Retirement Planning Show

August 12th, 2023

Episode Transcript

(00:01):
Welcome to the Retirement Planning Show withhost Dave Kopak. In the financial services
business for over thirty five years.The Retirement Planning Group LLLC is a registered
investment advisor. David M. Kopakis also a registered representative of persh kaplan
Sterling Investments Incorporated PKS in their separatecapacities. A registered representative of PKS,

(00:22):
David M. Copack may recommend theimplementation of securities through PKS instead of Retirement
Planning Group LLC. Perst Capitlan,Sterling Investments and Retirement Planning Group LC are
not affiliated companies. Now it's timefor the Retirement Planning Show on WGY.

(00:47):
Hold on to me as we go. As we rolled down some familiar roll
no though this way Bill Billims,ladies and gentlemen, American Idol love that

(01:07):
guy. This is Drew Iello thismorning, not Dave Kopeck. I'm filling
in for the infamous Dave Kopeck forthe Retirement Planning Group aka Retirement Planning Show
where they specialize in pre and postretirement strategies. But this is his friend,
Drew Iello. I'm with Fairway IndependentMortgage branch Manager in Clifton Park,

(01:32):
New York, reaching out to youtoday. We're going to talk about real
estate, interest rates, the housingmarket. I have an esteemed guest here
with me to share the next twohours. His name is Brian Synkoff.
He is with a Synkoff Realty Group. You've got it been in real estate
for more than a decade with overthree hundred transactions, with volume that exceeds

(01:56):
eighty million dollars. So we havesome good, good real estate knowledge,
some expertise. We're going to talkabout interest rates, the economy, where
we where do we see things goingbecause obviously in this environment there's a lot
of uncertainty. People aren't really surewhat's happening with interest rates, people aren't

(02:20):
really sure what's happening with real estate. And I think when there's uncertainty,
it breeds opportunity. So we're goingto take advantage of that uncertainty for all
our clients and because we know thatin the future they're going to be handsomely
rewarded by investing in real estate.At the moment, buying that upgrade,

(02:43):
buying that first house, buying thatsecond home, buying that investment property.
Do you know that one in sixtransactions right now are investment property related.
It's not surprising. It's it's kindof interesting because on the side of mortgages,
which is what I do, buyinginvestment property is not easy. You

(03:04):
need a decent down payment. Youneed twenty percent down for a single family,
you need twenty five percent down fora two, three and four family.
So it's it's not it's not cheapto get into an investment property.
There's a great barrier of entry therebecause of the cash requirement needed. But
obviously, if you can get aninvestment property with rents where they are,

(03:24):
and even though rates have gone up, even with the interest expense, I
think buyers are handsomely rewarded. Yeah. First of all, Drew, thanks
so much for having me. Anduh, thanks for including me and then
having me. And it's weird beingbehind a microphone again. This is I
haven't been in a radio studio andsince two thy eleven, so this is

(03:46):
twelve years. Really. Yeah,that's an actual show. Yeah, I
mean I've I've been on radio.I've I've participated in other shows. But
actually, you know, in termsof being on the phone or maybe a
you know, through a zoom orsomething like that, but I've never i
haven't been in a studio, soI'm having a little bit of flashbacks.
But okay, yeah, I'm alright. Do you have to get a washcloth

(04:06):
for your fourhand? No, I'mI'm not. I'm not sweating to the
oldest lights tubes on the back ofyour neck. But but ladies and gentlemen.
Brian Sinkoff was the sound off withSinkoff host on the YES pianophiliate for
many many years. Yeah, Iwas in real estate obviously, if I
last twelve plus years locally, Iwas on from two thousand and eight to
twenty eleven. Uh did that realdid that radio thing? For a while.

(04:31):
We had a lot of fun onthe show. It was a sports
show, but we talked about zombiesand breakfast cereal and surviving an apocalypse and
and you know, Bandwagon fans andyou know, you know, I see
our producers here behind the behind themic. They got one guy's got an
Is that an Eagles jersey on Zach? Yeah, he's got an Eagles j
and he lives in New York,so like he would be called out for

(04:54):
being a Bandwagon fan, you knowwhat I mean. But that's good.
I'm glad Zax got his Eagles gearon because he has I'm sure a lot
of ties to Philadelphia, said noone ever. But but it's all good,
Zach, It's all good. Youlook, people have been saying,
sink off. When you get backon the radio, you're gonna just start
hammering away. I'm gonna I'm gonnachill today. Guys, we're gonna up

(05:15):
it back. But I know Ihad to dial it back. But I
saw that. I just said,man, he's just bandwagoning Washington fan.
Yeah, so you got you gotthe you got the NFC. I'm a
giant to be a Washington fan.That's where I'm from, right, I
mean, you know, you knowthat they've been so well rotten over the
last couple of decades. Oh,they're a horrible organization who had a horrible

(05:39):
damn being as their owner the thing, and finally he's out right, yeah,
thankfully. The thing about me isI'm not afraid to call my teams
out on bad decisions. But nogood to be back. But your Orioles
are kicking. Orioles are amazing.We also have a pretty bad owner too.
I don't think he's in the Angelo'svain but he is just not a
good human being for multitude of reasons. But no, I mean all jokes

(06:03):
aside. We get back to theradio thing. So I did this from
two thousand and eight to two thyeleven, and the company decided to go
in a different direction. Gee,that's that's we never heard that before,
right, And I said, whichdirection was that down? And so you
know they're back. They're back,they're doing their things. You know,
I said, that's fine. Youknow, I had kind of had enough

(06:25):
of media. I was in mediafor twenty years. I was in television.
I was all over the country onthe East coast doing you know sports,
uh, you know, the traditionalsix and eleven newscasts and things of
that nature. The beautiful thing withwith Brian is if you ever do business
with him, you have to goto his office because he's got some crazy
memorabilia with all these pretamous athletes andstars and give it even celebrities, not

(06:49):
just athletes, a lot more celebritiesthan athletes, you know, as I
people in the uh some was itBackstreet Boys? Yeah, in stinc I
haven't said Joey a tone and Iwe did a little thing together on Facebook
Live. Actually one time, butShriver Leev Ye that yeah he was.

(07:12):
He was actually my wife and Ijust started watching that he was actually at
a bar mitzvah. We were atmy wife's cousin is a is an author
in New York City and he's friendswith Leev, and Leev sat next to
me at the bar mitzvah. SoI think that was so awesome and we
had to get a picture. Butno, I mean, you know,
I did the TV thing, andthen I got into radio, and then
the radio ended, and I said, what, you know, what what's

(07:34):
next? And I started sniffing aroundreal estate. And you know, it
wasn't like some weird HGTV dream thatI wanted to do this. It was
just I had an interest in youknow, as I was once told radio
as a business of people, notnecessarily a business of buildings, and and

(07:55):
I always thought about that. Isaid, you know, I'm a kind
of am a people person. Imean, whether you love me or hate
me, you have an opinion ofme. Right, So I decided I
would I would get in a realestate and started in real estate. I
was in a you know, Iwas in a few different companies. I
always equated it too I always equatedit too, you know, I was,

(08:18):
what's that nursery rhyme with the girlthat doesn't have the porridge? Isn't
right? Great handled the three pigyear. So I was at a couple
of different firms, right try theporridge never tasted right for me. I
was at a bunch of different firmsand uh, and then I decided,
uh, in June, well,really in the spring to open my own

(08:41):
firm, the sync Off Realty Group, which is located in Delmore on Delaware
Avenue, and just kind of doingmy own thing, I drew I started.
Uh, let's say, when didI start? I opened the doors
June Well, I opened the firmJune eighth. But the doors, my
least, didn't start till try first, so I didn't get from it like
a week later, and still don'thave a conference room table like you feel

(09:03):
like this a little a little boilerroom in my office, you know what
I mean. Remember that movie wherethey bailed. But I'm getting a conference
table in about a month. Butit's good. It's good to be in
real estate. A lot of people. And this is kind of gonna touch
on what you talked about when youopen with a lot of people said,
ge sync Off, this is acrazy time to begin, a crazy time

(09:24):
to begin a firm, right withthe real estate markets so you know,
in flux, And I said,no, it's a great time to begin
a firm. This is the perfecttime because I'm gonna have time to take
a deep breath and you know,focus the business and figure out the direction
I want to go and still servemy clients. And I think that has

(09:45):
been such a key for me gettingstarted, and it's been awesome. You
know. What we're going to talkabout that when people say that this is
such a unique time the real estatemarket in flux, what do they really
mean by that? And what Ithink they mean is that there is obviously
a lot less transactions being done today. So the media, we'll try to

(10:07):
spin that and say the housing marketis not good just because there's less transactions
being done. The only reason whythere's less transactions being done is because the
inventory, right the housing market issolid. Well, the gains are solid,
the appreciation is solid. The buyersare just out numbering the amount of

(10:28):
sellers at the moment, so it'sstill a seller's market. As we'll probably
talk about over the next two hours. It completely isn't you know? You
have the I have some you know, our Great Capital Greater Capital Region Association
of Realtors Sellers received a one hundredand one point seven percent a list price

(10:48):
in June. I mean, thoseare the latest numbers. The July numbers
officially haven't come out yet since it'searly August. Still they'll come out soon.
Yeah, inventory is down, buteveryone's getting one hundred and one percent
they're asking price, and the mediansales price increased by six percent from a
year ago. So is the marketdown? I don't know. If someone
told you you could buy a housetoday for a hundred grand, sell it

(11:09):
next next year for one hundred andsix grand, that's pretty good, right,
say, Or if you bought ahouse for three hundred and you sold
it for three to eighteen in ayear, that's pretty good. That's that's
six percent increase, right. We'regoing to talk about that because I did
some a lot of research this morningand looking at the housing, looking at

(11:30):
the future of housing, trying toforecast what's coming up over the next several
years, not just over the nextsix months. And I listened to a
guy named David Stevens. He's he'she was a he was on the in
the Obama administration and a consultant,not an economist, but obviously deals with
Fannie May, Freddie Mac National Associationof Realtors. He talks about interest rate.

(11:52):
It's extremely extremely intelligent individual. Hetalks about the housing market. But
you look at you look at Zillo, you look at Black Night, you
look at Core Logic, you prettymuch can look at almost every housing indicase
or gauge at the moment, andhousing prices are up this year more than

(12:15):
I expected, and looks like theforeseeable future will continue on that. I
think the first six months, youknow, through June of this year,
we're up almost three percent. Ithink they tagged it at two point nine
percent appreciation, and we're on trackfor probably a total of about six percent
or just shy of six percent fortwenty twenty three. So housing for the

(12:37):
foreseeable future is going to be ona tear. And then you look at
the millennial generation going through the pipelineright now, ages say, you know,
twenty five to forty four, thatgeneration, it's the biggest generation of
all time at out surpasses the Babyboomers which are now on the decline,

(12:58):
and the millennials are still not evenpeaked yet for their housing demand. So
home prices having a great year thisyear, we'll have a great year I
think next year as well. Andeverybody, when I say everybody, you
know, I think the current administrationhas over four hundred economists right now,

(13:22):
and they talk to guys like DavidStevens, who's a world renowned speaker.
Everybody expects interest rates the head downnext year and maybe even by the end
of this year. Right now,we're hovering the highest race that we've seen
since October November of last year.We expect that I think dramatically decreased by

(13:43):
the end of this year into quarterone. And what do you think is
going to happen, Brian, whenwe already have a tight market now when
interest rates go down, I mean, it's common sense, right Well,
you're gonna have. What you're gonnahave is you're gonna have an influx and
buyers, buyers are gonna come outthat the buyers that have been sitting on
the side lines saying I'm afraid,you know, Drew, I think we
can I always like we could sithere in this cozy, air conditioned studio

(14:09):
and talk about numbers and and factoidsand economists and prediction. But what I
like is I like real world examples, okay, And we live the real
world every day. We do this, you know, we don't. We're
not just a we do this fora living, like yeah, whatever the
heck that commercial was, We didn'tjust stay in a blankety blank express but

(14:33):
we we live that. We livethat every day. And and I we
have a buyer together, right sheis. I'm representing her as a buyer,
and you're doing the mortgage side ofthings. And you know, her
budget is not you know, sevenmillion dollars. Okay, it's not even
five hundred thousand dollars three hundred andwe said, look, we'll find I'll

(14:54):
find you something. I'll help youfind something. But you gotta remember,
you know, everyone, I don'twant to overpay. I don't want to
over Well, you're not going tooverpay. You're just gonna pay what the
market's dictating. And you're part ofthe market. Now. I told her
what's going to happen, and ithappened. I said, the first house
you see, you're gonna want tomake an offer on you're not gonna want
to go above the asking price,and you're gonna lose out. And that

(15:18):
was exactly what happened the second one. She got aggressive and she listened to
what I said and she got it. If you don't want to pay above
asking price, then this isn't theThis isn't the market. And you know
what drew? When is the marketgonna be for someone who doesn't want to
pay ask above asking price? Isthat does that? Is that time even
exists? It could be six,seven, maybe ten years from That's what

(15:39):
I'm saying, Like, when isthat? So? What my best advice
is? You know, it's kindof like when you're in a swimming pool,
Right you go to your friend's houseto swim, do you just sort
of dip your feet in or ifyou jump in. If you dip your
feet in, it's a lot colder. Right. If you jump in,
it's cold and then you get usedto it quick. If you dip your

(16:02):
feet and it's gonna take you fifteenminutes to get in. In the housing
market, you just got to jumpin the deep end, man. I
don't mean jump in the deep endwithout a raft, and I don't mean
jump into the deep end. Ifyou can't swim, gonna have these swimmers
around you. In other words,the mortgage person, yourself, financial planning.
You're gonna have, you know,real estate, a team of people
to not have you drowned. Butyou've got to not be afraid to jump

(16:22):
in the deep end. And ifyou're not afraid to jump in the deep
end, you're going to succeed inthis market. But most people are just
they hear what they hear, theyget nervous. They see that you know,
this is a crazy market. Idon't want to overpay, and there's
nine bits. But if you havethe right team, let us worry about
X, Y and Z. Youjust figure out, here's what I want
to spend, here's my budget,let's do it. And I have a

(16:44):
calculator just to help people with thatdecision, because it's not easy. You're
the best at there's obviously an emotionaldecision. You and I. We deal
in the world of fact. We'renot the ones buying the house, we're
not the ones financing the house.So we have the dollars and cents and
numbers, where our buyers have theemotional aspect on top of the financial.
So it's easier for us to sayyou got to do X, Y and

(17:07):
Z. But I have a calculatorthat will help people decide. It's called
the bid over ask calculator, andit can help people with that financial decision.
Take out the emotional but take lookat the financial decision, so they
can see, all right, ifI pay this house that's on the market
for three hundred, if I paythree fifty, when is my break even?

(17:30):
When will I be ahead of thegame. And you can judge based
on your time in that house,if it's worth it, if it's beneficial,
Are you going to be in goodshape in two years, three years,
five years, seven, ten yearsdown the road. So it gives
some factual results to their emotional decisionand hopefully that makes life a lot easier.
But this is w g Y TalkRadio. I am filling in for

(17:53):
Dave Kopec. My name is DrewI L I'm with Fairway Independent Mortgage,
nationwide lender in all fifty states.I have a branch in Clifton Park,
New York. If you want tocall into the show one eight hundred Talk
w g Y one eight hundred,eight two five, five, nine four

(18:15):
nine. That's Talk w g Y. This is Drew Iella with Brian Sinkoff
of the Sinkoff Realty Group. We'rehere to answer your questions, your comments,
your concerns regarding housing interest rates,Where do we see things going in
the Capitol region. We're gonna talkabout days on market, We're gonna talk
about inventory, We're gonna talk aboutbuying and selling equity in homes, all

(18:37):
those important things that affect probably oneof the largest financial decisions that people will
make in their entire existence. Sovery hot topic right now, and you
really have to ignore, I think, some of the noise that's in the
media because obviously they like it.If it bleeds, it reads, they
do a lot of scare tactics interms of just trying to get eyeballs and

(19:02):
viewers. But we're going to giveyou the real deal as to what's really
happening with interest rates, what's reallyhappening with the housing market, so that
hopefully we can set your fears asideand we can make rational, solid financial
decisions regarding your real estate portfolio,whether it's a primary residence, a second
home, investment property, what haveyou. We're here to answer all those

(19:25):
questions. So one eight hundred talkw G Y phone lines are open.
We'll take some calls. We haveZach and Zach and behind the window taking
your calls. Brian's son. Hisname Zach. I'm Zach was a cubed
at the moment, I'm Zach cubed. I'm over Zacht at the moment.
Is Zach the other Zach? What'she? Who's his his team? Does

(19:47):
he like local teams? I don'tknow, is that he's a Giants fan's
so we got Washington and Eagles.Yeah, I don't know what. I
wonder the You know what, insix months from now, we'll see how
all three teams ranked. I betyou I pretty much no, I gotta
unfortunestly, they're probably gonna win itagain. The division is so wide open,

(20:11):
could you I could see almost Imean except maybe, I mean Dallas
is just like they're a mess everyyear. They just have so much talent
and they just I don't know,they're kind of like they're Daniel Snyder and
Jerry Jones. Other than Jerry,maybe he's not as much of a horrible,
horrible human being Jerry, I thinktakes care of his play. Jerry
right, Jerry's not, but Jerry'sa meddler. Jerry doesn't let the football

(20:32):
people do with step out. Yeahwith oil. Yeah, but I mean,
could you see any team winning thedivision? I could. My problem
with Washington is I don't know Samhow see like a real NFL quarterback.
And that's a silly quiff. Ofcourse he's a real but I'm talking like
a real, bona fide starter.I don't know. I mean, he's
played one game against Dallas, whosat on their hands the last game of

(20:55):
the season and watched. They didn'tremember quarterback. I didn't even heard of
the guys from Carolina. He wasreally good, like Carolina High School or
no uncun went to college at Carolina. He was one of the best quarterbacks
in the NFL. It smart well, he was one of the best quarterbacks
in the NFL. Is in colleges, junior and then everybody he had went

(21:15):
to the NFL and he wasn't asgreat in his senior year and that kind
of hurt his draft stock. Butwe also have Jacoby Brissette, nice grizzled
veteran as our one A and oneB. So yeah, it's gonna be
a long season. Yeah, it'dbe good. Times, good times.
So one eight hundred talk w gY is the way to get to the
show again. This is drew IYellow filling in for Dave Kopec. We're

(21:37):
going to talk about reverse mortgages.We're going to talk about purchase reverse mortgages.
But last week we had some economicdata that came out regarding inflation.
Inflation seems to be the hottest topicgoing right now in terms of the economy.
The consumer Price Index, believe itor not, came in less than
we expected, which was a good, good reading. But then the next

(22:00):
day, yesterday, the PPI,the producer price index, came in a
little hotter than expected. So thevolatility continues up, down, up,
down, all over the place interms of where inflation is going. But
let's look at the big picture,not just month to month. Big picture
is we peeked out at nine pointone percent for inflation. Now we're down
to about three percent for inflation.So if you need to listen to any

(22:25):
more noise or anything like that,just look at that one statistic. It's
good. Nine point one to threeinterest rates regards what the Feds doing.
Interest rates are dictated by inflation,So yes, everybody is a little bummed
out of the Fed raised rates lastweek a quarter percent. Everybody knew was
going to happen. Everybody's like,oh my god, rates are going to
ten. Not necessarily. Rates actuallyhad a good day last week, This

(22:49):
week, the week before when theyraise this week not so good because that
inflation number yesterday, even though itwas like a point one percent higher than
expected, that still spooked the bondmarkets. So we're are seeing, though,
is slowing in the economy. Youlook at the employment numbers, that's
slowing. Look as Zip recruiter.Everybody knows Zip recruiter, who doesn't big

(23:11):
slowdown in job openings. Third quarterin a row they warned of slowdown in
jobs. So everything that the Fedis doing is slowing down the economy.
Look at credit card debt. Weactually hit an all time high last month,
one trillion with a T for thefirst time ever, up forty five

(23:32):
billion quarter two alone. So wegot to watch that, and we're going
to talk about how to take advantageof shoring up your personal balance sheet so
that the credit card debt doesn't eatyou alive. You know, with twenty
one to twenty five percent interest rateson those cards. So again We're gonna
take a break coming at the bottomof the hour. Already a half hour
into a DREWI Yellow alongside Brian sinkOff. This is the Retirement Planning Show

(23:59):
subsitutes and you can call us inthe office. We're gonna break for the
news and we'll be right back.Gee, why bye bye, I'm doing

(24:33):
this tonight. I'll be going tosign up fight notice. Dan't be right?
Hey baby, come on, lovedoing this? Do you underset on
me? Now? I'm a littleworried, a little worried, true,
Can I tell you a little word? And you saw your dancing great in

(24:56):
sync story with Joey Fatone used tointroduce yourself and us. I'm sorry to
cut you off well, and Igot excited when I heard it in sync.
But ahead that we had a littlebreak. This is Drew Iella with
Fairway Independent Mortgage, filling in forthe infamous Dave Kopeck of the Retirement Planning
Group, and I'm sitting alongside Briansync offf of the Syncoff Realty Group.
And yes, all right, Brian. Brian likes music, he likes science

(25:21):
fiction sports like yeah, so he'syou know, Zach is accommodating our guest
today and playing your music and Bryanstarted dancing. I'm a little disturbed.
I feel like I'm watching Seinfeldt withwith Elaine. We'll get into the mortgages
in one second. We will,we will, but I have to because

(25:41):
they surprised me. Like that's that'sthose are good producers. They you know,
they listen to what we're saying andthen they tailor the show, tailor
to the music to our topics.All right, so in sync story.
So this is uh fall of twentyone. Now I go to like,
I'm man, I'm a nerd.Like since I got out of sports radio.

(26:02):
Everyone's like, you know, Ido real estate now, and they're
like, sincoff, do you watchthis? And I was like, I
don't really watch the games as muchas I used to because I don't need
to. I can now spend timewith my family, my lovely wife and
seeing my son Zach, and youknow work, you know, work real
estate, show houses whatever. Soyou know, I nerd it out,
man. I like go to comiccons and stuff. I'm serious, Like,

(26:22):
oh, they're ripping me, dude. I went I went to this,
I went to the by the way, Rhode Island. Comic Con is
phenomenal. Okay, we went mybuddy Jason and I went zas back there.
I don't even know that. Iwouldn't want it, dude. It's
when you have well, there's basicallyit. Really. I went just you
know, to check out some retrostuff. Some it's not just comics,

(26:44):
dude, it's like everything toys,and you know you love it because you'd
see toys of your youth back then. Yeah, all that just you know,
stuff like that. But a lotof times they have celebrities there,
you take pictures with them. Theyhave like meet and greets, and if
there's a smaller scale celebrity, theyhave like the table, you just go
up and you start talking. SoJoey Fatone was there and I said,
this is Fall of twenty one.I said, I'm gonna go up to

(27:07):
Joey Fatone. I went my buddyJason. I said, Jason, I'm
gonna do a Facebook live with him. He's like, no, you're not,
he's not. I said, trustme, you talk like like I'm
afraid. You go up to someoneand say let's go on. So I
go up to him and I introducedmyself and he starts talking and we do
like a seven minute Facebook like maybehe was five to seven minutes Facebook Live.

(27:30):
You know, you pay the dudeto take a picture. But normally,
you know, some people say,hey, can you shout out to
my mom for a birthday? I'mlike, no, We're going on facebo,
right, We're going on Facebook Live. So we go on Facebook live.
Dude on Facebook Live. I'm wearingI have these Lego these cool Lego
Adidas shoes. Have you ever seenhim? They're so awesome, They're so

(27:52):
they're very I mean, if Iwere to sell him now, I can
get like six hundred dollars for himbecause they were out for like three months.
They're Lego Adidas. They're actually ultra. They're like a real the shoe
I work out in, right,they're these, but they're Legos, right,
and they're just they're different colors andthey're just cool. And he's wearing
multi colored. They're like the primarycolors white, blue, green, red,

(28:15):
yellow, mainly white. And he'swearing air Jordan's that looked like that.
We actually look like twins with ourshoes. And he looks at me
and he's like, oh my god, where did you get those shoes.
You know what are those? I'mlike their Lego Adidas and he's wearing like
probably Lego Jordan's. And I said, he's wearing color multi color Jordan's.

(28:37):
And I look at him, I'mlike, dude, you are Joey Fatone.
You can make two phone calls toJustin Timberlake and the head of Nike
and probably create in sync air Jordan'sand you're like excited about my shoes.
He was cracking up, like heis, like that is the funniest thing
ever, Like you're I didn't thinkof that. I was like, why
don't you make a phone call,buddy, you could have the exclusive of

(29:00):
multi colored in sync air Jordan's.I'm like, I should be your manager.
One hundred dozen drop ship next day. Yeah, he wants he wants
my shoes. That Joey Fatone.But he was a cool dude I loved.
And he did pull off the Facebooklive. Oh and you know what
the funny this will get back toreal estate. I'm see I'm bringing it
about and call this No, we'recalling this bringing it back. We bring

(29:21):
it back. He in the handof God. You probably can watch the
Facebook on my the live on myFacebook page in the middle of the live.
I was I had listed a housein Niskiona in the middle of the
Facebook life because it was like Saturdayafternoon. I get a text message that

(29:42):
clients have accepted our offer and arethe buyers that accepted our terms? And
I sold this house and it comesup on my thing while we're on Facebook
Live and Fatone sees it and he'slike, you just sold a house,
sync off and and he did,like a sell It was synk Off.
It was hilarious. It was like, in the middle our Facebook Live,
I'm selling a house. You shouldthat was play that every week, especially

(30:03):
now. I should get Zach Squaredover there to like cut it up for
me and slice it and dice itnaughty and nice it. Maybe they couldn't,
you know, it's Saturday afternoon.You guys are bored. Do you
feel like what are they doing?Yeah? Maybe? Uh? You know,
I brought the donuts. I don'tknow what you brought, but whatever,
face and a couple of bright personality. So home prices in good shape.

(30:29):
Credit card debt we were talking abouta little bit before the break.
Obviously that's worrisome. And the goodnews is with regard the credit card debt,
as we said, we hit atrillion first time ever in household credit
card debt, first time ever.As we have a tremendous amount of equity
in our homes right now, sothat could be the saving grace to show

(30:51):
up that personal balance sheet if youown a home and you're able to quite
possibly refinance and consolidate some of thatdebt. Average equity in homes right now
nationwide is two hundred thirty one thousandto two hundred and fifty thousand average equitominal,
and then when you take the tableequity, that's that percentage that you
can actually use. You can't useone hundred percent of the equity in your

(31:11):
house to refinance and cash out anddo all that stuff, but you can
use up to about eighty percent ofthat equity. That's still between one eighty
five and two hundred thousand, stilla phenomenal number. So for the people
that are out there and you doyou are wrestling with credit card debt for
whatever reason, and there's a tremendousamount of equity to help lower those payments.

(31:32):
And Drew, I want to tellyou something because when I got into
this business in twenty twelve. Thefirst question I used to ask every seller
when I'd walk into their home.You obviously do it tour their home and
you look around, but the firstquestion was what how much do you still
own on your home? And atthat point twenty twelve, this was the
two thousand and eight boom, sosome of those still in the still in

(31:52):
the tank. It was still inthe tank. So some of those people
who had bought an oh four,oh five, oh six know they owed
way more than their house was worth. Because the market did not it went
up. We didn't get it asannihilated as the rest of the country in
terms of the prices here did not. We actually, yeah, they didn't

(32:13):
roll a coast within a year,we were above the crisis, right.
We didn't roll a coaster it,but we you know, we went on
a small little hill in terms ofroller coaster examples of the market, but
we went on a little dip.But my point is is when I would
go you know, this is fromtwenty twelve to maybe twenty fourteen, you'd
walk into a house and you wereso worried about what the person still owed.

(32:37):
I still have that conversation. Correct, we had the arms and we
had the balloon. I mean,it was just it was nonsensical. And
I'm not exaggerating when I tell youone out of every three homes they couldn't
even sell at that point. Theyowed too much. It just wasn't didn't
make sense. But today, goingback to what you just said, to

(32:59):
hit on your point, and twentytwenty three, the average went two hundred
and fifty two hundred forty two hundredand thirty thousand dollars of equity. Yeah,
I can't. I've not walked.I've not left a listing appointment in
probably six years where they haven't owed. You know, sometimes they're close,
we know, but most of thetime they're in a great position to sell
them. They're gonna walk away withthe nice chunk of change in their pocket.

(33:21):
And that's so important it is.I had I had a I had
a client yesterday. I bought hishouse in March with three percent down.
Wanted to take out some equity.Can you even do that? Though?
Don't have to wait? What isa year that even you don't have to
necessarily wait? But you can't expecttheir equity to grow in four months.
A house that you just bought marchto have a tremendous amount of equity.

(33:43):
But that's you know what, letme say it for the kids. That's
a feel free, A feel free. I applaud your enthusiasm, but we're
not quite your right yet. Butin general, most homeowners are sitting on
a tremendous amount of equity. AndI think right now as we're talking,
we continue to talk about inventory,inventory, inventory, and that is the

(34:06):
major hot topic, you know,and speaking of house appreciation, home values.
You know, even Diana Oli CNBC, she is the master of doom
and gloom. No matter how goodthe housing numbers are. She she she
likes to spin it in that homeaffordability is not good. Well, two
thirds of Americans own homes. Sohaving a tremendous amount of home equity in

(34:30):
your house is a good thing.Is that a bad thing? No matter
how she likes to spin it,It's actually a very good thing. Makes
people feel good. It's like,you know two thousand and eight, two
thousand and nine, used to getyour four one k quarterly statements. You
wouldn't even open those things. Youwould put them in the drawer, not
even want to see it. Homeequity two thousand and eight, two thousand

(34:51):
and nine, same thing. Youdidn't want to even know what the value
of your house was versus what youowed twenty twenty three. It feels good
to have all that equity in ourhouses. It gives you a lot of
choice in control out of what todo with those assets when you sell,
when you refy, when you upgrade, downsize, whatever. So it's it's
good, real good. So that'swhat I'm gonna say about about housing market

(35:14):
from my end. But you're theexpert, Well, it's it's it's a
healthy time, you know, theselling side, Drew, we could talk,
you know, in terms of there'sI always tell people the real estate
calendar does not revolve around the reallife calendar. In other words, the
ideal quote unquote, the ideal Disneylandtime to sell your home right is April

(35:39):
to July, or you know,depending on the spring and the weather whatever,
it could be marched to June,March to July whatever. That's kind
of the sort of peak time.You know, kids are getting on a
school you'll be settling in your newhome before the new school year begins,
whether it's going to a new districtor just acclimating your acclimating yourself to a
new neighborhood. Right, But that'snot real life, because real life is,

(36:01):
you know, stuff happens. Youget married, you have a kid.
You know, your your kid goesoff to college, your kid leaves
the house because he gets a job. You know. Unfortunately, death happens,
marriage happens, divorce. So thosethose things, you know, happen
at times of the year that aren'tthat sort of spring selling season, right

(36:22):
that March to July selling season.Like when I got let go, the
boss didn't look at the watch andgo, you know, hey, this
is good, this is May.Let's blow Brian out. No, I
got blown out in September, right, whereas you know, I like to
say let go, but most peoplewell it was no September, but but

(36:44):
most people do actually get let goin December. I mean, so it's
a horrible time. But sometimes whenyou getting back to my point, that's
real life, man, That's that'swhen you have to make moves. You
know, the death, the jobs, the marriage, the having a kid,
those don't those don't happen in thefour months perfect cell time. So

(37:05):
the market is always, you know, it's always there's always gonna be sellers.
Everyone says, well, what doyou do? And you know,
if I didn't and you do thesame thing, you do this too.
We we don't. Yeah, doesour business slow down in November and December,
absolutely, but we don't stop working. You know, people are still
buying houses. I've done I've donedeals. I've shown houses on Christmas Eve.

(37:28):
Yeah, you know empty ones ofcourse, you know when someone's already
moved out. But I mean,you know, so the housing market is
always fluid, It's always there.It doesn't look at the count doesn't look
at the calendar. And I thinkthat's a great example, uh, in
terms of in terms of this,you know, learning real estate. Hold
that thought. Because it's seven fortysix. We've got to take a quick

(37:49):
break for the news again. You'relistening to the retirement Planning show. Uh,
substituting for Dave Kopecks Drew Illo withFairway Independent Mortgage, and we'll see
you on the other side. Theeighty six per centers. Do you know
that eighty six percent of the populationhas no defined benefit pension plan? For
most of us, we have totake our life savings and create a paycheck

(38:10):
for the rest of our lives.In retirement. What is your plan for
retirement income distribution? How will youmanage your assets during the most critical years
of your lifetime. Nobel Prize winningeconomist William Sharp has called retirement income distribution
the nastiest, hardest problem in finance. He points out that investment, uncertainty,

(38:30):
and mortality can derail the most carefullaid out retirement income plan. Call
our offices today to start the processof building a retirement income distribution plan.
After forty one years of being inthe financial services business, you need to
start taking action to start building yourown personal retirement income distribution plan. How
do you do that? To takeaction? Five eight five eight zero one

(38:52):
nine one nine. That's five oneeight five eight zero one nine one nine
or RPG retire on the web.Don't procrastinate, motivate to start building your
retirement income distribution plan five one eightfive eighths zero one nine one nine.
If you have any questions, pleasecall in now at one eight hundred eight
two five fifty nine forty nine.That's one eight hundred talk w G y

(39:14):
one eight hundred talk w G.Why we are live in studio to answer
your questions. I know this oneanother summer day in Paris. I'm not

(39:38):
a music guy, but I likeit. I definitely don't know this one.
I think. I mean, I'mjust throwing a hand out for Zach
Square. I'm a big bass he'sdropping. What do you think is gonna
happen? At the top of thehour, just throwing it out there.
Seven forty eight ladies and gentlemen.We'll be ye until nine o'clock. We're

(40:00):
taking your calls one eight hundred talkWGY phone lines are open. We'll take
your questions, your comments or concernsregarding interest rates, the economy, the
housing market. It's robust. Housingmarket doesn't seem like it's going to slow
down anytime soon. Don't let thenumber of transactions fool you regarding the housing

(40:22):
market, Brian, the biggest questionthat I get, the biggest concern that
I get is that age old question. In this environment is multiple offer situations?
Right? It is? It isso yesterday you got an offer accepted
for one of our mutual clients,nice condo and East Greenbush and how many

(40:47):
offers, well, when did itgo on the market, and how many
offers did you receive or did theyreceive? You were not the listing issue,
you were a buyer, But howmany offers did they receive on that
nine hundred square foot condo in EastGreenbush? So they received let me think
about this, six offers, sixoffers within what twenty four hours? Yes,

(41:15):
so there you go, and thatthat's the norm. And that's a
very specialized housing, meaning it's smallnine hundred square feet is only it only
caters to a certain demographic, maybethe single person, you know, younger
families right right. You know,Look it's two bedrooms, so it's not
you're not generally speaking, it's notgoing to be someone with two kids.

(41:36):
I mean, it could be twokids, twins that share a room,
things of that nature. But yeah, this this house went on the market.
These are real world examples. Thiswent on the market Thursday. We
looked at it Thursday night. AndI am a big I don't want to
give all away, my all mytrade secrets away, but I am a
big fan is a boy. WhenI'm on the buyer's side, not the
listing side. I sell ani list, you know, in terms of a

(42:00):
buyer's agent and a listing agent.But when I'm on the buy side,
I firmly believe in this hot market. Remember we talk about jumping into the
pool, not just dipping your toein. But that goes for me too.
You really got to jump in thepool as an agent, as a
buyer's agent, protecting your buyer's bestinterests. If the buyer likes the house,
and now in this market, andsee we could talk about right,

(42:22):
I'll write this down to managing expectationsbecause you do it, I do it.
That's we're gonna we'll go to that. I'm gonna write that down right
now, managing man This is along time since I've been doing this pretty
good thing. So what I dois I if the buyer likes it,
and I tell every buyer I say, look, if you like a house,
this is part of managing expectations.If you like a house, before

(42:45):
we even start looking at houses,I do a buyer consultation with them,
and I say, if you likea house, you in the driveway pretty
much after the showing have to makea decision if you want to make an
offer, and it's a lot ofpressure. But if you tell them that
before they get to the driveway andthey understand that a few days in advance

(43:07):
or a month in advance, orwhenever you first meet with them. It
makes it a lot more palatable,more stomachable, as it were to to
to do that. Right, Soshe said, we want gonna make an
offer. We went to a acoffee establishment locally. I don't know if
we can say names whatever, itrhymes with spunken, oh nuts, okay.

(43:27):
So so so we went there andwe wrote an offer at seven thirty
at night. And I always sayfirst in the door, first in wind,
right, that's my I made thatup first Dave Copec thing with with
investments first and first out. Yeah, same, right, that's a good
point, I know, Dave.Yeah, So yeah, so first in

(43:55):
win. So I said, getthis offer in quick. We gave a
nice offer. We're asking. Wewere the first ones in and the listing
agent and I'm when I'm a listingagent, I always remember, Hey,
they saw this thing. It's fivethirty. They're writing an offer at seven
oh four. They're serious there.They got their stuff together. They had
their loan, we had the preapproval letter, uh, prequel letter from

(44:17):
you. We had she had runthe numbers with you prior to four different,
four different what the prices are?All of that stuff was done and
that's when you have a good team. We talked about a good team,
a good mortgage person, a goodrealtor good team on your side. This
is what you're You're prepared, you'reready. You go to the war with
the you know, you have abattle plan. So you know, we

(44:40):
have that scenario. And and they, you know, he as a listing
agent, says, wow, youknow they got their stuff together. An
hour and a half later, Ihave an offer in hand. Yeah.
Am I going to get more offers? Absolutely, but I'm going to remember
this first offer because they were serious. They had their act together. Next
day rolls around, he texts meand he says, you know, I
got I got more offers, twomore offers. We gotta go to best

(45:01):
in final. We in bestball final. Is totally normal, Yes, environment,
So that means what that means isit's kind of like eBay. The
auction ends at five pm on Tuesday. You better have your best offering and
you don't know what the other offersare. The agent can't tell you.
And me as a listing agent,when I'm on the other side, I
can't. I tell my seller whatthe offers are, but I can't tell

(45:22):
the other agents, Hey, thisone offer a three fifty, you got
to go to three eighty. Can'tdo that because you're always your fiduciary duty
is always to the seller. Inthis case, my fiduciary duty is the
buyer's agent, is to my buyer, to my client, the one who's
buying the house. So I said, we got to increase it. Talked
to Drew because that's a you know, you do the money thing, I

(45:43):
do the house thing. What arethe scenarios, What are those numbers?
What is you know, X moredollars look like? To increase the offer?
She had real numbers, said,go for it. We put the
offer in. Boom, we gotit. That's amazing and it's you know,
she was excited. She was cryingA good buyers, a conventional loan,
conventional mortgage. She didn't have aplace to sell, right. These

(46:06):
are all things that you have tothink about in this environment. Do you
need seller concessions? Do you haveto sell before you can buy any contingencies
on the house in terms of youmoving forward, Because the sellers in the
in the driver's seat in this environment, they get to pick. In your
case, they get to pick fromsix different offers. And if they have
an FHA financing, they have VAfinance and USDA finance and conventional financing.

(46:29):
They get to choose what buyer theywant for their house. Obviously, human
nature, they're going to choose thebuyer with the least amount of strings attached.
So if you're a conventional buyer,no seller concessions, you rent so
you don't have to sell. Thatis great, greatest and the best.

(46:49):
Yes, yes, right. Thenthen they know they know you can move,
they know you can move fast,and there's no real hang ups or
hiccups in terms of you closing onthat house. Yeah, and she,
you know, she gets the house, and then you know there's a process
obviously what happens next. And thecontract goes to the attorneys for both sides.
They look it over. It's calledattorney approval. It's three days.

(47:10):
I call it dotting the eyes andcrossing the t's. And then you know,
Drew behind the scenes is doing themortgage, you know, the mortgage
aspect of it. And generally speaking, this is a good question, you
know, Drew, what's the what'sthe time lying to close? So in
other words, this is you know, everybody says Brian, you know,
I get so many buyers and evensellers. How long does this process take?

(47:30):
So let's let's let's run this scenarioand that and that is a that's
a good question. Is because it'sbecause I asked. It's it's because I
asked it. Okay, of course, people who's running this show's act I
don't know. I don't. Idon't think it's me at the moment.
Uh So, well, you knowthat's true. You knew that was gonna

(47:51):
happen. I know. I'm justhappy for Zach because there's a lot more
of this back wall showing when I'mhere versus Dave. So just gonna say
that. Uh but anywhow No,seriously, what's it's a great true?
We answer that because you're the mortgageI seriously depends. Timelinepends on the seller
a lot of times. Right,we could close in two weeks, we
can close in three weeks. Thetypical I would say, they want they

(48:14):
want you to have your approval,your commitment letter, your bona fide commitment
within thirty days, and they wouldlike to close within forty five days.
Right, thirty five. So let'sjust let's say, for argument's sake,
September, you know, August eleventh, we got the well, let's just
forget because it's the weekend. Let'ssay we start the clock August fourteen,

(48:34):
August fourteenth, so you're talking havingthat been by the end of September.
Yeah, commitment letter would be fourteenthand then and then you're closed in a
week or two after that, right. I think the biggest hold ups in
this environment right now is title,which hopefully we'll have an attorney friend call
in and talk about title and appraisals. Because they're so busy with purchases,

(48:57):
they have to go to the countyclerk's office, they have to research the
prop pretty I don't know if anyCOVID restrictions are there anymore in terms of
when they might get into the courthousesand all that stuff nowadays. But we'll
have hopefully an attorney call and talkto us about that end of it.
But usually we're ready. We'll havesomebody approved in two to three weeks,
and then a lot of times we'rejust waiting on the appraisal or the title

(49:21):
work in order to close. Butthe typical is thirty and forty five.
If you want to be aggressive,if you have a motivated seller that has
to get out of their house.They have to move to Texas, California,
and Florida. Wherever they're going,their job starts. Hey, if
you can close in three weeks,you got the offer, right, Someone
want to be more aggressive with thattimeline. Some others will say, Hey,

(49:42):
I'm building a house. I don'tknow when it's going to be done.
Can we be flexible on the close? Can we go sixty days,
ninety days? I don't know aboutone hundred and twenty. But they obviously
with new construction there's no definitive timewhen the house will be done, so
they want the buyer to be somewhatflexible. And if you can be flexible,
that goes a long way. Youmay not have the highest offer,

(50:02):
but because of your flexibility, youmay get that house. So so,
but on averages thirty and forty five, right, I would say four to
six weeks, that's a great youknow, that's honestly a great, great
answer to that because because it's it'sa question, I mean, everybody wants
to know it. You know.It's obviously every case is different as well.
I mean not every one size doesnot fit all. No, and

(50:25):
we have to we have to definein terms of making an offer. We
have to have your ducks in arow. There's the prequel which you call
me up, you tell me whenwhat your income is, and I look
at your credit and that's it.I take your word for what your income
is. There's a pre approval whichyou sent me your past ups. Your
W two is your bank statements.That's obviously better than the prequel. Then

(50:47):
there's a full blown commitment letter thatwe do before people actually find a house.
Explain what that is to make yourselfmore competitive, especially with cash offers,
but we're running up against we callthat in the business. That's a
great tease. Yeah, exactly,gotta do it opposite. It was zero

(51:09):
three, not three zero. Sowe have about thirty seconds. Yeah,
So Drew, give us the numberagain because I have people emailing me they
want to ask one eight hundred talkWGY one eight hundred talk WGY. Drew
Ilo with Fairway Independent Mortgage alongside BrianSinkoff with a Syncoff Realty Group filling in
for Dave Kopec. We have fiveseconds. We'll see you on the other

(51:30):
side of the hour, answering yourquestions. Yeah, Welcome to the Retirement
Planning Show with host Dave Kopak.In the financial services business for over thirty
five years. Their Retirement Planning GroupLLLC is a registered investment advisor. David
M. Kopak is also a registeredrepresentative of perish kaplan Sterling Investments Incorporated PKS

(51:52):
in their separate capacities. A registeredrepresentative of PKS, David M. Kopac
may recommend the implementation of sere He'sthrough PKS instead of Retirement Planning Group LLLC.
PIRST Capital and Drumming Investments and RetirementPlanning Group LLC are not affiliated companies.
Now it's time for the Retirement PlanningShow on w g Y. Yeah,

(52:22):
jackt there you go for some beastieplay for school man. You don't
want to go. I mean,it's not my favorite beastie boys. So

(52:45):
that now he's getting selected. Well, you know it's not that I love
Zach swear. But look, youknow that's like the Big band. You
know, that's like they're big hit, right, like Dave Matthews fans Dave
Matthews band don't like Crash or whatever, Right, that'd be like, I
don't know, I'm not right,Am I right, like I'm not a

(53:05):
Dave Matthews fan. I did seehim in concert with the Beastie Boys in
the mid nineties, the Tibetan FreedomConcert in nineteen ninety seven. But yeah,
it's it's a good song. It'snot it's not my favorite, but
Zach, I love you both forplaying it. Thank you. It's good
stuff. Maybe say who the heckwe are? Because I've interrupted you yet
again. I'm getting used to.It's eight oh five on Saturday morning,

(53:30):
August the twelfth, Drew Aello withFairway Independent Mortgage. We are a nationwide
mortgage lender and I have a branchin Clifton Park, New York. We're
taking your calls on real estate.I'm alongside Brian Sinkoff from the Sinkoff Realty
Group. We are filling in forthe infamous Dave Kopek with the Retirement Planning

(53:52):
show. So I thank you forlistening all the listeners for Dave Kopeck.
Happy to fill in for him,big shoes to fill, but happy to
fill in for him on the Saturdaymorning as he's taking a little our and
ouram not sure why he's actually outtoday. I know both our daughters are
going to college. I know minegoes. She moves in a week from

(54:15):
yesterday. Said to say, so, maybe Brian or Brian. Maybe Dave's
in that same boat. Not sure, but talking about real estate interest rates,
we have on the line with us, Bonnie, and I think if
this is the body I think itis, she is our reverse mortgage specialist
calling into the show. Is thatwho she is? That's who I am?

(54:37):
All right, I want to talkto you, Drew. Yes,
I'm so happy. Where are you? Are you East coast? Bonnie?
I am all right? So rightnow I live in well Now, I
live in Boston. I'm originally fromNew York, and I cover all of
New England, New York, NewJersey, and I go all the way
down to Florida and Virginia. Wonderfrom and I and they're in persons sometimes

(55:00):
and everything else is on the zoomor on the phone. Wonderful, so
good. Because we're a nationwide lender, I'm in New York. This show
is mainly in New York. Wehit parts of Massachusetts, Vermont, Connecticut,
but mainly this is a New Yorkmarket that we're on the radio.
Fifty thousand watts. I believe AMand maybe ten thousand watts FM if I'm

(55:22):
correct, so it gets a verywide reach. We even get up to
Syracuse, New York, and Iwanted to have you call into the show
because this is Dave Kopeck Show,and he focuses on pre and post retirement.
But the reverse mortgage program has reallycome one hundred and eighty degrees difference

(55:43):
from where it was safe even fifteenor ten years ago, and a lot
of people when it comes to reversemortgages, there's a lot of misconceptions on
how the program works. I actuallyit's funny and just totally coincidental. I
was getting texts yesterday from a realstate agent that I think is interested in
it for her parents, and shewas asking me questions about who owns the

(56:07):
house, what happens when her parentspass on, where does the house go,
what happens if there's more owed thanwhat the house is worth. All
the basic questions that you and Ireceive on a daily basis when it comes
to the reverse mortgage program. SoI want to talk about those myths and
misconceptions, but I also want totalk about on how it works on the

(56:30):
purchase side too, because a lotof people don't even know that you can
use a reverse mortgages for purchasing ahome. So first question, how does
a reverse mortgage work? What arethe basic elements of a reverse mortgage?
Because people are totally confused reverse versusforward mortgage, and how that all works

(56:51):
exactly exact And those are all good, great questions that you just put out
there. And I just want tosay, I talked to realtors all the
time, and I go to theiroffices and make presentations so that they understand
reverses for their for their clients.And I almost always invariably leave there with
a realtors saying can I talk toyou about a reverse mortgage for my home

(57:15):
or for my parents? So whatyou experience, it happens all the time,
and you're exactly right, most peoplejust don't. It's it is.
Unfortunately, it is just such aunknown product, and it's we call it
like the Swiss Swiss Army knife ofmortgages out there because you can use it

(57:36):
for so many different things. Soyour question, now, look what I
did. I spoke that I forgotwhat your question is, but there was
a lot there. So question numberone, the basics, the basics of
reverse. The basics of reverse,I've got you. I think that's the

(57:57):
single most important thing for people torealize is that a reverse mortgage is just
another type of mortgage. You areborrowing out equity from your home, just
like you would with any other mortgage. The biggest difference is that you are
never required to make a mortgage payment. So what does that mean. That

(58:23):
means that what you owe is goingto go up over time instead of going
down because it's not a grant,it's not free money. You're borrowing money
now, it's going to get paidback later and just like all loans,
all lenders are going to charge youinterest, So instead of you paying the

(58:43):
interest out of your pocket every month, it's just going to get added to
what you owe. So, yes, you will owe more money later on
down the road than what you borrowedon day one. However, you'll also
have had the use of the moneythat we're lending you, plus use of
the money that you're not spending ona monthly payment every month. And when

(59:07):
you think about it, that isthat is the most critical factor behind the
reverse mortgage. This is usually mostreverse mortgages that people use are the FHA
Home equity conversion mortgage products. Andthis is an FHA exactly, and it

(59:30):
is a basically a government loan likea VA loan or a USDA farm loan
or an FDA traditional mortgage. Itis regulated by the government. It is
the program was created by the government, and so they have protections in place,

(59:50):
just like they do on all theirother loans. And the reason they
created this program more than twenty yearsago was because they knew that as or
they saw that as people were retiring, they did not have the cash flow,
they did not have the monthly incometo stay in their homes and have

(01:00:12):
a comfortable retirement. So they said, look, all these people are built
up all of this money in theirhouse. It's their biggest asset that they
owned. For most people. Asyou guys were talking earlier about how great
it feels to have all of thisequity built up in your home, and
it is great, but when youare retiring, you look at all that

(01:00:34):
money, you're like, well,I don't want to leave my home.
I love it. I want touse that money, but I can't afford
a monthly paid in every month,or I don't want to have that responsibility.
I'm retiring I'm going to be ona fixed income. I don't want
to have to worry about meeting thatbig nut every month in the new work.
So the whole idea of the reversemortgage program is to let people sixty

(01:00:54):
two and older to tap into allof that money they built up in their
home in a manner similar to allof their retirement funds that they've built up
over the twenty thirty years. Nowthey're going to start tapping into them.
Well, they've built up all thisequity in their houseover you know, twenty
thirty years, We're gonna let youtap into that too. So that's the

(01:01:17):
background only mortgage program, only producton the on a planet where you can
receive income, you can tap intothat equity and not have to pay it
back. Right, It's like it'sthe way that that that you can turn
on the spicket to allow that wholeequity that you've built up all these years
come back to and you can takeit on a monthly basis. You can

(01:01:38):
get a line of credit, youcan take a lump sum, you can
do all the above in terms ofhow you take that money. Absolutely,
however, I am going to say, you just said, Drew you don't
have to pay it back. Yesyou do have well your house, your
house, pay it back right whenyou stop you in your house. You

(01:02:00):
can sell your house at any time, just like you can like the people
that you were talking about, youknow who just bought a house, if
they decided tomorrow that they wanted tosell it, even though they have a
mortgage, they would sell it,pay off the mortgage and whatever leftover or
is theirs, exactly the same way. It is just a mortgage. The

(01:02:20):
bank doesn't own the property. Youown the property. You have a lean
on it, just the way youwould with a traditional line of credits,
just the way you would with atraditional mortgage. You have a lean on
your property with a reverse mortgage aswell. But the advantages of a reverse
mortgage once you are getting close toretirement age or planning for retirement, you're

(01:02:45):
getting in your sixties, and you'rethinking, do I really want to have
a mortgage payment when I'm seventy fiveof majella a thousand dollars a month or
twelve hundred dollars a month, orjust the principal and interest, because I
want to borrow to hunt a thousanddollars, you know, that comes out
to a lot of money over fiveyears. That's seventy five thousand dollars that

(01:03:06):
you've given to the bank when you'rein your seventies that you can't get back.
You can't use again if you getsick, you're in the hospital and
you're thinking, oh my gosh,how am I going to make my mortgage
payment this month? There's no mortgagepayment. If you want to make a
payment, you can. If youdon't want to make a payment, you
don't have to. And one ofthe really fascinating things is because you were

(01:03:30):
never required to make a payment,you can take one hundred percent of that
payment back whenever you want. Soyou said, she's up with you now.
I don't want the kids to inheritthe house with too big a debt
on it. I want to makesure that there's some money there for them
to inherit. So I'm going tosend a check every once in a while.

(01:03:50):
And you do, and then somethinghappens, you know, gee,
I really, I really would liketo buy a new car, and I
don't want to take the money outof my retirement funds. I sent in
all that money on the house overthese last couple of years. I kind
of wish I had that for theclot well, you crawl up and we
send it back out to you whateveryou sent in. And here's the here's

(01:04:12):
the kickers or that most people don'tknow about. When you don't use up
all of the money that the reversemortgage is making available to you, when
you don't take it all out rightaway, they reward you, and they
reward you by increasing the amount ofmoney available automatically over time. So let's

(01:04:33):
say, and so I'm going toask you say something. I'm going to
take a step back because I wantto explain something really important about reverse mortgages.
Sometimes they kind of look more likea line of credit in that if
you have a mortgage join your home. Let's let's use an example. Do
you mind if I go into anexample, Drew, Yeah, quick one,

(01:04:55):
just because we have to take abreak. Oh okay, okay,
So your house is worth five hundredthousand dollars, you're in your sixties.
We're going to make you know littleabout half, let's say, of that
house available to you. And I'lltell you why it's only half dollar.
When we come back from break twohundred and fifty thousand, you have one
hundred. You have a two hundredand fifty thousand dollars mortgage, we're going

(01:05:17):
to pay that off for you.Now you stop having mortgage payments. Now
you're saving twelve thousand dollars a year. But if you don't have a mortgage,
or your mortgage is smallest, we'regoing to pay off which well,
and then the rest of it.You don't have to borrow and be accumulated
a crueling interest on it. Youcan let it sit there, and we're

(01:05:38):
going to make you can take itout whenever you want down the road.
And if you let it sit therebecause you don't need it right now,
we're going to reward you. Orfah Ter, the government is going to
reward you by increasing how much moneyyou have available over time, and so
that hundred. Let's say you havea hundred thousand dollars sitting in the line

(01:05:58):
of credit. The next year,if industrates are around seven percent, you'll
have one hundred and seven thousand thatyou can use. And maybe ten years
later you have over two hundred thousanddollars that you can use. Maybe it's
two fifty. And now you needto bring somebody into your house to help
you, I'll take care of yourwife for someone because she's ill. You

(01:06:19):
didn't have a long term care policy, no problem. You can use the
money that you've built up in yourhouse and draw from all that money that
you've accrued, and that is agang. There's guaranteed growth in that line
of credit. So I can talkmore. As a concedual. I can
talk about this step all day,So I take it you want to take
a break and I will explain morewhen we come back. I guess.

(01:06:41):
Thank you very much, appreciate yourcalling in. Bonnie. That's our reverse
mortgage specialists at Fairway Independent Mortgage.Thank you for calling in this morning.
We do have to cut for abreak and we'll talk more about housing with
Brian Sinkoff. This is Drew,a Yellow of Fairway Independent Mortgage, filling
in for the infamous Dave Kopeck ofthe Retirement Planning Group the eighty six per

(01:07:02):
Centers. Do you know that eightysix percent of the population has no defined
benefit pension plan? For most ofus, we have to take our life
savings and create a paycheck for therest of our lives in retirement. What
is your plan for retirement income distribution? How will you manage your assets during
the most critical years of your lifetime. Nobel Prize winning economist William Sharp has

(01:07:23):
called retirement income distribution the nastiest,hardest problem in finance. He points out
that investment, uncertainty and mortality canderail the most careful laid out retirement income
plan. Call our offices today tostart the process of building your retirement income
distribution plan. After forty one yearsof being in the financial services business,
you need to start taking action tostart building your own personal retirement income distribution

(01:07:47):
plan. How do you do that? To take action? Five eight five
eight zero one nine one nine.That's five one eight five eight zero one
nine one nine or RPG retire onthe web, don't procrast and eight motivate
to start building your retirement income distributionplan five one eight five eight zero one
nine one nine. If you haveany questions, please call in now at

(01:08:09):
one eight hundred eight two five fiftynine forty nine. That's one eight hundred
talk w G y one eight hundredtalk w G. Why we are live
in studio to answer your questions.All right, we are back. There's

(01:08:40):
some more pieces right past the mikeright there. Drew all right, that
is you feel better. Oh,the Zachs have redeem themselves. I feel
better. Who Yeah, The onlythe only thing I worry about is when
you guys play a song that helikes, he starts dancing and you know,
then you know I got issues withthat. But anyway, well,
we'll we'll move forward. Dare Iregress so again? Drew Illo here with

(01:09:03):
Fairway Independent Mortgage filling in for DaveKopeck of the Retirement Planning Group. Phone
lines are open one eight hundred talkw G y one eight hundred talk w
G y U. Some of thecallers are calling in, so we'll try
to get to those as soon aswe can. Talking about Dave Kopeck,
by the way, he is atthe American Cancer Society golf tournament today,

(01:09:25):
So that is why he is unableto be at this show, doing what
he can for the community, forthe Cancer Society. A good reasoner community,
a reason, an amazing reason.I think. I think almost everybody
in this building has been affected byit in one way, shape or form.
I know I have so great calls. I know I would normally say

(01:09:47):
hit him straight day, but Iknow that's not possible with your golf game.
So just have fun, That's whatI'll say. Raise a lot of
money for Cancer Day while you're outthere. But I know, you know,
if you stand in front of Dave, you will not get hit by
the ball when he swings because it'snot going straight, it's not even close
to going straight. Maybe you stoodto his right or left, they would

(01:10:08):
hit you. So I've played manytimes with Dave, so I know I
know how that works. But herealongside Brian Sinkoff from the Synkoff Realty Group
newly formed sync Off Realty Group,open the doors officially July one in Delmar,

(01:10:29):
New York, Rate in Main Square, right in the heart of Delmar.
I've been a real estate licensed realestate salesperson real estate agent since December
of twenty eleven, and then abroker for about the last year and a
half, and again decided to openthe doors to my own firm, Rate
in Delmar. I've I've been inthe business, you know, over a

(01:10:51):
decade, over three hundreds of sold, over one hundred million in volume.
I just felt it was time forme to take that next step. Drew
and you and I have talked aboutthis for many, many years, about
you know when I was going touh start my own firm and kind of
do my own things. As peoplehave said, I've always been a brand,
right, I've always had sort ofmy own brand and you know,

(01:11:14):
kind of do my own thing,and uh just decided now is the time
and the natural progression. Yeah,it's it's exciting. I left my old
firm year ago June, same similarreasons. Time to move on to the
next progression in life, the nextgrowth, the next way that we think
in our fifties where we can makea difference and more impactful, meaning meaningful

(01:11:39):
move in the real estate community withour buyers, our sellers. And that's
that's the name of the game,is continuing to grow, continuing to evolve.
And it's uh, it's good stuff. I enjoy it very much.
I eat it, I breathe it, I sleep it. I've been now
in the mortgage industry twenty eight yearsyears since January of ninety five, So

(01:12:02):
happy to do it. All thingsmortgages, interest rates, that's what we're
all about. So we're talking abouthome equity, we're talking about reverse mortgages,
are talking about where we see interestrates going. I think every economist,
if you surveyed a thousand economists,you probably get a thousand different answers.
But I think the general train,the general I guess school of thought

(01:12:29):
is that interest rates will go lower. The Fed always will overshoot. They
even said it the last press conference. Jerome Powell said it. We're probably
going to overshoot because we always overshoot, and then we'll see rates come down.
Inflation will come down, which hasalready gone from nine to three.
Interest rates will come down end ofthe year, first quarter next year meaningfully.
So now is the time to buy. Where a lot of people I

(01:12:51):
think are on the sidelines saying,oh, the rates are too high,
rates are too high. Ay,I haven't seen it, because we've seen
an insorbitant amount of buyers out there. But b when all those fence sitters
come back into the market when ratesare low, what do you think is
going to happen with the competition.We're gonna get influx of buyers, and
then what it's gonna be worse?Right? Right, So if I if

(01:13:13):
you give me the floor for maybeI want to say thirty seconds is probably
gonna be like twenty eight minutes.So I want to sort of explain what's
drew, what's happened in this housingmarket the last three and a half years?
Okay, because I think this iseverybody's wondering. How did we get
here? Right? How did weget here? Where are we going to
go from here? Okay? Sohere's how we got here. COVID hits

(01:13:34):
twenty twenty. We all shut down. We were in a panic. I
remember you and I first night orwhatever, that first weekend we were.
We did a Facebook live. Wewere freaking out. So I want to
say, by mayor June, thehousing market opened up, and I will
tell you that in twenty twenty,the housing market save the economy. I
mean that's not that's not me justsaying that as a real estate age and

(01:13:57):
true fair, fair assessment, housingmarkets save the economy and the all of
the pandemic. Always the foundation,the building blocks of the account when nothing
when everything else was shutting, everythingelse shut down except for real estate.
I mean, we had yea,so we didn't know what was going on.
So that when COVID hit, thehousing market, you know, took

(01:14:18):
off. And then in twenty twentyone it became unbelievable in terms of everyone
felt like they had to buy.I always said, it was like eBay
on crack. You know, everybodyfelt like they had to get into the
mix. Everybody felt like I haveto buy a house. Uh. The
rates and and and you know,the Fed did that. It was smart

(01:14:39):
what they did. They lowered becausethey wanted to when they wanted to,
because everything else was sort of shuttingdown. Disney, for for God's sake,
shut down, so every every uh, every industry sort of shut down.
So they lowered the rates. Theymade the rates historically low like three
percent, right whatever, it wastwo and a half, three percent,
as little as three a half percent, two and a half thirty year fixed

(01:15:02):
rate. That's free money. No, I get people, they asked me,
when rates going to three? Okay, the next pandemic, I said,
you know when I said, thenext apocalypse, when you want you
want another pandemic, when zombies roamthe earth is when you'll see two and
a half again. So the ratesgo all the way down to two and
a half percent. And then itinflux a buyers sellers were getting a lot

(01:15:26):
for their houses. I had said, we're at a real estate event.
Uh, this was spring of twentytwo. I had said, we have
and the rates were still low.I don't remember exactly what they were spring
at twenty two, around four,maybe a little less. I said,
the rates have to get I said, the rates have to go up.
They have to go up. There'stoo many buyers and the wait too long.

(01:15:49):
They waited too long, and thenthey drastically reduced increase the rates.
Right. Yes, you want totake a little two second break there,
because we have Joe calling in fromcliff and Park. Not the not the
disturb your flowing. You you can'tdisturb the hustle and flow. Oh,
actually, you know what we haveto do. We can't really take Joe

(01:16:10):
from Clifton Park because we're coming tothe bottom of the hour and that's a
big break in the radio business.We have we have to make sure that
we don't have enough time for thenews. And if we don't do the
news, then we get in trouble. Yeah, so I'm gonna Dave will
never have us back again. I'mgonna delay this thought. I'm gonna delay
this thought. We're gonna talk aboutwhere So we'll pick up with they a

(01:16:31):
year ago where the rates raised andthey raised too drastically, too quick.
Yes, write that down. Sodon't forget we have to break for the
news bottom of the hour. Weonly have thirty minutes left after the break,
so get your calls and comments inconcerns one eight hundred talk w g
Y filling in for the infamous DaveKopec. We'll see on the other side
why we are back or these guystotally ac commented as the guest on the

(01:17:13):
show too right, they totally droppedwhatever that's that's so what you want.
By the way, they're going tocheck your head album guest second best album,
pauls Utiques number one. See Iknow nothing about music. Yeah,
I've heard all the songs, Drew, I love this. I come in,
Zach. They had all your songsplaying like Neil Diamond, you know,
Philip phil Whale and Jennings Wilson Phillips, you know, Chomba Wombaham and

(01:17:40):
then right and then I come inand then they just say Billy bye bye,
Drew. No, that's too coolfor you. That's way too cool.
I like I like the big haireighties Rocke a CDC. You're like
a Sammy hag. You're like adocking fan. Dude, name it.
We lose Joe from Clifton Park.Did we lose him? Yes, Joe,
if you're if you if you canhear us, want to call back.

(01:18:02):
In one eight hundred talk WGY,so you were yeah, they said
we're scraping Drew's stuff. We're goingto just play bast boys. Say.
One thing I want to mention becausewe had to cut Bonnie short on the
reverse mortgages is that you know youcan buy a house using a reverse mortgage,
So you sell your house for sevenhundred thousand, you want to downsize
and buy your new house for sayfive hundred thousand. And this is a

(01:18:24):
real live example. I have aguy moving from Texas up to Saratoga.
He's only going to put half themoney down on the new house in Saratoga,
and he's going to bank the otherfour hundred thousand dollars meaning bank it
meaning invest it for the future,and still not have a mortgage payment.
So one thing we didn't get towith Bonnie is the reverse mortgage purchase program

(01:18:46):
for all you pre impost retirement folksout there, which kind of fits into
Dave Kopeck's theme in this show.So I want to mention that before we
move on to our next topic.That's interesting and admittedly I don't know a
whole heck of a lot about reversemortgages, so that was informative. I'm
glad we had her on. SoI'll pick up drew where we left off

(01:19:09):
about sort of where did we go, where were we in the in the
real estate world, and where arewe now? How do we get to
how do we get to where weare now? So we're talking about a
year ago, a spring of twentytwenty two. I said, the rates
have to go up. They wentup pretty drastically. That scared away a
lot of buyers. And you andI we do a Facebook live this time
last year. They started to accelerateexactly. We did a faceboard point and

(01:19:32):
a quarter higher today then where wewere a year ago on interest rates.
They went up quick. And youand I and we do a Facebook live
once a month a month, andwe did it Facebook live in December,
and we said, those people thatneed sellers concessions, that are FHA borrowers
because the market was a little slower, We said, now is the time

(01:19:56):
for you to buy a house becausethe market had slowed down a little bit.
And we said you had about twomonths and guess what we were right,
because February rolled around of this year, February March, and then it
started getting a little wacky again.Everybody was, you know, the news
media, a housing markets in theslump, the housing markets in the dumperor,

(01:20:17):
the housing market, this housing thatwas two months right, January February,
when when historically those are quiet monthsto begin with. But the gloom
and doomers used to come out andsay all that stuff. But also think
about it, we're comparing numbers JanuaryDecember versus the red hot crazy year that
we had in twenty twenty two.So a couple of reasons why the doom

(01:20:40):
and gloomers came out in January andFebruary. But you know what, you
take that to your advantage when tryingto buy a house. If the market
thinks that people thinks the perception isthat the market was doom and gloom January,
that's a buying opportunity. And that'sthat that was our buyers, which
we talked about chance, those thatbuyers segment that needs FHA, that needs

(01:21:01):
seller concessions. They've been shut outof this market since COVID because the market's
so hot. Multiple offers a seller'snot going to take an offer when someone
needs seller concessions or FHA financing.Sad but true, because those are great
programs, but the sellers are picky. They're going to take the conventional mortgage
with twenty percent down, They're goingto take the cash offer. You're not

(01:21:21):
going to take the FHA with sellerconcessions. It's a reality. I don't
like it, but I can't fightthe tide. It is what it is.
Right. So in January February,when the doom and gloom was out
there, that was the golden Neonsign light saying, by now if you're
in that segment. And we hada couple of buyers that had FHA loans

(01:21:43):
that needed sellers concessions and they gotdeals done and those buyers would not have
been able to buy today. AndI told our clients, I said,
you have about a three month windowto buy a house. And we were
right. I mean, we don'tever, we don't ever predict the future,
but we knew that was the time. We didn't know what was going

(01:22:05):
to happen later in twenty twenty threeas we're into now, but we knew
late twenty twenty two early you knowearly twenty twenty three, we knew that
was the time, and then itwas gonna start getting whaggy again. So
look, the rates have gotten alittle lower, more manageable people, I
think. Are it's easier now todigest the rates, you know, because

(01:22:29):
they're a little higher. Are theyever going to get to three percent?
Not until zombies roam the earth andother apocalypse happens. So don't ever think
that. But you know, arethey're going to go to five percent?
I didn't believe that. And ifthey do, Drew, you and I
were talking about this off the yearbefore we started the show, as we
were doing a show prep this morning, and that was you know, what's

(01:22:56):
going to happen in the future.We can't predict the future, but there's
a lot of buyers right now andI see it all the time, Brian,
I don't want to get a littbidding war. I say, all
right, I'll talk to you inten years. I don't know when the
bidding war is going to end.I don't know if it's going to be
anytime soon. I just know thatwe're gonna we have to talk about managing
expectations here before we get out ofhere. But I just know, Drew,

(01:23:20):
that this is the market, andthe market is what it is,
and that's what we have to dealwith. So you have to jump in
the pool or not. Do yourealize to your point that ninety percent of
Americans who are of the home buyingage that is, want to buy a
home ninety percent, and a lotof them a feel like they can't be

(01:23:44):
someone to wait until rates come down. You you have to, and I've
said this a thousand and one times, you date the rate, you marry
the house. If you are luckyenough to get your offer accepted in this
environment, go with it. Yougot to pay a little bit more for
the house because we know the demandover the next few years is still there.
There's a big wave of demand rollingalong coming into shore. So you're

(01:24:11):
gonna ride that wave over the nextfew years for home appreciation, and then
next year when rates go down,you'll be able to refinance that rate.
So you're not married to that rate. You're just getting the house. You're
married to the house, not theinterest rates. So you have to set
that, set that aside, andDrew, I think you know I see
this all the time, you know, buying a house it's kind of like

(01:24:39):
it's like poison ivy in a way, you know, and it means it's
spreads like it's a synco off analogy. Here we go, where you're going,
it'll make sense, okay, butit's not like a bad thing.
So everyone wants the itch, right, you got poison ivy. It's contagious.
It's the itch. So I'm inmy office, right, I'm in
I'm looking out here at the wG Y studios. I'm in my office,

(01:24:59):
and we're gonna cute. And theguy next to you, the gal
next to you, says, Ijust got a house three percent rate,
you know, unbelievable. Well,the person in the cube next to him,
you said ninety percent of people wantto buy a house. The person
in the cube next to him goes, oh my gosh, I want to
buy a house. Well, nowthe rates are six percent. So they're
on the fence. They don't wantto buy because they're not going to get
that three and a half percent rate, knowing that that's probably never coming back,

(01:25:21):
right, So they're on the fence. They don't want to buy.
They're afraid to jump in the pool. So that's the theme of today.
Jump in the darn pool. Theydon't want to jump in the pool because
they don't want to pay exorbitant rates. It's non exorbitant. Those rates are
normal, right, what's the averagerate in the last twenty five years?
Point two five percent over the lastforty years. Okay, so point two
five folks. Yeah, it's stillvery healthy. It's a very it's a

(01:25:43):
normal it's a normal rate. Right. So you know, you know what
we do as a mortgage company.We know what's coming and we're trying to
do everything we can to help buyersget their offers accepted and get and get
into the housing market if it's theirfirst time. How many people have actually
had tears at the closing of joyfor getting into their house. But we

(01:26:08):
as a company are buying down theinterest rate for our buyers one full percentage
point. So if rights hypothetically,I can't say without APR, hypothetically,
if rates are at seven, we'llbuy that interest rate down the six for
that buyer for the next twelve months, right with the notion that I want
to get him into the house ataffordable payment, with a notion that they'll

(01:26:28):
be able to refinance a year fromnow or eighteen months from now at a
much lower interest rate. Well,and like I said, so getting back
to my poison ivy, I didn'tfinish the poison IVY, thought Drew,
And you're like, where am Igoing? So it's an itch. It's
an itch, right, it's anitch. So the person next to me
is a three and a half percentmortgage rate, I got a six.
Now now I'm like, I'm waiting. You know, I don't want to

(01:26:51):
buy because my rate's not going tobe three percent. It's a matter of
getting educated. It's a matter oftalking to a real estate agent and a
mortgage lender about where are those rates? And three per cents not realistic.
So don't worry about the person nextto you. That poison IVY is not
going to be contagious for you becausethose rates are never coming back to that
point. So, you know,get your head wrapped at you gotta get

(01:27:14):
your head wrapped around. And Ithink that's so important to know as a
buyer. Just accept where we aren'ttoday. It's going to get lower at
some point, and you'd like tothink that sooner than later. And Drew.
When that does, it's going tobe such a huge influx of buyers

(01:27:34):
now. I hope, I hopesellers that are waiting because they have that
such maybe that low rate. Whenthose rates get to be more manageable,
I want to talk about this.We have to break one minute, our
last break, and then we'll beright back the eighty six percenters. Do
you know that eighty six percent ofthe population has no defined benefit pension plan.

(01:27:57):
For most of us, we haveto take our life savings and create
a pay check for the rest ofour lives in retirement. What is your
plan for retirement income distribution? Howwill you manage your assets during the most
critical years of your lifetime. NobelPrize winning economist William Sharp has called retirement
income distribution the nastiest, hardest problemin finance. He points out that investment,

(01:28:17):
uncertainty, and mortality can derail themost careful laid out retirement income plan.
Call our offices today to start theprocess of building your retirement income distribution
plan. After forty one years ofbeing in the financial services business, you
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(01:28:40):
five eight zero one nine one nine. That's five one eight five eight zero
one nine one nine or RPG retireon the web. Don't procrastinate, motivate
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hundred eight two five fifty nine fournine. That's one eight hundred talk w

(01:29:01):
G Y one eight hundred talk wG. Why we are live in studio
to answer your questions. Alrighty,no, we are back. This is
your damn room. See. Definitelydifferent music than if you even know the

(01:29:25):
song David would have Neil Diamonds.You know the song? Yes, yeah,
so this is yes, I'm inthe beast, I'm alive here in
the tub thumping a lot. Ididn't think I knew the name of that
song, Zach, Did you remember? I'm a comic book nerd, music
nerd, sports, NERD, realestate nerd. All right again, Drew
Ilo back with Fairway Independent Mortgage Officesand all fifty states. My branches in

(01:29:49):
Clifton Park, New York. Ifyou need to reach me, by the
way, just go to drewsteam dotcom drewsteam dot com. I'm alongside Brian
Sinkoff of the Syncoff Group. Howdo people read you, Brian? If
they want to reach out to youthis week? What a great question.
You can go to my website SyncoffRealty Group dot com. That's the easiest

(01:30:11):
way if you're driving in your carto remember things. Drewsteam dot com,
Synkoff Realty Group dot com, GoogleMe Brian Syinkoff five eight three six four
nine four nine seven Brian at SynkoffRealty Group. I'm a realtor seven days
a week, twenty four seven.Drew. I want to say something business.
I want to say something real quickbecause I want to give you props.

(01:30:33):
Drew is top notch. I liketo align myself with professionals in this
business. Drew is top notch.Drew is available, and I don't want
to. I don't want to,you know, get too deep into the
weeds here with some of the thingsDrew's done for me in terms of when
he's got other family events. ButDrew is a lender that is always willing

(01:30:55):
to answer the phone, always therefor you. You're looking at a house.
At four o clock on the Saturdayafternoon, Drew will interrupt college tours
with his daughter to get you aprequalification letter. He has done that and
hear that. If if Kenzie andLisa are listening, Drew is the man.
But if that's what Drew is allabout, he is about customer service

(01:31:16):
as m I that's the name ofthe game in this business. Absolutely,
because people don't look at houses nineto five, no, right, I
mean that'd be great, but youhave to work. So being able to
access your real estate agent, yourattorney, your mortgage professional on the weekend,
Saturday, Sunday's nights, you knowwhen you're when you're out of work
and you have that flexibility, that'swhen we have to be available. So

(01:31:38):
it's a seven day a week business. Who love it, We enjoy it,
we eat it, we sleep it. So give us a buzz Drewsteam
dot com or sync off Realty Groupdot com and you can reach us twenty
four seven. Well, I mayknock off around nine thirty, ten o'clock
at night. But Drew, let'stalk about sellers. Remember we talked about

(01:32:00):
one of the problems with this notproblems, but one of the reasons why
the housing market is where it isright now is because there's just lack of
Brian what's wrong with you? Allthe time you asked the question sync off,
what's wrong with the Why is thehousing market crazy? Why are there
multiple offers? Well, it's becausethere's lack of inventory supply demand. It's
economics. Now. I was terribleat economics in college. By the way,

(01:32:20):
it's a I was an economics major. I hated it. I hate
it. It's so funny that Isay that. People I was at University
of Maryland drew I mom, don'tthey got to see in the class.
I skipped that class almost every day. And do you know, to this
day, I have a nightmare aboutwaking up missing the class. I will

(01:32:41):
literally have a nightmare in the nightmareknowing I'm skipping economics at the University of
Maryland nine o'clock class across campus.I did not go. I just borrowed
the notes from a girl in classand then just studied and memorized, and
I just kind of skated through tude. I was a two seven major GPA
and Maryland two point seven. Okay, I just I had to get through,

(01:33:02):
man, you had to get through. College is for everybody, kids,
you just I mean I did well. I did well. I never
got a D. Hopefully Zack's notlistening. I got a lot of seas,
but I never got a DC.That's a straight A student kidding me.
He's sorry, he's going to college. Sellers, go ahead and talk
about selling sellers. Sellers are inthe driver's seat right now. You can't
be crazy and have crazy expectations,but sellers are definitely in the in the

(01:33:27):
driver's seat. So we're trying tohelp the buyers as best we can and
managing their expectations I think is akey ingredient in terms of where to go
with your offer. I'll obviously helpyou with regard to the mortgage calculators that
I have and home appreciation calculators thatI have to know that if you go
twenty five forty fifty thousand over,ask what your break even point is on

(01:33:48):
that house, because we know it'snot it's it's not going to be forever.
It's actually a short period of time. I think a lot of a
lot of buyers would be surprised howquickly they recoup the EU and have home
appreciation in their house. And youhave to manage expectations when it comes to
your buyers. You have to manageexpectations when it even comes to yourself.

(01:34:08):
Yes, and I always say,right, the best dentist, the best
doctor. They tell you what they'regoing to do and then they do it.
Right, the best dentist. Ihave a dentist right now, Brian,
here's what we're gonna do. We'regonna get your numb. We're gonna
give you some novocaine. Then we'regonna drill, and then we have this
tool to do this. You're gonnait's gonna go Wait a second. That's

(01:34:31):
the best, that's the best.You know, it's the best dentist.
I have an end of donnist.I've had a couple of Rooknews same thing,
Brian. We're doing this, we'redoing that, We're doing It's the
it's the it's when you when yougo for procedure or anything, when you
expectations. Here's what we're gonna do, here's how we're gonna do it.
And I think that's so key whenit comes to the real estate game as
well. Okay, when I meetwith buyers and you do the same thing.

(01:34:53):
We have consultations with them, wesit down before we even start the
process. Okay, what do youwant, what's your why, how are
you going to get there? Orhere's how I work, Here's how the
market works. This is the market. This is what you know. You
have a circle of reality. Youhave expectations, you have your price point,
you have you where you want tobe, and you have your type
of home. You choose two ofthe market chooses the third. That right,

(01:35:16):
Okay, I want to spend threehundred thousand. I want a colonial.
Well, the market's going to tellyou where that house is going to
be located. Correct, Or ifyou want to be Elm I want to
live in Delmore, I want acolonial. The market will tell you that's
going to be four fifty right,Okay, I'm just throwing out numbers,
numbers, formula. That is thecircle of reality. And I have I

(01:35:38):
work with buyers. I work withthem a lot. And as you know,
Drew, and I'm not going totoot my horn, but I will
toot my horn. I don't haveyou know, I hear these horror stories.
Oh I've been working with my realtoror you know, buy er.
I I've been looking for two years. What are you doing? You know
what I mean? Something? There'ssomething not right, disconnect, There's a
disconnect one of those categories. Twoof those categories are not filled, so

(01:36:01):
you can't get the third correct.So I don't work with buyers long because
I manage their expectations in the beginning. And I have actually sat with buyers
on consultations and they said, Brian, I don't want to overpay and I
don't want to get into a biddingwar, and I go, Okay,
it's not the time to buy right. The problem is I don't know when
the time to buy is going tobe. We can't predict the market.

(01:36:24):
We can't predict the future. Ifwe if we could, we can we
can manage really express what we feelwill happen. But we can't, or
we wouldn't be sitting here. We'dbe multi multimillionaires and living on an island.
Nobody can predict the future. Wejust try to do the best we
can with the tools that we have, and we go from there and we
try to manage from our experience.You've been doing at twelve years, I've

(01:36:45):
been doing at twenty eight years.Obviously we've done more transactions in a month
than people will do in their entirelifetime, and that has to lean on
us for trust. And confidence andexpertise. And that's not a not that's
not a rub your that's not arub your nose in it. That's here,
we've done this. Just trust usagain. I don't go in my
dentists saying here's how you're going todo a root canal on me. No.

(01:37:06):
Right, you tell me how you'regoing to do the root can I
went to school for fifteen years.Right, you tell me what's going to
happen. Right, I sit inthe chair and keep the noise down.
Right. And so we're trying tohelp people get into houses to be basically
to separate yourself from the competition.So we have the cash guarantee, which
means we fully underwrite a person soupthe nuts before they even go find a

(01:37:27):
house. And in the language ofour commitment letter, it'll say, if
for some reason our buyer can't purchasethis home, we will pay cash for
your home or give you ten thousanddollars and you can go sell the house
to somebody else. So, whenwe have a buyer that's competing against seventeen
other offers, we put that forwardto the seller. It helps and it
separates our offer from someone else's offer. So We're trying to give people all

(01:37:50):
the tools that we possibly can tohelp them get into a house. The
biggest thing that I've seen a lotrecently, especially this week, is people
don't want to sell the house beforethey buy. How do they do that?
They need they need the equity outof their existing house to purchase their
new house, or they don't wantto move out of their house because they
want to fix up the new housebefore they sell their house. So what

(01:38:11):
comes first? The chicken or theegg? So we have bridge loans to
help people tap into the equity andtheir existing house so they can buy their
new house without selling their existing houseuntil it's based on their timeline. So
we're coming up with innovative tools tohelp people get into houses and manage that.
All, Right, I gotta sellbefore I buy because if you if
you have an offer and they haveto sell before they buy, that offers

(01:38:34):
not being accepted because they have seventeenpeople. It's just that don't have to
There's too many contingencies. There's toomany variables in that. Right, and
which came first, the chicken orthe egg? I mean, that's like
a Beastie boyline, Right, whichcame first? The chicken or the egg.
I ate the chicken and then Iate its leg like that. So
there you go. Bridge Loans,cash guarantee. Make sure you're getting we

(01:38:58):
covered at full blown commitment letter.We have about four and a half minutes
left. We can go, Wecan go. What's that called free free
form? Free form? Yeah?Well, you know, I have a
bunch of people who have been onFacebook live asking me questions. One thing
though, if we have a fewmore minutes, yes, how do you
deal with the sellers? You know, we never talked about that because we

(01:39:19):
always know the sellers in the driver'sseat. But the sellers are looking at
five to six, seven, sometimesten eleven offers, So how does that
work? Well, you got toDrew, we have talked about this.
Communication is the key, right,You and I have always had very intimate
conversations about communication. Communication is thekey, and it's you get an offer.

(01:39:43):
You really have to just sort ofupdate your seller. Hey, we
have one offer in hand, here'swhat it is. Hey, we have
two offers in hand. Here's whatit is. I'm an old school guy,
so everyone does spreadsheets of offers.I just write them on a piece
of paper, you know, Drew. I, Hello, here's his offer.
Here's the price, here are theterms, here's the closing date.

(01:40:04):
Here any sort of extra little dohickeys they're adding to, you know,
increase the sexiness, for lack ofa better term of the offer. And
you know, when you have alot of offers, half of them are
probably not even going to be inthe party because they're either just above asking
price and asking price, or needconcessions or you know that type of thing.

(01:40:29):
I mean, funny story. Wetalk about real life stories. I
listed a house probably two weeks ago. I had nine offers on it.
True, was the busiest open houseI've ever had in my life. I
had thirty seven groups go through theopen house in two hours. I got
to the open house at eleven forty. That open house started at noon.

(01:40:53):
There was five people waiting. Itwas like Black Friday at best Buy.
I gets in se right, Yeah, the early birds. So I with
the nine offers. You know,we had two offers in hand, and
I told them, you know,we have two offers in hand, and
I still had prices. I stillhad offers that were asking price. So

(01:41:17):
you're talking about how do I handlemultiple offers? Well, those those those
offers were immediately eliminated. They losttheir first offer. They lost that was
their best in final when it wasasking price. It didn't really make much
sense, but again they didn't managetheir client's expectations. Unfortunately, we have
to button u up. Our twohour time has gone. We only have
about thirty seconds. I would justwant to sign off. Thank you Dave

(01:41:39):
Kolpeck for allowing us to sit infor your show. Thanks day. Were
planning group pre impost retirement. Dave'sat the American Cancer Society golf's tournament today,
so we're filling in. Drew aYellow with Fairway Independent Mortgage at Drews
Team dot com. Brian Synkoff atthe Syncoff Realty Group dot com if you
need to reach us, and wehope you enjoy this level weekend. The

(01:42:00):
weather looks great, the sun isshining, and enjoy the northeast. Why
you can have a wonderful and safeweekend and God bless yes. Thanks so
much Drew for having me. Greatto be back on the radio, and
you guys have a great one.Take care. The information provided is for
educational informational purposes only. It doesnot constitute investment advice, and it should

(01:42:21):
not be relied on as such.It should not be considered a solicitation to
buyer or to offer as sales security. It does not take into account any
investors particular investment objectives, strategies,tax status, or investment horizon. You
should consult your attorney or tax advisor. Thank you for listening to the Retirement
Planning Show hosted by David Kopec.If you would like to talk with Dave
or someone at the Retirement Planning Groupcalled five eight five eight zero one nine

(01:42:45):
one nine that's five one eight fiveeight zero one nine one nine during business
hours, or visit us at RPGretire dot com. The Retirement Planning Group
has three convenient offices located in Albany, Malta and Glen's Falls. Retirement Planning
Group LLC is a registered investment advisor. David M. Kopek is also a
registered representative of persh Caamplin Sterling InvestmentsINK PKS in their separate capacities. A

(01:43:09):
registered representative of PKS, David M. Copeck may recommend the implementation of securities
through pks instead of Retirement Planning GroupLLC persh kaplan Sterling Investments and Retirement Planning
Group LLC are not affiliated companies.Tune in again next week for retirement planning
Strategies with David Kopeck on the RetirementPlanning Ship