
didn't want to tell them howmany deals have you done?

(24:48):
Well, I'll tell you what afteryou know so.
So you do have to do that andsurface and they get that gut
reaction.
And it's not always the samething behind the scenes.

Speaker 3 (25:05):
That's all.
That's so true, and that isessentially why we have this
podcast to be basically pullback the curtain on a lot of
different topics.
So we've got a couple of thingsto talk about here and you tell
me if you want to go down theroad of the philanthropy that
you're doing and then come backto the short sale and
pre-foreclosure stuff, or wetalk about that and then we end
with that.

Speaker 1 (25:24):
Dude, let's go to philanthropy.
I love that.
That's a big key of everything.
I'm a Christian.
I believe so much in what theBible says is you give unto
others and it should be givenunto you right, absolutely, and
it comes back sevenfold.
And that's one thing my unclehas told me and I've always,
like Steve Collins, guys thathave been influential in my life
have told me like, hey, tithe,even when you think you don't

(25:46):
have enough Correct or you don't, and just give God the trust.
And part of that became Iwanted to give back and I ended
up having a motorcycle at thetime, watched Sons of Anarchy
and my wife was like what areyou watching?
And I was like oh yeah.
And then next thing, I knowshe's like you're really going
to do this.
I'm like I'm going to do this.
And I went full in and found anonprofit called Guardians of

(26:07):
the Children and when I heardtheir mission about helping
abuse and neglect the kids andbasically standing up for these
kids when they have to go tocourt because nobody in the room
can be related to them ifthey're going against their
abuser, they need some tough,rough bikers to stand there and
give them that power and thateffect.
They need to say what happened.
Wow, what a concept, dude.
It was awesome.
And I tell you what thatchanged my world because, being

(26:27):
a biker in that organization,they're actually now the largest
nonprofit that deals withabused, neglected kids in the
country.
I ended up becoming thepresident of the Mother Chapter
in San Antonio.
Wow, so it started here, whichis awesome 19 years ago, by the
way.

Speaker 3 (26:42):
Wow, just a couple of weeks ago, and when did you
become associated with that?

Speaker 1 (26:48):
2000,.
I want to say 2012.
Okay, yeah.

Speaker 3 (26:52):
Because I think it was probably 2018 or so when you
came and gave a presentationand I was like holy shit, I knew
nothing about him on that.
Whoa, I think I remember thatpresentation.
I'm sitting there like reallyOkay.

Speaker 1 (27:06):
This is awesome.
Yeah, I loved it.
You know what?
It was just amazing watchingthese guys and most bikers get
bad names right.
They're meant to look scary.
That's what they love.
They're really not taking careof themselves the way they
should, but they're the biggesthearts that you've and, in fact,

(27:27):
of all the motorcycle industryhere in Santa, and I got to be
very connected with that.
Just everybody stood up andreally backed what we did, and I
love that mission.
But in 2020, it was time for meto head out, because my vice
president was pretty muchwanting to take over the reins
and I'd already had my big oldfirework accident in 2018.
And so a lot of people are like, hey, maybe you just take, take
a little time off, right?
So that's what happened.
And then I ended up becominglicensed as a cost advocate

(27:49):
right at that point too.

Speaker 3 (27:50):
So so was it?
What did the firework accident?
Um, let's pause there for amoment, cause there's a lot of
folks out there that saw some ofthis stuff on social media, but
was that something that pushedyou to dig deeper in all of the
philanthropy that you're doingand give back, even more so than

(28:11):
you already were at that time?
What changed in your life and,if you don't mind, tell us what
happened.

Speaker 1 (28:16):
Yeah.
So I mean, as far as making mewant to dig deeper, I think
really, what it did is numberone.
It just brought back into thefact that God does exist.
The fact I'm still sitting heretalking to you, and in the room
with JC as well, is a miracle.
There was no way that fireworkaccident—in fact, there was
somebody that had almost thesame thing happen to them, like

(28:37):
a week later.
Of course, we're all idiotsthat like to play with fireworks
and they died instantly.
Wow.
My head was broken in threedifferent parts.
In the forehead the hardestpart of the head I had a brain
aneurysm.
I was in ICU for two weeks.
I had half my hand hanging offand they said I'd never be able
to use my left thumb again.
Well, I'm moving it, and sowhat it really did is we grew

(28:58):
Gardens and Children so bigBecause when I took over, there
was only like eight or ninemembers.
There was maybe 13 kids.
There was like 14 grand in thebank account.
By the time I left in 2020,there was over 114,000 in the
bank account.
We had over what?
103 kids, wow.
And we had almost 60 membersWow.
So I was stressed, because it'shard to do that and run a real
estate business, sure.

(29:19):
And the other thing was too,it's sort of um.
It put me on the edge of a lotof my clients that weren't
really comfortable with bikers,and so they, even though the
mission was great, don't meanyou have a great mission.
They were like if you're abiker, you're hanging out with
people we're not comfortablewith.
Right.
So it was a little bit hard forme to like really ramp my
business up and take care ofmyself and my family more, and I

(29:41):
think that's what reallychanged it, honestly, mark Wow.

Speaker 3 (29:43):
Wow, and a lot of folks out there take things like
that for granted, truly, andthat's a testament to that.
Yeah, so in going through thisphilanthropy that you do, I mean
, is that something that you'reable to get your family involved
in, you're able to get yourcommunity involved in, you're

(30:05):
able to spread that to the otheragents that you mentor, even
from a distance.
You may not know it.
You're mentoring agents outthere from what they see, hear,
etc.

Speaker 1 (30:13):
Yeah, and I'm so blessed to be part of that.
It's one of those things whereI'm not trying to put myself out
there, but I also do hope thatif people say, hey, you know
what, josh, I want my life to bebetter.
I'm not looking to do 10 moremillion this year and that's
only my goal.
I really want to have a morefulfilling purpose on this
planet and that was what I wantto get at.
And yes, in Garden to Children,my wife was the secretary, I

(30:34):
was the president, my kids werelittle guardians.
We're all part of it.
They all got to ride with usand everything, and then when I
got out, I was a cost advocate.
That's the one thing to changea little bit, because there's a
lot more rules than that,because I am dealing with kids

(30:56):
in the foster care system andthe state care, where there's a
lot of privacy acts and HEPA andall that stuff, so my family
really couldn't get to know alot of that stuff, but I was
helping some kids that werebasically needing some turnovers
in their life and some rolemodels basically needing some
turnovers in their life and somelike role models, right,
absolutely.
And then, and the last thingwas I learned about why I knew
from for years is amazing ladynamed Pamela Allen.
She ran.
She ran a nonprofit calledEagles Flight Ministries, okay,
and one day I'd been given moneyto them and because that was
one of my missions, I mean, youguys are doing God's work too in

(31:18):
San Antonio.
And she was like, hey, god'swork too in San Antonio.
And she was like, hey, we'dlove you to be on the board of
directors.
So that just happened, whatthree, four months ago?
And it was just awesome.
I was already on the news forone of their deals with that
baby Mary that was unfortunatelygiven birth and the mom threw
her down the toilet and we'veseen a lot of stuff, right, I
can only imagine Wow it.
Just what it has done for me isobviously the network and the

(31:40):
connections I've got, amazingfriends in this city that are of
high officials, publicofficials, things.
Because of the nonprofit thatit wasn't my intentions to get,
but because of just wanting tohelp, it sort of was a byproduct
, right, and so it's just beenreally cool.
Maybe it hasn't made me thisgigantic real estate company
where everybody knows my nameyet, but it's just more like I'm

(32:02):
okay, just being known forgiving back and helping the kids
and the community to dowhatever needs to be done to get
it get it, get a better help tothem.

Speaker 3 (32:08):
So I'm a big advocate for everything happens for a
reason In addition to you areexactly where you are supposed
to be in life based on thedecisions that you've made, et
cetera, et cetera.
Decisions that you've made, etcetera, et cetera, and that's
something that I believe speaksvolumes not only to your success
, but also to what it can do orlead to with success working

(32:28):
your ass off to get the goalsaccomplished, et cetera and then
leveraging that over to givingback and doing something that is
bigger than yourself.
It's huge.

Speaker 6 (32:39):
Trying to become a homeowner is so frustrating.
I mean, I wish it were easy tofind out what options or things
I may qualify for.

Speaker 4 (32:45):
There actually is an easier way.
I'd love to tell you about it.

Speaker 2 (32:49):
There is Hold on, let me call you back.
What's the catch?

Speaker 7 (32:54):
There's no catch.
If you have two minutes, I canliterally show you now.
It's really easy.
Sure easy, sure, let's go.
Okay, it's going to code to youline by line and have you
answer some questions that'llidentify the best loan products
for you, starting with theproperty address, which is
specific to the area, whichprograms will work for you.
options, and give you everythingso you can choose what works

(33:14):
best for you.

Speaker 5 (33:15):
there.
For me it was so easy, it wasso quick and you didn't even

Speaker 8 (33:22):
Right, Did I make it?
You did, let's go.

Speaker 1 (33:26):
All right, let's go.
And I appreciate that and it isa challenge to time block.
I was proud of meeting here ontime but that has been my
biggest weakness is not showingup, because all of a sudden I'll
get a call and I'll get them.
You know, I'll just get intothe conversation before I know.
Oh crap, I got to go Right.

Speaker 3 (33:43):
And that's another thing that I love these podcast
discussions is I get an hourinterrupted from the phone to
just have intellectualconversations and it's like I
feel I should be paying theguests on here for free therapy.

Speaker 1 (33:58):
You don't have to pay me.
I love it, just hang out more.

Speaker 3 (34:01):
Amen.
So now let's jump back into thereal estate side of things and
as we do that, JC, if you couldthrow this up on the screen real
quick we've got your exposedproperties right here, the
website.
Tell us a little bit more aboutwhat that's about.
Now, I know you had mentionedthat you want to be the person,
the group, that exposes thebehind the scenes of what it

(34:24):
takes and what homes consist ofand everything else behind that.
But if you could, why did youstart this?

Speaker 1 (34:29):
Yeah, so what I like to tell everybody?
And it's a complete joke.
But look at the three lettersof expose.
I'm the grandfather and theoriginal founder of EXP.
I'm just saying I don't.
I should have gotten some moneyin the mail by now.
This is ridiculous.
You put the X in eXp.
It was more of a two-prongapproach.

(34:49):
Right, getting real estate.
I wanted to expose my clients'homes everywhere possible.
So that was the branding, themarketing of it.
Like, hey, as a listing agent,I'm going to expose your house
to everywhere.
That's our job to put it outthere everywhere.
So I'm really going to get realhyper-focused on all the
marketing efforts and so we'reexposing it out there.
So if you don't want your hometo be seen, don't come with us.

(35:10):
That was the expose part.
The second part was really as aclient base.
So just, we're going to pullback the curtains and show you
what's going on so you don'thave it's more of a consultation
and education along the way.
Um, because I remember my firstexperience with the realtor we
were going to use at the time Iwould ask questions and it was
just like no, no, I'll answerthat later and you know, just

(35:32):
need to do this right, there wasno, no, really advising, it was
just probably telling me to do.
And I said, well, but Iunderstand why.
Well, it doesn't matter, that'sjust the way it is right, and I
had a hard time with that.
So I was more of a cynic and Igo.
You know what I would reallywant to create more of a
relationship base with myclients and the exposure you're
just going to get me it's raw.
I'm not politically correct.

(35:53):
I've failed often.
I sin every day, like everybody, and I'll admit it.
But I really do want you toknow that I'm real passionate
about giving you the bestservice possible and you're
going to have all the tools Ihave, absolutely.

Speaker 3 (36:06):
So that was what it is.
I love that because so a lot ofsimilarities I'm seeing here
and I don't say that just for acatchphrase.
Behind me, loan bot review mymortgage, same concept with
mortgage.
When I got into the business,it's like everybody wants to
keep everything secret inregards to what they can offer
their borrowers or what theyshould be providing to their

(36:28):
borrowers, and I'm trying tofigure out okay, is it because
you only know that program orare you not doing the research
to discover differentopportunities?
In many cases, early on in mycareer, the branch manager was
against selling bond programsbecause obviously we don't make
a lot of money on them, ofcourse, but in many cases, it's
the best scenario or the bestsolution for that borrower

(36:51):
scenario gives the borrower fulltransparency to what they can
possibly do based on what theircriteria is, without pulling
credit, without talking to alender, et cetera.
Now, fast forward, we're nowgiving loan bot, which is the

(37:11):
customizable tool allowing therealtor to now give that to
their borrower as well.
Wow, so it's uh, we're gettingready to launch it.
Um, it's doing fantastic andwe're looking at um, goodness
gracious, we're already justunder 200 of these that were
given out and, uh, the goal isto spread it nationally is as
wide as possible, because ittruly is a tool where the

(37:35):
realtor can give it out, justlike their business card If you
have an IDX.
So, for example, if they cansearch for homes on your website
, you'd put your link on thereon the home search, boom, um,
contact, they've got a link tothe lender.
If they your preferred lenderdoesn't have to be me, it
doesn't matter.
Um, the idea is is to keep themall in one place, providing

(37:56):
them constant value.
Because, let's face it, what dorealtors have to give to their
customers while they search forhome, while they wait on the
fence, et cetera?
They're going to end up onZillow, they're going to end up
on the Google machine searchingfor this stuff anyway, you know.
So, anywho, I'm off my soapboxJust so you guys know.
If you are interested insigning up for LoanBot, visit

(38:18):
LoanBotpro, and we are nowtaking orders for that.
That being the case, youspecialize in something that a
lot of folks are absolutelyterrified of even talking about.
It's a true story, and so muchso that it's almost used as a

(38:43):
way to scare people from buying,scare people from owning and,
on the other side of the token,another way to capture customers
that are looking for this typeof product.
I'm talking about short sales.
I'm talking about free preforeclosures.
How did you get into that?

Speaker 1 (38:59):
Man, you know it's funny being a guest.
You know I'm on the other sidebecause I wanted tell you and I
didn't want to jump in.
I love that concept, I reallydo, and I tell people all the
time, just for the listenerknows it's not like I'm sending
you a ton of business.
That's why I get on yourpodcast.
Yeah, but I've, I've actuallytried to and I'm still going to
try to.
I tell everybody like there'sso many amazing individuals that
are just crushing in thisbusiness.

(39:21):
I wish I had more business tohand out to everybody, sure, and
the one thing for me was theloyalty, and that was the one
thing that I was like, okay,I've limited to one or two that
I know that had the products,but I know you've had that heart
and it's good to know that youhave that.
So we need to talk furtherAppreciate that no-transcript.

(39:45):
The nation was basically go onthis gigantic foreclosure wave
Right and, and San Antonioreally hadn't seen it that much.
And I remember asking him I waslike hey, bruce, no offense,
but we're only not seeing thathere.
Of course, I was only into itthree years, so I was like still
green behind the ears and hegoes look, america is on the
same train.
You guys just must be furtherback of the caboose, but, trust

(40:06):
me, you're getting there.
And then that's when I was likeyou know what my background
came from financing andunderstanding more of the debt
side, sure, and I wanted tolearn more.
And then that's when I reallywalked in with three amazing
guys that were in the KW innercircle that's what I call.
Them was Kevin and Fred they'reout in Phoenix and a guy named

(40:28):
Nolly Williams.
So Fred Weaver and KevinKaufman.
Those three guys wereabsolutely inspirational in
coming around and talking aboutshort sales and they were in
Arizona.
So they were in the hot spot.
There was ground zero and sowhen I heard what they were
saying and behind-the-scenesstuff and they used to call it
short sale power hour there wasa real thing that I connected

(40:49):
with them and I go man, I getthis and it made sense.
We talked about loan lossreserves and fractional lending
and all basis points and whyservicers are getting paid more
than Bobo To me.
I got it and made a lot moresense.
So I was like you know what?
I'm going to jump into thatbecause I knew the market was
headed that way and instead ofchasing REOs, where the banks

(41:11):
are now your customers andthey're your clients you have no
database that the bank'sgetting you no business right.
I wanted to help people avoidforeclosures.
So hopefully in three to fouryears, after they've been able
to rebound and get things back,boom, they're coming to me like
Josh, you saved me, you wereawesome, you were inspirational
on doing this.
I'd love to buy a house withyou, wow.

Speaker 3 (41:28):
Wow, and and going through that, I guess, venture,
that journey of short salesforeclosures, did you experience
quite a bit of it within SanAntonio's market?

Speaker 1 (41:39):
Yeah Well, in 2009, I tell everybody this I spent
over $9,000 with attorneys tocreate documents.
I spent over $20,000 ininvesting and coaching to
understand more of theconfidence behind the scene and
I almost really got out of realestate because it almost
bankrupted me.
I really had no money left.
It took me three short salesand it took me almost nine
months to figure them all out,and they were all investor-owned

(42:02):
, so they were pretty muchstrategically defaulting at that
point, which, again, that wasthings that nobody really heard
of.
And so I finished those three.
But then it was just like again, by the grace of God, it was
like he had me hanging on by athread.
I was like, dear Lord, I hopethis is the right way.
And then all of a sudden, boom,out of nowhere.
I got connected with otherpeople that were coming around
the country doing these andthey're like, hey, you've been

(42:23):
doing short sales, hey, I've gota couple Boom and referrals.
And the next thing, I built upanother company called US Short
Sale Solutions with a partner ofmine and she was in Austin and
we found stay-at-home moms thathad nothing doing soccer moms
and we would just say, hey, allwe need to do is get on the
phone with this and this andthis.

(42:44):
And we created a system andboom, we just took off and we
were crushing it.
We were doing 30, 40 a monthHoly cow, yeah, wow, wow.

Speaker 3 (42:51):
And that number one, I think, matter of fact, summed
up to where there is an issue, aproblem, there's opportunity in
many cases.
And then this opportunity ofcourse you're making money from
it, but at the same time you'realso helping someone in a pretty
shitty situation.
Um, more times than not itwasn't their fault.

(43:12):
But at the same time, shortsale, that's a kind of it's a
tough pill to swallow, knowingthat you just recently purchased
and your home is not worth whatit's worth or what you thought
it was worth in this coming,let's call it next couple of

(43:37):
years.
Because we got JC, if you canthrow this up here real quick.
We've got this first one, thisarticle that I found.
It says foreclosure rates inall of the 50 states in March of
2024.
Obviously this is old data, butthis puts Texas right around.
I think it was like 14, 13 or14.
Um, yeah, 14.
Lone Star State, uh, withstood2885 foreclosures this month,

(44:02):
with foreclosure rates uh, oneout of every 4040 households.
This puts a second most popularuh populous state in the U?
S with a?
Uh whopping 11,654 housingunits, 14th place.
So essentially, we're not first, we're not last, um, and if
you're not first, you're last.

Speaker 1 (44:23):
No, right, right, ricky Bobby.

Speaker 3 (44:26):
But then I found this other article where it shows
foreclosures are drying up andit's all showing um in sales
data.
And essentially what thisarticle summed up is saying is
that and you can pull it away isthat there's not the amount of
foreclosures that everybodyexpected there to be this time

(44:47):
within our market, our industry,based on what has taken place.
And my only explanation forthat is the banks are giving
tons of opportunities to thehomeowners to keep their home,
such as forbearance.
They're allowing their extendedforbearance to go, but at the
same time, the only thing that Ido fear is this concept of new

(45:10):
construction homes that arebeing priced by the builder and
essentially purchased with allthese incentives keeping the
prices high, and we're alreadywitnessing it a little bit.
Uh, time to sell, or I have gota move, or I'm PCSing, or what
have you, and their home's notworth the amount that, uh, the
next door properties being soldfor.

Speaker 1 (45:31):
Yep, mark, get ready, I'm going to put the tinfoil
hat on.
Let's do this I love it.
Where's?

Speaker 3 (45:36):
Elon Musk.
Yeah, I know right.

Speaker 1 (45:38):
I'll just give him a call.

Speaker 3 (45:40):
Podcast just went up.

Speaker 1 (45:41):
Right, I think Doge just sent me out of here.
No, the issue that I'm seeingand headlines like this are, to
me, just clickbait.
So banks and when I say banks,the servicers, the mortgage
servicers are basically beingtold to keep kicking the can on
the road and have a controlledsupply of these foreclosures.

(46:02):
I'm seeing here's why.
So guess what?
When COVID hit, what got passed?
Cares Act, right, covid Iforget what the acronym stands
for right, but what was going onat the time and, of course, we
all know as soon as COVID hit in2021, our market just spiked,
went crazy.
But when COVID hit, we had somany homeowners that were

(46:22):
actually current with theirmortgages and they could
probably made by.
But they got the advertisers inthe mail and said hey, us
government has passed theseprograms.
We're allowing you to skip acouple of payments if you want.
And I'm seeing so many clientslike this right now, especially
military.
They'd send in theirapplication and say great, you
can start skipping payments.
What they weren't told it was aforbearance setup, correct.

(46:42):
So three, four months laterthey're like cool, okay, now you
need to start making yourpayments again.
And, by the way, you can't makeyour regular payment.
You have to make the fourmonths you've missed right now.

Speaker 3 (46:50):
That's right, otherwise you're going to be in
default or we're going to throwit on as a second lien on your
property, or or or and we'regoing to attack all this stuff.
We we experienced that likeright after it ended.
We had a lot of folks that weretrying to refinance into these
lower rates.
It's like, hey guys, you werejust came out of forbearance, so
well, that means you can't makeyour payment.
That's literally what thatmeans, whether it was done out

(47:17):
of a necessity or takingadvantage of what was there,
opportunity wise.
Either way, I don't think thatthey explained it the right way
to them.
It just came as a way to go.
You know what?
I can pause my mortgagepayments and go spend money over
here.

Speaker 1 (47:32):
A hundred percent.
Well, and not only that, andgoing into that.
So you got to remember thesetup.
It's what we call the homeretention waterfall and then the
loss mitigation waterfall.
So first, of course, offer theforbearance right.
Well, who on their right mindreally can take advantage of
that?
There's not a lot of peoplethat say you know what, give me
three payments to skip Right,and by the fourth month I'll be
available to pay the fourthmonth and all those three back.

Speaker 3 (47:54):
It doesn't really happen.
Doesn't make sense either.

Speaker 1 (47:55):
We're at our lowest savings ever in the US country,
by the way.
So in that aspect then, likeyou said, the partial claims is
what they're coming.
It was an FHA loan.
They just did a deferment,right, let's throw it on the
back end.
Now they're even looking to do a40-year emergency You've
probably Absolutely, and sothey're doing all these things
just to keep pushing theproblems back, so that way they
don't have so much supply on themarket and the REO inventory

(48:19):
doesn't shoot up Right.
But we are seeing it happenbecause we're seeing so many
banks just kept kicking the candown the road and now, of course
, we have a change in leadership.
A lot more things are going on.
I'm seeing people that havecome to us 10, 12, 14 months
delinquent.
Wow, seeing people that havecome to us 10, 12, 14 months
delinquent, and then they'relike well, I guess I'm going to

(48:42):
face foreclosure and I heardabout a short sale.
So we have so many new agentsthough that don't know what
short sales are and the buyer'sagents are clueless.
So when I have some of these,you know more descriptive
documents about hey, what ashort sale is, blah, blah, blah.
It's scaring them off.
And then they're like well,then I don't even know what that
is, so I'm going to gosomewhere else, and we're
already seeing that they havethe option now because their
inventory keeps going up.
Realtorcom has, if you look attheir reports in Bexar County,

(49:05):
for every single month last year, we had almost 2% to 3% median
listing price depreciation, sowe started seeing values drop,
inventory go up, and obviouslywe're not.
San Antonio is a huge market,so we have these smaller markets
throughout Correct, these micromarkets and there are markets
where I've seen 11, 12, 13months of inventory, where

(49:25):
there's a lot new builds andpeople that bought two years ago
.
All of a sudden, I mean, I kidyou not, I'm seeing so many
homeowners that hadn't even madetheir first payment.
Wow, and you know how that goesas an originator Boy.
that's one thing you don't wantto see.

Speaker 3 (49:36):
No, never, because you're coming back.

Speaker 1 (49:37):
You're buying it back or you're losing all your
commission.
That's right.
And so, yeah, we're seeing moreof it on our side.
I know I've been asked to gospeak or do our short sale class
in Corpus and now in Houston,and we used to do that back in
the day.
I was real hesitant to do itfor the longest time because I
sort of was hoping like I alsowanted to be one of those
optimists too.

(49:57):
Hey, interest rates might,finally everybody's getting used
to it, and then the market'sgoing to start picking up.
But we started seeing so manyrealtors that were overpricing
their properties and justchasing the market with
everybody's else inventory goingup.
Then they finally got to abreaking point.
Oh well, now my client justtold me they'd even been made
payments for four months.
Wow, Guess what.
They're coming my way.
That's right.

Speaker 3 (50:18):
So that's, that's that makes perfect sense.
Wow, and, and, and.
The idea of being that behindon your mortgage and it being
allowed, that should be almostthe the the the part that we
hone in on, but unfortunatelythere's nothing we can do about
it If the bank's going to allowyou to do that, because, let's
face it, they're not in thebusiness of owning all these

(50:40):
properties.
They're in the business oftaking the interest while you
pay it off, et cetera.
Yep, it can turn into somethingjust like you're saying that
out of sight, out of mind, anduntil it snaps and we could be
approaching that breaking point,truly.

Speaker 1 (50:58):
Well, I mean, nobody really knows this, maybe they
didn't or maybe they did, but Iwas blown away when these
servicers actually get paid morebasis points on the servicing,
even though the month ofpayment's not being paid,
because it's supplemented by thegovernment, because it's now
more servicing requirements toget noticed out there In order
to pay those coupons.
That's right.
So is there any benefit for themto get it off their books that

(51:19):
quick Right?
A lot of them aren't theinvestors.
They don't.
It's not their money that'sbeen lent out.
They're just the servicers.
That's right so if they'regetting paid.
I mean, you know again.
We all knew that story whenbank of America had their
biggest quarter ever, whenforeclosures threw the tank.
I mean we're like how is thatpossible?
Nobody's making payments?
Well, the government wasspending that right, subsidizing
that's right.
And we're seeing all that now.
With everything else going on,I really think that this is

(51:40):
going to shake up a lot, eventhe mortgage Hell, the CFPB
being shut down now right, and Iknow personally, I've seen CFPB
complaints, I've filed themliterally a joke when you get
them back, like there, there'sblatant misrepresentations and
servicing issues going on andthey come back like well, we
investigated and they saideverything's good.
You just need to submit yourdocuments on time.

Speaker 3 (52:01):
Give me a break, right, yeah, and, and, and it's.
It's funny that you do say that, because a lot of folks are
cheering on the idea of nothaving the CFPB.
I'm kind of in between.
I want people to do shit theright way, but at the same time,
I know that there really ain'tdoing shit behind the scenes to

(52:22):
fix it.
It's just this bureaucracy thatwe have to adhere to, that they
get to decide your fate one wayor another, and it has a lot to
do with money.

Speaker 1 (52:33):
Yeah, let's be honest , it's all capital system, right
, that's right.
And you're right, mark, I'm inthe same boat, you are, I'm not.
I tell everybody, I'm notpoor-ass, I'm not just one way
or the other.
I see both sides of the coinand maybe that's probably the
hardest part, right?
Sure.
It's because I do have a lot ofempathy when I it from both
sides.
So, yeah, when CPP wasobviously started in what, 2012,

(52:54):
I think, by Obama, it was agreat idea and they came through
and they really hit some reallygreat home runs, grand slams on
some of the stuff they did, andwe leaned on them at times for
our short sales because we weretold over and over again no, no,
we're going to foreclose, we'regoing to foreclose.
I'm like you guys have no ideawhat you're about to lose.
You have no valuation, you haveno hands on the property.
I'm proud, Anyway.
So it was.

(53:14):
Yeah, it's a tough deal goingon right now.

Speaker 3 (53:16):
So question for you in regards to the short sale
concept first define short saleand then, after the definition
of it, I've got a question foryou.
Define it first.

Speaker 1 (53:29):
Yep.
Similarly just selling a housefor less than what's owed to 10
net to bank.

Speaker 3 (53:32):
So if the idea of the folks that have purchased let's
say, I don't know five yearsprior, chances are they have
some equity in that property.
So if someone's coming to yousaying hey, we need to do a
short sale, and truly notunderstanding what a short sale
is let's say they're behind ontheir payments and they research

(53:55):
online and short sale pops up'ssay they're behind on their
payments and they researchonline and short sale pops up.
They don't understand it fully.
They come to you and say, hey,we need to do a short sale.
You do your CMA and you go.
I don't think you do Yep, whatdoes that?
What does that process looklike?

Speaker 1 (54:10):
I'm so glad you said that, cause that's what I tell
everybody, and this is whereit's harder hardest for me,
because most of my referrals forshort sales are amazing agents
that have referred me a lot ofit, and they're agents, right.
So you certainly aren't going tosay, oh well, they didn't know
what they're doing right.
But no, it's just, weunderstand a lot of the red tape
, how to cut through it, how toget around it, the escalation
issues at servicers.
We have an attorney with usthat we hire out sometimes and

(54:34):
we have to get some movementgoing.
So what I tell them is guys,I'm going to look at every
option for you and I'm going tosee what other options are
available without going to shortsell.
Because if there is equity andwe've got one girl right now she
was told by her agent there'sabsolutely no way there's equity
.
I looked at it and the reasonshe said it is she just didn't
understand that the bank put avaluation on their property and

(54:57):
said here, you need to shortsell your property for this,
even though, number one, thevaluation was completely wrong,
but number two is she didn'teven know that much.
So when the agent saw theletter from this large national
servicer, I think it was like aFreedom Mortgage or whatever
they were like oh okay, well,it's saying short sale, so we
need to go right.
And then that's when I lookback at further.

(55:17):
I got payoffs.
Obviously we're going to dotitle and started looking
through this and go you knowwhat.
You are in foreclosure statusbecause they were coming up.
I said let me pull it and Iwill get it pulled typically
without a TRO and let me letthem know we're on top of it and
we have a pretty good resumeOver 619 of these done.
A bank and even an attorneyusually will look at that resume
and go okay, you clearly knowwhat you're doing in this space.

(55:39):
We're going to give you another30 to 60 days to get it done
and if we can see that valuation, we'll get them sold in that
time.
And there's equity there.
Oh my gosh, we'll do that.
And I've cut costs on ourcommissions as well, just to do
whatever you got to do to do theright, and we've even put money
towards repairs on some ofthese.
I know the last one I did inDecember a poor girl.

(55:59):
We spent almost 12 grand fixingher house up and but I knew
that there was enough equitythat if we stopped foreclosure
got her back.
I told her she was going to getfive grand and she was okay
with it Cause she was like well,I, she was like well.

Speaker 3 (56:11):
I guess versus nothing.

Speaker 1 (56:12):
We ended up netting her almost at that one.
It was like $18,000.
That's awesome.
So she was like blown away andshe wrote us a Google review
right, that's awesome.
And it just got.
That was a God thing.
But but yes, that's what we do,so we give them all the options
.
Wow.

Speaker 3 (56:25):
JC, how are we doing on time 101.
Okay.
I'm not looking at any kind ofclock or nothing Tell me, you're
a professional, oh man.
So, josh, this has been a greatdiscussion.
We've gone down plenty ofdifferent rabbit holes within
this concept of short salesforeclosures.

(56:48):
Do you know what the I mean?
How long does it take to beconsidered in pre foreclosure or
foreclosure?

Speaker 1 (56:54):
Yeah, I can tell you right now.
So the definition is typicallyyou're in default status after
120 days.
120 days and missed payments.
You're in default status.
That's when the user will putacceleration notice and then
give you your 30 days tobasically dispute that debt and
the you know, the back debt thatyou owe.
And if you don't respond within30 days with a written request,
then they can start moving youinto it.

(57:16):
And Texas is the fastestforeclosure sale date in the
country, by the way, which is 21days.
So once that 120 days pass, Imean they can smack you with a
21-day notice of sale date andit's going to happen that first
Tuesday of the very next month.
Wow, yeah, it happens quick,and that was what's hard with
our short sales.

Speaker 3 (57:32):
Yeah.

Speaker 1 (57:32):
Because most you know we're non-judicial foreclosure
in Texas, so, like states, likeFlorida, are judicial, so it
could take them 18, 24 months toget through the court system
and even get foreclosed on.
So these banks are begging fora short sale.
That's right, whereas in ourmarket most of the banks areose.
I'll pay a trustee $1,700 tojust file a substitute trustee.

(57:54):
Boom, they're out and thenthey're on the courthouse steps
that first Tuesday of the monthand it's gone, yeah, right.
So we would have to really getcreative and really be like a
pain in the butt to these peoplesaying no, no, no, if you do
this you're going to lose this.
We understand this.

Speaker 3 (58:16):
You don't understand that there's a roof leak,
there's this right, that kind ofstuff.
So two things I wanted to kindof give our listeners.
The first thing is, even thoughthere is the opportunity to
execute a short sale orpre-foreclosure sale, just know
that it will take you some timein order to qualify for a new
property again after that,depending on the loan program
that you go to apply for.
Some is four years, some is twoyears unless there's an

(58:36):
extenuating circumstance such assomebody lost their job, death
in the family of a breadwinner,et cetera.
Matter of fact, I just had anextenuating circumstance that we
got approved.
The gentleman that I wasworking with, very young, had an
incident where he got shot andwhen he sent it to me I was like

(58:58):
I think this will work.
I mean you had to go away for alittle while and get your stuff
right.
He got shot in the head.
Wow, oh wow.

Speaker 1 (59:07):
Hats off to the kid Talk about a miracle.

Speaker 3 (59:09):
Absolutely.
The guy has fully recovered andis working at a bank and is
doing well for himself, savedhis money, 700 credit score, the
whole nine yards Superimpressed.
But I just wanted the listenersto know that if there is a way
to avoid having to do that,number one pay your bills on
time.
We know that, but there's manysituations where you can't do

(59:29):
that.
You want to do what you can toavoid that.
If your goal is to own propertyagain, obviously sell it before
it gets to that point.
Don't consider hanging on andthinking that things are going
to change if nothing that you'redoing changes.
Question for you the way thatour market is propped up

(59:57):
currently.
If there were to be a suddenrise in short sales,
foreclosures, et cetera, Ibelieve and I don't know this to
be true, but I believe theoptimistic side of me says that
there are plenty of investorsout there that will come in and
scoop these properties up fasterthan they ever did before, thus
not necessarily tanking themarket, just more so softening
the blow, so to speak.

(01:00:18):
What are your thoughts on?

Speaker 1 (01:00:19):
that that's a good topic.
boy, I don't even know if wehave enough time, because I keep
reading articles that talkabout the one way to get our US
housing back is get out of allthe hedge funds that are buying
all these properties, right,like hey, because the prices
kept going up and up.
Get them out of the market andthen now we can actually buy
single family homes again.

(01:00:40):
But you're already sayingsomething that we all know, and
it happened back in 09.
That's right Is, the investorswere the ones that came in and
basically saved the economy theyhad to save.
So, yeah, I think, as long asyou can show that you're getting
below levels where you're cashflowing again and I think that's
the hardest part for any of usas an investor I know you're an
investor it's hard with theinterest rates when you're

(01:01:01):
looking at these deals Ooh, I'mnot even cash flowing, Breaking
even.
That's not a safe bet, right?
And there's just a lot ofpeople that gambled and and you
know, just rolled the dice onappreciation being the ticket.
And yeah, if they were in Austin, they did really well, you know
, but San Antonio, we neverreally had that gigantic of
appreciation.
I know we did, it was prettydecent, but we all did, we did,
yeah, we did.

(01:01:21):
But I would say yes in in my, Iguess, in my belief as well,
and nobody has that crystal balland that direct line to God
that, yes, if the short salesand foreclosures do come back,
then it's going to be theinvestors that are finally going
to be able to get there.
And that's what I've beentalking with these servicers now
.
Sure, because they're stillfighting me and they want to

(01:01:42):
foreclose.
We lost one to foreclosure inFebruary just because they were
like, well, we think themarket's going up by 10%.
I go where, where's your data?
Right?
And they couldn't give it to meand it was just it's a high
level servicer and it was anexecutive there and they go well
, our, our national data saysthis.
I go well, your national dataain't San Antonio right?

Speaker 3 (01:01:57):
Yeah, that's true.
Real estate is local, Everybody.
It's always going to be localto your market.
Um, and and I can't stand whenpeople paint a picture with a
broad brush, yeah, yeah, Um.
One last thing that youmentioned, because I want to
look it up, and I hear a lot ofgrumblings about these
institutions and hedge fundsthat are purchasing homes from

(01:02:19):
families, et cetera, et cetera,when in fact it's really the mom
and pops that are buying themajority of the properties.
And it may not be all over theUnited States, but I know in San
Antonio, mom and pop investorsmake up a majority of the
investor market versus the BlackRocks, et cetera that you see.
Now Black Rock will come in andbuy a whole damn neighborhood.

(01:02:41):
Sure, oh yeah, they will.
Investment property rentalproperties, VRBOs, short-term
rentals, et cetera.
Vacation rentals are owned byyour everyday mom and pop
homeowner.
That went you know what.
I've built up enough equity,I've built up enough savings.

(01:03:03):
I want to go to my lender andfind out what it takes to
qualify to become an investor.
And then they did it over andover and over, and now they've
got a portfolio, just like you,just like you know what I'm
saying.
But the idea that that is,they're the villain.
In many cases, they could alsobe the heroes.

Speaker 1 (01:03:20):
Yeah, you know what, bill, I mean.
I would love to dive into thisbecause, yes, one thing I was
going to have to have you back.

Speaker 3 (01:03:25):
I know I was like dude.
I would.

Speaker 1 (01:03:27):
That'd be like winning the lottery twice
seriously.
But with Zillow, what Zillowdid when Zillow was doing Zillow
offers, remember?
But we would see that whereZillow would come through and
buy one property for ungodlyhigh, yep, but then they would
use that as a comp in order toget the neighborhood higher up
for their own purchases, right,and so there was that kind of

(01:03:48):
practice which, when you said it, I don't know and I want to say
I've never realized how totrack because, yeah, I believe
there's a ton of people outthere, mom and pop, investors
that are owning and doing theright thing.
I just never knew how to trackit because I would know agents
coming through telling me, hey,I've got a hedge fund guy coming
out of California.
It's always New York orCalifornia.

Speaker 3 (01:04:08):
Right, right.

Speaker 1 (01:04:09):
And he told me he's picking up 30 a month and so I'm
doing diligent diligence andhe'd show me his list and
they're.
They're doing like CMAs on likea hundred homes a month and
they're literally going undercontract 30, 40 of them a month.
Right, and they were.
I know they're doing inCalifornia and Arizona.
I heard all types of podcastsbragging about it.
So I was like you know what Iknow.
I would love to know what SanAntonio is actually real numbers

(01:04:29):
are and exactly who is buyingthose homes in the last couple
of years.

Speaker 3 (01:04:32):
Well, even even that concept in itself.
Let's face it Zillow was notintended to be a property
investor.
Right, they were dabbling withextra money let's be straight.
Honest because of you realtorsthey have the money to be able
to play around in that that, uh,that sand pit.
Um, zillow is a lead generationcompany.

(01:04:53):
90% I think it's like 80% oftheir revenue coming in is
derived from lead generationyour money going to put to work
to change the market in yourarea, so to speak.
Okay, so let's see here.
I typed in how many San Antonioinvestment properties are owned
by hedge funds versusindividual investors.
Determining the exact propertyinvestment properties of San

(01:05:14):
Antonio, hedge versusindividuals is a challenge due
to the lack of specific, however, available information provided
in 2021 institutional investors, which included entities like
hedge funds, private equityfirms and real estate, according
to approximately 28% of thehomes purchased in Texas, the
higher, the highest rate in theU S.

(01:05:34):
So, wow, wow, uh, we have thehighest rate.
Uh, as opposed to institution.
Uh, let me see here.
Okay, institutional investorswere responsible for, uh, 43% of
the home purchases and the sameperiod.
So essentially, this is yourmom and pops 43% versus your um,
your investment trust hedgefunds I mean it's it's still

(01:05:57):
almost double Um, but I mean 28%, still a pretty large number,
um, and they're able to now giveyou this.
They are absolutely able totake risks.
Like you just mentioned, zillow, they can go and buy in a home
more than what it's worth.
Why?
Because that was funny money.
If they lose, oh well it is whatit is.

Speaker 1 (01:06:17):
Thank you, NAR.

Speaker 3 (01:06:20):
Yeah, that's so true.

Speaker 1 (01:06:21):
That is so true.
Yeah, gosh Mark, that's crazy.
Because, yeah, you're right.
As an investor myself, I mean,I just sold two of our
properties when the market wentup and we're like, dude, why not
?
But you're right, those guyshad so much money to play with.
They could sit for a five-yearwait period until it caught back
up.
Or lose, or lose.
Yeah, take the right off.
It was funny money.

Speaker 3 (01:06:42):
Absolutely, when you see the amount of revenue.
I look at it like every otherweek just because Review my
Mortgage is essentially consumerdirect education, but it is the
form of lead generation forpassing along that contact to a
trusted loan officer in thatarea around the United States
Awesome.

(01:07:02):
So it's like, okay, this is theright trend that we're on to be
able to kind of get into thatsandbox.
But at the end of the day,they're, they're the, the, the
Megatron, they're, they're theones that are creating that
market that nobody else reallyhas it cornered yet.
So, that being said, two thingsthat I want to ask in regards to

(01:07:25):
just in general.
If you were to give advice toour listeners and we've got real
estate agents, we've gotlenders, we've got homebuyers,
we've got homeowners, insurancepeople, all that jazz what
advice would you give from areal estate perspective?
And then, what advice would yougive from a finance perspective

(01:07:45):
?
Mind you, you're the realestate expert, not the finance
expert, but at the end of theday, they, in my opinion, are
one in the same when you'retalking about this.

Speaker 1 (01:07:55):
Oh, man that's such a loaded question Super broad,
yeah, super broad, and it's like, okay, you're on record now.
Remember, in 2025, josh, yousaid this, yeah, going from my
own things, where I would tellmy clients, even when the market
was great, and I kept saying,guys, I know you're seeing all
these overbids and everything,if you don't need to buy right

(01:08:18):
now, don't buy.
And so I was going against themarket, right, and a lot of
buyers were thankful for that,because then two years later,
they're like, yeah, we survived,we waited and then boom, now
we're not spending $100,000 overRight, and in this market, I'm
really sort of now, I alwayshated that cliche because,
realtors, every year, it's agreat market to buy, it's a
great market to sell.
First of all, you're trying totime the market.

(01:08:40):
Human beings and familiesaren't timing the market.

Speaker 3 (01:08:43):
Things happen to us right.

Speaker 1 (01:08:45):
So you just need to be with somebody that's going to
be able to understand all ofthe data that's there and really
just be able to read it for youand break it down so you can
make the most confident decisionpossible.
And as far as giving thosepeople advice, I would just say
just keep in action and activitymode.
I loved something you said onanother podcast with another one

(01:09:07):
of your amazing guests too Justbe in front of everybody, right
.
Videos are where it's at.
Guests, too.
Just be in front of everybody,right?
Videos are where it's at.
Keep doing that and keep sharingyour own experiences, because I
really do believe now we'restarting to see such a mistrust
for the media and everythingelse and it's now coming back to
almost like, like you said,real estate is not just one

(01:09:29):
market.
We've got micro markets.
Well, you are your micro marketfor your people, right?
Your sphere.
So be the voice for your sphere.
Don't be afraid.
Talk about what you're seeing,what you're going through, and I
would say that I wouldchallenge anybody if you're and
I'm talking to myself includedbe willing to sound like you

(01:09:49):
don't have all the answers allthe time.
You're just being vulnerable.
That's right, and that's thehardest part, even for me and I
get for everybody it's becauseyou don't want to put a video
out there and the next daysomebody comes out with a
different fact.
Oh well, did you see NPR's data?
So, true, and that's the hardpart with social media.
And I would just say, even liketoday, I blasted about CFPB and
I already got a A lot of people.
It's oh man, you're on fire.

(01:10:09):
And then somebody's like, oh,they did this and this just in
December, josh.
So what the hell?
You have to be willing to takethat and just understand that.
Look, we're all humans, we'reall trying to understand and
just navigate through this andjust keep in touch with
everybody.
That's probably the best thing.
Just offer service,relationship and just be there
for those people, because that'sgoing to pay off way more than

(01:10:30):
what your goals are for the year, what your bottom line needs to
be.
I think that's what I would say.

Speaker 3 (01:10:40):
I think that that's great advice, I think, summed up
, be true to your brand and whatdoes your brand represent?
It's you.
What are your values?
What do you truly believe in?
What do you want to hang yourhat on at the end of the day?
And at the end of the day, weall have to lay our heads down
and are you able to sleep withyourself, knowing what advice
you gave, what path you took abuyer down, seller down?
The advice that you gave them?

(01:11:01):
Because, let's face it, everyhomeowner, home buyer, renter
alike, has access to theinternet.
Which the internet?
It's right in front of us guys.
You say something that isinaccurate.
They're going to call you outon it and guess what?
You've lost your reputation.
Everything that you work forcan be gone in in a quick Google

(01:11:21):
search, wrong or right, to behonest.
So I think that was a greatdiscussion.
We addressed short sales, weaddressed pre foreclosure, we
talked about the philanthropythat you do.
Thank you for all of the workthat you do and the words that
radiate throughout the audience.
For sure, this is going to be avery light discussion.

(01:11:42):
I'd love to have you back soon.
Oh, absolutely Maybe we'll getsomebody else on here and do a
little roundtable, but thank youfor joining us, josh.

Speaker 1 (01:11:50):
No, mark, I can't tell you and JC enough Thank you
for even having me and evengive me opportunity.
And yes, I would love to deepdive on some of that stuff.
If you know, bring an attorneyinvolved in bankruptcy turning
stuff like that understandingmore of just how to get the
right help.
Absolutely.
But yeah, it's.
It's been a pleasure.

Speaker 3 (01:12:06):
I've known you for so many years not as close as I
wish I did- but this is going togive me another opportunity to
do so, and I really appreciatethat Absolutely.
It is my pleasure, uh, guys andgals, uh alike.
Uh, JC, if you can share thescreen real quick, we are at
20,300 subscribers and growing,and it is all because of you.
I want to thank you, guys, forcontinuing to tune in and, um, I

(01:12:31):
promise my commitment to you isto continue to provide expert
guests that will be transparent.
Pull back the curtain on all ofthe things that are nuanced in
way of real estate and mortgagefinance.
That being the case, guys, wewill catch you on the next one.

Speaker 6 (01:12:53):
Trying to become a homeowner is so frustrating.
I mean, I wish it were easy tofind out what options or things
I may qualify for there actuallyis an easier way.
I'd love to tell you about itthere is.

Speaker 2 (01:13:03):
Uh, hold on, let me call you back.
What's the catch?

Speaker 7 (01:13:08):
there's no catch.
If you have two minutes, I canliterally show you.
Now it's really easy.
There's no catch.
If you have two minutes, I canliterally show you now it's
really easy.
Sure, let's go.
It's going to code to you lineby line and have you answer some
questions that will identifythe best loan products for you,
starting with the propertyaddress, which is specific to
the area, which programs willwork for you.
options and give you everythingso you can choose what works

(01:13:28):
best for you.

Speaker 5 (01:13:29):
there.
For me it was so easy, it wasso quick and you didn't even

Speaker 8 (01:13:36):
Right, did I make it?
You did, let's go.
Alright, let's go.

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