FTRE 8-16-25 show

Episode Transcript

Speaker 1 (00:14):
Navigating today's real estate market can be tricky. Want to
buy or sell a house, finance or insure a house,
or stuck with a house and don't know what to do.
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve. Get the advice you
need from your local real estate pros. Here are your hosts,
Jim Depola and Johnny c You live on real Radio.

Speaker 2 (00:36):
Hey, good Saturday morning. Welcome to another edition. It's Florida
Talk real Estate and we got you for the next
two hours of infotainment live on this the sixteenth of August.
Great to have you ot there. Ninety two one one
o one seven Old Terrestrial Radio. Thank you very much
for tuning in on a Saturday morning. Maybe you're using
the free download your iHeartRadio app. We're worldwide. If you are,

(01:00):
thanks for being there, and of course if you're live
streaming with us, thank you. If you're not. Always remember
you can Florida Talk real Estate on Facebook. We go
live stream Saturday mornings on YouTube as well. That's Florida
Talk real Estate LLC. Home of a ton of informational
chunk videos, plus our live stream on a Saturday. If
you're there. Thank you. If you're not, remember you always

(01:20):
can go back and check it out. What are you
checking out? Beautiful faces, talking real estate and so much more,
and then me I'll tell you who I am soon. First,
let me let you know that you can join the
program toll free eight seven seven nine two seven six
nine six nine. That is a free call. If you
dial in the first voice, you'll hear the melodious tones
of our producer. Extraordinary. There's my brother from another mother, Jimithy.

(01:42):
How you doing doing mighty fine?

Speaker 3 (01:43):
Good morning, gentlemen and all our listeners in Egypt.

Speaker 4 (01:47):
Hello, since we're worldwide on the iHeartRadio.

Speaker 2 (01:50):
I'm growing in Egypt too, from what I understanding. Yeah,
the numbers are you know, ELM a little wonky when
it comes to the numbers. You might have heard. It's
interesting to see where we're growing around the planet and
doing well. Egypt. That little corner is pretty amazing. It's
a hot spot. It is. It's a hot spot for
real estate in Florida. Johnny C. That's me, your old buddy,

(02:11):
your old how your air traffic control? Let's say good
morning to You're very important people like Mike Row He's
the mortgage guy from the mortgage firm.

Speaker 4 (02:18):
Good morning, Mike, and I went first. That means I'm
the most important, not of importance, right, Yeah, I love
that play out the first VIP. I'm wondering where Jimith
he pulled Egypt from he did? Well, he looks at
the number. Oh, he looks at it.

Speaker 2 (02:34):
He does.

Speaker 4 (02:35):
I've heard the ratings doubled in Egypt. It went from
one to two.

Speaker 2 (02:38):
Wellends, it twends on, depends on the timeline you looked at. Yeah,
we've quadrup sometimes.

Speaker 4 (02:45):
Oh really yes, wow, well, good morning. Allow to my
fellow Egyptian brothers and sisters.

Speaker 2 (02:52):
What do they speak in Egypt?

Speaker 4 (02:55):
Er a bic? Okay, fair enough, that's a good guess.

Speaker 2 (02:58):
I felt as it fell, it felt like the stupidest
thing I've asked, at least today.

Speaker 5 (03:05):
I think it's Bengalese. The Bengals, remember walk like just
listening last.

Speaker 4 (03:14):
Night we were in and Bengal like, uh, that's all right,
very good?

Speaker 2 (03:19):
Is it? Nice?

Speaker 4 (03:21):
Goods?

Speaker 2 (03:21):
Why you make the big.

Speaker 4 (03:22):
Bucks and they have the number one. They have some
pyramids over there, I've heard.

Speaker 2 (03:27):
I've heard that how they're built very controversial.

Speaker 4 (03:30):
Very very Let's just say Uh, no, human could have
done no way in hell.

Speaker 2 (03:36):
Those are built by big people. Those are big steps,
is what they are. Clearly. We'll get into that later.
Let's say roscas with bratt Wayshers, you know, Beach's how
you doing.

Speaker 4 (03:48):
I'm doing well. I'm doing well.

Speaker 6 (03:48):
I'm looking forward to our live remote from the base
of the pyramids.

Speaker 4 (03:53):
I love that you'll be better. How about from the
point of the pyramid, point from the Yeah, we can
also on one.

Speaker 2 (03:59):
I think you can get I don't know. You might have.

Speaker 4 (04:03):
To do it just for forgiveness permission most times the.

Speaker 2 (04:09):
Words out of my mouth. How long do you think
we could pull it off when we got up there?
I think we'd be pooped by the time we got
up there, though.

Speaker 4 (04:16):
I think, uh, we don't have to do it on
the same day. Oh no, Abercrombick could probably make it
to the time with all the equipment.

Speaker 2 (04:23):
That's a that's a that's an old school day right there.
I don't even know if Abercrombie works for the company anymore.
That's a good. That used to be one of our texts,
not just one of our texts. Like our guy yeah, yeah, well.

Speaker 4 (04:35):
Time I see him lifeguarding a lot.

Speaker 2 (04:37):
That's that was his real job. That's just still doing that.
That's he works for the county. That's his real job.
Like that's his career at like Rapids or at the bet. Yeah. Yeah,
he's one of those guys and he'll ride that to
the wheels fall off. But I don't I don't know
if he's with this company anymore. But we're the right dollars.
He'll go to Egypt with us.

Speaker 4 (04:56):
I wonder lifeguards are hometown heroes Eli. I haven't talked
about Paris City.

Speaker 5 (05:03):
I would think for the county, right for the county.
I don't know if county has lifeguards.

Speaker 3 (05:07):
Do they I know, like in Martin County the beach
that would they consider that under the Martin County Fire
I believe.

Speaker 2 (05:15):
Yeah, I would think they're they're county employees. There's Jimmy Diong.
That's Jim told you thirteen Pleasure Years. He runs the
Top Producer and Callowornia's team, the Florida Home Pro Team.
Callowayiam's innovation.

Speaker 4 (05:26):
Good.

Speaker 5 (05:26):
Uh my ex wife number one used to be a
lifeguard down here in Fort Lauderdale, Nation. I'm thinking whole lifestyle,
that whole lifestyle, It isn't bay Watch, but it's pretty crazy.
All those they just have too much fun.

Speaker 2 (05:43):
And they train a lot too though.

Speaker 5 (05:44):
Oh yeah yeah, really really good shape.

Speaker 2 (05:47):
Oh they they're out there every morning.

Speaker 5 (05:50):
Testing and then you know, pulling some party in when
they're drowning. That's not an easy task to because.

Speaker 2 (05:57):
They're trying to drown you too. Yeah, the same while
you're trying to save them, you're they're trying to drown you. Yeah.

Speaker 5 (06:03):
Yeah. She worked at the Boca Hotel resort and hotel
there too. She worked for the private area over there,
and uh, I know her and two other buddies. I
know that they saved a couple of people.

Speaker 2 (06:15):
A couple of times. Well, that's that's cool.

Speaker 5 (06:17):
It's pretty wild.

Speaker 4 (06:18):
I'm gonna have to do a check because I didn't
like just being a counting employee is not I'm looking
at the list right now.

Speaker 2 (06:23):
And not not quite it's uh.

Speaker 4 (06:26):
I mean, there's a first responders category, which I would
think maybe they fits under.

Speaker 2 (06:31):
They're the first yeah, yeah.

Speaker 4 (06:34):
Yeah, so they got to be under that category maybe, hmm.
There's also one called public safety workers, but they have
things like corrections officers, parole officers, things like that. So
we're like Department of Justice. So I'm gonna have to
look into that, maybe make a campaign to all our
lifeguard friends, and.

Speaker 5 (06:53):
We're gonna talk Well, we'll do a little segment on
the hometown Hero's Okay, we'll just do a little segment
on that and just a little bit.

Speaker 4 (07:00):
Yeah, because I think I missed. We didn't talk about
it last week. We didn't talk about before you did,
I wasn't here.

Speaker 5 (07:04):
Yeah, so we're going to talk about it this week
because I forgot last week. I apologize. Okay, before we
got you know, we got a pretty good interesting show.
There's a lot of stuff going on with the economy.
We're going to talk about that, just real quick. Interest
rates are still going down. I want to talk about
that a little bit. I want to talk a little

(07:25):
bit about insurance news. There's a couple of things that
happened in the insurance industry nationwide and locally. But before
I do that, I just wanted to go over the
properties I have for sale, which I haven't done for
a while, and I think I have, Like I know
that a couple of these already happened, but I've put
nine or ten properties under contract and We're in the

(07:47):
process of closing all those, but I still have some
other properties for sale, and I'm looking for new properties
to replace all the nine that I just sult. Anybody
thinking of selling, please give me a call. I love
to build up my inventory because right now I've only
got four properties for see, okay, which is kind of
low for me. So I have a brand new property.

(08:08):
Excited about this because Tom and Denise are longtime customers.
I've done deals with them in the past. Is my
audio okay, Jimmy, and I didn't know if I'm turning
my head wrong, Okay. So this property is seven oh
two Sunset Drive. It's in Lake Worth Beach. It's a
three bedroom, two bath. I like to call it like
a bungalow, but it's just a single family cinder block home.

(08:32):
But I like calling it a bungalow because this house,
this house was built in the fifties. It's in the
Lake Osborne Estates. Mike, you know where Lake Osborne is, Yes,
you know, over by John Prince Park and all that.

Speaker 4 (08:45):
Yeah.

Speaker 5 (08:46):
Yeah, So that's a really big activity community, very family oriented,
very walkable community. You've got that lake that's more than
a mile long. Lake Osborne. People go paddle boarding, jet skiing, vating,
wakeboarding on that, and then you got John Prince Park

(09:08):
right across the street, continuing into Lake Osborne. Goes from
Lake Osborne estates right into John Prince Park, which is
the seven hundred and thirty acre park that has lots
of activities there too. So this is a great, great neighborhood.
One of the things I love about this particular property,
it's fifteen hundred square feet three bedroom, two bath, is

(09:29):
that it's got the tarrasso and it's freshly polished taraszo floors.
I love toaszo floors, so I love that. And the
other thing I love is the vegetation in the vegetation
on the property. Because it's nineteen fifty something, right, all
the plants are old and mature. So they have these

(09:49):
trellises in the backyard for shade and completely covered in
Bogaville via right, you know, and that will get really
colorful when it starts blooming. I'm sure that's gorgeous. It
doesn't bloom right now, oh yeah, but it just feels
like I called it a tropical oasis in the listing.
It's not gigantic or anything. Fifteen hundred square feet. But

(10:10):
what a nice little house. And back then they had
the windows situated because a lot of people didn't have
air back then. This does sound central air, but back
then it was very common for the windows to be
situated so you can get the cross breeze in the house.
That was one of the ways. Tasso floor and situating
your house correctly for the wind where the two ways

(10:31):
you got air conditioning before air conditioning was in Florida.
So it's situated that way. And it has these big
windows with big sliders, so lots of lots of light
comes into the house and its gleaming off the toazo
floor is really really nice.

Speaker 2 (10:45):
That's excellent. Yeah, a quick question, so I looked up
the definition of a bungalow. Bungalow is typically a single
story home with the low sloping roof with a porch.

Speaker 5 (10:57):
As a nice screened im patio where you can look
over all the planets and everything.

Speaker 2 (11:00):
In their growing. It's very bungalow ish.

Speaker 5 (11:02):
It's bungalow. Maybe I should call it choppaucle. Get your
chopical bungalow ish bungalow show. Yeah, definitely not holding to it.
It's under five hundred thousand. It's only four to seventy five.
We only put a house on the market, I think Thursday.
We've already had a couple of showings on it. One
of the feedback on the showings was pretty good, so
hopefully we'll get that move for Tom and Denise soon.

(11:24):
One of the other things we did for Tom and
Denise was they were selling this for a relative who's
older and they live in another state and the house
is in a trust, but it wasn't clear as to
whether or not because the relative is much older in
another state during their nineties, right, So we were wondering

(11:46):
if we should get what's called a limited power of
attorney where the owner of the property can designate somebody
just for this transaction, not like their whole financial life,
to say, hey, you make all the decisions and sign
off for me on this property, right, or do they
need to have different type of production in case God forbid.

(12:07):
Something happened to the owner of the property and they
passed and they didn't wanted to go into probate, right,
So we got them over to attorney. The attorney gave
him some advice, They figured everything out, and they structured
everything correctly, so they're protected in case what if happens,
you know, unexpected, the unexpected happens unexpected, expect me unexpected sometimes, right,

(12:30):
So that you know, and that that's what one of
the things that makes you know, working with all of
us a little different. It isn't that I had the
answers for them. I didn't, right, but I had the
people that got them the aswer So you know, when
you need that kind of stuff, you know, you don't
know how valuable that is until you need it, so
you know, give us a call it yeah, and then

(12:51):
you're calling me then, right, and we'll try to help
you still, but it's a lot easier if you call
me the first time. Then try to clean.

Speaker 4 (12:57):
Up the mess.

Speaker 5 (12:58):
Trying to avoid the mess is better than clear it up.

Speaker 2 (13:00):
Florida tak real estate dot com.

Speaker 5 (13:02):
Thank you. We also have seventeen oh one Southwest clover
Leafs on the market. It's been on the market a
little bit now. This is a very tough one. It's
in pre foreclosure. We have it at two fifty. This
would be a great property. I'm still saying this. It'll
be a great property for a first time homeowner or

(13:22):
a homeowner that wants a fixer upper and wants to
get it valued low enough where they can do the
fixing up and and up being over approved at two
point fifty. I feel like this house needs a lot
of stuff. It needs a roof, It needs the resurfacing
of the pool, and the pool mechanicals probably need to
be done. The kitchens, the kitchen, the two bathrooms, the flooring,

(13:46):
the paint, the ac right, the roof's leaking. Okay, so
this house needs a lot.

Speaker 6 (13:53):
Man that was got me interested. You really sold it right, Well.

Speaker 5 (13:57):
It's seventy you know it's probably seventy five. Well, here
here's how it might sell. It's this is how I
might sell it if you will at two fifty. If
you put seventy five thousand in and Mike, if you'd
used FHA two oh three k construction loan, Yep, seventy
five thousand is considered a streamline right and less. Yeah, right,
seventy five thousand or less. So you get seventy five

(14:20):
thousand from FHA when you go in to buy the property.
Now you got three twenty five into it. By the
time you're done, you're definitely going to have the new roof,
the new pool, the new AC, the new kitchen. And
I can't say that you're going to get both bathrooms
and the flooring right, but you can get pretty far along.

(14:42):
It just depends how ruogle you are and how cost
effective you are.

Speaker 2 (14:46):
With your construction. You want to make it right right.

Speaker 5 (14:49):
But the thing is is that you can make it.
By the time you're done at three If you can
keep to your budget at three twenty five total into
the house, you'll have effectively almost a brand new house,
new roof, new ac, you know, all the all the mechanicals,
really new new pool right, and upgrades to the house right,
and you only have three twenty five in the in

(15:10):
the unit's probably worth three fifty to three eighty five.
You're not making a killing on it, but you're getting
extra value of equity for the for the money you
put into it right, and you get to make it
your own right, and you don't have to worry anything
about for the next ten years or so because you
don't have to worry about the roof for the AC
unless it gets damaged.

Speaker 4 (15:29):
Right, Derek wants to buy it, so you should.

Speaker 5 (15:31):
Who's Derek. I'm sorry, I don't even see that.

Speaker 4 (15:33):
You know, Derek on the on the comments, he's saying.

Speaker 5 (15:35):
Ah, oh Derek, Oh that Derek. How are you doing? Derek?
I reached out to you several months ago. I'm sorry.
He had called me and I was going through some stuff.
Is he on the phone?

Speaker 3 (15:45):
No, no, no, I was in the chatter thinking about
the square footage in address again.

Speaker 5 (15:49):
So yeah, that that's seventeen oh one Southwest clover Leaf
c L O V E R L E A F
Street in Port Saint Lucy. You could look it up.
It's on good Google, in homes dot com and everything
like that.

Speaker 2 (16:03):
It's in a quiet little area.

Speaker 3 (16:04):
Yeah, right off a crosstown, so your immediate access to
ninety five and a turnpike.

Speaker 4 (16:09):
It is.

Speaker 5 (16:09):
The one problem is is for investors, it's not really
a good deal for an investor that wants to buy
and fix it up and sell it, because if you're
putting seventy five into it and you're buying for two
fifty and it's worth three fifty to three eighty five,
you're not really making any money and you actually could
lose money with your carry costs and you're holding time
and the costs in the front end, back end you

(16:30):
could actually lose money on that deal. It's better for
a first time home buyer, or it doesn't have to
be first time home buyer, but a home buyer that
wants value and wants to fix it up themselves.

Speaker 4 (16:41):
There's enough space in there to do a renovation loan,
but there's probably not enough space for a flipper to
make the kind of profit that they would desire right now.

Speaker 5 (16:50):
The second type of person that this property would be
good for is an investor who wants to buy it
and keep it as a rental right because those people,
they're not going to make it brand new everything. They're
gonna put on the new roof and get the pool
out nice, and then they're gonna do renovations to make
the inside nice, but not brand new everything, just to
make turn it into a rental property.

Speaker 2 (17:11):
Or maybe new everything, just not top and new everything.

Speaker 5 (17:13):
Or not top that new everything right, well, just budget
right and new everything. And you know, you got a
three to two with a pool on a corner lot
that's fenced in, right, So you're probably gonna get twenty
two to twenty five on the unit right if you
want to go that way. So there's a lot of
opportunities with that property, and there it's an FHA assumable

(17:34):
loan at three point six percent for the loan that's there.
That gets a little complicated. Dum Mike Ha talked about
it because the house is not an FHA condition. That's
the biggest problem.

Speaker 4 (17:46):
Yeah, you can't. You wouldn't be able to take over
that loan and do a renovation loan.

Speaker 5 (17:50):
Yeah, you couldn't do You'd have to buy. Yeah, you'd
have to take over the loan and then get extra
money from somewhere else, if your second mortgage or cash
in your pocket to do the construction fuction. Yep, But
that could be good for an investor. Could you use
the assumable loan if you were an investor? Do you
have to use it as a primary if it's assumable?

Speaker 4 (18:11):
So my gut tells me no, But there might be
something based on when they took the like the year
they took the loan in the first place. There's some
threshold where it can be an investment property. So I
want to say no, you wouldn't be like FHA loans.
If you're assuming it. You have to get approved as
the new borrower. Basically to qualify for that existing loan,

(18:32):
and of course FAHA is for primary residence. Yeah, there's
some sort of qualification. But if that original loan was
taken before a certain year, and I'm talking way back,
maybe there's something there.

Speaker 5 (18:42):
So this is an opportunity. When I last checked on Cloverleaf,
it was this least expensive pool home in the city
of Port Saint Lucy at two fifty. So there's no
pool home under you know, under us at this point.
So there's really good value in there. If you want
a three bedroom, two bath pool home and getting it
in the low threes after it's been fixed up, you know,

(19:03):
that's a pretty good deal for somebody. We're just waiting
for the right person. That's a couple other things. We
still got to log cabin for sale over in Royal
Palm Beach.

Speaker 2 (19:11):
I love that property.

Speaker 5 (19:12):
Yeah, that property.

Speaker 4 (19:13):
I know.

Speaker 5 (19:13):
I thought I thought we had a buyer, but it
didn't work out. But it's a it's a really nice lot.
The thing I love about that lot, the reason why
Johnny says he loves that property. He and his family
came out to look at it twice. I love that lot.
That lot has a lot of character to me, is
that a great Is that a good way to describe that,

(19:34):
to say it as character?

Speaker 2 (19:35):
Yeah, So I mean it's it's Western living with what
do you mean, locks life, locks life with with with
a cabin flare, So it is. It is easy, unique
for sure. And they even put like some some tropical
living in it because it's got a little teaky hut
by the pool. It's it's this weird character is a
good way of putting it. But it's it's it's that

(19:57):
Western living and if you like a cabin home, I
love a cabin home. My mom's first words were exactly
what I felt. It reminded me of like camp in
the northeast Maine was where my family's camp was, where
my great Auntie lived. Like it literally could be forty
yards from Square Pond, where I spent many summer you

(20:20):
know what I mean. It just felt But the commdity,
You're like, oh, this isn't main Yeah, those aren't plants
that I'm used to, And that's not blueberry. What's the
address on that?

Speaker 5 (20:30):
This one is one three three five six fifty second
Court North in Royal Palm Beach. We have this one
at five seventy five. There is some room to play
in that price, and it does need a little bit
of work. The house does need some work, but it
has a twenty nineteen metal roof, it's got impact windows
in the main house, and this has a second building

(20:53):
where there's a one to one I was trying to
do the square footage Johnny for it, and I can't
have figured it out yet for this, Yeah, because the
county records say it's somewhere between six hundred and seventy
square feet and eleven hundred square feet And what do
you think the one one part is. I know that's
six seventy.

Speaker 2 (21:14):
At least in my head, I'm like seventy.

Speaker 5 (21:16):
Yeah, so that's probably like seven hundred square feet that, yeah,
as a full kitchen, a decent sized living room surprisingly,
and a.

Speaker 2 (21:24):
Smaller kitchen is pretty spacious too.

Speaker 5 (21:26):
Yeah, And the kitchen is very large with one bathroom
and then a bedroom, and then that goes out into
a one car garage that's being used as a shop,
and then there's also a car port.

Speaker 2 (21:38):
The biggest one car garage you'll ever see though. Yeah,
it's a big two car garage with like a one
car opening.

Speaker 5 (21:45):
Yeah, it's just what it is.

Speaker 2 (21:47):
Yeah, I could put I could put three or four
cars in there if I angled them right. Yeah, and
there was a single file instead of side by hide yeah,
put one.

Speaker 4 (21:57):
Yeah, it's just how many smart cars you put it.

Speaker 2 (22:01):
If I could probably stack maybe five or six yeah, yeah,
but it's your family. It's a single opening. But when
you go in the garage like it it opens up
away from the door.

Speaker 4 (22:13):
Yeah, it's one area for parking and the other ones
for car garage.

Speaker 5 (22:17):
Yeah. And so if you're looking for that locks life,
I love that. I love you that. I haven't thought
about using that. So if you want the locks like
with the log log cabin flair, that property might be
for you. So give us a call.

Speaker 4 (22:34):
Thousand Johnny may not be giving up yet.

Speaker 2 (22:37):
Now I have it's not ours, it doesn't not our property.
It doesn't match all of our needs, but it's pretty
much my portion of the need would have been the
log cabin. And obviously, but you're easy. The log cabin
is awesome and it doesn't need a ton right from
I mean, obviously you need an inspection, but I don't think.

(22:57):
I don't think the property itself, the whole itself needs
a ton. But there's there's a lot that's needed kind
of around it. Yeah.

Speaker 4 (23:05):
Yeah.

Speaker 5 (23:06):
So and then my last property, which is my least
expensive property, but it's a really cute little place. It's
three oh three one Southeast Lexington Lakes and Stuart. It
is a sorry I don't remember how many square feet
it is. It is a two bedroom, two bath, one

(23:27):
thousand square feet living space. It has a oversized one
car garage on it. And the way it works is
is the garage is on the first floor and then
you walk upstairs and then you have your two bedroom,
two bath unit upstairs. It's in a great part of Stuart,
close to ninety five in the turnpike. But also, you know,

(23:48):
downtown's probably ten minutes fifteen minute drive to downtown Stuart, which.

Speaker 4 (23:52):
I love downtown to Stewart.

Speaker 5 (23:53):
And you know, this would be a great deal for
a teacher. Mike, if somebody bought this a two four
with FAHA financing and they were a teacher, I think
this one. Nope, I forgot. This is a condo. I forgot.
I thought this was a townhome. This is a condo.
So you're this one. I don't think that, Nancy.

Speaker 4 (24:14):
Let me see. If Nancy said, then you check to
see if it's FAHA approved.

Speaker 5 (24:19):
I'm trying to look here and I don't remember.

Speaker 4 (24:22):
Where were you going with your FAHA question, Because you
can do I don't know if this is a news flash,
but you can do low down payment conventional loans. Also,
sometimes even less than FHA, you can do three percent down.

Speaker 5 (24:35):
Oh it says it's not approved. It's not approved for
FHA or VA financer.

Speaker 4 (24:40):
Sometimes depends on your income you make under a certain amount.
Well they had let me say this, you can almost
always do a three percent down, whether it's the good
three percent down program or the not so good three
percent down program, depends on your income.

Speaker 2 (24:57):
Okay, Yeah, so there's a more favorable yes, if you
make less income.

Speaker 4 (25:02):
Exactly or just below the limit. Yeah, I mean likes
you know, but.

Speaker 2 (25:06):
They kind of punish you in a way to put
less skin in the game if you can afford it.

Speaker 4 (25:10):
Yeah, so just say, like the three percent down represents
an elevated level of risk, and when there's elevated risk,
you kind of like pay for it one way. And
the mortgage insurance factor is just a very simple example.
The interest rate could be changed, but the am I
being higher on one versus the other could be the difference.

Speaker 2 (25:27):
And that's that's not like you said, all risk.

Speaker 4 (25:29):
So yeah, yeah, just about just because you don't have skin,
skin in the game. Yeah, So the traditional now they
have programs like Home Ready and Home Possible where it's like, hey, listen,
we understand saving that amount of money is difficult. We're
not going to punish you for it, right, right, So
there's help with skin in the game, right part. And
there's down payment assistant it's right, absolutely, down payment assistance

(25:50):
programs of course. Hometown Heroes actually that's rolling out Jim on.

Speaker 5 (25:55):
The eighteen on Monday. Monday's the eighteenth.

Speaker 4 (25:57):
They finally have opened up the cough first for Hometown here.

Speaker 5 (26:02):
And it's it's different and the same. So we'll get
into that a little bit. It's gonna be the same
bit different because we're going backwards on it. But this
is a really nice unit in the unit uh Lexington Lakes,
the too too, uh the two two town home slash condo.
It is really nice condition upstairs. You don't have to

(26:23):
do anything. It's turnkey, it's ready to go, really nice unit.
I helped that owner, Diane. She ended up moving to Missouri.
So the house is vacant right now. So she wants
the house sold. So let's get that going. Okay, excellent, Yeah,
let me see here. Oh I just wanted to. I

(26:44):
pulled this up because I was just curious. When I
was driving over here, I was at the light at
forty fifth Street and ninety five waiting to get to
the studio, and I.

Speaker 4 (26:54):
Just sign your hand.

Speaker 5 (26:55):
No, But I had, I had. I saw a dragon house.
I saw a couple of dragon flies like fly in
front of my car, and I was like, I haven't
seen dragonflies forever. Have you guys seen a lot of ye.

Speaker 2 (27:07):
To see him? I done him every day.

Speaker 4 (27:11):
You live in a high rise condo on the beach,
like you're going to.

Speaker 5 (27:16):
I was in Okachobee City yesterday, Mike, Oh so yeah. So.
So the thing is is, I was surprised. I remember
when I was a kid, I used to see him
all the time. They'd be buzzers all the time everywhere,
and I don't see him anymore now.

Speaker 2 (27:31):
I don't know.

Speaker 4 (27:31):
Is it like dragonfly season right now? But that's what
I looked up, was summer, late late summer you see them.

Speaker 6 (27:37):
I feel like it is late summer because during like
high school football. I remember, if you could catch one.
I saw, I see I see the pool high school football.
Definitely in the said summer, well late, I guess lately,
because that's when football started.

Speaker 4 (27:54):
Yeah, yeah, so I see him drinking out of the pool.

Speaker 2 (27:58):
Yeah, I see him. I see him one of in
the pool. And you know we're not in the winter
so much. But yeah, they're always die bombing around in
the pool.

Speaker 5 (28:05):
I never see him anymore. I don't know why. It's
that's kind of like the flying the flying roaches, the
metal but I hardly see them anymore.

Speaker 2 (28:16):
We were we were out of h Commence Park last
night for the you know concert series, and the dragons
fly they were everywhere.

Speaker 5 (28:25):
That's so crazy.

Speaker 4 (28:26):
I don't know why.

Speaker 5 (28:26):
I guess it's just me. It's like that time I
saw the Florida key deer on the turnpike coming down
here in ninety five, and you're like, I see them
all the time. Yeah, like I never see deer in Bombach.

Speaker 2 (28:37):
County, especially hitchhiking.

Speaker 5 (28:39):
I mean, geez, yeah, exactly right, So anyway, dragonflies are around.
I thought that they were kind of like, uh, what
do you call those bugs that destroy your car?

Speaker 2 (28:52):
Bugs?

Speaker 5 (28:52):
Love bugs? Right, because they kind of disappeared for a
long time and then they came back and blah blah blah.
But the dragonflies, according to the news inder Court, everybody
in this room except Jimmy d.

Speaker 4 (29:02):
They're still here.

Speaker 5 (29:03):
They're alive and well and kicking and uh their number
one food sources uh is mosquitos. So here's a good thing, Skeeter.
So we like the dragonflies, So stay around. Let's go
ahead and take a break on the flip side. Either
we're going to talk about hometown heroes or insurance. You
guys decide your interest rates.

Speaker 2 (29:21):
That's our rest.

Speaker 5 (29:22):
Well, interest rates will come later. I promise we'll cover
Mike has Mike's excited because we get to talk about
good news on the interest rates.

Speaker 2 (29:29):
Well, the good news is that we have a lot
to get into and plenty of time to cover it.
And of course you're always welcome to join us toll
free eight seven seven nine two seven six nine six nine.
I even seen the phone lines ringing as we speak.
You can do that. Jimmy'll line you up during our
quick break and if you're if you're so desiring to
be on the radio, we will get you there with
the conversation at hand, or your questions at hand, whether

(29:51):
you're buying a home, selling home, stuck with a home,
you don't know what to do, anything that touches the
world of real estate, dive on in. Of course, if
you're not comfortable on the radio, I do understand. Always
remember Florida Talk real Estate is a dot com, your
one stop real estate shop. It's Florida Talkrealestate dot com.
There's a team of prospros. They're experts in their field
and they work cohesively together. If you never experienced it,

(30:14):
you can go to Florida talkre Estate dot com. Get
it in your life, change your life. Buying a home,
selling home, stuck with a home, We don't know what
to do. I can't say it anymore. Trust the team
at Floridatalkreestate dot com. We're back in four minutes. It's
a four minute quick reset and we got loss to
get into you. Thanks for being there. Florida Talk real Estate.
Right here, it's thro All Radio.

Speaker 1 (30:47):
This is Florida Talk real Estate with Jim Depola and
Johnny c. Got a question for the show. Call us
live at one eight seven, seven nine, two, seven sixty
nine sixty nine.

Speaker 4 (30:57):
Oh.

Speaker 2 (30:57):
Hell yeah eight seven seven nine six nine six nine.
I know it works because I see Jimothy over there
answering phone lines, getting things going. Thanks for being there.
Appreciate you toll free. If you'd like to join the program,
I just gave it to you. I'll give it to
you again before the next hour and a half up
at least I should. Johnny See, that's me. Jimothy is

(31:17):
our producer extraordinair. What's up, my dude?

Speaker 3 (31:19):
Hello, Hello, good morning, And this is what I hear
when I answered the phone.

Speaker 2 (31:23):
That's it. Oh you're getting pranked over there. Yeah, yeah, yeah,
somebody's pumping me. Yeah, right, was your refrigerator running? Better
go catch it? Jeez, Good morning, Johnny, Hell, I'm good man.
Good to see is always. We got Mike Row He's
the mortgage guy from the mortgage firm. He's right here too.

Speaker 4 (31:45):
Hello, Michael, I am good morning. Hello, se. I think
Mike's the one that's calling to probably yeah, you got
that on speed dial? Like, what's the number again?

Speaker 2 (31:55):
Eight seven seven nine two seven six nine six line.
And I'm not certain, but I know back in the day,
if you misdowed that, you got some weird connections. Oh yeah,
they were like, oh you want some hot.

Speaker 4 (32:08):
Man that we weren't toll free.

Speaker 2 (32:09):
Now, well, yeah, that you did have to pay eventually.
I think how much was it. I think it was
probably more than that now, I think.

Speaker 4 (32:19):
And data and messaging rates could apply.

Speaker 2 (32:21):
They probably did. Yeah, so dial carefully and if you
get a weird it's not just jamathy, Jimothy might answer,
I usually do. Yeah, it might. But if you get
that you dialed wrong, it's eight seven seven nine two
seven six nine six nine. And I'll let you decide
which part of that threw everybody off.

Speaker 4 (32:39):
I'm trying to come up with the funny Florida to
real estate.

Speaker 2 (32:42):
It's like, I don't know.

Speaker 4 (32:45):
I still thinks you to be a second.

Speaker 2 (32:46):
Yeah as Ross Carbert dance with right away assurance, Jude know, beach,
what's up? Ross?

Speaker 4 (32:53):
Not a whole lot?

Speaker 2 (32:53):
Glad to be been a while. It feels like it has.
It's always good to see you, even though you're hiding
behind the.

Speaker 4 (32:58):
Sun and I can't hear you. I can't I can
hear you, I can't see it.

Speaker 2 (33:02):
Turn my head hole.

Speaker 4 (33:03):
We're in the same studio and I can't see it.

Speaker 2 (33:05):
I know you're two feet away from it. We could
dap though.

Speaker 4 (33:08):
Florida Stalk real Estate, Stock real Estate. There's another one.
I'm like Wilson, this is more of a construction show.
It's Florida Cock real Estate.

Speaker 2 (33:18):
Oh I love that. I'm really good at that. I
can lay a bead. I'll tell you right now, and
you'd be like, man, that's like professional, like like yeah,
watch it. I can do this all day.

Speaker 4 (33:27):
Florida Cock real Estate.

Speaker 2 (33:28):
Yeah. Well, it's all about it's all about the angle
of the tip. You have to cut the tip just
right so you can lay that beat. And then you
gotta have fat fingers and run that run that, run
that fat finger right down the grooves. I have a
two finger kaind of guy Dry. No manipulation.

Speaker 5 (33:50):
Town.

Speaker 2 (33:50):
No Mike spoken like someone has never done, at least
lick it the fingers.

Speaker 4 (33:59):
That is yikes.

Speaker 2 (34:01):
Jimmy Dee's over here too. There's jim to pull our
fearless leader thirteen fearless Isaiah thirteen plus years now. He
runs a top producing floor the home pros. That's why
our numbers of Egypt are going up. They're big on
the beat over there.

Speaker 5 (34:18):
It's funny that you mentioned the don't dial the wrong
number or you're going to get a surprise thing. Remember
the rocket Science scientists I was going to have on
the show, So this is a long time ago. Don't
have a Rocket Science July fourth. July fourth every for
a while there, every July fourth. I use it as
like just things that I thought were cool kind of

(34:41):
things I would just bring people on, not related to
real estate. And one of the times I had one
of my former editors on because she used to take
daily pictures of the beach every day. That was becoming
really popular on the internet. Daily every day, Yeah, every.

Speaker 2 (34:58):
Day, Department of redundancy to.

Speaker 5 (35:00):
Yeah, exactly. She as an editor. She would critique me
on that. And then one of the things we wanted
to do, I wanted this guy from NASA, from the
Jeff Propulsion Laboratory, because he created this really cool app.
It was almost like a game where you could follow
I think it was Voyager one or Voyager two, and
you could follow it on this app. But it looked

(35:21):
more like a video game, so it wasn't. It looked
it was. It was simulation, but it was very it
was science space, but very video gaming, and you could
move the thing around and show you what photos that
had taken during that time in that run. It was awesome, right,
So I'm really into that kind of stuff. So I
figured out, I'll have this guy come on. He's from Florida,

(35:43):
you know, he's from uh, you know, Cape Kennedy or
Cape Canaveral or whatever what is. I know they don't
call Cape kennymore whatever it is now and Kennedy, Yeah, Kenny,
say thank you. So, uh, he doesn't call, and I'm
on the show. I'm like, why didn't this guy call?
So I get off the air and I have this
really long email message from this guy who's just ripping

(36:04):
me a new one. I don't understand why you would
do this to me. Were you trying to punk me?
Or you some kind of punk joke? Is punk was
really popular about then, right, you know this is when
we were beginning of the show, right, And he's like,
were you trying to punk me? I don't even understand
why you were doing this to me? Blah blah blah.
He just went off, right. So I called him up

(36:25):
and I said, doctor so and so whatever the guy's
name is, I said, could you please read the number
off your phone? That you called, and he tells me
the number, and I said, now, could you go to
the email and read the number that I gave you.
And the difference was eight seven seven and not eight
seven seven, another eight number that everybody uses all the time.

(36:50):
And he got that and it was the mail porn site.
And he thought I was punking him and making him
call up on the mail porn site. And then he goes, oh,
like he was so embarrass right because he had ripped
into me so bad he had dialed the wrong number.
And I go, yeah, I understand you're a rocket scientist anyway,
And I think when you say, don't dial the wrong number.

(37:12):
Every time I think of that that.

Speaker 2 (37:13):
Guy, that's terrible.

Speaker 5 (37:14):
It's funny, Yeah, terrible, but not terrible.

Speaker 2 (37:17):
I mean, it's it's it's it's shocking in the moment,
I'm sure, Yeah, it's not what you're expecting, not the
voice you're expected.

Speaker 5 (37:23):
And it is kind of funny because from his perspective,
you could be you can understand him going what way
to the point of him doing that, he doesn't know
me from Adamy cost of the Blue, Here's there wants
to be on the radio show. And then it gives
me the porn site.

Speaker 2 (37:35):
So I have a if you've listened to this, hell,
if you've listened for the last ten minutes, I have
a twisted sense of humor for sure. Yeah. My favorite
part of that is he probably downed at like three
maybe four times in a row. Oh my goodness, is
like no, no, and then by the fourth time he's like,
all right, save the contacts. Yeah.

Speaker 4 (37:55):
In his rant that he's been like, I've been on
the phone for an hour.

Speaker 2 (38:05):
Charity sounds nice.

Speaker 5 (38:11):
So we didn't decide. We didn't decide insurance or hometown heroes,
which you want?

Speaker 2 (38:17):
Arm wrestled during the breaking Oh, talk about it.

Speaker 4 (38:20):
Why don't we talk about insurance because there's big yeah,
the great news there, right.

Speaker 5 (38:24):
Well, well there's some there's some news that what is it,
what do you call misery loves company news? That's I
would call it. So the first news.

Speaker 2 (38:35):
Is great news this week like great news.

Speaker 4 (38:37):
That depends on how your perspective. I mean, we're seeing
some great decreases. Yeah, yeah, this week news.

Speaker 5 (38:45):
Well, let's let's do that. Then let's do that first
and then we'll get into the other things. So tell me,
tell me, because I don't know what's going on?

Speaker 6 (38:52):
Oh I no, I mean just kind of continuing in uh,
you know, stabilization of the market. You know, we're seeing
carriers I think, you know, like maybe a month or
so ago and you know, one of the carriers came
out and said we're dropping everything by like ten percent.
And then and then this week we had another carrier
come out and saying that they're lowering it by probably

(39:14):
I think maybe an average of eight eight percent, could
be fourteen percent in some areas. So you know, while
rates are kind of still high, they're starting to you know,
either we're we're either not seeing the increases as much anymore,
or they're starting to come down. I mean eight percent
is good.

Speaker 5 (39:30):
Sure, are we at time? Are we at time now?

Speaker 4 (39:34):
Yeah?

Speaker 5 (39:34):
You know, ten percent? If the average policy right now
is six thousand dollars ten percent, that's fifty bucks a
month on your mortgage.

Speaker 4 (39:42):
Yeah. Right.

Speaker 5 (39:43):
So so my question is my question is is it
time for us to start saying, hey, you know, you
should check your insurance policy to see if you can
get a you know, a a discount on your coverage
right now, or do you think it's too premature?

Speaker 6 (40:02):
I mean, I would say if you're if you're if
your roof is less than ten years old, then yeah,
there's a we're starting we're starting to see you know,
because we're still seeing some carriers have rate increases at renewal.
So yes, you know, we're having other carriers have decreases.

(40:22):
So we are seeing a savings opportunity for.

Speaker 5 (40:25):
So, would you say if your roof is less than
ten years old? What do you mean by I would
assume that you would save the roof is ten years
old or more or less? Oh oh you said less
than ten years old. Yeah, I was thinking more than
ten years old or less. Yeah, so less than ten
years old. You maybe should go ahead and do a
quote again that's what you're thinking.

Speaker 6 (40:45):
Yeah, yeah, I think that we're starting to see savings.
I think, you know, just off the top of my head,
you know, I think I saw like a at least
like a twenty four hundred and then like the seventeen
hundred savings.

Speaker 4 (41:03):
Yeah, is that a different carrier. So are you saying
like there's now more carriers who are operating in the
roof ten years or less space? Is that why you're
getting savings? Or you say like your carrier is going
to give you no, no, no, the there's.

Speaker 6 (41:21):
There's other carriers out there and their rates are becoming
more competitive.

Speaker 4 (41:25):
Okay, okay, So.

Speaker 6 (41:28):
Whether or not you've had if your rate goes up
this year, yeah, it'd probably a good idea to check it,
just because we are seeing more competitive care.

Speaker 2 (41:36):
Okay. Yeah. So the article that I read and because
the number, and I wanted to pull it up again
because there was a bunch of numbers in here and
I wanted to make sure I weren't confusing them. It
was you cool with me mentioning names. I guess it
doesn't matter, right.

Speaker 5 (41:49):
Yeah.

Speaker 2 (41:49):
They said it's the ninth and largest insurer in the state.
There Peninsula Florida Peninsula.

Speaker 4 (41:53):
Insure Florida Peninsula, And.

Speaker 2 (41:55):
This was the one that was highlighted in the Florida
Ensure plans big its rate cut in its history. As
Ross already mentioned, it's they're proposing a statewide reduction just
over eight percent twelve percent for condo owners. But when
I read this, I was like, well, if they're the
ninth biggest, clearly this is a trend that's probably taken

(42:16):
over in the industry because everybody has to compete. And
I mean, so there's eight more that have more insures.
But one of the big takeaways from this article was,
and this is probably hand in hand with why it's happening,
along with over the two years of ross saying, look,
the changes in litigation, like the way that we can

(42:36):
sue in this company or in the state with insurance,
is going to change our trajectory on premiums. They said
in Florida, at least in this article, they said in Florida,
they collected more premiums then paid out claims for the
first time since twenty fifteen last year. So that's firmer
footing here, insurers. Yeah, yeah, to.

Speaker 4 (42:55):
Start being probably a direct result of that legislation. From
where are we at three years now that they passed
that or two years Yeah, it's December of twenty two, Okay, yeah,
so that.

Speaker 2 (43:05):
Would be a claim, right, I mean, regardless of how
it's paid, right.

Speaker 4 (43:08):
I think they made it harder to win. At the
end of the day, they definitely do right, and so
if the chances of winning go down, probably the you know,
the number of claims got in a nutshell.

Speaker 2 (43:22):
The tort reform absolutely is working, has been working. We're
watching it.

Speaker 5 (43:26):
It's working because the insurance companies are saving money. I
think it was way, way lopsided in favor of the
owners in the past. It was too lenient. That's why
we had all the abuse. It was pretty easy to
assume your insurance company. Yeah, but now I'm almost worried
that swing swing swinging too far the other way. It's

(43:49):
too early to know. But we are getting savings from it,
So everybody is benefiting, even if it is swinging too far.
But the people that need the insurance it's tough claim
that becomes tougher. Yeah, and you also have to set
your expectations more realistic as to what you're going to
get from the insurance company. Everybody seems like when they

(44:11):
had an insurance claim wrong, tell me if I'm wrong
about this. Because you've been doing it for so long,
doesn't it seem like a lot of people just thought
it was almost like winning the lottery. It's like, oh,
I'm going to get all this work done to my
house or whatever. I just feel like a lot of
people did things that way. I'm still seeing that.

Speaker 6 (44:27):
I mean, I think that a lot of the time
is the mentality. Yeah, you know, like the insurance companies,
the bank you know, like when it's just free money.

Speaker 5 (44:36):
And I think that abuse. I think people are going
to have to learn it isn't like that anymore. And
it was like that for a while you got a
lot of benefit that you weren't expecting from insurance companies.

Speaker 4 (44:47):
Yeah, I kind of I summed it up like it's
harder to win when I win doesn't mean like you prevail,
just means like what's the definition of winning. You could
still prevail, but you're not getting enough money to pay
your lawyer and to pay for your claim. Right, So
is that really a win?

Speaker 2 (45:04):
Right?

Speaker 4 (45:04):
So that when I say it makes it more difficult
to win, it is makes more more difficult to come
out with your side of things, like getting everything they
want right?

Speaker 2 (45:11):
Right?

Speaker 4 (45:11):
Whereas you know you you maybe in the past sued
for one hundred and fifty thousand dollars to replace a
thirty thousand dollars roof, right because you had water damage
and drywall and you know, adjusters and lawyers, right, exactly
what did you right? Hard?

Speaker 6 (45:26):
You have that that has changed because I see, you know,
like a lot of the I see some you know,
if somebody files a claim, I get a lot of
the times I get like an email and I can
see it and you know what's going on, and oftentimes
I get like a denial, you know, and somebody will
file a hail claim and the insurance company will be like, hey,
we looked at the meteorology, like you know, they can

(45:47):
look back at you know, the weather and you know
everything that's happened on a particular day in a particular area.

Speaker 4 (45:55):
Like so you're telling me I'm lying little ice balls
didn't come down and hit my house. Feels like yeah,
just and I mean they missed the car too. Wow,
So yeah, you know how that could be? Yeah, yeah,
so Florida, Florida.

Speaker 6 (46:12):
Yeah, so is that you know, Like I'm sure at
some point that would have been a lawsuit, you know
what I mean, and then the insurance company settles and
has to pay the attorney's fees and so.

Speaker 4 (46:22):
Like, you know, I don't know.

Speaker 5 (46:26):
Yeah, well, well, one of the things we need to
tell the audience because it's been a while since this
has happened, and we might be on the beginning of
a trend like we had back I don't know, six
seven years ago, but this might be the beginning of
the great time to get a savings for your mortgage
payment because your escro payment will be less if you

(46:48):
get a cheaper insurance not cheaper, but a lower cost
insurance policy. And reason why I'm saying cheaper, It doesn't
necessarily mean that you're getting a discount because you're getting
less coverage. It's just that the cover you're getting costs less. Compete. Yeah,
so we've seen people save lots of lots of money
in the past, and Ross he's just talking about seventeen

(47:09):
hundred and twenty four hundred that that's a savings like
on your escrow payment. If you have an escrow two
hundred dollars a month for the twenty four hundred and
like one hundred and fifty dollars a month almost for
the seventeen hundred.

Speaker 2 (47:22):
That's huge.

Speaker 5 (47:22):
So it's a huge amount of money that you could save.
And we loved when people came and we used to
say on the show all the time, Hey, somebody just saved,
you know, one hundred and ten dollars a month on
their mortgage payment. You know, and you don't have to
pay for the cost of a refin, like you're not
refining your mortgage or something. All you're doing is changing
something there's really no cost to it other than the

(47:42):
time to All you got to do is go to
Florida tac Real Estate, send out an email saying, here's
my address. Can you give me insurance quote? Please? We
give it to Ross Ross that day or the next
day at the latest. And that's very unusual. He gives
you the quotes and then you figure out if it's
good or not. The only thing I would reckon mend
is if the quote. If Ross's quote is not the

(48:05):
better of the two quotes, let's say what you got.
The answer might be it's not ready for you yet,
your your particular house isn't getting the discounts that other
people are getting, or you want to make sure that
the policies are exactly the same. Because am I correct
about that? Russ? I'm basically saying all this stuff that
you've told me that I learned from saying No.

Speaker 6 (48:26):
I mean, ideally, if we can see a copy of
the current declarations page and doing apples tapples comparison, you
know and or make coverage recommendations that you may.

Speaker 4 (48:36):
Not know that you have or don't have.

Speaker 6 (48:39):
Ideally, that's the best way to do it, because then
we can flat out say hey, nope, you've got your
your policy's great, keep it. Or hey, look we can
save you money for the same coverage.

Speaker 5 (48:49):
Yeah, maybe you pull out the declarations page after you
get the quote from Ross so that you compare Apple staples.
In case you're deciding now.

Speaker 4 (48:57):
Maybe we should run like a thing like we want
we want Ross to compare two hundred policies and let's
see what the ratio is. You know, of the two hundred,
here is where people who could save money apples to apples,
you could do better the same. Maybe that's a good
barometer for where we're at in the insurance world. That'd
be cool. How many would you like for that contest?

(49:18):
It's one hundred a good number. One hundred a good
numbers that'd be. That'd be a good number. Yeah, we
can sample.

Speaker 5 (49:26):
Just go to Florida talk real estate. Just say hey,
I one insurance quote. Here's my address.

Speaker 2 (49:30):
I mean it's kind of that simple, right, And.

Speaker 5 (49:33):
Can you measure if you said twenty four hundred dollars
from that? Imagine like if that happened to you in
real life. We got to send a little email say okay,
you goofballs, go ahead, here's my address see and Ross
saves you twenty four hundred.

Speaker 2 (49:45):
Dollars a year with identical or maybe even better.

Speaker 5 (49:49):
It's like, hey, I guess those guys are goofballs.

Speaker 4 (49:51):
I mean this is mcgalley's first thing. She I guess
she shot with Ross and save fourteen hundred dollars a year.

Speaker 5 (49:57):
Fourteen hundred. That's awesome, mcgauley. So how you see mcgolly's
been watching us on YouTube or Facebook for quite a
while now, she's been one of our core awesome and
so thank you mcgaully. And it paid off for she
saved fourteen hundred dollars from listening.

Speaker 4 (50:12):
To this show.

Speaker 5 (50:13):
Is that awesome or wise? I love that. It makes
me happy.

Speaker 4 (50:16):
I'm sorry that.

Speaker 5 (50:18):
I don't need to have a cut. I'm just smiling.
I got little goosebumps because I like what it's about.
I last start helping people.

Speaker 4 (50:25):
Really.

Speaker 5 (50:25):
Yeah, it makes me really happy with what happens.

Speaker 4 (50:27):
And Johnny, you do it every single year you check
your insurance. It's it's been a couple you pay attention, right,
Yeah I do.

Speaker 2 (50:35):
I actually reached out to uh to Ross not long ago.
He's like, give me a declaration. I was like, all right,
and it's I think two months have past, so I
have to get him my declaration.

Speaker 4 (50:43):
Oh he's waiting on you.

Speaker 2 (50:44):
He's waiting on me because I'm the dummy.

Speaker 4 (50:46):
Yeah. This is where AI is really going to help
us in the future, because instead of relying on yourself,
you can be like, hey, you know john eh, Johnny,
can you get get my policy?

Speaker 6 (50:57):
I mean I can send you a link. Do you
have an online an account with you people?

Speaker 2 (51:02):
I'm not trying to just get vagities. I want I
want a real deal. That's why that declaration is so important,
so we can get exactly.

Speaker 6 (51:09):
But I mean I I if so, even if you
can't put your fingers on your declarations page, I can
send you a link through with a company called Canopy Connect.
And what it does is if you have an online
account with your insurance provider, you log into it as
if you were and then it'll send me a link
that I can see your declarations page.

Speaker 2 (51:31):
I might just have to give you my email.

Speaker 4 (51:34):
Password. Then you're like, I don't know my log ins.
It's in my phone. I'm like, well, you know how
to open it, and I don't know how to do that. Yeah,
that's my problem. I don't know. I deal with that
kind of stuff all the time.

Speaker 2 (51:46):
Google remembers all that.

Speaker 4 (51:48):
I can't get into this, and I'm like, what, just
all right, let me help you out.

Speaker 5 (51:54):
Password for you know those password lock box things where
you put everything into it and then you have one password.

Speaker 4 (52:01):
Right, there's only one trick. You got to remember the
one password.

Speaker 5 (52:04):
No, I don't have. I didn't have a problem with that.
But then it asked me to update the password. I
was on my phone. I was in the process of
updating the password. Didn't notice that. I'll never forget this
is like a year ago because it was like black black,
whatever day it was, and my phone died in the

(52:24):
middle of changing the password. Block me out, nobody to
talk to in that company. Send a million emails. They
have like five hundred of my passwords, right, Like, because
I have like a crazy amount of passwords.

Speaker 4 (52:37):
Yeah, I don't know.

Speaker 5 (52:38):
Maybe that's normal for me.

Speaker 4 (52:39):
Now you're going to spend the next ten years of
your life digging through a garbage dump.

Speaker 5 (52:42):
And that's what I'm so, I know, right, and so
I know right, you're talking about the stuff. Yeah, and
I it was like I lost everything, right, and then
I had to rebuild everything. It's like forgot my password,
forgot my password. But just to continue with the insurance

(53:03):
for this segment, I just wanted to I did want
to bring up one thing, oh, actually two things real quick.
Everybody in the country now is experiencing the insurance crisis
that we've been going through for years before. We're kind
of getting out of the home and everybody. Right, it
says like CNBC homeowners insurance premium premiums very wide, widely

(53:26):
from state to state, but they're all going up. So
then I was looking at the chart and I thought,
this is kind of interesting, and it kind of just
confirms what Ross and you guys were already saying. So
the projected increases for homeowners in the United States, we're
closer to like the eight to ten percent increase statewide, right,

(53:48):
but that puts us at there's like a third of
the country that's seeing higher increases than us. We were
the number one increase in the whole country, right, We
had the highest increases with the highest and how long
amount this is just from twenty twenty four to twenty
twenty five.

Speaker 2 (54:07):
I don't wonder just talking about decreases.

Speaker 5 (54:09):
Well, what I'm saying is, but statewide they're saying that overall,
they're projecting that we're seeing increases percentage wise, but not
as bad as they used to be. But here's the
thing when it comes no, no, but it is, because
it says when you compare the year over year actual
cost increase was still at the top of the chart

(54:29):
of more than five hundred dollars a year. So Texas, Florida,
now some of the other states are really surprising that
in this category Minnesota, Iowa, Nebraska, Colorado, California could understand, right,
Louisiana is the worst of the worst. That's now the
number one worst state for insurance. Florida's not number one anymore, Louisiana.

(54:51):
I don't know for number two or number four, but
Louisiana is the worst, right. But some of the ones
that are surprised in Oklahoma is that.

Speaker 2 (54:59):
You think that it's all because the age of though
so much of the infrastructure there.

Speaker 5 (55:02):
They're saying it's natural disaster events, that's what they're saying
is causing these nationwide price increases. But Florida, we are
seeing decreases, like Ross is saying in real life. And
this is why headlines you can't base your life on
headlines because you might make the wrong decisions. You've read
the CNBC report. You're not checking your insurance policy because

(55:25):
it says you're gonna go up eight to ten percent
this year. Right, So you're just like, I'm glad I
got what I want. But if you listen to this show,
it's like, hey, maybe I should give Ross a call
and see if I can save some money. And mcgally
say fourteen hundred dollars a year. Right, So don't always
read what's in the papers being gospel. This is just
more of trending, if you will. That's how I look
at that stuff.

Speaker 4 (55:46):
Anyway.

Speaker 5 (55:46):
I just thought that was interesting. The other thing with insurance,
we'll just wrap up with this and then we'll take
a break. Citizens' insurance had a big ruling where Florida Court.
Now it's not the Florida Supreme Court, so it's got
a couple appeals to go through, but it backed insurance
right to reject hurriclaim hurricane claims reported years after the storm.

(56:08):
And what I don't understand, Ross, is how much time
do you have after a storm to foul claim on
the on the property.

Speaker 6 (56:18):
I mean, I want to say it was like three
years and two years now I think it's one year,
one year. I think it's one year.

Speaker 5 (56:23):
Why would any And I'm totally in favor of that
one year thing, because why does anybody need three years
after a storm to decide whether you're going to call
their insurance company to get damage from the storm. That
never made sense to me.

Speaker 4 (56:38):
You just don't know, you don't know that it's there.
You know, I came here every day. I just did
not see that. No, I went the last time you
got up on your roof, right, like, you didn't get
up on your roof. You had no idea that you
had this tile damage that is probably from this storm.
I mean you would see it leaking.

Speaker 2 (56:57):
Well.

Speaker 5 (56:58):
I think you have a responsibility that if you had
a storm, that you would check your house to see
you have an insurance claim as supposed to go okay,
and then like three years later, somebody's cleaning your roof
and going, hey, you got all this hail damage or
whatever R whatever?

Speaker 7 (57:12):
Probably do?

Speaker 4 (57:12):
I mean, why was it three years?

Speaker 5 (57:13):
I just feel like the owner has the responsibility to
check the house after the storm to make sure that
they don't have a claim.

Speaker 2 (57:20):
Well, at some point when they set that three years,
the deciders felt like three years was a reasonable amount
of time, right, which at some point I don't either.
I feel like a year is probably more reasonable.

Speaker 4 (57:29):
There's probably some logic to it, right, Like you don't
notice it. Maybe the damage takes time to develop, Like
it's not a leak that's like super obvious, and so
it took a while to show up at a place
that I could see, I mean whatever, I could see
somebody making all of those arguments, and it was three years, right,
Like somebody got into the you know, probably lobbyists, right,
got into the right set of ears and set some

(57:51):
hurt limit.

Speaker 5 (57:51):
Then do you see that a lot ross like when
people have to fall claim I know you're not involved
in claims, but do you see people that call you
up and go, hey, I didn't realize, but my roof
is leaking now where I got some kind of damage,
and I think it was from that hurricane back a
couple of years ago. Do you get many calls like that?

Speaker 6 (58:10):
Not that far back, but you know, somebody might say
from six months, yes, six months ago or you know,
something like that, but not that far back.

Speaker 5 (58:18):
That makes sense. Well, so we're going to take a
break right now on the flip side, we're going to
slide into Hometown Heroes, and then we're going to turn
the corner for home Plate and we're going to talk
about what's happening in the economy and how it might
affect real estate and buyers and sellers here locally in
our market. So what the big market means to the

(58:39):
little tiny market.

Speaker 2 (58:40):
We got almost an hour remaining for you on this
Saturday the sixteenth, I believe it is today ogus great
to have you out there. Of course, you're welcome to
be a part of the program. Questions, comments, concerns in
the world of real estate. You want to be involved
in the conversation at hand, do it dial in eight
seven seven nine to seven six nine six nine. Of course,

(59:01):
if you're not comfortable on the radio, you can always
reach the entire team prospros. These are experts in their field.
You get them all at Florida Talkrealestate dot com, the
one stop real estate shop that is Florida Talkrealestate dot
Com on Facebook, on YouTube as well. We live stream
every Saturday, and of course there's all kinds of information
to consume on both platforms. Know what use it, love it,

(59:24):
share it. Florida Talkrealestate dot com. You can change lives,
including your very own, with the prospros Florida Talkrealestate dot Com.
We're back in four minutes. Thank you so much for
being with us every Saturday, Florida Talk real Estate. Right
here Row Radio.

Speaker 1 (59:51):
This is Florida Talk real Estate with Jim Dapola and
Johnny C. Got a question for the show, call us
live at one eight seven seven nine two seven nine six.

Speaker 2 (01:00:00):
Yeah. There it is dialand if you'd like, you're more
than welcome. You're always welcome on a Saturday, Florida Talk
real Estate style and we're alive on this sixteenth of August.
Johnny C. That's me. Jimithy is our producer at Short
and Air. What's up, my dude?

Speaker 7 (01:00:13):
We know?

Speaker 4 (01:00:14):
And good morning gentlemen.

Speaker 2 (01:00:15):
Good morning Mike Row. He's the mortgage guy from the
mortgage firm. He's right there. Hello, Mike, I am here.
If you don't believe me, that's not throwing my voice,
that's literally him talking.

Speaker 4 (01:00:26):
Literally.

Speaker 2 (01:00:27):
You can see it happen. Florida Talk real Estate on Facebook,
Florida Talk real Estate LLC on YouTube. We livestream on
a Saturday. If you don't believe me, he's right there.
You can see it for yourself and you can hear it.
You can't. Yeah, again, that's not me just throwing my voice.
I'm not I'm not that talented. I'm not Jeff Dunham.

Speaker 4 (01:00:43):
Could you try and do me like my go?

Speaker 5 (01:00:46):
No?

Speaker 4 (01:00:46):
I mean, wait, what.

Speaker 2 (01:00:51):
What do we drinking?

Speaker 4 (01:00:55):
I don't think I have a a person person voice,
you know, even style, right, you kind of have to
have a style to be recognizable.

Speaker 2 (01:01:06):
You do have a you do have a cadence, right,
I mean everybody has their caidence.

Speaker 4 (01:01:09):
I just don't know.

Speaker 2 (01:01:11):
I don't know that it's super that I can memorable it.

Speaker 4 (01:01:13):
Yeah, you're like, oh, that's Mike the mortgage.

Speaker 2 (01:01:15):
What's memorable? When I hear it, I'm like, that's Mike.

Speaker 4 (01:01:17):
Okay, I know it.

Speaker 2 (01:01:19):
I just don't know if I can replicate it.

Speaker 6 (01:01:20):
Yeah, remarkable, Maybe it's not remarkable.

Speaker 2 (01:01:23):
Yeah, remarkable, unremarkable, unremarkable.

Speaker 4 (01:01:25):
Yeah, thanks, Ross. Speaking of remarkable, that's the building up.

Speaker 2 (01:01:31):
Portion out of Roscar. That's with right, Wayne Shure as
Judo Beach. What's up?

Speaker 4 (01:01:35):
Very unremarkable? Hot?

Speaker 2 (01:01:38):
Oh it's hot, Ross yea and Jimmy D's over here too, y'all.
He's our fearless leader thirteen plus years now. I've told
you he runs a top producing Keller Williams team, the
Florida Home Pro team at Keller Williams Innovations. June Topola.

Speaker 5 (01:01:50):
How you be, Hey, I'm doing good, Johnny. Before we
start getting into mortgages and hometown heroes and all that,
one of our lists had a question Kitlin Catalan. Caitlin Caitlyn, Caitlyn, Caitlyn,
I'm sorry, I'm having a hard time cat Catalan. I
think Catalan. So she was asking a question that the

(01:02:13):
house is in the spouse's name, it's paid off, and
now they want to put both people on the more
on the note on the I'm sorry nothing with the title.
I'm having a hard time today on the title. And
they were wondering do you have to pay an appraisal?
Have to pay for an appraisal for that? And also

(01:02:34):
how much does the cost to make that happen? So
let me just give you some quick quick advice on that.

Speaker 4 (01:02:39):
Don't do it.

Speaker 5 (01:02:40):
Don't do it?

Speaker 4 (01:02:44):
Yeah, right, this is.

Speaker 5 (01:02:48):
Yeah, I'm thinking of Roberto right now. If I'm thinking about.

Speaker 2 (01:02:53):
He's like, don't do it.

Speaker 4 (01:02:54):
So currently there's one owner on the home right they're
talking about, how can you add a second home owner
for whatever reason to onto the title, and do you
I've read that as reappraisal, not that you have to
praise the value of the home from like a value perspective,
but does the property appraiser like reset things? I think
is what they're asking, like an appraisal at the property

(01:03:15):
appraisal level. And will that impact the property taxes?

Speaker 5 (01:03:18):
I don't believe that it will. And I also think
that what you're going to do is when you do,
you're probably gonna do what's called a quick claim deed
or or you're going to do some type of deed
that adds somebody onto the title.

Speaker 4 (01:03:31):
Yep.

Speaker 5 (01:03:31):
And when you do a title change, you usually have consideration.
It's called consideration, which is some type of It doesn't
necessarily have to be monetary, but it has to be
some kind of money or or consideration and considerations. Yeah,
it could be anything. It could just be a it
could be a slap on the back and say, hey,
you're great. That could be consideration.

Speaker 4 (01:03:53):
Right, That's how I built my real estate impact exactly.

Speaker 5 (01:03:57):
So but usually there's money involved. And usually when you
see quick claim des usually see one dollar or ten dollars, right,
and that's what they transfer the property over. Ye, you're
not going to have to have an appraisal on the
house or not going to there. I don't believe that
they're going to reset your property taxes based on a
title edition. I don't think any of that's going to happen.

(01:04:17):
But what I do recommend don't do it by yourself.
Don't go to office depot or whatever. I'm not complaining
about that. I'm just using the examples a place people
go to they go to like Lows and home depot
even to get these documents.

Speaker 4 (01:04:31):
Or online or online.

Speaker 5 (01:04:33):
Yeah, don't do any of that. Just hire a title
company or a title attorney to do it. I know
that sounds really expensive. It's hundreds of dollars. That's it, hundreds,
not thousands, right, And that way you know it's done correctly,
it's recorded correctly, and you're both are protected and you

(01:04:53):
know you did it the right way.

Speaker 4 (01:04:54):
It's going to achieve the goal. If you want to
add to some of the title yes, the quick claim
deed is the way to do that. There may be
another type that you would consider. But get somebody who
knows what they're doing to do it, because they're going
to make sure it's done right.

Speaker 5 (01:05:09):
And if you don't do it right and then something happens,
one of the people are not involved in the involved
in the house anymore, somebody passes, or you guys start
feuding with each other, because once you're on the title,
you both have to agree, and what's going to happen
to the property once you're both on toddle? One person
can't make a unilateral decision anymore. You both have to agree.

Speaker 4 (01:05:32):
I mean, if you're married, you might not be able
to make a unilateral decision anyway, right if you if
you even even if your spouse is the only one
on title, if it's a home property and you're living there,
that's right. You need both people to tell the home.

Speaker 5 (01:05:46):
Sides in the first place, at least the other spouse
that's not has to acknowledge that the house is being sold.

Speaker 4 (01:05:52):
So the simple process is, yes, you could do this.
It shouldn't have any impact on your existing homestead exemptions,
whether or not the property apprais or reappraisal your home.
Guess what they do that every year, right right, that's
the market value of the home. If you look at
the property appraiser website and you see the market value
of the home, that's the one that's going up and
down with the market. Then your home set exemption gives

(01:06:14):
you some protections as far as the assessed value of
the home and the taxable value of the home. So
you're not going to mess that up. It can be done.
Have somebody who knows what they're doing do it. Second
thing is if you're actually intending to do some sort
of some level of estate planning, because you'll see people
do that too. They want to think about, Okay, what

(01:06:35):
happens with the home in the case of, you know whatever,
all the different scenarios, there may be some other things
that you need to think about along those lines, and
so maybe you take that opportunity to kind of examine
your estate planning, like what you've done and what you
intend and there might be you know, it might be
a good time to look at that as well. So
not just the home, but all the other stuff that

(01:06:57):
you're thinking about. How you want to you know, be
protected essentially.

Speaker 5 (01:07:02):
And if you're in Florida anywhere in the state of Florida.
We can help you either try to title or the
law office of Polykrasker will handle this for you. You'll
get a free consultation and you'll find out what it
takes to get it done, and then they'll do it
for you anywhere in the state of Florida. Their license there. So, Caitlin,
if that's where you're based, give us a call. I

(01:07:25):
promise you we'll give you great service and give you
the information that you need.

Speaker 4 (01:07:29):
You know.

Speaker 5 (01:07:29):
The other thing that popped in my head is like,
let's say that let's say you have one spouse on
the title, and now you're putting a second person on
the title. But that person is let's say a retired vet,
or they are at a certain age, or they have
a certain disability. You can get extra exemptions once you

(01:07:51):
get the second person on the title if they meet
those categories. You might not even think about that, right,
that might not even pop into your head, right, So
these a ry you need to have a professional there
and say, hey, you can have this exemption or that
exemption added into it, or maybe you should do estate
planning now and figure out just in case what if, so,

(01:08:11):
please use a professional. It's hundreds of dollars, not thousands.
It's worth doing it because if you don't do it,
and you do it incorrectly, which many many people do.
And I deal with it all the time. I sit
down at the listing, the listings, Yeah, and then Nancy

(01:08:33):
has in the notes. Nancy my admins. She'll put in
the notes. She'll put in the notes that the title
doesn't look right, or that this person has to sign
and that person might not be around anymore, right, And
that turns into a big, big issue. They're like, well,
I got this document and they're pulling out a napkin

(01:08:55):
where somebody wrote something saying that they're given the all
their rights to the property to the other person. It's
not notarized, and it's signed on a napkin. I'm kind
of being a jerk, exaggeration, not a jerk, but exagger exaggerating.
But one time I did have a napkin, okay, where
the and the person really thought that was going to

(01:09:15):
be okay. So don't don't do that to yourself. Okay,
guys and Calyn, thank you for saying thank you. And
all you got to do is go to Florida Talkrealestate
dot com and fill out a form or call us
from that phone number on there, and we'll help you
out any way we can. It is, so, Mike, let's
roll right in. I want to spend some time on

(01:09:36):
the Hometown Heroes program. So, the Hometown Heroes program is
a down payment assistance program, which means that the state
of Florida has created a program where they will help
you pay for your down payment, you're closing costs, and
your prepaids if you choose to purchase a property. That

(01:09:57):
program started what like four years ago, five years ago,
I don't even remember, but roughly around.

Speaker 4 (01:10:02):
There three I'll say four years, four years.

Speaker 5 (01:10:05):
I want to say this is the fourth year, if
I'm not mistaken.

Speaker 4 (01:10:08):
Yeah, sounds right.

Speaker 5 (01:10:09):
Maybe it's the fifth year at the beginning the fifth year,
But it almost always came out July first, and at
first it was fifty million dollars. And the reason why
they called it the Hometown Heroes it was supposed to
be workforce housing program to help it be more affordable,
so that city workers and government workers and infrastructure workers

(01:10:31):
like medical people and stuff like that didn't flee or
area for unaffordability. So they were trying to make it
more affordable for these frontline people to stay and live here.

Speaker 4 (01:10:42):
But in its origin, it was the heroes, Like when
you say, well, who are your local heroes, what are
the first categories that come to mind?

Speaker 5 (01:10:49):
Police, firefighters, US servicemen.

Speaker 4 (01:10:53):
Militarilitar exactly, right. And then that expanded government work where
it expanded to one hundred professions, right, medical workers, veterinary schools,
hiroh chiropractors were in there. And then it expanded to

(01:11:14):
what they wrote into law two years ago, actually put
it into law. Right, so now it's part of our statutes.
Is that it's a program that's evergreen, meaning it gets
funding every single year. And it expanded to one hundred
million dollars was like the first round of funding. And
then but it was for all first time home buyers

(01:11:37):
who lived and worked in Florida. Right, so you living
in Florida, you're working in Florida for they call Florida
based employers. A little bit of nuance there, and so
it expanded to a lot more people were able to
take advantage of it. Right, it's become eligible for this
great down payment assistance program. The reason it was great
is because it was generally the most amount of money

(01:11:57):
available up to five five percent of the loan amount. Right,
So if you were doing a three hundred thousand dollars loan,
not a purchase price, but the loan amount, you could
get fifteen thousand. If you're doing a five hundred thousand
dollars loan, amount could be twenty five thousand dollars, which
is a good chunk of what's required, especially if you're
doing these lower down payment options where a lot of
first time home buyers land, right, they haven't built up

(01:12:21):
the cash position to be able to do a big
down payment. They do low down payment very very common right,
Most people, I guess build their down payment through the
years by selling real estate. Like you bought your first home,
now you're gonna sell it. You got now you could
do your twenty percent down. That's a lot of the
ways it goes away. A lot of the time makes sense.
So it's a great program. But then they open it

(01:12:42):
up to everybody, And there was one downside to that
is that that hundred million dollars gym, and we saw
it two years in a row, would go down very
very quickly ten million week. Because you've opened up to
so many people. The money goes quick, and we were
used to that. We were ramping up for we were
talking about our summer buyer, anticipating one hundred million and
anticipating everybody better get ready, like if you're wanting to

(01:13:07):
take advantage.

Speaker 2 (01:13:07):
And so because it works, people utilize it works.

Speaker 4 (01:13:11):
But the heroes kind of got like pushed out, I
would say, because it was more about are you a
buyer in this window of time, like you know basically
timeline June July August, and if you weren't, you were
going to miss that boat. So this is like a
double edged sword a little bit. So they What happened
is the legislature didn't fund it to one hundred million
this year. They only funded fifty million. And when they

(01:13:33):
funded fifty million, it prompted the program managers and the
and the government to say, well, wait a second, we
don't have as much money that's going to go in
half the time. What can we do? Okay, let's go
back to the hero's part of Hometown Hero. So now
instead of all first time home buyers is now to
a restricted series of professions. Even though it's fifty million,

(01:13:58):
the pool of eligible people has gone way down. So
I actually expect that money to.

Speaker 5 (01:14:03):
Last probably like eight months or something at least.

Speaker 4 (01:14:06):
I mean I could see it last in a year.
I could see it last in a year. Yep.

Speaker 2 (01:14:09):
Gosh. It shows you the inability to kind of plan
and see through that they change. They put it into
law as one way and then change. And I'm an
advocate for when you get on the wrong train, get
off at the earliest, Well, it's cheaper return trip, right.
If you wait to the end, it's much more expensive
return trip. I'm an advocate for changing when you know

(01:14:31):
you messed up quickly. But they put it into law
and then quickly change the parameters like dollars and a half,
shrink the pool for who can do it, like almost me,
Like they didn't even realize, Oh, people are going to
use this. It's kind of staggering.

Speaker 4 (01:14:45):
Yeah, I mean, it was.

Speaker 5 (01:14:46):
Kind of shocking to me that they did it this
way with no announcement that they were thinking about changing
the terms. And they just said, hey, we're not coming
out July first, later and we'll have other changes later,
you know, and tell you what's going on. This is
coming out of time where people complain that the interest
rates are too high. It's so Florida, and construction costs

(01:15:08):
are becoming more and more, right, so we're expecting that.

Speaker 2 (01:15:12):
This is going to add to it.

Speaker 5 (01:15:13):
Right, this is the time to be like all right,
to support people. So I just feel like I understand
there is a dual cutting sword here, if you will,
or edge, because a lot of times the workforce housing people,
the really people that it was designed for. If they
didn't that quick enough, they lost out to everybody else.

(01:15:36):
So we'll just see how it goes.

Speaker 2 (01:15:39):
But it's happening.

Speaker 5 (01:15:40):
But it's definitely happening.

Speaker 4 (01:15:42):
And the other thing is like, there's other programs that
aren't hometown here is that still exist? Right, So there's
the Florida Housing who runs Hometown Heroes also has just
a standard ten thousand dollars down payment assistant, which is huge.
There's a couple of counties, depending on where you're buying,
where it could be up to fifteen thousand, right, there's
some maybe it's seventy five. So as long as the like,

(01:16:02):
if you need down payment assistance, you should be talking
to a loan originator who really understands the various programs
that are out there what you're going to qualify for.
There are like limitations. There's guidelines for whether or not
you can qualify, can explain it to you in a
way that's understandable, and so if you need it, it's
still there, just maybe not Hometown here is depending you know,

(01:16:24):
on what you do for a living.

Speaker 5 (01:16:25):
Yeah, and you really need to talk to somebody like Mike.
I've had three of my houses going to contract in
the last five six weeks. All three of the buyer's
agents and all three of the mortgage companies that the
buyer's agents have their buyers with. None of them seemed
interest all three of them. So six three mortgage brokers,

(01:16:45):
three agents. Nobody's seem concerned about down payment assistance program
for their buyers.

Speaker 2 (01:16:52):
What do you mean?

Speaker 5 (01:16:53):
They would ask us for seller concessions but not even
try to use the down payment assistance program.

Speaker 2 (01:16:58):
Oh jeez.

Speaker 5 (01:16:59):
So they come to a seller and go, hey, we'd
like to have ten thousand dollars you know, to do whatever.
And we're like, did you use the Hometown Heroes program
or using the Florida Bond program? No, why they can't
qualify and you just here on the other phone on
the other because they don't know what's going on, they

(01:17:20):
don't even know what's going on. So I sit there
and I think, Wow, those fires, right, I feel so
bad for those fires. And I can't do anything because
it's not my customers. Right.

Speaker 4 (01:17:31):
But anyway, we want the credit and the DPA.

Speaker 5 (01:17:35):
Yeah, exactly right, and sometimes you can do that.

Speaker 2 (01:17:40):
We want to spend other people's money.

Speaker 5 (01:17:41):
Yeah, for sure, Johnny, do you if you take that car? I?

Speaker 4 (01:17:44):
Do you do mine?

Speaker 2 (01:17:45):
Yeah? We have Thomas outline.

Speaker 4 (01:17:49):
He has a question about alone, and he called the
right people.

Speaker 2 (01:17:52):
Thomas.

Speaker 4 (01:17:53):
Welcome to Florida, talk real estate.

Speaker 2 (01:17:55):
What's up, Tom?

Speaker 8 (01:17:55):
How are you going to thank you for allowing me
to talk?

Speaker 2 (01:18:00):
Oh?

Speaker 5 (01:18:00):
Of course, of course. How can we help you? Tom?

Speaker 7 (01:18:03):
So?

Speaker 8 (01:18:03):
I have a question. I heard that there may be
loans for either purchase or cash out or refinance for
which I don't need to prove my income or show
tax returns.

Speaker 2 (01:18:14):
Is it true?

Speaker 8 (01:18:14):
And if so, what loans?

Speaker 4 (01:18:16):
What I qualify for a no DOC loan?

Speaker 5 (01:18:19):
Is that what they call Mike, no docs?

Speaker 4 (01:18:21):
I'll call it so no doc is maybe you could
just call it alternative income? Okay, right, so traditionally great questions,
tom So, alternative incomes?

Speaker 2 (01:18:36):
Right?

Speaker 4 (01:18:37):
So your traditional loans, whether you're doing Fanny May Freddie
mac Fhava require analysis of your income in certain ways, right,
So of your W two employee, if you're self employed,
we're looking at tax returns, not much nuance in calculating
your income.

Speaker 2 (01:18:54):
Right.

Speaker 4 (01:18:55):
If for some reason you're not going to qualify based
on the debt to income ratio based on that income analysis,
then what are some alternative ways of analyzing your income
that you can use to qualify. So there's a various
levels of alternative income documentation, So things like, well, let's
just look at twelve months of your bank statements, and
I'll look at your deposit activity and we'll kind of

(01:19:17):
use that as a bromer for your income sometimes, and
of course the less amount of documents you provide, the
more risk, right, And therefore you're kind of going to
pay the cost, whether with maybe higher loan downpayment requirements
or higher interest rate or higher points or something like that. Right,
So bank statements, maybe a profit loss statement analysis on

(01:19:39):
your business, you could do things like no dock right,
so no income documentation whatsoever, kind of like the stated
income days, right, you kind of just instead of saying.

Speaker 5 (01:19:54):
Just tell me how much money you make.

Speaker 4 (01:19:55):
Yeah, but now it's like you don't even there's no
income calculation in at allow.

Speaker 2 (01:20:00):
The risk you have to pay for it for that
must be tremendous.

Speaker 4 (01:20:04):
It's definitely higher down payment requirements, and then the interest
rates probably at least two percent higher than it.

Speaker 2 (01:20:11):
Should be maybe fifty skin of the game.

Speaker 4 (01:20:14):
No, that'd be twenty five twenty five depending on credit too, right,
Like you can't if you have low credit, like the
credit the minimum credit requirements are going to be higher
than they would be for say an FHA loan, So
you kind of have to have credit that's in the
middle to grade zone. The better the credit is, the
better your rate's going to be. And it's it's going
to be a rate that's going to sting, right, But
you can still do a thirty year fixed rate loan.

(01:20:35):
So the other one that a lot of people are
doing it for investors. So if you want to buy
an investment property, traditionally, you know, you calculate with some
sort of debt to income ratio. They have a program
called DSCR, so it's a debt service calculation ratio. That's
a fancy way of saying like does the rent cover
the mortgage payment? And then that's the only kind of
like income analysis that's required. So instead of qualifying with

(01:20:58):
debt to income, you qualify with the debt service ratio.
And if you got the cash to do it twenty
twenty twenty five thirty percent, depending on credit and the
rent covers the mortgage, you're going to qualify. Yeah, it's
kind of like if you don't.

Speaker 5 (01:21:12):
Turn it into a rental I'm sorry, Tom, just so on.
I want to hear your question too. But even if
you don't turn it in a rental way, not you can't.

Speaker 4 (01:21:19):
You can't do that as a primary it has to
be an investment property. And so yeah, of course the
idea is, well, why would you buy an investment property
that's not going to cash flow? So as long as
the cash flows and we're going to get paid, we're
okay with doing the loan.

Speaker 5 (01:21:32):
Okay, Well were you saying, Tom, I'm sorry to me.

Speaker 8 (01:21:35):
Yeah, So that is that is the one I like
because for that one is the sounds that I don't
even have to show lost and income or bank statements.
And does the property have to be rented already or
is it just maybe an opinion from a rut or
as to how much the property can be rented for.

Speaker 4 (01:21:50):
If it's rented and it has a rental history, that
is could be important, but it doesn't have to be rented.
So ultimately, we're asking a praiser to tell us what
the market rents are for that home. And we're not
talking about Airbnb style, like you can do that. That
exists as well if you want to kind of calculate
with short term rental, but then it has to have
a history of like, okay, this thing does next amount

(01:22:12):
per week or per month. So essentially we ask an
appraiser to say, okay, what's the value of the home,
but also what can they rent it out for. They'll
do it. They'll do a comparative market analysis on the
rents and that's the number that's used, and as long
as that number meets or exceeds the mortgage, even though
there's some nuance there as well, like it could be
a little bit less and you could still get it done.

(01:22:34):
You're going to get your loan approved.

Speaker 5 (01:22:36):
Yeah, and Tom Mike just did one of these loans
for one of the customers just like three months ago. Yeah,
and you get done.

Speaker 4 (01:22:44):
So you could do that for purchases. You could also
do it. He mentioned like a cash out refinance. So
let's say you own an investment property and you have
equity position and you kind of want to take tap
into that equity for whatever reason, which could include getting
another property. Right, you can do cash out refinances with
that style of loan, with that style.

Speaker 8 (01:23:03):
Of okay and the interest rate on this type of loan,
are they competitive? Are they comparable to say FAH loans
or are that's slightly higher?

Speaker 4 (01:23:11):
Yeah, they're going to be higher because the risk is elevated,
So it's going to be higher than your traditional FAHA
and conventional loans.

Speaker 5 (01:23:18):
But I think so let's say FHA right now, is
be you know, seven to seven and a quarter when
you get out the door, right right, just roughly. Yeah,
they assume you have okay credit and everything. How much
different would you be you above seven and.

Speaker 4 (01:23:32):
You would be surprised on the DSCR loans, right, it's
not that big of a difference. You could still be
in the sevens easily. Oh really, yeah, if you have
good credit. Yeah, it's when you go to the no ratio.
So you're buying a primary home, you don't have the
traditional income douct you know, documentation that's allowing you to
qualify for traditional lending. That's when you're going to be

(01:23:53):
somewhere like two points above.

Speaker 2 (01:23:55):
So I was really surprised with the DSCR. But in
the DSCR that is twenty five percent and skinning the game.
And you got it like typically you got a rent
that's sustained and like provable. I mean, yeah, so yeah,
I shouldn't be so shock.

Speaker 4 (01:24:08):
You don't have to prove it, like you don't have
to have a lease, you have to have a tenant,
but you have a professional opinion rent for it. And
the idea is you're gonna rent it, right, like you're
going to actually have money coming in. And that's why
the loans aren't quite as risky as you would think
because on paper they perform right, Like default rates on

(01:24:28):
these types of loans are not through the roof, right,
they're not like crazy liar loans where people buy it
and then don't pay it back, right right?

Speaker 2 (01:24:36):
Yeah, Tom, did that help?

Speaker 1 (01:24:37):
And yeah?

Speaker 8 (01:24:39):
And I presume my credit also plays a role in
this style of loans.

Speaker 2 (01:24:42):
Right you.

Speaker 4 (01:24:44):
Yeah, you want credit that's like good or better. If
you have credit that's less than good, so what's it's
a good pull, Johnny. So I would say six eighty
is the minimum that you're going to need for these programs,
and that's your mid score.

Speaker 2 (01:24:59):
That's where you're starting to hit the good range. Yeah.

Speaker 8 (01:25:03):
How would I get a hold will be mister Michael.

Speaker 5 (01:25:05):
Sure. So all you have to do is go to
Florida Talk real Estate dot com and then just send
us an email. We have a phone number there where
you can call. It's a twenty four to seven number
and answering service, a live answering service. We'll take your information.
I'll get it over to Mike.

Speaker 4 (01:25:24):
Mike.

Speaker 5 (01:25:24):
Do you have a property that you're looking at right now?

Speaker 4 (01:25:27):
Tom?

Speaker 5 (01:25:27):
Or can Mike call you on Monday?

Speaker 8 (01:25:30):
Monday?

Speaker 2 (01:25:30):
Is fine?

Speaker 5 (01:25:30):
Okay? Yeah, So just send it out today and I'll
get you over to Mike on Monday and then we'll
get you going and have have Mike give you the
consultation you need.

Speaker 2 (01:25:38):
Oh, we can get Jimithy to get that information as well.
I think you might already done it.

Speaker 4 (01:25:42):
Yeah, oh you have it.

Speaker 5 (01:25:43):
Okay, great, So we'll reach out to you Monday now,
just so you know, and this is how it works
with everybody because of my contact management system, Tom once
I send it to you by email to introduce you
and Mike and give Mike your number and vice versa.
I'm also going to text you to say I sent
the email because sometimes some my email goes into your junk. Okay, okay, okay, cool. Well,

(01:26:05):
thank you so much for calling.

Speaker 2 (01:26:06):
Thanks Tom, appreciate you being out there. I have a
great rest of your weekend. And of course thanks for
trusting the Florida Talk real Estate team. Thanks for being
with us on a Saturday. We do it a resetur.
We're gonna plow right on through.

Speaker 5 (01:26:16):
Do you mind if you plowed through, Jimmy, go for it. Okay, cool, cool.

Speaker 2 (01:26:19):
So with the floridatokrealestate dot com. For those that need
access to the entire team, please remember the one stop
real estate shop, floridatokreal estate dot com. Of course, if
you'd like to be a part of the program, I'm
still gonna twenty three minutes or so for you on
this Saturday dialing in eight seven seven ninety two seven
six nine six nine eight seven seven ninety seven six
nine six nine.

Speaker 5 (01:26:41):
So, just to wrap up with the Hometown Heroes program,
it's going to start officially on Monday. It's for basically
workforce housing. Again, so please, if you think that you qualify,
just give us a call. We're experts in helping you
use that program uh to get you where you need
to go.

Speaker 4 (01:27:00):
You know, it's funny you're saying workforce housing. There's actually
workforce housing initiatives out there that are more about the
house than about the buyer. So just don't get those
things confused. Because you hometown here is available for home
buyers that there's no restrictions really on the house that
you're buying. Whereas the workforce housing programs that you might
connect with mentally, those are usually like neighborhoods are being built.

(01:27:23):
A certain percentage of those homes are designated for work
force housing. Yes, and those prices are attractive typically, but
they would be limited to certain types of buyers.

Speaker 5 (01:27:35):
And I had a call or call about eight months
ago about that, trying to get one of those for
his daughter. But the waiting list could be a couple
of years.

Speaker 4 (01:27:44):
It's slim pickens. Yeah, slim pay mean you.

Speaker 5 (01:27:46):
Have to be really patient and have know that you
have a place to keep a roof to keep over
your head while you're waiting, because you never know when it's.

Speaker 4 (01:27:54):
Going to I talked to somebody recently that's there was
a neighborhood and then like one or two of the
homes were kind of does need to be sold for
workforce housing, but you had income limits on the workforce housing,
and the prices of these they were like in the
mid five hundreds. I'm like, well, what's going on here? Yeah,
this say you can't those things? Another example of how

(01:28:15):
could they not have foreseen this potential problem? Right?

Speaker 5 (01:28:19):
Yeah, speaking of that, speaking of affordability. I didn't get
to watch the whole thing, so we'll talk about it
more next week. But I saw on the local news
channel that in Palm Beach Gardens they're doing a three
D printed house.

Speaker 2 (01:28:30):
Oh nice.

Speaker 5 (01:28:31):
Yeah, And I'm really excited about that technology. I think
that housing is going to change a lot over the
next ten to fifteen years, and that this kind of
technology is going to really change costs for housing, Like
the construction cost is going to be greatly reduced, which
I think is going to be awesome. I also think
that the type of housing that they built is going

(01:28:53):
to be different because of the capabilities of three D printing.
But and I think it's going to change the way
that our the layouts are and things like that, and
the lifestyle of what you're looking for. But I'm really
excited about the future of that, and I think that
might be one of the ways to unlock the secrets
of getting truly affordable housing, because let me tell you,

(01:29:16):
most of the quote affordable housing out there new construction
is really not affordable for a lot of people. So
this three D printing I think can have a richer
time horizon ten to fifteen years.

Speaker 4 (01:29:29):
I think.

Speaker 5 (01:29:29):
I mean, we're right at the nation stages of it
right now. I'm thinking in ten to fifteen years, it's
going to be probably one of the main ways that
they are building houses.

Speaker 4 (01:29:38):
Our kids kids might be the ones.

Speaker 2 (01:29:40):
It'll be interesting to see when that first development plan
comes together, where like we're taking this plot of land
and we're building two thousand homes and it's all going
to be three D.

Speaker 5 (01:29:50):
It'll be done in months.

Speaker 2 (01:29:52):
That's where you're like, man, this is this is happening.

Speaker 4 (01:29:54):
Where are they going to call those? Probably like no,
is it project? I want to you know what I mean?
The projects are called that because they were like, hey,
we're going to build something that's got to it's affordable housing.
It's like it's cookie cutter all the same and makes
it right inexpensive. So I wonder if you end up
with something like that or will the three D printers
be able to make it unique?

Speaker 2 (01:30:16):
You know, I imagine pretty easy to make them very unique.

Speaker 6 (01:30:19):
You know.

Speaker 4 (01:30:20):
Yeah, yeah, I agree. Speaking of kids buying homes, we
had I forgot shout out to Alex.

Speaker 5 (01:30:25):
Yeah you said, I think you said last week, but
it's okay, But that's okay.

Speaker 4 (01:30:28):
Yeah, but he didn't close till Wednesday.

Speaker 5 (01:30:30):
Oh I did not know that. I thought he closed
under contract. Maybe I saw it on Facebook and that's.

Speaker 4 (01:30:34):
Why he closed. We had a big day Wednesday, so
Alex closed on his home, new homeowner and Florida young
man's first time home buy five years old.

Speaker 5 (01:30:44):
Yep, that's awesome.

Speaker 4 (01:30:45):
It's really nice when you can take advantage of down
payment assistance, sell her credits, and you got an insideal
because your parents work for the work for the lender,
right right. He came out of that pretty nice, pretty nice.

Speaker 5 (01:30:58):
Did he walk away with the check?

Speaker 6 (01:31:00):
No?

Speaker 5 (01:31:00):
Okay, no, but he didn't do that.

Speaker 4 (01:31:02):
It's you know, we're kind of along just along the line.
And then also on Wednesday, so Ox closing his home Wednesday. Ariana,
she got the keys to her dorm room Wednesday. We
dropped her off her dropped her off down at the
f AU.

Speaker 5 (01:31:16):
Oh I didn't know that. She decided that she was
gonna she was gonna stay on campus.

Speaker 4 (01:31:21):
If you give a kid that decision, they usually be
like I would wait wait, yeah, I can do that. Yeah,
even though I'm only forty five minutes. Yeah, okay, yeah,
so cool.

Speaker 5 (01:31:30):
I talked to Natalie the day she was moving out. Now,
he sounded very depressed.

Speaker 4 (01:31:33):
So we had we you know, it is It's one
of those things. Yeah, of course we've We've now gone
through it several times.

Speaker 2 (01:31:40):
So yeah, old hat.

Speaker 4 (01:31:42):
Yeah, one always gets.

Speaker 5 (01:31:45):
But andreces and is he in a dorm too?

Speaker 4 (01:31:48):
He was his first year.

Speaker 5 (01:31:49):
Oh yeah, but now that he's at now he's different.

Speaker 4 (01:31:54):
Yeah.

Speaker 5 (01:31:55):
Okay, I wanted to go. Oh I see, sorry, let's
take online.

Speaker 3 (01:32:02):
He has an appraisal question ed, Welcome to Florida talk
real estate.

Speaker 2 (01:32:05):
Hi, how are you.

Speaker 7 (01:32:08):
Hi there? I have a question. My father in law
passed away in twenty eighteen, and the executive of the
estate never got his property. Of praise, a family member
has been living there and they want to buy the house.
You know, there was two properties involved, one with his

(01:32:30):
primary residence. The other one was actually he had bought
from his family's estate. It was his father's house. So
now this property has been sitting there for seven years
not appraised, and you know, I keep telling my brother
in law, you need to get a praise. And I
maybe I'm not sure I used the right term.

Speaker 2 (01:32:49):
Is it?

Speaker 7 (01:32:49):
I said, forensic appraisal? Is that what you would call it?
To get an appraisal based on twenty eighteen?

Speaker 5 (01:32:55):
Kind of? I don't know if that's the term, but
that's the term I used as a layman. Is the
friendsic appraisal? And what you have to do With Jared
Perry who was on last week from Perry's CPA, he
would say that we have to do what's called a
stasis number basis is a basis or stacey.

Speaker 4 (01:33:11):
You've got to establish basis meaning like the year that.

Speaker 5 (01:33:15):
The year that the person died. You have to determine
the value of the home in the condition it was
at that time, and how that compared everything else that's
sold at that.

Speaker 4 (01:33:25):
Time, because it impacts your tax basis for capital gain
right inherent state tax whatever.

Speaker 5 (01:33:33):
And that's why you have to get that original appraisal
of when the person died. Now, it's not very uncommon,
it's very common, I should say the opposite away, it's
very common that that appraisal isn't done till many years
after the person passed. So going back to twenty eighteen,
that's not like an impossible thing because if I was

(01:33:54):
a layman, I would think, oh my god, how am
I going to appraise the house from eight years ago?
And I think the critical it happens all the time.

Speaker 4 (01:34:01):
At the critical thing that the owner who inherited the home,
who's now considering selling it. The critical factor is what
are their proceeds going to be from the sale and
are there any tax implications related to that? So that's
going to determine, like if you have some number, like

(01:34:21):
I'm going to sell this thing, I got to walk
away with this number, you know, to cover the tax
or like.

Speaker 7 (01:34:30):
Yeah, I understand. I mean actually they had determined that
they were, you know, they're going to sell it to
the family members for like sixty thousand if the house
is eighty years old, you know, and need some work.
They and they're they've been renting the house from you know,
their grandfather. It's there, you know, his brand orders living there.
So my it's in a trust. Uh, not a trust,

(01:34:51):
it's in a I guess it is a trust. Yeah,
So that's where you know, I've he brought the one
house to phrase but not the other one. Was like,
you know, not the best trustee in the world here,
But needless to say, I know, I called my agent.
This is up in Charlotte, North Carolina. But and I
had an agent in Charleston that you know, he gave

(01:35:12):
He went on Zillo and was able to get you know,
enough information. But I think there's probably have to be
something a little bit more detailed for the tax purposes
that you're talking about.

Speaker 4 (01:35:20):
Yeah. And I also like when when I think about
this stuff, I don't think like, hey, I want to
sell ross a home. What I want to sell it
to him for? I say I want to sell ross
a home, I need to walk away with this amount
of money. Then I go up from there and I
consider my tax implications.

Speaker 7 (01:35:39):
Right, well, we're looking at we're probably going to be
it's going to be a loss because you know, based
on what my agent came up with, and this is
like three years ago, three four years ago, he said
the property was valued about one hundred and sixty grand
back then. Now it's you know, property's gone up in
Charlotte and now it's worth more. So so we will

(01:36:00):
we will actually have a loss that we'll be able
to turn around and use to help pay our taxes
or cover you know, some of our gains or whatever.
I think we can't do anything.

Speaker 4 (01:36:13):
Yeah, And I think Jarrett would tell you that your
tax basis doesn't really have anything to do with what
you sold it for. So if you can't essentially avoid
the basis question simply by selling it below market value,
so you might need to talk to get an answer

(01:36:34):
on the tax question. You definitely got to talk to
a CPA who knows what they're doing and to facilitate
your deal, like sell it to a family member. There's
a lot of creative ways to do that so that
everyone gets exactly what they want, including the family member
buying the home with zero money out of pocket. Right,
that's a potential if they're doing a loan, that can
be done by structuring your deal in a specific way.

(01:36:56):
I'm happy to give you some advice on that I
can't do North Carolina. But I could at least give
you some advice on if that person who's buying the
home is doing it with the loan, because it's an
inside deal and it's family, you can do that so
they come to the table with zeros.

Speaker 5 (01:37:11):
Things like that, Right, you're talking about gifts and things
like that.

Speaker 7 (01:37:15):
Who should we who should he call to get the
house of price?

Speaker 4 (01:37:20):
I would if here's what I would do. If the
person who's buying the home is doing financing, they're going
to need an appraisal, and they're not going to be
using whatever appraisal you do beforehand. So in order to
not double up on that now, So in order to
not double up on appraisal fees, have your your buyer's

(01:37:42):
lender just order their appraisal. Now, if we're talking about
a forensic appraisal to go back to twenty eighteen to
establish attack spases and all that, that could be a
separate thing. And I would just find a local appraisal
appraiser who's you know, willing to take that on.

Speaker 5 (01:37:57):
Yeah, So basically it's I know, being old coot here,
but yellow Pages right or or Google Google like a
good appraisal, Yeah, Google, Yeah, I haven't heard. That's a
lot that's so funny. So now I got the little
I got the little graphic of the finger thing across
the page. So yeah, so uh, you definitely would want

(01:38:21):
an appraiser for that. And the other thing you have
to remember is if it looks like you were going
to pay capital gains or stuff, there's a lot of
tax exemptions you have for owning that property over the time.
Any upkeep you had is tax deductible, like so any
money that was put into the house. And I think
there's a whole bunch of other stuff. I was going

(01:38:43):
to talk about this with Jarrett last week about capital gains,
but we didn't have the time. Like I think, like
your taxes might I think the property taxes you pay
reductible over the time, mm hmm. And if there is
an inch on the mortgage, I think.

Speaker 4 (01:39:01):
Yeah, the question is what can you expense like so
that your game.

Speaker 5 (01:39:05):
Right go get lowered. You could really strip it out,
but there's a lot that you probably could strip out,
especially if the house is older. So you want to
talk to an appraiser for sure. And then you might
want to talk to an accountant saying that you're going
through this and then you want to talk to somebody
about Mike who could be really creative to help your
relative get into the house in a really nice situation,

(01:39:27):
but make it a win win for everybody.

Speaker 7 (01:39:29):
Right, Okay, all right, well, thank you. I appreciate that.

Speaker 5 (01:39:33):
Yeah, all you have to do is floridatalkreal estate dot
com and anybody else listening just go to Florida tech
Talk real estate dot com.

Speaker 7 (01:39:42):
Okay, thank you, sir, I appreciate it.

Speaker 2 (01:39:44):
Hey, you're very welcome. We appreciate you being out there.
Have a good rest of your weekend, and good luck
to the whole family moving forward on. That sounds like
it should be pretty awesome for all involved, except for
those losing money. That part sucks.

Speaker 4 (01:39:56):
I love those like those family deals where you can
really structure the loan like you could do if there's
enough equity, you could come in with a twenty percent
down payment so you don't have mortgage insurance and still
have no money out of pocket. How about that?

Speaker 2 (01:40:11):
I like it.

Speaker 4 (01:40:12):
Yeah, you buy at home as if you put twenty
percent down.

Speaker 2 (01:40:15):
Right, that's cool.

Speaker 5 (01:40:19):
Linda P. When we're trying to do a deal where
Linda P Is going to be selling a property down
and broward with us, and they're trying to do the
same thing where if they can, they want to sell
to the relative relatives a little tight, trying to build
up the credit and everything to get ready to get
a loan. They're working on that right now. But if
they structure it right, it could be one of those

(01:40:40):
kind of deals to win win. Unfortunately, I don't know
how cooperative the buyer is going to be. They're a
little stubborn right now, So we'll see how it goes.

Speaker 4 (01:40:52):
Sometimes you'll get that where it's like wait a second,
because people, you know, the look at your sideways right,
like what's really what? What what's the angle?

Speaker 7 (01:41:01):
Right?

Speaker 5 (01:41:01):
Yeah?

Speaker 2 (01:41:02):
Why are you screwing me?

Speaker 4 (01:41:02):
Yeah? There are certain people who see other people and
they're looking for angles all the time.

Speaker 5 (01:41:07):
Yeah, they're always wondering what your alterati motive is, and
you know it is help people.

Speaker 2 (01:41:11):
Yeah.

Speaker 5 (01:41:12):
Hey, that's everybody to help people.

Speaker 2 (01:41:14):
Everybody's gonna win. Yeah. Yeah, those are the best scenarios.

Speaker 5 (01:41:17):
Well, I'm glad that it called let's go into well,
let's talk about something positive. For the last several weeks now, Mike,
I think it's been three weeks in a row. Yes,
interest rates have gone down. We're now into the six
point fives. We haven't been in the six point fives
in a while. I had to go back and look
last time we were at six point five, Mike? Was

(01:41:39):
that means we were at.

Speaker 4 (01:41:41):
Six point six zero in December of last year? Yep,
I saw that and you got to go back to
October to get to six point five four? Right? Ye.
Officially the six point five eight number which came out
Thursday this week was what five point yeah point zero

(01:42:03):
five less than the week before, and now that is
the official on this chart lowest number of twenty twenty five.

Speaker 2 (01:42:11):
Wow.

Speaker 5 (01:42:12):
Right, So these interesting What does it mean?

Speaker 4 (01:42:16):
Does it warrant all of the hey, look at your
refinance opportunity like advertising that I'm hearing and saying, no, no,
it does no, it does.

Speaker 5 (01:42:26):
Not unless you bought in November twenty twenty four.

Speaker 4 (01:42:30):
Does it warrant the now's the greatest time ever to
be a homeowner, to be a home buyer, that type
of promotion based on this little drop over the past
three based on that, But it could it could be
a great time, of course, it could. We talk about
it all the time. Why when's a good time to
be a well when it's right for you and the
numbers work well.

Speaker 5 (01:42:49):
If you if you bought, if you thought the movement,
if you bought a home or refin in November twenty
twenty three, not twenty twenty four, twenty twenty three, you
were at seven seven nine.

Speaker 4 (01:43:00):
Yeah, you could easily have seven in front of your
seven mid seven interest rate.

Speaker 5 (01:43:05):
Right, and at that point, maybe it is time to
take a look just to see, not not guaranteed, just
to see, because like if you could save a point
a whole point, sometimes that's worth it, depending right, But
when you look over the last, when you look over
the last, I'm going back to like May of last year.
I'm sorry, guys, we've been pretty flat. Everybody's thinking that.

(01:43:28):
You know, we're you know, we're too high. We're too high.
We've been stuck between that seven the six point five
to what are you laughing about? Oh the six point five.

Speaker 2 (01:43:40):
To exactly where we should be. You wanted to stick
right in this range forever.

Speaker 5 (01:43:45):
We're right, Johnny's Amor if we stuck at that interest
rate forever, like if we got locked in at six
and a half percent or six point seven five, that
would be awesome, fantastic, Yeah, it would be awesome. You
mean if we knew like the next ten years or
of six and a half.

Speaker 4 (01:44:00):
Percent, how about the next fifty years, that would be awesome. Yeah, awesome.

Speaker 2 (01:44:05):
It's just the there was two years of COVID just
completely washed people's brains into chaos.

Speaker 4 (01:44:12):
So it's interesting, like Jims saying, like it should you
be looking at a refi because you got one one
percent change? So are you interested in going from seven
and a half to six and a half? You know,
what's what's my obligation? What does that change?

Speaker 2 (01:44:24):
What does it look like?

Speaker 4 (01:44:26):
Usually with the refile, you'll have a goal of saving money,
whether you're saving money monthly or saving money in interest
over the life of the loan. Those times are those
two are kind of at opposite ends of the how
to achieve it? I would say one percent doesn't achieve
both of those two percent. You might be approaching the
save money every month and save money over the life

(01:44:48):
of the loan, But just like, how does that feel
going from seven and a half to six and a half, right?
Or would it be nice to be at five and
a half or four and a half. But you know,
so one percent is thresholder and say, okay, maybe right,
but I had people with like COVID going from three
to two point seventy five, like they really really wanted

(01:45:09):
to do that, have that two in front of it.

Speaker 5 (01:45:11):
Right, they're just like a quarter are you crazy? Like yeah,
why would you do that?

Speaker 4 (01:45:16):
But now they're in that two percent club and that feels,
you know, you can brag about.

Speaker 5 (01:45:19):
That, Johnny, Yeah, some money to do that. Like that
wasn't positive. So really, we've been in we've been in
a we've been in pretty much a flat interest rate
now for like close to eighteen months.

Speaker 2 (01:45:35):
Guys.

Speaker 5 (01:45:36):
Right, So all this stuff about the interest rates like
really pulling, uh you know, really creating huge problems. I
don't feel like that's the biggest issues right now is
the interest rate. I think it's more psychological than anything,
to be honest with you. Now, insurance has been you know,
between the prices remaining high have been stubborn. They've been

(01:45:59):
very stuff. The prices are not moving. We're you know,
we're between six twenty five and six fifty for the
medium home sale in Palm Beach County. That's pretty much
the same in Dade and Broward County I mean, maybe
the fact that Saint Lucy's actually going down a little bit.

Speaker 4 (01:46:18):
Your own personal listing portfolio is tightened up a little bit,
which says maybe as a general barometer, inventory is tightening
up a little bit because there's just the buyers. We're
kind of gone through the summer push here a little bit.
Maybe buyers are kind of hanging back waiting for some
what's happening with the market, what's happening.

Speaker 2 (01:46:37):
With the rate. It's interesting to hear inventory tightening up
because we're talking about like five months of inventory, right,
I mean, we're talking about pretty healthy inventory.

Speaker 4 (01:46:46):
Yeah, but was it six months you know, a month ago?

Speaker 5 (01:46:49):
I don't know where it was, like six point two
we got this five point nine is ish in Palm
Beach County for months of inventory. So we're closer to
the sixth than we are, and six separate Spuyer's market
from seller's market. What I would I addition, right, what
I noticed is is that Aj mentioned to us AJA

(01:47:12):
Experience Appraisers dot Com talking about appraisers.

Speaker 4 (01:47:15):
Right.

Speaker 5 (01:47:16):
He sent me a message last week saying that he
is actually seeing inventory shrink in certain neighborhoods now and
that's going to hold the prices. That's going to keep
the prices from dropping too much as long as they're
priced right for the neighborhood, for size and condition. Sure,
so we're gonna have to see what happens. The market

(01:47:38):
is a little soft right now as far as strong activity,
but it isn't dead. It's not as for that, yeah,
exactly right, but it's not that. It's definitely not a
dead market where you know, we're doing close to thirteen
hundred sales a month, you know, in each county roughly, okay,
and that's that's not on fire, but it's not the

(01:48:00):
worst we've seen. We've had as low as like eight
hundred sales in Palm Beach County or what.

Speaker 2 (01:48:06):
Are we in a sideways market right now?

Speaker 5 (01:48:08):
I really feel like it's everybody's waiting to see what's
going to happen market, But the market's still doing what
it's doing. While that's happening, it's still a really good
time to buy. There are motivated sellers out there if
you do it right. Oh yeah, So it's really still
a good time to buy.

Speaker 4 (01:48:23):
And if you're a hero, really a good time to
buy the hero.

Speaker 5 (01:48:27):
It's a really good time to buy and the interest
rates are not going up, so you don't have to
feel pressure that as a buyer, oh my god, I
got to buy something right now or the interest rate's
going to price me out of the market. That you
don't have that kind of extra pressure right now, and
you're probably not going to be going into a bidding war. Yeah.

Speaker 2 (01:48:45):
Well, if you fancy yourself as a buyer, I'd like
to think that you've already run your numbers, you know
where you stand, because if you haven't quite done that,
you're really not a buyer. You're kind of maybe window
shopping at best. Understand your numbers, see where you stand,
no where you're footing really is, and then then get
a true assessment of how you are in this marketplace

(01:49:06):
and where you need to be. It all starts by
going to Florida Talk real Estate dot com. I've done
it recently. I you know, I've sat down with Mike,
I've sat down with Jim. Got an understanding of what
I'm going to get when I sell my home and
understanding of what we can afford as far as the
lenders concerned. And that number is very different than what
me and my wife decide what we can afford and what.

Speaker 4 (01:49:28):
You qualify for.

Speaker 2 (01:49:29):
It's a very different number afford I feel like we
can afford. Yeah, but that's that's called working your numbers,
understanding because the best time to buy a home is
when it's right for you and your family. Uh. The
interest rate isn't going to dictate whether I'm going to
buy a home. It's just not. It's a part of
the equation, but it's not. I'm going to tell you
right now. Probably one of my biggest hurdles in the

(01:49:50):
property that I liked, I was kind of surprised. It
was the the the insurance and the taxes. Yeah, so
considerably more home taxes are going up a little bit.
But that's just you know, that's knowing your numbers. You
gotta work with pros. When you're buying a home, selling
a home, you're stuck with a home, you don't know
what to do, don't guess, get the real concrete information

(01:50:12):
and then make that assessment for you and your family.
Go to Florida talkreal Estate dot com on Facebook, on YouTube,
familiarize yourself vet the team I encourage you to it
is a team of pros. Pros. They work cohesively together.
You can change your life with the Prospros at Florida
talkreal Estate dot com. Know what, use it, love and
share it. Like Mike Row the mortgage guy from the
mortgage firm, I always appreciate you. I have a good

(01:50:34):
lace to your weekend.

Speaker 4 (01:50:35):
Thank you.

Speaker 2 (01:50:35):
Thanks everybody like Wasskamaronets with Brent Way Insurance, Juno Beach,
I always appreciate you as well, my friend, I appreciate you.

Speaker 4 (01:50:41):
I appreciate everybody here. Thanks for having me on.

Speaker 2 (01:50:44):
Have a good weekend as always. And there's Jimmy d
Talk about appreciation. He's our guy, he's our fearless leader.
Jimmy Depola with the Florida Home Pros team. Have a
great rest of your weekend. I appreciate all your efforts always.

Speaker 5 (01:50:56):
Thank you. I'm so blessed to have you all in
my life and on the show. So thank you so much.

Speaker 2 (01:51:01):
And there's our producer, extraordinair Man oh Man. We wouldn't
be able to do it without you, my dude.

Speaker 3 (01:51:05):
Every great weekend, gentlemen, thank you so much for having
me as well.

Speaker 2 (01:51:08):
Yes, and we insist on it. Come back locker rooms
next we'll do more Florida Talk Real Estate next Saturday,
right here on Real Radio.