Scams. Insurance. Condo's. Home sales stats. Reasons deals fall apart

Episode Transcript

Speaker 1 (00:14):
Navigating today's real estate market can be tricky. Wanta buyer,
sola 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):
Good Saturday morning, Welcome to another edition. It's Florida Talk
real Estate and we got you for the next two
hours of infotainment.

Speaker 3 (00:43):
And thanks for being there.

Speaker 2 (00:44):
Whether you're on the old radio ninety two one or
one oh one seven, Thank you, We salute you.

Speaker 3 (00:49):
Maybe you're on.

Speaker 2 (00:49):
Your free download your iHeartRadio app. We're worldwide at that point.
Feeling pretty awesome about that too.

Speaker 3 (00:56):
Thanks for being there. And of course we do live.

Speaker 2 (00:59):
Stream as well on a see Saturday. You have options
as well. Florida Talk Real Estate. You can find us
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Florida Talk real Estate LLC. If you're with us right
out the gates, thanks for being with us. If you're not,
always remember you can go back and revisit the beautiful faces.
Oh yes, some beautiful faces and lots of knowledge. Two
hours of infotainment is what we offer up, and of

(01:19):
course you're always welcome to be a part of it.
Toll free eight seven seven nine two seven six nine
six nine. Questions, comments, concerns in the world of real estate,
don't be shy, dial up it first voice you hear
there's the melodious tones of our producer, extraordinair.

Speaker 3 (01:33):
My brother from another mother, Jimithy. How you doing, dude,
doing mighty fine? Good morning, Johnny, how are you? I'm awesome.

Speaker 2 (01:38):
Thanks for propping the door open for me this problem.
I was like nicely that somebody knows me already at.

Speaker 3 (01:43):
The clocks kind of close stout time.

Speaker 2 (01:48):
That's always a pleasure, my man. I'm your old buddy,
your pald Johnny. C here traffic control. Let's get your
very important people. You're starting to line up on a
Saturday morning. There's Mike Row. I haven't said this name
in a minute. He's the mortgage guy for the mortgage firm.

Speaker 4 (02:01):
Good to see you, dude, Good to see you, bro. Yeah,
I guess it's been a little I was back, but
you weren't.

Speaker 3 (02:05):
I wasn't.

Speaker 4 (02:06):
Yeah, and then you were back and I was right,
and yeah, thanks for that nice intro. VIPs huh yeah,
of course beautiful, beautiful faces and VIP.

Speaker 3 (02:15):
Well you were not.

Speaker 4 (02:17):
I wasn't in the first category.

Speaker 2 (02:19):
No, no, no, no, no, no, you were not paying
attention enough. You're also the starting lineup.

Speaker 4 (02:25):
The starting lineup, the VIP beautiful people yet round it out. Yeah,
tried the trifecta.

Speaker 3 (02:31):
Good to see you.

Speaker 4 (02:32):
Nice.

Speaker 3 (02:32):
Wow.

Speaker 2 (02:33):
I hate how you took it negatively. Not part of
the beautiful people. Wow, straight to the naked.

Speaker 4 (02:37):
No, that's self deprecating. It's one part of my repertoire.

Speaker 3 (02:43):
That's one of the things I love about you.

Speaker 4 (02:45):
We have a very wealthy yet I know I'm beautiful.

Speaker 3 (02:48):
Of course, tell me we have a hot Ross over
here too, y'all.

Speaker 2 (02:53):
If you if you know I'm talking about, there's Rossy
Marion nets with bright Way Insurance, Juno beach Yaw.

Speaker 5 (02:59):
You doing right, Rossmara. That's what I heard. You were
talking to the first and when you said the first part.

Speaker 4 (03:05):
You're like, what the frost needs that constant affirmation rights.
That's why he insisted on that.

Speaker 3 (03:12):
What's it updated?

Speaker 5 (03:13):
Like every month to Yeah, that's not actually my real name,
but I heard her do that, so I changed my name.

Speaker 6 (03:20):
R get the name that came before my name.

Speaker 3 (03:23):
It's not a business card.

Speaker 4 (03:25):
It is when I talk to people, I'm like, all right,
let me get your your your proper name, like it
is on your driver's license. Ross pulls it.

Speaker 3 (03:32):
He's like hot, it's hot. H oo T Like h
o T it is outside the first.

Speaker 7 (03:39):
Hot.

Speaker 2 (03:42):
And speaking of hot, let's let's get to our fearless leader, y'all.
Thirteen plus years now, I've told you he runs a
top producing Keller Williams team, the Florida Home Pro Team
with Keller Williams Innovations.

Speaker 3 (03:52):
There's Jimmy d Jim Topola.

Speaker 8 (03:54):
Hey, I'm doing good. I'm doing good. I think we're
having technical difficulties for Facebook and YouTube stuff because we
have zero people watching us right now, but we're live
on both both.

Speaker 7 (04:07):
Things, so I don't know what's going on with that.

Speaker 4 (04:08):
That's got to be technical. Yeah, yes, no, other.

Speaker 7 (04:14):
That's I'm sticking with it.

Speaker 3 (04:16):
At least one hundred thousand there by.

Speaker 7 (04:18):
Now, whoever just came on, welcome, Thanks, good good thing.

Speaker 3 (04:25):
We overcame those.

Speaker 7 (04:26):
Yeah, Yeah.

Speaker 8 (04:27):
Now we increased our our watchers by infinity. We went
from zero to one, so it's infinity percent increasing.

Speaker 4 (04:36):
I mean, there could be regional outages, small pocket small
pockets of internet are coming back online, rolling blackouts.

Speaker 8 (04:46):
Hey, we have a lot to talk about this week.
The monthly market report came out this week, so it's
gonna be interesting to kind of take a look at that.
I'm seeing a couple of little bit of trends a
little surprising. What's the weakest county of the five that
we cover normally, which is Indian River.

Speaker 7 (05:05):
Well, let me take that back.

Speaker 8 (05:07):
We do Indian River, but I didn't do the research
for that this month. I did Martin County, Saint Lucy County,
Howard County, Day County, Palm Beach County. Out of those,
one county is the weakest. All the other ones are
pretty much the same right now, but one has not
not tremendously different, but numbers that are weaker numbers for sure,

(05:32):
on a lot of different levels.

Speaker 7 (05:33):
So we're going to talk a little bit about that.

Speaker 3 (05:35):
One has a lot less volume than the other. Definitely
a little different.

Speaker 7 (05:39):
I'm thinking, I'm saying.

Speaker 8 (05:43):
So, so we're going to talk a little bit about that.
We're also going to talk about interest rates because we
really haven't talked about interest rates in a very long time.
Because of what you guys are just talking about. We
all haven't been in the room together. It seems like
when things are coming out.

Speaker 4 (05:57):
I mean, what's there to talk about.

Speaker 2 (05:58):
Good news is we haven't missed a whole lot. Hey,
how's rates about same?

Speaker 8 (06:02):
Yeah? Yeah, And we're going to talk a little bit
about that, and we might end up talking a little
bit about loan qualifications, about employment and distance requirements because
a lot of people don't really know about these kind
of things that we're going to talk about that probably
and also the eight most common reasons why deals have

(06:26):
fallen apart. Supposedly, according to National Association of Realtors, we've
had more canceled canceled contracts, highest percent of canceled contracts
and the ever recorded since they've been tracking them. And
so this is across the country. People who are just
backing out of deals. Buyers are backing out, Sellers are

(06:47):
backing out of deals entirely.

Speaker 2 (06:49):
Financing come crashing down at the end. They're they're pulling
the plug for one reason.

Speaker 8 (06:54):
Yeah, yeah, And financing might be part of it sometimes,
but there's a lot of other reasons that people don't
even think of. So I thought it'd be kind of
interesting like this, why did deals die? You know, and
talking about that. But before that, you know, we always
like talking about any kind of scams to stay away
from and things like that. One of the things that

(07:15):
I feel, as a recent example is there's been a
lot of stuff in the news lately. Why use a
real estate agent? Why don't you just go ahead and
buy your house, you know, sell your house directly to
a buyer directly? And usually what they mean by that
those advertisements are run by institutional buyers that want to

(07:37):
buy your house directly without.

Speaker 7 (07:39):
A real estate agent.

Speaker 4 (07:40):
Oh I didn't know that.

Speaker 8 (07:40):
Yeah, And they're talking about you know, they're talking about
how to get cash for your home, you know, immediate offer.

Speaker 7 (07:46):
Cash for your home.

Speaker 8 (07:47):
Why go through the household of stage in the house
and hire rilters, and how people trapes inside and outside
of your house trying to get that offer.

Speaker 4 (07:55):
So a for sale by owner like pitch, the person
pitching it wants to buy your house m h.

Speaker 8 (08:02):
And they say, well automatically and will automatically give you
an offer. Just type in your address that will give
you an offer. You could tell me.

Speaker 7 (08:11):
If you're seeing me on air, you're seeing me take
a big side right now.

Speaker 8 (08:15):
It's very frustrating when I see that. And this is why,
unless you really don't care about losing maybe twenty five
percent of the value of your home and I'm not
joking about that, twenty five percent of what your house
is worth, unless you don't care, it's like I don't
care if I lose that money.

Speaker 7 (08:33):
Don't do that.

Speaker 8 (08:34):
It's okay to get a quote, you know, get a quote,
but don't get horn swoggled into the pitch until at
least you talk to a relter to find out what
you can a good relter to find out what you
can get on the open market. All those institutional investors,
they have ratios that they buy their houses for, and
they the offers they're giving you is assuming that your

(08:54):
house is in the condition that they expect it to
be in based on the comps that they're doing. So,
like a regular flipper person like we buy houses for
a cash find a kind of company. They usually start
off off. They usually start off their offers at a
maximum amount that they would pay is sixty five percent

(09:16):
of what the house is worth because they need that
thirty five percent for the spread for the profit.

Speaker 3 (09:21):
Yeah, they gotta have their margins.

Speaker 2 (09:22):
They got money to put into it, and then they
got to make money when they flip.

Speaker 8 (09:25):
It, right, and you have costs that they got to
pay for, and then a lot of them will start
out as sixty five percent and then take out the
repairs on top of it, so you might be get right,
so you might be getting fifty two percent fifty I
just did one yesterday, was calculating for myself as an investor,
and based on the repairs and everything, what I was

(09:47):
comfortable to turn in was like fifty seven cents on
the dollar now this house. The reason why I did
that is because the house has been very hard to
sell and I was thinking, well, let's crunch the numbers
like an investor and see what it would cost.

Speaker 7 (10:00):
You know, what they would sell for.

Speaker 8 (10:01):
But most people are not in the situation of the
house I'm talking about, which needs everything. Most houses are
just stated or they got an old roof and the
owner doesn't want to deal with the roof and they're
terrified that the roof is going to like blow up
in numbers and is they don't. They don't want to
deal with it. So they're like, just have I have
one of these investor companies. They're giving me an offer, right,

(10:24):
But what you don't know is is that when they
give you the offer, there's so many costs involved in
that too. You know, they have different costs than you
would have a normal real estate transaction. A normal real
estate transaction, you could ride away do what's called a
seller net sheet, and you can break out like Johnny,

(10:45):
when we go to sell your house, we're going to
do a sellar net.

Speaker 9 (10:47):
Sheet and say, Johnny, we kind of did one, sort
of done it many times about three weeks ago, and
we sit down and we figure out if we sell
the house at this price based on current sales right now,
this is what you shouldn't in your pocket, and all
the every penny is broken down in that formula.

Speaker 7 (11:03):
Okay. Well, with when you're buying a.

Speaker 8 (11:06):
Force, you know, direct direct to institutional buyer, they have
their own forms in their own process. They don't have
to comply with national Association or rilter's regulations. They have
to comply with state regulations right and federal regulations. But
they can put in any costs or pad anything they
want in there. So they have these service fees in

(11:27):
this fee and that fee.

Speaker 4 (11:28):
You mean, when they're showing it to you, like, oh,
here's what it's here in my costs, you're saying, there's
no they can they can make it up.

Speaker 8 (11:35):
Yeah, they just make stuff up, you know. I just
came back from Vegas a while ago.

Speaker 3 (11:40):
Right, well, how many resort fees do you get hit with?

Speaker 8 (11:42):
Exactly? And now there's a thing called a CNF. It's
a customer something you.

Speaker 2 (11:47):
Can you can request to have that wiped away. Yeah,
and nine and a half times out of ten they'll
be like, oh, sure we'll get rid of that for you.

Speaker 7 (11:53):
About to save YouTube videos I watched.

Speaker 3 (11:55):
Well, that's just junk. It's just junk they.

Speaker 8 (11:57):
Put, Yeah, it's just junk stuff. And that I've seen
these I've seen.

Speaker 6 (12:01):
What is seeing that money.

Speaker 4 (12:03):
It's the undercoding.

Speaker 7 (12:04):
It's called customer something fee, customer jffee.

Speaker 3 (12:08):
They might just even put fee.

Speaker 8 (12:10):
Right, yeah, I mean, so there's all these fees. So
a normal sale for a seller is going to cost
roughly and this is that they pay on the higher
end for commissions, right, the higher end of what people
are getting for commissions nine percent. That's the real estate
commissions plus the closing costs that a seller would need

(12:30):
to sell the house. Right, So if it's only nine percent,
and let's say your house is worth one hundred thousand dollars,
you know that if you put it on the market
after the cost, you're probably going to get ninety one thousand.
But if you're with an institutional vestor, and let's say
they're willing to pay sixty five cents on the dollar,
you're getting sixty five thousand dollars versus ninety one thousand. Now,

(12:51):
I don't know how many people are willing to walk
away from twenty something thousand times in this gut per
one hundred thousand dollars, And that's what they need to
do in order to make it work for them.

Speaker 7 (13:01):
Right, you're paying a huge convenience.

Speaker 8 (13:03):
Fee for not showing your property, not staging it, not
dealing with the roof. You're paying a huge huge convenience fee,
is what you're paying.

Speaker 3 (13:12):
Do they do they put? Well?

Speaker 2 (13:14):
I guess, I guess every contract is going to be unique. Right,
But because the verbiage can change, right, everything is pretty
much negotiable.

Speaker 3 (13:22):
Right. But more times than not. Inspection is going to
be waived in these situations.

Speaker 7 (13:26):
Right, Oh no, no no, So I.

Speaker 2 (13:28):
Mean you're you're not even in a position of power
if you know, you got a jaloppy and you're like, man,
this thing's never going to clear inspection. Oh yeah, I'll
take your sixty five cents on, like if you're closing
them you think you are.

Speaker 8 (13:37):
It's one thing, and this is what happens when they
do the report. They go in there and beat you
up really bad with that report and scare the but
Jesus out.

Speaker 4 (13:44):
Of you because you've already said yes, right, and now
they have a little bit of latitude to get you
to it's going to be harder for you to back out.

Speaker 3 (13:51):
Oh, john not even really put in any kind of.

Speaker 8 (13:54):
Oh Johnny, I wanted to pay sixty five thousand dollars
for the house, but I didn't know that your roof
was twenty two years old. Your AC is eight thousand.
I can't sell eight years old. I can't sell a
house with an AC that's eight years old. So we
want to give you fifty two thousand dollars now, and
then you say no, no, I'm not gonna take fifty

(14:16):
two thousand dollars in a house. It's like, well, you're
going to have to deal with these problems, and they
already know that you're afraid of doing.

Speaker 7 (14:22):
That because you called them, or you can't do it.
It's like the worst negotiation you could do.

Speaker 8 (14:28):
It doesn't hurt you to go ahead and do that,
but you should definitely talk. And I would talk to
the real estate agent first, even if you want to
make that call, just so you don't get horn swoggled
into sign the contract before you get to look for
the second or third opinion. Most realtors will definitely give
you a free consultation to tell you what they would

(14:49):
do if they were getting the house for sale.

Speaker 7 (14:51):
I would, right, yeah, some of.

Speaker 8 (14:53):
Them, you know, are a very high pressure and they're
going to pressure your pressure. But so that you know
that to me is it isn't a real scam.

Speaker 7 (15:03):
But to me it's scammy. It's like there's yeah.

Speaker 2 (15:07):
It is.

Speaker 4 (15:07):
And there may be circumstances where like taking one of
those flipper style offers makes sense for you because the
house just is never going to sell for anything. You know,
it's not going to sell at all, or it's only
going to sell to something like that. But the distinction
is you don't deal directly with the professional who is
your you know, adversary. I don't have adversary in the contract.

(15:29):
But the other side of the contract is the professional
and you're the amateur. You have a professional helping you
make sure you get the most of what you can
get on your side. So professional dealing with professionals.

Speaker 8 (15:40):
And there are there are times where you those kind
of deals work out and we actually use them. I
have I have investors that we have in our database
that we call up when we know I know it's
that kind of house, and that's you know that they
don't have the wherewithal to deal with the problems. We
know the problems are coming up, right, their buyers are

(16:00):
gonna not not be they'd either be too scared or
don't want to take the time and effort to do
the issues. So you're going to have to sell the
lower price for somebody that's willing to deal with the problems.
And you know, that's a normal thing, but most houses
are not like that. And if you've got a nineteen
eighty five kitchen, but it's functionally sound and the doors

(16:20):
aren't falling off, and you have appliances they're only like
twelve years old, but you got a nineteen eighty five kitchen.
That isn't a reason to go rushing over to an
institutional lender, a bar or you know, buyer and say, hey,
you know, I don't want to deal with this. A
lot of people will buy a nineteen eighty five kitchen
as long as it's price correctly for the neighborhood and

(16:41):
they want to get into that neighborhood for whatever reason,
and they're on a budget. As long as the house
is functional, they'll take it and fix it up over time.

Speaker 4 (16:50):
It's funny. I think, like, is it am I more
scared of a nineteen eighty five kitchen or like a
two thousand and five kitchen, just based on like building materials,
like the quality of construction, Like which one I'd take?
Two thousand and five is a bad year, but you
know the different material.

Speaker 7 (17:07):
Was Chinese drywall.

Speaker 4 (17:08):
Yeah, well stuff like that. Yeah, Hey, the appliances from
eighty five are probably still going strong.

Speaker 3 (17:15):
I mean it might be avocado, but it probably works
like a.

Speaker 7 (17:17):
Yeah, yeah exactly.

Speaker 6 (17:20):
Now.

Speaker 8 (17:21):
The other scam that I want to talk about is
a real scam, and I noticed that there were a
couple of articles in a couple of different states, and
it's kind of related to radio show.

Speaker 7 (17:29):
Podcaster people's scams. Oh, that was kind of interesting.

Speaker 2 (17:32):
Pod podcaster six nine six.

Speaker 3 (17:37):
If you want to get involved with.

Speaker 10 (17:38):
The same and if you use the word horn swaggled
in your call?

Speaker 7 (17:43):
Did I say that today I love it? Did I
say that today?

Speaker 2 (17:46):
Oh?

Speaker 8 (17:47):
Yeah, yeah, I didn't even know I said that, because
that sounds like.

Speaker 7 (17:51):
I said that I love it. I used that word.
I don't even know where I came up with that word.

Speaker 4 (17:58):
Now, now you came up with.

Speaker 8 (17:59):
No, Well, I don't know how. It's a basic part
of my vocabulary.

Speaker 6 (18:03):
Let's look it up on just now. He came up
with that.

Speaker 8 (18:07):
So there were two like podcaster slash radio show people
that have been busted for real estate scams. One guy
was in Boca ratone and the other guy was in Ohio.
This guy in Boca, he was running around telling people
how he was going to take their money and get

(18:29):
between two hundred and three hundred and thirty eight percent
return on their money.

Speaker 7 (18:34):
Let's go yeah.

Speaker 8 (18:35):
With one hundred percent money back assurance guarantee. And what
he was going to do is pull these people money,
pull these people's money, and then buy houses to fix
them up and sell, and that they were all going
to profit participate more.

Speaker 7 (18:50):
Right. Of course, that isn't what happened with this guy.
To the Fed.

Speaker 8 (18:55):
Yeah, can you imagine, it's like, I know, right. Accord
to the Feds, he ripped off at least sixty people.
They this guy he wasn't very good at this because
the other guy on high was going to you know,
clear clean his eat his lunch. This guy only took
about four hundred and ten thousand from the sixteen investors.
And of course he was just using he was paying Peter.

(19:18):
You know, he's robing Peter to pay Paul the total
Ponzi scheme. But also he was just spending. He wasn't
buying any real estate. He was just like buying cars
and you know all the typical junk that criminals do
when they get money, right, they just blow it on stuff.

Speaker 7 (19:35):
So this guy got busted.

Speaker 8 (19:37):
He is being charged with let me see, hold on,
what's the actual he's charged by the SEC in the
Florida Office of Financial Regulation. The guy was only twenty
seven years old. That's another thing. This guy was really young.

Speaker 2 (19:54):
He have any kind of following at all, or he
just unfortunately wrote in a bunch of like his folks.

Speaker 5 (19:59):
Friends, I don't understand why you don't even try, right, right,
just try buy a property or at least try something
that like buy in different business that maybe spins off
some maybe a small on.

Speaker 7 (20:10):
Maybe you can if you tried and failed, you would
have an out. Yeah, right, at least by buy something.

Speaker 3 (20:17):
I'm trying.

Speaker 7 (20:17):
I'm just right. I just didn't do good. Sorry, guys.

Speaker 2 (20:20):
I know I have all these boats, but I didn't
plan that far ahead. Yeah, well no, usually the criminals
aren't the smartest, just like.

Speaker 4 (20:26):
How can I get a bunch of money?

Speaker 2 (20:28):
Right? But did he have a following because you said
a podcaster or articles?

Speaker 7 (20:33):
I have one of the articles and the other one.
The other one.

Speaker 8 (20:39):
It had a signing thing and I can't get back
into it to find where his thing was.

Speaker 7 (20:44):
But he was like a YouTuber guy, you know.

Speaker 8 (20:46):
Telling everybody, Hey, you know this great thing I'm gracing
scise flag.

Speaker 7 (20:50):
Give me your money. I'll turn into a lot of money.

Speaker 4 (20:53):
Now.

Speaker 7 (20:53):
The other one was he.

Speaker 2 (20:54):
Didn't want to even want like Amazon gift cards want.
Don't you want to give me your little cash we're gonna.

Speaker 8 (21:00):
But he was a little one because he only took
four hundred and ten thousand according to the FEDS, this
Ohio real estate agent who also had their own podcast.

Speaker 6 (21:08):
Well that's getting too close to home.

Speaker 8 (21:10):
He took seven point three million. In his seven point
three million.

Speaker 3 (21:15):
He had a little bigger fallow up.

Speaker 8 (21:16):
So this guy, this guy was convicted. Now this isn't charge.
He's convicted, and he got sentenced to seventy months in
prison and got to pay back five million in restitution.

Speaker 7 (21:31):
Good luck at that.

Speaker 4 (21:33):
You can earn that kind of money in prison.

Speaker 8 (21:36):
He called himself, he called himself the cash Flow King,
and he wrote a book called Man on Fire where
he was talking about how to generate passive income through
real estate, and of course he was doing the same thing.
He was taking the money Rob and Peter to pay
Paul in the Ponzi scheme and then using it for
his personal stuff.

Speaker 3 (21:55):
What chapter is that in the book?

Speaker 8 (21:56):
I know, right right, hey, Man on Fire he said,
use the money to fund his lifestyle, such as a
large home on Lake Erie, courtside, seats of the Cleveland
Cavaliers games, and use money to pay credit cards and
support his fitness business. So this guy got busted seventy
months in jail. Look these investor things, so.

Speaker 2 (22:17):
They're going to sell all his property for the restitution.
I mean, they can try to get some of that restitution.

Speaker 7 (22:21):
Right if he has any property, he might not even
sought it.

Speaker 3 (22:24):
Had a house.

Speaker 11 (22:25):
Oh that's true. Yeah, he bought some stuff. Yeah that's true.
What seven million and he's only got to give back
five Yeah that worked. Sounds like he's winning.

Speaker 6 (22:35):
That's the last chapter in the book.

Speaker 2 (22:38):
And be like, let me do some math. Would I
make two million in five years? Nope, I'll go to jail.

Speaker 7 (22:42):
Yeah, exactly, exactly. I have to say this.

Speaker 5 (22:45):
The pharmaceutical companies, you know, they know they're gonna make
twelve but twelve billion, but they'll get fined three billion.

Speaker 3 (22:51):
Yeah.

Speaker 7 (22:52):
OK, I think that'll work.

Speaker 6 (22:53):
Yeah.

Speaker 8 (22:54):
So with these with these investment things, guys, be very
very careful your numbers. And really, anybody promising you like
a guarantee. If they're saying invest in real estate, buy
a house, fix it up, flip.

Speaker 3 (23:09):
It, write it down.

Speaker 8 (23:11):
Oh no, buy a house, buy a house a wholesaleer.
Come on, buy a house or wholesale which means you
don't really touch it. You're just flipping the property without
touching it. You sell to somebody else, and they say
you're guaranteed to make money. You're not guaranteed to make money. Now,
if you do it right and you educate yourself and
you understand the market really well, do you have a likelihood.

Speaker 7 (23:34):
Of making money.

Speaker 8 (23:35):
Absolutely, and maybe a great likelihood of making money.

Speaker 7 (23:38):
But you got to know all that stuff.

Speaker 8 (23:39):
And for people just to say, here, Mike, I'm just
going to give you fifty thousand dollars and you deal
with all of it.

Speaker 7 (23:46):
I don't want to know what's going on, or don't
care to know what's going on.

Speaker 4 (23:50):
Beware.

Speaker 8 (23:51):
Yeah, it's almost like you're almost as much fault as
the guy that's.

Speaker 4 (23:55):
Scamming you, you know what I mean. We've talked about
this in the past. My like, I'm kind of like
a skeptical of these things. And my general philosophy is like,
if they're trying to if they are making money, telling
you how to do it versus just doing it, Like
if it's a really it's a money making scheme, but
instead of doing that to make money, I'm going to

(24:16):
instruct you on how to make money doing it that
tells me something. It's like, well, why aren't you just
doing the thing that you're telling me to do and
just become right? And Jim's like and Jim said, well, no,
because they've transitioned, right, they did, they didn't They've been there,
done that, and now they want to share it with
the world, and I, you know, they're angels. I can
see that.

Speaker 8 (24:32):
Well, here's the thing, Like, here's the guy, my favorite guy,
my favorite investor guy when I used to be full
time investor is a guy named still name Fan Meryl, right, Yeah.

Speaker 3 (24:41):
And you hear his name on his radio station all the.

Speaker 7 (24:43):
Time, Yeah, wep it all the time.

Speaker 2 (24:45):
He was doing like conventions everywhere with his book, and.

Speaker 4 (24:49):
He was really selling how to do things, really was
selling how to do And.

Speaker 8 (24:53):
I've spent a lot of money with him. I've spent
tens of thousands of dollars with him when I first
started in real estate, and and he had a show
called Flip This House. And the reason why I used
that because there were dozens of those investment companies, not
just the shows, but people that were selling programs, right,
and that's what Fan was selling. Hey, if you want
to learn how to become an investor like me and

(25:15):
follow my systems by this, and you have like a
plugin system to use.

Speaker 6 (25:19):
Right.

Speaker 8 (25:19):
The reason why I used Than and I didn't use
all the other dozens of companies is because Than was
still in the business doing it as he was teaching it.
So he was flipping houses while he was teaching you
how to frame I.

Speaker 3 (25:32):
Am doing it. I'm hearing this how I'm doing.

Speaker 8 (25:34):
It, and this is how I'm doing it. And if
you paid back then I think it was thirty five
thousand or fifty thousand dollars, you went up to Than's
Connecticut base at the time. He was in Connecticut. Now
I think he's in San Diego. But you could go
up there and spend two weeks with Dan and he
will set up your whole system, including all the computer
systems and everything, and like a plug it in system

(25:56):
to start your company. That's crazy, including all all the
advertising you've got to do in order to get the deals. Right,
he had the whole plugin system. Now, it was totally legit.
Dan flipped hundreds of homes, hundreds and hundred homes. Yeah,
sometimes in one year he'd flipped more than one hundred homes,
and he was doing all across the country, and his

(26:17):
programs are totally legit.

Speaker 4 (26:19):
I'm not saying there can't be exception, but my general
philosophy is just something like that.

Speaker 7 (26:22):
Right.

Speaker 5 (26:23):
But I feel like now that you're inundated with those
things now too, there's.

Speaker 7 (26:27):
More it's coming in. There're more investments.

Speaker 6 (26:30):
Side hustle for people.

Speaker 7 (26:31):
People.

Speaker 8 (26:32):
People are thinking right now, this is a good time
to invest in real estate right now, more so than
I've seen over the last two years. Of course, during
COVID people were doing that too because of the crazy
price appreciation.

Speaker 7 (26:45):
But the truth is is that.

Speaker 8 (26:48):
It's there's It's always a good time to invest in
real estate if you can get the right deal right,
if you get buy it doesn't matter if the market's
up or down. If you could buy super super low
and you have the opportunity to do that and the
numbers make sense, then it's always a good time.

Speaker 3 (27:01):
Yeah.

Speaker 4 (27:01):
If you could just make money on an individual flip
as an investor makes sense. If you can make a
cash flow for long term you know, buy and.

Speaker 7 (27:09):
Hold, and that makes it it makes sense.

Speaker 3 (27:10):
Yeah.

Speaker 8 (27:11):
But like in this market right now, what the biggest
concern I have for people that want to buy fixed
sell is that it usually takes four to six months
from the time you go into contract to the time
you're selling it again. And in four to six months
in this market, we don't really know which way it's going.
Is it going to go where the interest rates do
drop and the flood of buyers comes back and you

(27:34):
get you appreciation and you end up selling the house
for even more than you expect it to, or the
interest rates don't go down. We start seeing a little
bit more of unemployment. Right Unemployment starts spiking, and then
your house loses five to ten percent value right away,
And did you budget that in when you bought the house.

Speaker 7 (27:55):
So it's a little.

Speaker 8 (27:56):
Risky right now, unless you can get a Grand Slam.
I call the slam properties where it's almost impossible to
lose money because you bought it so correctly.

Speaker 4 (28:06):
It's like two eggs, bacon, yeah, and pants.

Speaker 8 (28:09):
Well, the grand Slam, right, So if a grand Slam,
if you buy a Grand Slam and the market changes negatively,
you might end up with a triple instead of the
Grand Slam.

Speaker 7 (28:19):
You didn't even get the home run. You just got
a triple.

Speaker 8 (28:22):
But a triple's great, that's really healthy profit for sure, right,
But if you're buying something and it's a double and
the market changes, you might be struck out and don't
even get to first base, right, So you have to
be really careful. So don't with these investors. If you're
thinking about investing in real estate, learn about real estate guys.
Don't just hand money to somebody because they're making you

(28:44):
all these crazy promises. You want to know, let me
walk the property that you're telling me you're going to
buy or you've bought, and how are you going to
make money on this?

Speaker 7 (28:53):
And actually look at everything.

Speaker 8 (28:55):
So just be really careful, and especially all those people
that are on air, like we've been on for thirteen
years now, right, and they're all telling you all these
crazy promises. How many times have we had investors come
on our show?

Speaker 3 (29:09):
I don't zero, I was gonna say, I don't know
if I've ever remember.

Speaker 8 (29:14):
And the reason why, and the reason why is is
you gotta really trust I'm not putting anybody on the
air that can take advantage of somebody. Investors can take
advantage of vulnerable people very easily. I know I've been
sitting in that chair where I could have and didn't
but you have to really trust. I'm not putting anybody

(29:35):
on the show I don't trust, of course, so I
haven't put anybody on now. I have a lot of
I have a guy named Tom that's a really good
investor that I'm going to be showing a property to
next week. I trust Tom, but I'm not putting him
on the show because he's a good resource for my
customers when they need him.

Speaker 7 (29:54):
Right. But I don't want people thinking we're that type
of show, right. It would be so easy.

Speaker 8 (30:01):
You don't know how many times we had investors throw
money at this show and say, I want to be
a major, major sponsor on this show.

Speaker 7 (30:07):
But I just don't want to turn it into an
investor show. I want to you know, I've.

Speaker 8 (30:11):
Always want this show to be for the people, regular people, right.
I just want to buy and sell. I just want
to buy and sell. And of course we have that
investment component if you want to invest, will help you.

Speaker 7 (30:21):
With that too.

Speaker 3 (30:22):
Anything that touches the world.

Speaker 8 (30:23):
Right, So we're not here just to show you to guarantee, oh,
make money in this market, make money in this market.
You want to have the conversation, we'll have it off air,
of course, yeah, but anyway.

Speaker 6 (30:32):
You're not going to hornswagger you on air.

Speaker 4 (30:41):
It's not that new either. The I remember back, like
since I my adult as an adult, I remember you
remember the guy Don Laprix. Was that his name on
the little tiny ye remember that rocks paper? Did you
get that?

Speaker 7 (30:56):
He was on a yacht in Hawaii.

Speaker 4 (30:59):
He had like his voice, I could do it. He's like,
and I put tiny classified ads in newspapers all over
the country and right, and like he would teach you
how to do this, and you're like making money through
the classified ad system, and what are you selling? I
don't know, I don't care in sense you know, chatchkes,
like it doesn't matter as long as you could sell

(31:19):
it nationally, I mean basically would buy it.

Speaker 5 (31:22):
He's just internet marketing now with Facebook ads yea, and yeah,
the same thing.

Speaker 4 (31:27):
But his his thing was, of course, pay me to
show you how to do this, and then how many
people paid him, and then how many people actually were
successful selling things classic It was almost like drop shipping, right.
He was the early drop ship early you know ad.

Speaker 5 (31:43):
And people are doing that now they're teaching you how
to make the money on using Facebook.

Speaker 2 (31:47):
I saw I saw one and I don't know if
there's any validity to it or not. It is super scummy,
but I think I'm all about it. He's got his
little storefront and he's got a venom. He's got vending machines,
and he books like sixty to one hundred job interviews,
right and there's no job, there's no opening, but people

(32:07):
come in and inherently they're going to buy something out
of the vending machines. Oh, it makes like three hundred
bucks a day out of his vending machine.

Speaker 3 (32:14):
Again, I don't know the validity of it.

Speaker 4 (32:16):
I didn't bother something that I might eat something like that.
But they're like they're they're hiring actresses for jobs.

Speaker 8 (32:22):
I wonder if they have like the other They don't
let you in for the interview until you buy something
doing out there, so you're waiting here three hours.

Speaker 7 (32:31):
It's like, just buy something already.

Speaker 2 (32:34):
If you do the math, you're like, you're busy, you're
doing a lot of interviews, like you're earning that money
and there's no guarantee they're buying anything.

Speaker 3 (32:40):
But that's pretty good.

Speaker 4 (32:42):
And if there is one legitimate job on offer, that's
the thing. I don't think he's like a job. Well,
it's a vending machine, you know the guy who supplies it? Right,
who have what job?

Speaker 3 (32:53):
We're get empty by vety machine.

Speaker 8 (32:55):
It's funny you mentioned that Don Lupre guy. I just
read a little tiny biography out him.

Speaker 11 (33:00):
Small yeah, in the newspaper.

Speaker 7 (33:04):
It's like that big but.

Speaker 8 (33:07):
He got busted by the Feds and got in big trouble.
Then he started another career, got in trouble with that,
and I don't think he's alive anymore. I think he's
not alive.

Speaker 2 (33:18):
We mentioned Grand Slams earlier, and the mortgage guy over
here went to Denny's. And I don't know if everybody
else went with us, because he's like pancakes. Yeah, one
nine nine, you're out of your mind. It's in my
head forever. There's no way it's one nine ninety. It's
probably like four ninety nine now breakfast.

Speaker 4 (33:37):
Yeah, I don't know.

Speaker 7 (33:38):
I remember one nine nine year out.

Speaker 2 (33:40):
Of when I was a kid, when I was a teenager,
One nine nine, you out of your mind. And we
would go like fifteen through like eighteen. That was our weekend.
I don't feel so good this morning. We'd all head
over to Denny's. I have the most amazing random story.
I'll share it with you if you're interested. On the
other side, I would love that.

Speaker 8 (33:57):
You know, when I was a kid, you know what
Denny's was.

Speaker 2 (33:59):
Called five dollar ninety nine?

Speaker 3 (34:03):
What changed?

Speaker 4 (34:05):
You know? The cost of eggs went up recently. It's
pancake batter, yeah, and bacon.

Speaker 6 (34:11):
But I think the pancake batter has eggs in it.

Speaker 4 (34:14):
What's the what's the current price on pork bellies?

Speaker 7 (34:18):
I've got to ask Eddie Murphy.

Speaker 2 (34:20):
I watched it Coming to America the other night and
I tuned in right at the time he was walking
by and he slipped more than money. Yeah, we're back right,
that perfect little Easter egg.

Speaker 3 (34:30):
So good.

Speaker 8 (34:32):
So let's take a let's take a break on the
flip side. We're going to talk about I know, I
want to random and then right after that we're going
to talk a little bit. I mentioned this to us
before this is I think good news for the insurance industry.

Speaker 7 (34:45):
More good news.

Speaker 8 (34:47):
The state of Florida took back two point one billion
dollars from a hurricane fund because they said they don't
need it. So I think that's kind of interesting. So
we're going to talk about.

Speaker 3 (34:58):
That okay, and lots more to get into.

Speaker 2 (35:01):
As you can see if you're looking at the clock,
we have plenty of time remaining on this Saturday. We'll
take you up until eleven, like we do every weekend,
and you're always welcome toll free eight seven seven nine
two seven six nine six nine. Questions, comments, concerns in
the world of real estate. You got a Denny story,
bring it on on a Saturday.

Speaker 3 (35:18):
Of course.

Speaker 2 (35:18):
We are live on the twenty sixth of July. Thanks
for being there. If you're not comfortable on the radio,
believe me, I understand. You can always go to floridatalkrealestate
dot com. You're one stop real estate shop. Pros pros,
y'all experts in their field. You get them all at
one place, the one stop real estate shop. It's floridatokreestate
dot com. Know what, use it, love it, share it.

(35:39):
You can change lives, including your very own, with the
prospros at floridatalkreestate dot com. We're back and for minutes.
Thanks for being with us. Florida Talk real Estate Right here.

Speaker 12 (35:46):
It's Royal Radio.

Speaker 1 (36:00):
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 seven sixty nine
sixty nine.

Speaker 2 (36:09):
All a right back at it on a Saturday. Thanks
for being with us, of course. That's your toll free
number eight seven seven nine two seven six nine six nine.
If you'd like to join the conversation at hand, you're
more than welcome. If you have a question, comment, concern
for the pros, pros, bring it. Jimothy will line you
up there. He's our producer of shortinair. At least I
think I can speak for you.

Speaker 3 (36:28):
Yes, absolutely good.

Speaker 2 (36:30):
Nice to see as always. Good to see you as well,
Johnny C. That's me, your old buddy, your old pale
you like the little Yes, it sound like doctor Richard getting.
That's a data reference, by the way.

Speaker 4 (36:44):
Doctor who.

Speaker 2 (36:45):
Yeah, only only one of the names that built this
radio station over the years.

Speaker 3 (36:49):
And if you don't know, you should know. You better
know your history.

Speaker 2 (36:53):
Thank you to the Love Doctors and the fan base
for building in the real radio legacy.

Speaker 4 (36:58):
I'm here say doctor Glen too often.

Speaker 2 (37:01):
Uh well, I mean it's the Love Doctors, both of them. Yeah,
and get them all rest in peace. Tenns here Daniel
gets a bunch of love. Of course, there's a lot
of names that are involved with the legacy of this station,
including Jimythy yours truly over here. By the way, this
show has been on here for thirteen plus years, so
hard in the history. Yes, where's Mike Rowley's the mortgage

(37:23):
guy from the mortgage from Hello my friend?

Speaker 3 (37:25):
Hi?

Speaker 4 (37:25):
Sorry, sorry step on your intro.

Speaker 3 (37:26):
There, No, no, no, Morgan, is that a good morning?

Speaker 4 (37:30):
In German?

Speaker 3 (37:31):
And German?

Speaker 4 (37:32):
I remember that German. I took a couple two years
of German in high school.

Speaker 3 (37:37):
Makes more sense in my decision. I took Latin.

Speaker 4 (37:40):
Yeah, yeah, I flugged it twice because I'm an idiot.

Speaker 6 (37:43):
Yeah, you plugged it the first time. You're like, no, no, no, no.

Speaker 3 (37:45):
I'm not flucking at this. I'm not flucking.

Speaker 4 (37:47):
It offered Latin in my school and there was a
certain group of students who took it, took.

Speaker 3 (37:54):
It seriously, dumb ones.

Speaker 4 (37:55):
Yeah, they were the smart one they were like the.

Speaker 2 (37:59):
So I found the same thing. I found it to
be the smartest kids in the school and me and
I'm like, wow, one of the.

Speaker 4 (38:05):
And you're like right, right, yep, you're in the tasting
beat and.

Speaker 2 (38:08):
I'm sitting there not I hear wanh wanh wanh wanhh.
And I'm sitting next to check this out. Whole wall
of books, stacked books. Right, they didn't build a bookshelf.
They kind of built like a cutout in the wall
to stack books. And they're all paper backs, right, Is
that the right word? Paperbacks? Almost felt racist in a

(38:30):
way I say that they're all paperbacks.

Speaker 13 (38:34):
I don't know, it felt weird. I felt I felt
like I needed to crank was all right. And I'm
sitting there and I hear wah wah wah wah, and
I want to pull the one out on the bottom
over here, so I go for it, and.

Speaker 3 (38:48):
The whole hole, the whole wall.

Speaker 2 (38:54):
I'm talking like ten feet of books, the whole wall,
Florida ceiling top a little, and I got the one
book in my hands, and my teacher looks at me
and she's like, who did that?

Speaker 3 (39:06):
And I'm like, not men.

Speaker 2 (39:09):
Strangestly, God, that's ridiculous. Ross kamarinets he's with brat Win
in Shurance, Jenero Beach.

Speaker 6 (39:16):
Hello, Ross, Hello.

Speaker 2 (39:18):
That teacher hated my guts, by the way, and when
I took the class again, she was like, you gotta
be kidding me.

Speaker 3 (39:23):
She was a nun.

Speaker 7 (39:24):
She was gonna fail you no matter what, Jim.

Speaker 2 (39:26):
When I graduated, I ended up at a party right
at a girl's house that I just started dating. Right,
she went to the Crosstown rival. As I'm walking down
her hallway, I'm like, why is missus Lamb's picture in
your house? She's like, that's my mom.

Speaker 3 (39:45):
Is gonna be amazing my guts? She said she was.

Speaker 2 (39:50):
She grew up a nun, and then overcame the nunness,
I guess, and then had a family, right, yeah, family, yea, yeah, yeah,
you know, and then uh and then uh hated me.
And then I became like I dated her daughter for years.

Speaker 5 (40:13):
I like how you included that as part of her
life story. She was a nun, she ever came and
she had a family, She hated me.

Speaker 3 (40:18):
Hated me? Yeah, like her life those are her landmarks.
Why why is she on your wall? Well that's my mom.

Speaker 4 (40:28):
I was like, Oh, this is gonna be did you
like winter over never?

Speaker 7 (40:32):
Oh?

Speaker 4 (40:33):
Never? You can't be a nun and hate people. Maybe
that was why she left.

Speaker 7 (40:38):
The Obviously she didn't have an that's true. I'm not
I'm not definitely not Catholic.

Speaker 2 (40:45):
Yeah I was. They tried to force that in me.
They tried to shoehorn me. And when I was little,
I was like, no, no, uh, there's Jimmy d He's
Jim Topolo. I told you thirteen plus years and now
he runs a top producing teams in Florida home pros
team Kellowais Innovations.

Speaker 8 (40:59):
Hello, Hey, we do I want to hear I want
to hear your fast, your restaurant storry, but not write
this second on the next one.

Speaker 7 (41:06):
Yeah, yeah, okay.

Speaker 8 (41:11):
So I wanted to talk just about this insurance thing
because I talked to Ross about this last week.

Speaker 7 (41:17):
He was like, I don't know what you're talking about
and I couldn't find it. So I wanted to find
out Ross, if you have any opinion on this, which
you might not have at all.

Speaker 8 (41:25):
So for apparently, remember when we were having problem where
the reinsurance industry was going to not back Florida insurance companies.
Now that's a really big deal because all insurance companies
have a backer called a reinsurance plan. So the insurance
companies have an insurance plan, and really the reinsurance industry

(41:49):
is what controls everything.

Speaker 4 (41:50):
Those are global international companies with deep, deep.

Speaker 8 (41:53):
Pockets, really deep pockets, right, So they were so concerned
about what was happening off with all the fraud and
the amount of costs that were happening because the claims
legal claims, not actual damages from properties, but the legal stuff,
that they were thinking about pulling out of Florida and

(42:14):
saying we're not going to ensure in Florida and the
companies couldn't operate without that. And this was all happening
around twenty twenty one twenty twenty two, when the rates
were starting to go up really high, and if reinsurance disappeared,
the whole thing probably would have collapsed. So what the
state legislature did back then is they set up some

(42:35):
programs that would take taxpayer dollars and use it as
a reinsurance plan, like a backup plan for the insurance
companies to say, hey, don't worry if you can't get reinsurance.

Speaker 7 (42:50):
The taxpayers will back you. We got your back, which
we at the time we were like, I thought that
was kind of scary.

Speaker 8 (42:57):
So now it's been a couple of years and here's
what's happened. They set aside three billion dollars ross for
these programs. But what bless you. But one of the
things I didn't understand is that they were only good
for two hurricanes. It wasn't like for any hurricane that
came in the future. These were for past hurricanes that happened,

(43:20):
and they were putting money aside in case the insurance
companies needed and they didn't have enough money, so they
put aside three billion.

Speaker 6 (43:27):
Wait are you I don't think it was for past.

Speaker 8 (43:31):
Yeah, let me show you here, it says. During a
special session in June twenty two, and amid widespread financial problems,
lawmakers created what was known as a Reinsurance to Assist
policy Holders or r AP program, which is a state
general revenue provided two billion for reinsurance that could tap

(43:54):
that the insurance could tap at no cost after they
paid a certain amount of losses.

Speaker 7 (43:59):
They said that.

Speaker 8 (44:02):
The hurricane Ian, which made land for fall in September
twenty twenty two, accounts for almost all the money projected
to be used in the program. As of the end
of twenty twenty four, the insurers received seven hundred and
forty million from that program for Ian losses.

Speaker 5 (44:18):
Right, so the program went into a fact before ian Ian?

Speaker 7 (44:24):
When when did Ian hit?

Speaker 4 (44:26):
Did hed twenty twenty two? I think you said June
and then September Ian hit?

Speaker 8 (44:32):
Yeah, but oh yeah, you're right. Oh it's very close
because they passed the law in June and then September
they needed it.

Speaker 7 (44:39):
Yeah, bless you.

Speaker 4 (44:41):
It's almost as if they knew there was going to
be a hurricane.

Speaker 8 (44:43):
Well, there were only two hurricanes that they're talking about.
They're talking about Ian and Helene.

Speaker 5 (44:48):
Right, So I think the summary was they didn't even
use it, didn't need to use it.

Speaker 8 (44:53):
They used seven hundred and forty million of it, so
they used almost a billion dollars of it. But that's
why they're taking the two point one billion back. They
put three million in and they're taking to They put
three billion in and they're taking two billion back, and
then all saying they didn't need the money.

Speaker 5 (45:09):
And then the carriers that took part in that program
also canceled their contracts and said we don't need it,
and so why would so the States basically like, Okay,
we have this money that nobody's going to use the
people that were using it aren't using it.

Speaker 8 (45:26):
Right, so that's they didn't spend it that's two They
budgeted three billion, but we only spent about a billion
of it and then did get two billion back, So
why not keep it for Well, that's what that was
the question I was wondering. That's what I wanted to
talk about right now.

Speaker 7 (45:42):
I still think.

Speaker 8 (45:45):
Maybe it's reinsurance is back and there isn't a threat
to resurance.

Speaker 6 (45:48):
That's what it was. It was it was difficult to
get reinsurance.

Speaker 5 (45:52):
Reinsurance was during that time was becoming very expensive, and
so the carriers were having difficulties shoring that up. So
this day they said, Okay, if you can't get it,
will come in and it will be your reinsurance. There
were a couple of stipulations that you had to to
meet in order to qualify for that program.

Speaker 6 (46:12):
And then the carris didn't.

Speaker 2 (46:14):
Am I not following along though, so I thought, and
maybe I'm not. Didn't the way Jim lay it out, didn't.
He say it was ian and the companies were seven
hundred and forty million short.

Speaker 6 (46:25):
On they had to tap in, but they had to
tap into it.

Speaker 2 (46:28):
But that's not reinsurance right there. But that was that's
that's the claims that they're drowning in right.

Speaker 5 (46:34):
Well, so the way, so the way reinsurance works is
it's an insurance for the insurance company. So just like
you if you have a claim, your response, like once
you hit, you know your whatever, your deductible is out,
your out of pocket to pay for your damage. Then
you have insurance to pay for the rest of the damage. Sure, Okay,

(46:56):
a larger picture.

Speaker 3 (46:57):
The insurance companies have this same kind of situation, correct, Okay.

Speaker 6 (47:01):
And so the reinsurance is their insurance carry.

Speaker 2 (47:05):
Okay, So that's seven hundred and forty million. Was a
shortfall between what their reinsurance would pay them back and
the actual number?

Speaker 3 (47:13):
Yes, or.

Speaker 5 (47:16):
It was maybe they couldn't they didn't get traditional reinsurance.

Speaker 3 (47:21):
I was gonna say, because it sounds like they don't
care enough insurance.

Speaker 5 (47:23):
Well no, So what I'm saying is maybe they didn't
just carry, like maybe they just didn't go get reinsurance
from XYZ conglomerate and they only participated in the Florida reinsurance.
So either way, they would have gotten seven hundred and
forty one million dollars. It's just that they didn't get
it from a private company. They got it from a

(47:46):
public company of coverage you mean of claims of dollars
paid out. Oh so then if then what was the
last thing you said though that they didn't they ended
up not needing the money that they so no, so
the companies that were participing in the program didn't renew
their contract to participate in the program.

Speaker 6 (48:06):
So really they.

Speaker 5 (48:07):
Have this money, but nobody's so seven some signed up
to borrow to use it.

Speaker 4 (48:13):
Three bill sorry geez, three hundred billion. No, just three billions,
three billion, seven hundred million of which was actually paid out.
So think of it two point three.

Speaker 5 (48:24):
So think of it as like you could either go
get citizens homeowners insurance, which is what if you want.

Speaker 6 (48:29):
To call it, back by back by the state the
best in the states.

Speaker 5 (48:33):
So you can either go get citizens from a public
or citizens from whatever, or you can get a private
carrier to ensure your house. Right, and if nobody's using citizens,
nobody's signing up to use citizens. Eventually citizens would cease
to exist if they haven't written a policy in two years.

(48:54):
Nobody wants to. Yeah, right, So it's kind of the
same thing. We have this program, but nobody's using it,
so we're going to take that money purpose and again
then Johnny's like, well, what happens when we need it again?
Then you've got to go through this whole but motion
of getting it set up and funding it right. But
that then we're going to be back into a reinsurance crisis.
And if that happens, at least now we have a
blueprint and we can go Okay, hey, we've experienced this before.

(49:17):
We just need to allocate this money. See who takes
advantage of it?

Speaker 4 (49:20):
And Johnny sam, but now you're going to spend the
money that you already allocated, Like, where's it going to go?

Speaker 2 (49:25):
That's why I said in Vegas, well if we were
you know again, when it comes to spending taxpayer dollars
is one thing.

Speaker 3 (49:30):
But when it is voted on and.

Speaker 2 (49:32):
Allocated a certain way, that's the way it's supposed to
be appropriate. It shouldn't be used for anything else. And
I don't care if it's on a state or federal level.
It's not about politics. It's about that's what it was
approved for. That's what we use it for. It's we're
not going to use you.

Speaker 4 (49:46):
Basically, you give it back to the taxpayer and then
the next crisis you you grab it again from gra
I mean, I don't know we're going to share, yeah exactly.

Speaker 5 (49:55):
Yeah, you know, I don't know what they're doing with
that money if they're going to go feed homeless puppies, but.

Speaker 4 (50:00):
All no, they'll they'll redirect it towards something else or
just you know, maybe.

Speaker 6 (50:06):
They'll build a golf course on JD.

Speaker 7 (50:07):
I're just gonna say that, that's exactly. Say. Now they
got the money for the golf awesome. Yeah, now they
got the money.

Speaker 4 (50:13):
They need some funds for you know, Center Disney lawsuits
and stuff like that.

Speaker 2 (50:19):
You know, well, and maybe sit on it too, because
you know, we're we're into hurricane season and it's going
to start what did they say, it starts peaking in August?

Speaker 3 (50:28):
Right?

Speaker 4 (50:28):
I mean the prudent thing to do would be like
you would do with your any of your household budget stuff,
which is like you know, set it aside just in case, right,
emergency funds, nest egg savings, whatever it is.

Speaker 5 (50:38):
But I think like you have to like that, Like
I don't know what you do with that money, but
if it's already been kind of ear mark towards being
a reinsurance fund that nobody's using, you like you have
to sign up and have a contract to use it.
It's not something that like, oh man, hey we ran
out of money, can we use that now. It's something

(50:59):
that you know, it's like insurance. So you can't be like,
oh hey, Ross, my house burnt down yesterday.

Speaker 6 (51:05):
Can I get some of that insurance.

Speaker 3 (51:06):
That you were wrab it back? Yeah? Yeah, I'll take
the highest quote you had to that's fine.

Speaker 4 (51:11):
Yeah, all right, So that was good. I had another
question come up to me yesterday about insurance. They were
talking about maybe Ross has some insight on this, like
in the condo market. This was more Central Florida, but
I think it applies. Have the condos caught up as
far as like the insurance spike that we were seeing.

Speaker 5 (51:33):
Dude, I got my one of my carriers just opened
back up. That was super competitive in condos, and they're
so cheap right now, so cheap.

Speaker 4 (51:40):
So this is like condo individual insurance. I'm thinking more
like the Master policies, Like you know, Master policies for
condos was one of the reasons that HOA or condo
fees were going up, right. They had to they had
to do the forty year inspections, they had to do
some of the structural integrity stuff, the insurance was getting
more costly for them, they had to catch on our reserves.
All of that kind of hit at the same time,
I'm causing condodus to go from you know, five hundred

(52:03):
a month to one thousand a month or whatever it was.
Has all of that now settled down? And maybe on
the insurance front, has that settled down? We're like now
they're seeing some of the same easing of insurance increases,
maybe even slight decreases from their their peaks.

Speaker 6 (52:18):
I mean, I don't.

Speaker 5 (52:19):
I don't deal with any of the master policy stuff. Yeah, So,
I mean, I don't know. It seems if anybody's in
the n HOA, how are your HOA fees?

Speaker 6 (52:27):
Are they staying pretty? Are they stable now?

Speaker 4 (52:30):
Right? So they took the hit and now they've stable, right,
and it's like, what's that going to look like in
the next five years or something?

Speaker 3 (52:35):
I would think I would they're similar.

Speaker 6 (52:36):
Yeah, I don't think.

Speaker 4 (52:37):
I don't holding right, I don't.

Speaker 5 (52:38):
Yeah, I don't think it's going to get worse, you know,
I think that things are definitely getting better, at least
as far as what I'm seeing in the personal A
lines market. Things are definitely getting a lot.

Speaker 7 (52:47):
Better, and in the condom market the same just I'm
talking about for sales, not insurance. Now the condom market,
it's still pretty rocky road for a lot of communities
out there. But there is a silver lining.

Speaker 8 (53:00):
Coming up, or a light at the end of the
tunnel that isn't a train coming at you. Is that
once everybody starts complying with these regulations for the first time,
and I don't know how long, Mike, maybe I guess
before you and I were in this business before the crash,
regular people, first time home buyers can use faha, low

(53:22):
down payment financing to get into condos, and that's going
to be a big deal. That's going to be a
very big deal for buyers. There's so many first time
home buyers that come to me and they're on a really,
really tight budget and they're showing me condos for one
point fifty two hundred right, because that's really all they
could afford. They're like, Wow, I could afford a mortgage payment, right,

(53:45):
and not even twenty percent. Mike, what do you say
normally to tell people when they're buying a condo to
budget for.

Speaker 4 (53:51):
So traditionally, Yeah, if you wanted to avoid having to
ask all of the questions and look deeply into the condos,
like financial situation, it's twenty five percent down.

Speaker 8 (54:01):
Right, So one hundred thousand dollars you're putting twenty five
thousand dollars down on one hundred thousand dollars apartment, right, Yeah,
but if you were to do faha finance and it'd
only be three thousand and five hundred down.

Speaker 7 (54:12):
Huge, So it's gonna be you.

Speaker 8 (54:14):
So once that opens up, and once the buyers, like
sharp agents like me Ding Ding Ding are gonna take
advantage of that for our buyers. And at the beginning,
a lot of people are gonna be clueless about it,
and you can go in there and snap them up. Yeah,
And it's gonna raise the prices of condos. So even
though we had these tremendous depreciation in the condo market

(54:36):
for a long time, that's gonna change. It's gonna start
coming back up because these are going to be the
affordable homes people.

Speaker 4 (54:42):
And it's like when it comes to condo financing, the
question was always you know, how like not only do
you have to qualify as a borrower, but also the
condo Association itself had to qualify and the building had
to qualify, and so there were certain like minimum requirements
things that you know, they set the rules like, hey,
this this is a financially healthy condo association versus one

(55:05):
that is mismanaged. Maybe not, so you know, kind of
like you know, you know, they're just hoping for the best,
right crossing their fingers and hoping nothing goes wrong. And
so as these condo associations have kind of been forced
to fall in line and to budget properly and to
have the proper amount of insurance and all of that stuff,
it becomes where they're now going to be eligible for

(55:27):
low down payment conventional eligible, maybe for VA financing, eligible
for FAHA finance. And so the more and more we
see of that, it's just an indicator that the condos,
the risk on the condo itself is less and less,
meaning they're financially healthy and the buildings are in good shape,
so they're essentially not a risk of high foreclosure default

(55:48):
rates or losses essentially. So yeah, I think that's so.
Then the conversation I was having Jim was like, the
condo market right now feels soft from a if you're
a seller you're trying to sell your condo. It's been
a it's been a rough road. Is it a good
time to be a condo buyer? And do I need
to be worried about out of control condo dues in

(56:10):
the future, because that's always a risk, like in any
association condos especially like can these things get out of
control and really price me out of my out of
my budget. And that's happened for a lot of people
over the last years, which is part of why the
market is soft. I don't know if we've hit a
point where it's like, okay, now it should be buying condos,
like you can go get these condos really cheap. No,
I don't know if we're there yet, but no, but

(56:33):
if you're a condo buyer, not a terrible time right there.

Speaker 8 (56:38):
You're going to get super low prices. But you also
have to make sure that the community. My advice is,
makes you sure the community is doing what they're supposed
to do to get everything corrected. Yes, so you're buying
at their weakest moment.

Speaker 4 (56:50):
And if you if you want a waterfront condo, are
there opportunities out there?

Speaker 8 (56:54):
Yeah, there there are definitely opportunities out there. But you
have to make sure that the condo's dealing with the
issues in a timely manner and that you can see
a path that in the next year eighteen months, it's
all going to be settled up and they're going to
be fine. Right, You don't want to be one in
right now, Like you don't want to be buying into
a condo where the communities at odds with the board

(57:17):
and they're upset about the money that's going to be spent.
Everybody's fighting and trying to get wiggle out of the problem.
You don't want to be in that. But if the
people is like, yeah, we already hired our concrete restoration people,
and we've already done the study, and we know how
much money we need to spend, and we're already working
on fixing all that.

Speaker 4 (57:35):
And there's kind of out there like that was never us,
Like we stayed on top of things all the time,
so we haven't seen huge increases. Our increases was because
you know, insurance got more expensive, not because we had
to you know, completely redo our foundation.

Speaker 11 (57:48):
Right.

Speaker 3 (57:49):
We didn't have any money in the conference, right, Right.

Speaker 8 (57:51):
Well, let's switch over a little bit, because I did
want to get into what's happening with you?

Speaker 3 (57:55):
Can I just ask a quick question.

Speaker 2 (57:57):
It sounds to me like a daunting task to make
sure that these condo associations are lined up appropriately. But
if you're doing financing, like the lender is going to
be looking into that, if you have a good realtor,
they're going to be really looking over all the docs
from the condo associations. So this isn't like, yeah, you
have some responsibility in this, but this isn't as daunting

(58:19):
of a task and a burden as a buyer.

Speaker 3 (58:22):
It doesn't fall all in your lap, right, there's a
lot of help your able to get.

Speaker 7 (58:27):
Yeah, you should have assistance, you know, your team should
be You don't.

Speaker 3 (58:30):
Know what you're looking at. I don't know what I'm
looking at. You know what I mean?

Speaker 4 (58:32):
Yeah, I would say, because our general philosophy throughout our
entire time doing this is to actually be able to
close on a contract that you're in. We have kind
of naturally, uh like explored how to do condo financing
in the right way, meaning we're asking all the right
questions up front. We know I know exactly what to

(58:53):
look for to say, yeah you can do this, Faha,
you can do a VA. You can do a conventional
low down pain or you're going to have to do
a big down payment, like we have been doing that
for so many years, Johnny, like, which is natural that
we're looking at that from a lending approval perspective, and
that just happens to coincide with like, if they can
pass our review, they're probably okay, right, And if they

(59:16):
can't pass our review, doesn't mean you can't do it,
but you need to be thinking about it.

Speaker 3 (59:20):
Here's why.

Speaker 4 (59:21):
Yeah, And so we just have always done it, and
so you know.

Speaker 8 (59:26):
And there's I have to cavey out here because there's
no guarantee. Because what I'm thinking about right now is
had a I had a buyer who's on a very
tight budget, a senior, and we put them into a
condo and we did all this fetting. And the condo
was only two stories tall, so they didn't have to
have the same same kind of regulations that a three

(59:51):
story or higher condo.

Speaker 7 (59:52):
Had and things like that.

Speaker 8 (59:53):
As far as the state, and they've been there barely
a year now, and they already have a five thousand
dollars assessment and it's that's a huge amount of money
to this person and I feel really bad about that,
but there's just nothing you can do. It's just like
there's no matter how much you vet, there's still a
risk that there's something gonna pop.

Speaker 7 (01:00:12):
Up that scary. That's the scary part right now with
the condos. So it's gonna take time for all that
to get cleared up. So even if we're on our
way to do that, but even if.

Speaker 2 (01:00:22):
You do look at you know, the docs and you're like,
everything looks good, it looks like, you know, they're doing
everything responsibly, some major thing can pop up that isn't
you know in your playing currently Again, a plan that
can't change is a bad plan, unfortunately. But they're gonna
have to deal with that, and that contingency comes into play,
and sometimes it does mean an assessment that's gonna cost you,

(01:00:42):
you know, hundreds of dollars and.

Speaker 3 (01:00:44):
That's a sad reality. But you can't predict that kind
of stuff.

Speaker 7 (01:00:46):
Yeah, for sure.

Speaker 3 (01:00:48):
So you want to take a phone call?

Speaker 7 (01:00:50):
Yeah, I was gonna say, can we take the phone sure?

Speaker 12 (01:00:52):
Sure?

Speaker 10 (01:00:52):
Yeah, Well, part of owning a home is you know,
pest control. So we got our buddy Greg Rice on
the line with its Hey, Greg, how you doing little buddy.

Speaker 5 (01:01:01):
Hey, Hey, how's the gun, Greg Goore?

Speaker 4 (01:01:03):
Good welcome, Yeah, Johnny, yeah, buddy.

Speaker 2 (01:01:09):
Yeah.

Speaker 4 (01:01:09):
You know my real estate agents put their pictures on
billboards inside of buses.

Speaker 3 (01:01:14):
Why did they do that?

Speaker 14 (01:01:16):
Yes, you know what they look like ten years ago?

Speaker 7 (01:01:21):
That is definitely Greg.

Speaker 3 (01:01:23):
I hope we're doing well.

Speaker 2 (01:01:24):
Man.

Speaker 3 (01:01:24):
I appreciate you.

Speaker 7 (01:01:27):
Coming.

Speaker 3 (01:01:27):
Awesome weekend. Ten years the world famous, Greg Rice.

Speaker 7 (01:01:30):
That's so true.

Speaker 4 (01:01:32):
And I was gonna say more like twenty years.

Speaker 8 (01:01:33):
Yeah, we have some people were thinking about already.

Speaker 3 (01:01:37):
Right, so yeah, that needs to be updated. Huh uh.

Speaker 7 (01:01:42):
I wanted to talk a little bit about interest rates
and then slide into what's happening in the real estate
market down here locally.

Speaker 2 (01:01:47):
All right, let me just quickly let everyone know you
can dial in eight seven seven ninety seven six nine six,
like Greg Rice just did the questions, comments, concerns in
the world of real estate. You're welcome, of course, if
you're not going to one on the radio. Greg is
very comfortable on the radio. If you're not, remember floridatokrealestate
dot com. You need prospros experts in their field. When
you're buying a home, selling a home, you're stuck with

(01:02:08):
a home, you don't know what to do. Anything that
touches the world of real estate. We got a professional
for you at Florida Talkrealestate dot com, Facebook, YouTube, No,
it is it Levitchhare at floridatokreestate dot com.

Speaker 7 (01:02:19):
Thank you, Johnny.

Speaker 8 (01:02:21):
So, the reason why we haven't talked about real estate
mortgage rates lately is because me and Mike haven't been
in the room together a lot, and also because there
isly hasn't been any real major, major news about it.
But just to give you an idea, from April, from
April into today today, we're at six point seven four percent.

(01:02:44):
Last week we're at six point seven five percent, So
we went up point oh we dropped point oh one.
But from April our high was six' eight three and
our low was six sixty. Seven and we're at six
seven four right. Now so basically we've been flat Since,
april and and so the interest rates really have just

(01:03:07):
been kind of, actually it's been kind of, nice to
be honest with. You WHAT i really hated was last
time when we were Like september of last. Year that was,
horrible because Like, september just to give you an, idea
we were at like six point, eight which was like
the low for the last twelve, months and within one,

(01:03:30):
week two, week three, week and then we had five week.
Increases we had five increases in a, row and we
got up to six point eight from six six point oh,
basically and we went up three course a point in
like five. Weeks that was a terrible time to be
a buyer's agent and a buyer because the mortgage rate
kept changing day by day by, day and it kept

(01:03:52):
going up and up and. Up, Right so if you
took five weeks to find your home and you were
okay at six point oh eight and the interest rate
went up to six point, eight, right you just lost
like six percent seven percent of your purchase, power all
other things being.

Speaker 7 (01:04:10):
Equal so it was always very. Scary just should we
lock in the? Rate remember we were talking about that
all the, Time, mike should we lock in not lock?

Speaker 8 (01:04:16):
In blah blah blah blah. Blah, well now we haven't
had any of those problems as a. Buyer AND i
was talking to a buyer that we're going to be
working With peter soon and we're going to get him
on the air because he was a really good company
that our customers have been. Using BUT i had a
conversation with him a couple of days ago and he
mentioned to me that WE i called him up BECAUSE

(01:04:40):
i told, him you, Know, PETER i know you don't
necessarily need to buy right, now but if you want
to be part of the buyer's market and not being
a seller's, market you really should start looking right, now
BECAUSE i think we're towards the end of the buyer's.
Market what you, know this cycle of this buyer's. Market
AND i, said the reason why is what if the
interest rates do start, dropping we're going to get a

(01:05:02):
flood of buyers coming, in and now you're gonna be
competing with all those. Buyers right, now it's crickets chirping
for most, properties and you're gonna be the only game
in town most of the, time and you're gonna be
able to negotiate mano a mano with.

Speaker 7 (01:05:15):
The seller and try to get the best deal.

Speaker 8 (01:05:16):
Possible but if you wait for the interest rates to go,
down you know you're going to be competing with everybody
else and following the buffalo. Ort AND i really believe
that to be. True and there was an article that
came Out mike about interest, rates about what's the secret
number for interest? Rates and this is the second survey
we talked about this last, Week, Johnny, right and so

(01:05:39):
the secret number do you remember do you remember about
two years, ago maybe even three years, ago maybe even
a little, longer that the secret number was five anything
with below a. Five remember it had to be below, five,
right if you had to have a four to nine
to nine in there in order for people to come
back to the market because the interest rates were too.

(01:05:59):
High then we got to the point where you had
to have a, five, right you, know five something with
the five in it was going to get everybody. Back,
now the secret, number according to the last survey was, six,
right just six point, Zero and this new survey came
out and that's the same. Number six point. Zero that's

(01:06:20):
what the buyers are, saying or potential, buyers would be
buyers are. Saying that's what they want to see the
interest rates get.

Speaker 4 (01:06:26):
To do you remember what the rates were when they
were saying it's a. Five was it something like five
point seventy?

Speaker 3 (01:06:32):
Five?

Speaker 8 (01:06:32):
Yeah, yeah, Yeah and that's so, true right that it's
going to say it isn't really that, much and you,
know just a.

Speaker 4 (01:06:38):
Little bit lower than it.

Speaker 2 (01:06:39):
Is right, now you know what it tells, me because
it doesn't matter what the number. Is these are all
people that aren't going to be. Buyers they're, not and
they just have some arbitrary like that makes me feel.
BETTER i would do that if it would do that.

Speaker 8 (01:06:50):
Give some justification for, Not, Oh i'm not at the interest,
rate like they're sophisticated about interest.

Speaker 7 (01:06:55):
Rates, Right, Oh i'm not going to get that, interesting,
Right i'm not.

Speaker 4 (01:06:59):
BUYING i would say. This it doesn't mean there isn't
a secret. Number but the secret number isn't the interest.
Rate the secret number. Is And i'll tell you, what
like to the point of like rates have been generally
steady this, year if you have been kind of like
a pseudo active, buyer like Take johnny for, example where

(01:07:22):
he's connected in the app or some mechanism of analyzing,
numbers and he's got an idea of the type of
home he needs to live in the neighborhoods that he's,
targeting and if he's been kind of diligently, watching he
probably has seen something like and he's got a target
in his mind of LIKE i need the stars to,
align SO i end up at this, payment he has

(01:07:43):
probably he's been seeing it inch closer and closer to the,
target not because rates have come, down but because prices have.
Softened right like the market on prices, softened and things
are even if they have held like their initial list,
price they go to forty five days sixty days on
and you can start to, think, well, okay wait a,

(01:08:04):
second what IF i get? That what IF i get
this house at this? Number and so if you've kind
of been sitting back actively watching that and you're really
just looking for the payment to land at a, place
it's been inching down not because of, rates but because
of softening in the, price in the price of home
and the ability to get cash out of sellers and,
things the negotiating.

Speaker 8 (01:08:23):
Power and here's the thing that buyers to. Understand if
the interest rates did get to six percent, flat which
we're not that far off, of you, know we're basically
three quarters of a point from.

Speaker 4 (01:08:36):
There we were there In, september, right.

Speaker 7 (01:08:37):
Yeah, exactly right.

Speaker 8 (01:08:39):
Yesterday so if we if we get to six point
zero the magic, number they feel that an extra five
hundred and fifty thousand buyers will come into the market.
Nationwide that's that's a pretty big. Deal that's about ten
percent of all the buyers across the country for the whole.

Speaker 7 (01:08:57):
Year it's a big. Problem we're selling.

Speaker 4 (01:08:59):
Just five million active kind of buyers out there is ever.

Speaker 8 (01:09:02):
Well, no there's usually right now between five million and
six million sales a, Year, okay so if you had
five hundred and fifty thousand new, people it's about ten, percent,
Right so and really we're closer to five million than we.
Are six six million was the peak peak peak of all,
time uh in one year with six million, sales, Right
we've always been in the fives low.

Speaker 7 (01:09:23):
Fives.

Speaker 8 (01:09:23):
Right, so so, anyway if you're waiting for these interest
rates and that's your thing in your, mind once, again
we're just trying to prove to you that you're going
to be dealing with all these other people and you're
not going to get the same. Deal the sellers are
not going to work with you the same. Way you're
not going to get the same. Discounts it just is a.

Speaker 2 (01:09:45):
Fact, well and if the if you have that number
in your head based on what the effects are to
your monthly, obligation then that's totally. Justifiable but if you
don't know how that incorporates with your taxes and your
insurance and what your obligation is based on your, criteria
then you're.

Speaker 3 (01:10:04):
Really tired tire kicking atle, WELL i mean maybe, maybe.

Speaker 4 (01:10:09):
YEAH i don't even just highball in.

Speaker 2 (01:10:11):
THINK i think you're just talking to hear yourself talking,
yeah like, yeah, truthfully.

Speaker 3 (01:10:15):
And there's that's.

Speaker 4 (01:10:15):
OKAY i, mean what do we do every? Week like
you're in the, business but we talk about real.

Speaker 3 (01:10:18):
Estate so that's.

Speaker 4 (01:10:19):
Okay as long as you, can you, know recognize that.

Speaker 2 (01:10:23):
There's there's a there's, base there's reason for the words
that are spoken more times unless it's me.

Speaker 4 (01:10:27):
Speaking if that's, You, johnny and you like, talk you
go to you, know cocktail parties and you're giving advice
about oh you gotta wait where these rates are too
high and every then it's then you're kind of doing
a little bit of, injustice, right there's an injustice to
those potential people because it's not it really shouldn't be
the right it's not the correct metric to to.

Speaker 12 (01:10:48):
Be it's to be.

Speaker 3 (01:10:49):
Targeting that's, right of, course it is part of, sure
part of, it part of.

Speaker 4 (01:10:53):
IT i Wonder jim are sellers waiting for rates to
come down for the same, reason like because they're, like,
Listen i'm not going to be in. This i'm not
going to put my bait out there and just have
it like chummed up or whatever chewed up by every
single buyer comes by taking little. Nips i'm gonna wait
for these rates to come. Down i'm gonna wait for
buyers to come, out and Then i'm gonna.

Speaker 8 (01:11:11):
Have most of the people That i'm dealing with that
are on the market right now need to sell.

Speaker 4 (01:11:16):
Now but they're on the, market they're. Selling i'm just
If i'm.

Speaker 8 (01:11:19):
No there used to be a long. Time for a long,
time people will put their house on the. Market if
they get the price that they, want they would, sell, sure,
Right but a lot of those people have gone. Away
that's what we were talking about with the decrease of
inventory over. Time we've seen the inventory.

Speaker 4 (01:11:33):
Shrinking your speculative sellers are not because they're out there
like IF i don't get the NUMBER i, WANT i
don't think it's worth.

Speaker 7 (01:11:41):
It i'm gonna.

Speaker 8 (01:11:41):
Wait and those people that are doing, that they're betting
that we're going to see this new rash of new
influx of. Buyers the stream of buyers coming in and
the most common Thing i'm hearing right, now And i'm
like rolling my eyes WHEN i hear, it because you,
know why don't you just believe in you, know fairies
and rainbows and unicorns.

Speaker 7 (01:12:02):
Too, okay but it's the whole.

Speaker 8 (01:12:04):
Thing it's the the whole thing about that mayor, race
memorial race In New york and that everybody's going to be.
Fleeing everybody's going to be fleeing.

Speaker 4 (01:12:12):
If the one guy Wins florida is going to have
a boom of a new.

Speaker 8 (01:12:15):
Bodies there's a lot of people out there's a lot
of people out there right now that believe it's already
happening just because he won the.

Speaker 7 (01:12:21):
Primary i'm, like.

Speaker 8 (01:12:22):
The guy didn't even the guy isn't even the. Mayor
yet you're already saying that all these people are going
to flee because of, him and that they're going to flee.
Now And i'm, like we're not seeing that. Yet but
it isn't like that isn't a light switch. Thing you're
not just going to see like everybody like packing THEIR
u hauls and driving To florida in one.

Speaker 4 (01:12:40):
DAY a real estate, agent though you should probably be
prepared for that. Influx you should be, like.

Speaker 8 (01:12:45):
There will be there will, be there will be some,
there but whether or not it's going to be like
A covid. Moment you, know that's what these people are.
THINKING i have a customer who said that they might
want to take a house off the market that's been
on the market quite a. While and they've lost a
lot of money on this, house right because they're. Investors

(01:13:07):
but they're thinking if they take it off the market
and they hold you know three, months six, months that
the prices are going to rise because of This New york.
Influx And i'm, like but rise rise enough to recoop
all the losses from holding onto the property for another
long period of, time you, know because there's carry costs and,

(01:13:30):
balls and they go to carry, costs you're really thinking
the appreciation it's going to jump over the carry costs that,
QUICKLY i don't. Think so it's better rip the band
aid off and just get the thing done and then
take the money that you have left over and reinvested
in a better.

Speaker 3 (01:13:46):
Deal that's.

Speaker 2 (01:13:47):
Right when you know you got on the wrong, train
you should get off at the next. Hop yeah, no,
wait it's more expensive to come back.

Speaker 3 (01:13:53):
Exactly it's just its common.

Speaker 8 (01:13:56):
Sense so let's talk about the monthly. Stats And i'm
going to focus On Palm Beach county. First So i'm
going to give it. Away Palm Beach, county out of
the five, counties had the weakest. STATS i thought that
was kind of. Interesting And i'm comparing it To Saint Lucy,
Martin Palm Beach, County Broward, County Dade. County, Right SO.

Speaker 4 (01:14:16):
I was prepared for you to say another, county and
Now i've got my my hackles, Up i'm ready to. Defend, okay, well,
okay what's going?

Speaker 8 (01:14:23):
On so you're talking about the other thing is, well
you know a bunch of different. Things so is that
that's another one of my turn? Things is that a
saying hackles?

Speaker 7 (01:14:34):
Up, yeah you get your hackles?

Speaker 3 (01:14:35):
UP i mean you brought it out BECAUSE i was, like.

Speaker 4 (01:14:40):
WHAT i, Meant, wow that's WHAT i.

Speaker 3 (01:14:41):
Meant in, CONTEXT i kind of felt.

Speaker 4 (01:14:44):
Like, yeah get my blood, boiling like you're, ready like
you're ready To.

Speaker 7 (01:14:49):
I've heard of that. Term So.

Speaker 8 (01:14:52):
I've Been i've been reading with all these YouTube real
estate people and investor people BECAUSE i watch a lot
of that just to see what other people are, saying
how they're spinning the stats and. Everything AND i hear
all the time about How, mark you, know we're ground
zero again and we're starting the whole big crash over,
again and blah blah blah blah.

Speaker 7 (01:15:12):
Blah And i'm.

Speaker 8 (01:15:14):
Sorry, guys it's just not showing up in the. Stats
that's what people are worried. About but And i'm not
saying that it isn't going to, happen but there's nothing
really here to say it's.

Speaker 7 (01:15:26):
Happening, now who's worried about?

Speaker 8 (01:15:28):
It? Though, uh, well when you say worried about, it
it's all of When i'm saying, it it's the people
that are interpreting the stats and saying that the market's.
Question you see it all the, time, Right, yeah you
see all this market crash and it's all clickbaity. Stuff
and so let's look At Palm Beach. County So i'm
gonna go over like the most important, metrics which is

(01:15:49):
closed sales and median sales price and time to contract
and list price to sales price and. Inventory those are
the most important things to determine the. Market so closed
sales For june twenty twenty five for single family Homes
Palm Beach county eleven hundred and eighty. Seven last year
this time we were at twelve sixty. Nine now that's

(01:16:12):
a six point five percent, decrease but we're talking, about you,
know seventy homes out of twelve, hundred, right so it's
six six and a half percent. Decrease it's, True but
it isn't like we're seeing tremendously bad.

Speaker 7 (01:16:26):
Numbers. Now is eleven hundred and eighty seven sales in a?
Month is that high or? Low, well for the last, year.

Speaker 8 (01:16:34):
It's what month is This? June this is last? Month,
yeah because we get we always get the reports a month, behind,
right because we've got to wait for the reports to come.
Out so this month we're at eleven eighty. Seven we've
only had three other months in the last well actually
four other months in the last twelve that had higher

(01:16:55):
than eleven eighty, seven and the highest was thirteen twenty.

Speaker 2 (01:16:58):
Eight but us earlier that we do like low five
million transaction nationally a. Year if we're doing like eleven
twelve hundred a month In Palm Beach, county we're totally
doing our part for that five million a.

Speaker 7 (01:17:12):
Year, yeah for, sure and that is like the worst.

Speaker 4 (01:17:15):
Now so there's a lot of counties in the, nations
a lot of counties don't do anything absolutely.

Speaker 3 (01:17:20):
Totally doing our part to get us of that.

Speaker 7 (01:17:22):
Number oh, yeah without a.

Speaker 8 (01:17:23):
DOUBT i feel, like, well we're the we're the wealthiest
per capital.

Speaker 7 (01:17:28):
County in the. Country If i'm not mistaken or in
the top, Ten that's WHAT i feel.

Speaker 3 (01:17:32):
Like BUT i just feel like we're IT'S i feel
like as we.

Speaker 2 (01:17:36):
Shift into more of like a almost a buyer's, market
that's when the nasayers were really kicking more and more
though things are so, Bad.

Speaker 8 (01:17:43):
Well what would be? Bad what would be? Bad close?
Sales let's pick a couple of. Months january was. Horrible
january made me go wow WHEN i saw the report
that it was eight hundred and fifty and that's really really.
Low and then we Had november of last, year and
that's when interest rates it's seven seven. Nine we only
had eight hundred and forty one. Sales so we had

(01:18:04):
three months out of the last twelve that weren't at
least four, digits you, know at least one thousand sales or.
More we only had three out of. Twelve that isn't
showing in the last in the last five Months february
till now one thousand and, nine twelve fifty, five thirteen twenty,
eight thirteen thirty, four eleven eighty, seven all pretty healthy months.

Speaker 7 (01:18:27):
Overall SO i don't said, Nice so where's the?

Speaker 4 (01:18:29):
Crash what a nice steady?

Speaker 6 (01:18:31):
Is?

Speaker 2 (01:18:31):
Er?

Speaker 4 (01:18:31):
Sorry if we go back to like just rate just
on that point In. January so if you're closing a
deal In january, finance that means you got into contract In, December, November, november,
Right so For september was the low six point zero
eight to Mid january was. Seven it went not basically
a full, interest you, know one full point going From

(01:18:52):
september To. January the breaks on. It and so if
you were In november And december and you saw, rates well,
jeez these rates are going. Up when are they going to?
Stop it could have just put a pause on you
and that's exactly what have backed out of. Them, yep,
yeah that's what would have.

Speaker 2 (01:19:05):
Happened a couple of months and then you know they
level a little bit and we're back in.

Speaker 8 (01:19:09):
It so median sales price for Pom Beach county the
highest we ever hit was sixty five nine six five nine, nine,
right six hundred and fifty nine, thousand nine.

Speaker 7 (01:19:18):
Hundred this month we're at which, actually CAN i?

Speaker 4 (01:19:21):
Guess?

Speaker 8 (01:19:22):
Yep six forty, one six twenty Six, okay so AND
i was. Wrong actually the highest of all time was
a year ago In, june and it was six five
nine nine nine, nine, Right so we almost hit six
Six you, Trick, Johnny, Right so we're at six twenty.

Speaker 7 (01:19:43):
Six so where where are we?

Speaker 2 (01:19:45):
At?

Speaker 7 (01:19:45):
Uh where where does six twenty six?

Speaker 8 (01:19:48):
Land, well in the last twelve in the last twelve,
months lowest was six six fifteen and the highest was
six five nine nine nine. Nine so six twenty six
were kind of, like it isn't that much of a.
Variance but if you're going off of the six sixty
to the six twenty, six you're at, sorry what is?

(01:20:11):
That six twenty? Six one is six fifty, right sixty
ninety sixty six to bay device six five. Nine, yeah
that's almost a ten percent, drop, Right so we have
seen a temper six twenty six sixty five.

Speaker 4 (01:20:25):
Nine so if you're a dooms say or doomsday or
whatever you're, saying like price housing is just two it's
still too, expensive, right people can't buy. Homes and BUT
i think you're discounting the fact that people are in
many many people are in payments that are perfectly comfortable for,
them and they're like home values have gone up right

(01:20:48):
over these, years and they're in, there and they refinanced
when interest rates were really, low and so the default
rates are not going, up, Right and so unless you
have huge default, rates you're not going to have.

Speaker 7 (01:20:59):
This we don't have any, right we have no default right,
now which is we've.

Speaker 5 (01:21:03):
Talked About, wait hold on a, second like a month,
ago you said it like tripled from like point zero
zero one, percent like point zero.

Speaker 7 (01:21:10):
Zero, YEAH i think.

Speaker 8 (01:21:12):
Right for most of the, time we were under a
half of percent foreclosures and short, cells and now we're
at one, percent so normal local locally locally and out
of that normal foreclosure rate is one to three, percent
so we're on the low end of the normal foreclosure

(01:21:34):
and we've not, right we finally got normal because we've
been abnormally. Low abnormal we've been abnormally low.

Speaker 7 (01:21:42):
For that.

Speaker 8 (01:21:42):
Time so prices are not going up. Anymore we're not
seeing appreciation. Anymore we're seeing kind of flat to maybe slight.
DEPRECIATION i don't know if you've been listening all. Day
Grand slam used to be one ninety.

Speaker 6 (01:21:55):
Nine now.

Speaker 3 (01:21:57):
Prices are still going.

Speaker 8 (01:21:59):
Up, now here's the thing that is the weakest of
all the counties was the median percentage of list price
to original list price to sold. Price, now it got
as high as one hundred and one percent in some
counties at some periods of time when we were at
the crazy. Period, right one hundred and one percent was the,

(01:22:19):
average right twenty twenty, One, right twenty twenty, one twenty twenty,
two we're at one hundred and one. Percent can you
imagine you put your house on the market and the
average person was getting.

Speaker 7 (01:22:29):
More than lis. Priced that's, crazy.

Speaker 8 (01:22:32):
Right normal is like ninety five, percent ninety six percent
of list price to sold. Price But Palm Beach county
we're at ninety three percent right, Now wait.

Speaker 3 (01:22:42):
You what do you? Average because usually like ninety six
ninety seven that's on THE.

Speaker 8 (01:22:46):
PA i gotta tell you this, YEAR i got cream this,
year AND i kind of talked about.

Speaker 7 (01:22:50):
THAT i kind of over the last year it's been.

Speaker 8 (01:22:52):
Bad thirty oh thirty seventy eight percent of my home
sold in thirty days or less for eleven of my thirteen.
Years oh, yeah but the last, year my numbers are
all off the. Chart and it's because of all these
changes with the interest rates spiking and the buyer's coming.

Speaker 3 (01:23:13):
To back and being something's already you just have to
ride the.

Speaker 8 (01:23:16):
Waves, Yeah AND i haven't done a statistic because it's
SIX i haven't done it. Yet at the end of the,
Year i'm going to do it, again, gotcha and find
out and catch, up to find out where we.

Speaker 2 (01:23:26):
Are but on the back of the card For jimmy
d it's, like, uh you, know we've been at like
the ninety six ninety seven mark for a long, time, right.

Speaker 8 (01:23:33):
We've been we are at Ninety most of our stuff
was getting ninety eight ninety seven. Percent you should.

Speaker 4 (01:23:40):
Switch up how you talk about. That you should say something,
Like i'm Just i'm consistently five to six percent better
than everyone.

Speaker 3 (01:23:46):
Else yeah you know WHAT i.

Speaker 8 (01:23:47):
Mean, Yeah Like I'M I i make up the real
estate commissions when you hire them out for, Them, YEAH i.

Speaker 2 (01:23:54):
Do so there is a there's there's an honesty in
all of. It, yeah, right it's not omission not it's like,
anything but it. Is you can have an honest angle to.
You well if you if you're, omitting if you're omitting,
things you are being very. Deceitful you are you're essentially
lying in my.

Speaker 4 (01:24:09):
View, Yeah jimmy just said he's off his game this,
year but so is everyone, else and he's STILL i like.

Speaker 2 (01:24:14):
The way you frame that, better that you're five percent
better than, most which is it's a different way to
look at it the same.

Speaker 7 (01:24:21):
Thing it's He it's a perfect. Example we just.

Speaker 8 (01:24:25):
CLOSED i forgot to do the shout outs this. Week
i'm not going to get into. It you do it next. Week,
yeah thank you. Everybody but we had a Property Imports
Saint lucy was on the market for a. Year it
started out at five point fifteen and it and it
has expired at four ninety. Nine the seller called me
up and, SAID i got to sell this house right.
Away you've got to come up with the real. NUMBER

(01:24:46):
i don't want to get, creamed BUT i want to
get what everybody else is.

Speaker 7 (01:24:50):
GETTING i want to get it.

Speaker 3 (01:24:51):
Fast.

Speaker 7 (01:24:52):
Okay SO i was under a lot of.

Speaker 8 (01:24:54):
Pressure This this all happened like two weeks ago through
two and a half weeks, ago maybe Three so what
happened WAS i did AN x ray of the. NEIGHBORHOOD
i called like seven or eight agents in that neighborhood
that either had active pending or, sold AND i really
grilled them and asked them a whole bunch of, Questions,
well why has your house been on the market one

(01:25:14):
hundred and twenty eight? Days how many how many people are?
Coming are more people coming or less people coming now
than when you.

Speaker 7 (01:25:21):
Put it on the.

Speaker 6 (01:25:22):
Market are people? Defensive?

Speaker 8 (01:25:24):
Not if you do it the right. WAY i always
call up and, go look is.

Speaker 6 (01:25:28):
Your house on the. Market what do you not do?

Speaker 7 (01:25:32):
It i'm saying it really fast right now to get,
it to get through. It BUT i ask them all these.

Speaker 8 (01:25:39):
Questions usually the agents want to talk to you because
they want to know what's going on, TOO.

Speaker 6 (01:25:44):
A good, agent maybe a.

Speaker 8 (01:25:45):
Buyer so WHEN i went back to the, seller now
it was last listed at four ninety, nine so he,
goes what's the, number what's the secret number that's going
to get my? Household AND i go four thirty five
to four fifty and that's a huge haircut, Again but
and they were like, wow AND i, go AND i.
GO i would put it closer to the four thirty,

(01:26:06):
five because that's gonna be your bad, day and people
will pull your number up if it's worth, more and
you're gonna get it done, fast but don't go a
penny over four fifty because if you, DO i don't
know what's gonna, happen and you can't call me, right
you can't hold me to. It and then what happened,
was of course he picked four, fifty oh, right but

(01:26:26):
in five days we got four forty two right in five?

Speaker 7 (01:26:30):
Days?

Speaker 8 (01:26:31):
Right SO i sold that house in five days and
we closed in two and a half three. Weeks, well,
nope either, way it would have worked out. Fine if
he was at four thirty, five it probably would have
came out to four forty something. Anyway but he still got.
It we had very good. Buyers the agent was, Great
thank You cheryl for working with.

Speaker 7 (01:26:51):
Us she was.

Speaker 8 (01:26:51):
Awesome and we got everything done and the whole thing
closed in like three and a half weeks from start to, finish.

Speaker 4 (01:26:57):
After sitting for how long a?

Speaker 8 (01:26:59):
Year one you're, Exactly and we put it on the
market seven days after one, expired like we. Didn't it
wasn't like a month downtime or two. Months and the market.
Change it's like one expired and, boom we put it
back on the market.

Speaker 4 (01:27:13):
AGAIN i think there's also in these in that stat
like when you're at one hundred one percent or, now
there's also a little bit of an underlying, issue which
is like when it was booming and they're getting one
hundred one percent, there one hundred percent might have been
a stretch when they came up with the number in
the first. Place you, know, crazy let's let's just go.
Crazy i'm gonna put it at twenty five thousand above

(01:27:34):
the time and now time these people are still hoping
for some sort of higher, number but they're having to
back down from. It it's interesting that your gym strategy
is almost like put it in a number that's realistic
and maybe gets pulled. Up, still maybe gets pulled.

Speaker 8 (01:27:51):
UP ny AND i are going TO i don't want
to talk about it because it's too good of a,
deal but we're going out to look at a property,
today and we think that's exactly what they. Did they
put it way artificially because they want a.

Speaker 7 (01:28:03):
Lot of people to come in and turn in.

Speaker 4 (01:28:05):
Offers you have going to people in the room recently
look at and be like oh my. God, yeah it's
almost we're all going to the open house.

Speaker 8 (01:28:14):
Today it's almost like it's almost like a bait and
switch because we know that it isn't going to sell
for that. House but you never, know so you got
to go because you never know what's going to.

Speaker 2 (01:28:22):
Happen but it is a it is a marketing approach for.

Speaker 3 (01:28:26):
This listing is a way to do.

Speaker 4 (01:28:28):
It how you Bring jimothy along with and he can
be like the guy who's like negative about the, house.

Speaker 3 (01:28:38):
Who wants that's gonna Be, yeah, no.

Speaker 8 (01:28:45):
Already the ninety three percent less, price the sole. Price
just to put that in, Perspective, Broward, Dade, martin And
Saint lucy we're all at ninety five percent or. Higher
So Palm Beach county is getting two percent less this.
Month in the other, county.

Speaker 4 (01:29:01):
We're just slower to accept reality in the.

Speaker 8 (01:29:04):
Other thing that's, changed, right the only thing that's changed
a lot is months of. Inventory and with the months of,
Inventory Palm Beach county is right now at five point.
Seven the high Is Dade county at six point, two
and Uh Port Saint lucy's at six now six months.

Speaker 7 (01:29:23):
INVENTORY i believe.

Speaker 2 (01:29:24):
IT i get a ton of listings From Port Saint.

Speaker 8 (01:29:27):
Lucy and, yep and we're really Seeing Port Saint lucy
become much weaker right. Now AND i was really surprised.

Speaker 3 (01:29:35):
On vast majority of. Them is they're asking a little
bit too.

Speaker 2 (01:29:38):
Much, yeah that's that's my reaction every, time like, ooh
you gotta reel that.

Speaker 8 (01:29:43):
In it's really it's really turned into a situation Where
i'm looking at the houses online and right Away i'm, like,
oh thirty five thousand got to be knocked off that,
house forty thousand got to be knocked.

Speaker 2 (01:29:53):
OFF i WILL i will click out and just make
sure that it Was i'm, like this Is Port Saint,
lucy right Because i'm, like this has got to be
count this is AND im go back in it's all,
yep it's on you know.

Speaker 3 (01:30:03):
Whatever i'm, Like.

Speaker 10 (01:30:04):
Oh there's a house it's for, sale that's On. California
it's right around the corner from the house is a
new one that we, bought new construction. Home it was
built and for sale before our house was. Built that's
two years, now so you, KNOW i mean they started
construction on our house about two years. Ago that was already.
There it's still for. Sale, Wow AND i know why

(01:30:24):
because it's price.

Speaker 4 (01:30:25):
Yea is it owned by a builder still OR i.

Speaker 3 (01:30:27):
DON'T i don't know who owns.

Speaker 10 (01:30:28):
It it's had it's had several agents Because i've seen
a different sign over the. Years but you know it's
just been for sale this whole, time and you, know
again it's two.

Speaker 4 (01:30:38):
Years it could be that they just can't they can't
sell it for below a certain.

Speaker 8 (01:30:41):
Number, yeah but then you're Carrying that's that's the math
doesn't work then THAT i always, like so you're carrying,
it that's a.

Speaker 4 (01:30:50):
Cost it could also be something like the vending machine,
thing where it's, like, really this is it's just advertising
for real estate. Agents, hey let me put your my
signing your, yard And i'm gonna charge you every single
month and people are gonna call you try and pick a.

Speaker 8 (01:31:05):
Buyer but months of. Inventory here's WHAT i wanted to.
Talk we've been talking about how the inventory's been shrinking
on THE. Mls let's just look it up, today just
for the heck of.

Speaker 4 (01:31:16):
It do they call that? Shrinkage, yes?

Speaker 7 (01:31:17):
Sprinkage? Yeah the markle got what?

Speaker 4 (01:31:21):
Winter?

Speaker 7 (01:31:22):
Yeah hold on, here let Me i'm just.

Speaker 8 (01:31:24):
Gonna see how so we were at sixty, thousand two
hundred and fifty. One last week we were at two
hundred and. Fifty sixty, thousand two hundred and, Fifty, okay
we're up a little, bit sixty four hundred and eighty, one,
okay so that's a. Variance but we were as high
as almost sixty five thousand homes for sale on THE

(01:31:45):
mls at one, point so we're down quite a. Bit
and what that means is if less inventory is out,
there less choices for the, buyers prices more likely to
hold or hold better for the. Sellers, Yes so even
though we're still in a buyer's, market in my, opinion
the sellers aren't getting creamed the way if we were

(01:32:07):
in a really terrible market and they were getting creamed
as long as you price it, right, Right but if
people are still pricing it LIKE covid prices and think
they're going to get that, Today like even your, House,
johnny when we looked at your house a year and
a half, ago we were really like it was really healthy.

Speaker 7 (01:32:24):
Numbers.

Speaker 3 (01:32:25):
RIGHT i still feel like it's really healthy. Numbers but
it's all about.

Speaker 8 (01:32:28):
Perspectively but it isn't the same as it was eighteen,
right it wasn't the same as eighteen.

Speaker 3 (01:32:33):
Months it's totally different. Market BUT i understand, that.

Speaker 8 (01:32:36):
And it's still a very healthy. Number like you, said
you're still doing great and it's not the.

Speaker 7 (01:32:41):
Same as it.

Speaker 8 (01:32:42):
Was and people think that whatever they hit their peak,
number they feel like that number is going to stick
the whole. Time but it depends on the market and
if the market, changes your number, changes so that peak
to just be a peak and you're not going to
hit that again for a.

Speaker 10 (01:32:57):
While BUT i always looked at it that you, know
maybe maybe yours, isn't but what you're going to buy
is also lower, exactly you know that that's the that's
the trait when when you're a buyer seller like, that
it almost doesn't matter exactly to an.

Speaker 4 (01:33:13):
Extent now the super super super sharp people will sell
it to high and buy it the. Low and then
what you're doing between you stay at your other, house
john it's, right, right like, so but how do you
do that as an average as? Right you, know you're
just a normal, family like making the next step and, so,
Yes johnny recognizes that even though his house maybe could

(01:33:35):
have sold for more last year or two years, ago,
whatever it was the house that you're buying is also
in the same, predicament, right exactly. Right so To jimmy's,
point it kind of doesn't. MATTER i, MEAN i, mean
it's your. Life it doesn't matter whatever they.

Speaker 2 (01:33:50):
Do BUT i THINK i think anybody that feels like
they timed it right is you're just a result of. Luck,
yeah that's just. IT i, mean you got lucky if
that's the way that worked out for. You BUT I
i don't view it any other way than the WAY i, should.
TRULY i MEAN i FEEL i still feel, like, yeah
it's not the peak of the, market but we're still

(01:34:13):
as far as appreciation goes on my, Home i'm still doing.

Speaker 3 (01:34:16):
Well remember we refined and did some cash.

Speaker 8 (01:34:19):
Out and the thing you have to what people should
worry about right now, IS i, mean you always keep
an eye on the interest rates a little bit just
to see where they're. Heading but the real thing that's
going to determine the where the economy is. Heading in my,
Opinion i've been saying this for years and, years and thank,
god for years and years this number has been very
strong and, healthy and that's. Employment. Right once we start seeing,

(01:34:43):
Unemployment i'm still thinking the. Sixes when we get into
unemployment in the, sixes we're at like four point one right, now,
right which is.

Speaker 7 (01:34:51):
About where we should. Be that's, right like, health very.
Healthy so but if we get up.

Speaker 3 (01:34:57):
By the way you think, It, YEAH i just don't
like everybody's staffed.

Speaker 2 (01:35:00):
The way they would be if we were only in
four percent. Unemployment walk into anywhere and you're, like where is?

Speaker 5 (01:35:05):
Everybody, yeaheah you got to like a. Target there's, nobody,
nobody there's.

Speaker 7 (01:35:11):
NOBODY i just went one of those places. RECENTLY i
couldn't find.

Speaker 2 (01:35:14):
Anybody, NO i don't know how They, again those numbers
are always kind of skewed in one weird.

Speaker 8 (01:35:19):
Way we don't have to feel like we don't have huge.
Unemployment people going unemployment.

Speaker 2 (01:35:23):
On, unemployment that's, Right AND i guess that's the best
gauge is how many people are pulling from actual. Unemployment
BUT i just don't feel like places are fully employing.

Speaker 4 (01:35:31):
People you guys are shopping at the wrong. PLACE i go, into, like,
uh what's the the soap place in? Them?

Speaker 3 (01:35:38):
All oh bed bath And, Beyonce.

Speaker 4 (01:35:40):
No, no like the you go buy like scented soaps
and like hand soaps, no you go, by you walk in,
there you get. Swarmed there's probably LIKE i don't, know,
yeah we.

Speaker 1 (01:35:55):
Got what.

Speaker 3 (01:35:57):
We start repelling out of the, ceiling.

Speaker 4 (01:35:59):
Right, yeah it's it's like. OVERSTATS a lot of those retail,
places they are kind of like that commissioned them. All
you got those kiosk and they're just like hounding.

Speaker 3 (01:36:08):
You oh, totally like you, know that's the one THING
i will tell you if you go through AND i,
Like i'll be at The Wellington mall from time to.
TIME i am always. Stunned now it made very mall
to them all stunned by the amount of people walking
around the male.

Speaker 2 (01:36:20):
Too, yeah at certain stores are just always. Busy and
there's something you can. IMAGINE i think it's bath and body. Works,
okay there you. Go that sounds, okay but, yes knowing
how much attention, Anyway, so.

Speaker 8 (01:36:39):
As we mentioned earlier in the, show we're having more
cancellations to contracts than every recorded in the history and
interesting by Our Nasal association Of realtors And i've had
a national stats and but it's it's just a common
down here and it's like the trend is we're part

(01:36:59):
of that. Trend But the thing that's interesting about THAT
i had to negotiate something two days ago and it
was very it was a very touchy. Situation the family
had their house on the market for about one hundred
and thirty. Days we finally we had tons of showings
on this. Property nobody would turn in an. Offer everybody
complained that the downstairs living room layout wasn't wasn't what they,

(01:37:22):
wanted and there was nothing anybody could do about.

Speaker 11 (01:37:25):
It.

Speaker 7 (01:37:25):
Right that was my second TIME i had a layout
problem recently that we just could not.

Speaker 4 (01:37:29):
Solve you can't, like move a, wall you.

Speaker 8 (01:37:31):
Can't, know there was nothing you could. Do it's basically
had a very small living room downstairs and a loft.
Upstairs so it had basically the two living rooms that
people liked to. Have the living room was so small
that you didn't feel like it was a living. Room
you just felt call it a.

Speaker 4 (01:37:48):
Den is that a.

Speaker 6 (01:37:48):
Solution.

Speaker 7 (01:37:49):
No the way the layout was because it's open to
the kitchen and you didn't know where to put THE
tv and your couches and. Everything that's.

Speaker 8 (01:37:55):
Like so what ended up happening was is we finally
got an. Offer we reduced the, price and we got
an offer and we took it right. Away, well we
gave them a seller. Concession we gave the buyers a
seller concession as part of the, deal which means that
we're helping to pay for the prepaids and the closing

(01:38:16):
costs and down payment for the down, payment not down
payment for the. Buyer so what happened was they went
and did the inspection and they asked for another, credit
and they wanted some repairs done besides the.

Speaker 7 (01:38:30):
Credit and.

Speaker 8 (01:38:32):
My sellers were, like, really we kind of acquiesced to
everything they asked for at the. Beginning we really didn't counter.
Them we took their original, offer and now they're asking for.
More AND i understood where they were coming, from AND
i also felt like what they were asking for was
a little too. High they wanted to clean the ac
there were a couple of crack tiles on the, roof

(01:38:55):
but they wanted a couple of thousand.

Speaker 2 (01:38:57):
Dollars and.

Speaker 8 (01:39:00):
Normally WHEN i, NEGOTIATE i usually try to do a.
LOT i have a lot of tools in my toolbox
THAT i normally use for. That but WHAT i was
more concerned about with this family was if we negotiate
this and they say, no and the buyers just walk.
Away how am my sellers going to handle? That because
that's a real thing that happens to today's market Over,

(01:39:22):
yeah and and.

Speaker 7 (01:39:23):
Buyers will do. That, nope you're not giving me WHAT i.
Want i'm. Gone and there were eight other properties for
sealing this.

Speaker 4 (01:39:30):
Neighborhood and even if they won't ultimately do, that they
could still posture that, way like they're in that position
of kind of strength where they could threaten walking, away
and it's more scary for the.

Speaker 8 (01:39:41):
Sellers SO i had to tell the sellers THAT i
felt that they should just go ahead, acquiesced and. Acquiesce
we did get a little. Different we saved them a
little bit of, money hundreds of, dollars not, thousands but
we didn't cave, in but we.

Speaker 7 (01:39:59):
Kind of cave.

Speaker 8 (01:39:59):
To AND i was, like what you have to understand
is AND i, Said i'll do whatever you, want there's
no wrong, answer but you have to understand if you
make this counter and we don't know the people on
the other, side if they get emotional just say they
want to walk, away or they already have an eye
on another, Property it's, like if we don't get this
one for this, price we're backing out to go do something.
Else you got to be prepared and be okay with

(01:40:22):
that because you can't go, OH i WISH i didn't do, that,
Right so they decided to go ahead and move, forward
AND i really feel like that was the best deal for.
Them and let's let's talk about deal killers that are
happening across the.

Speaker 3 (01:40:34):
COUNTRY i would you, say of the top eight for,
potential ye have.

Speaker 8 (01:40:37):
EIGHT i don't know if we'll get to all of.
Them we'll try to hit them as money as we.
Can number one is when you're dealing with new, construction
they can't finish.

Speaker 4 (01:40:44):
The home on.

Speaker 8 (01:40:45):
Time, okay this number one is like Most i'm not saying,
no these are not in, order, right So i'm just
reading it based on the. Article but number one is
when the contractor the developer can't build a home on.
Time Now i'm going to put a little a Contract oh,
yeah But i'm going to put a little asteriskis on
that one because what they didn't mention in, here at

(01:41:05):
least the developers down. Here most of the Contracts i've
read for, developers they tell you it's going to take
nine months to, build let's. Say but even In jimmy's,
contract it said they had two years past, that two
years past the nine, months and you can not back
out of the contract for not. Completing so they had
two years nine months to build that, house, right and

(01:41:29):
that's buried in the. Contract so that's one of the
reasons why contracts are. Dying another jim is.

Speaker 3 (01:41:35):
That a result OF. Covid some of that result OF.
Covid no because of a. Beau that was one.

Speaker 4 (01:41:42):
Change that was one of.

Speaker 7 (01:41:43):
Them, well, yeah BUT i understand that that was. Issues
BUT i, mean so it.

Speaker 8 (01:41:49):
Happened my dad worked for developers down here since the
nineteen seventies and they had long term, like, hey if
we can't build, It, yeah it isn't just a Supply chaine.

Speaker 7 (01:42:00):
Just, right is just an out for the Developers.

Speaker 4 (01:42:04):
Windows developer a long.

Speaker 3 (01:42:06):
Time, yes.

Speaker 4 (01:42:07):
Okay number.

Speaker 8 (01:42:08):
One another another issue is financing or timing, Right so uh,
yeah now what they say most of the, time sellers
are also buyers that are trying to navigate their next.
Home if the seller's new home contract falls, through they
may have to cancel the sale or avoid to avoid
temporarily being.

Speaker 3 (01:42:29):
Homeless for.

Speaker 8 (01:42:30):
Buyers it's good to know about this detail from the
seller up, front so don't be afraid to. Ask, well,
also WHAT i would say with, that get it in
writing one of the things that we. Do because they're
talking about seller buyers, here but they're not using the
seller buyer terminology BECAUSE i may.

Speaker 4 (01:42:46):
That you also have to, think like contracts are different
state to, state and so The florida, thing it's pretty,
standard like if you don't have a contingency about selling your,
property like your chance of losing your money or. High
it's possible in other. States And i've seen that BECAUSE
i operate in other states where the earnest money deposit
is almost never at.

Speaker 7 (01:43:04):
Risk like it it's just like if you don't, close
you get the money.

Speaker 4 (01:43:08):
Back, yeah you can't close.

Speaker 8 (01:43:10):
It there was one, state there was one state recently
where you have to give an escrow deposit and then
like an earnest money deposit and, there WHICH i know
is the same thing In. Florida but one of those
deposits non. Refundable, REGARDLESS i forget it's the state.

Speaker 3 (01:43:28):
Things, OH i think It's. CAROLINA i think it's one
of The.

Speaker 7 (01:43:30):
Carolinas BUT i don't know if It's north Or South. North,
yeah and that's crazy.

Speaker 3 (01:43:36):
Town.

Speaker 8 (01:43:36):
OH i remember one of our customers was moving To
North carolina and they told, me they, go that's that's not.

Speaker 4 (01:43:41):
Right and THEN i found out it was like, wow
IT'S i, MEAN i guess it eliminates non Serious.

Speaker 8 (01:43:48):
Yeah, Right so financing or timing, issues that's the whole
seller buyer thing for most people is, that, hey how
AM i going to sell my house IF i don't
know Where i'm going to? Live or how AM i
going to put money on a house THAT i want
to buy AND i don't know What i'm going to?

Speaker 2 (01:44:03):
Sell BUT i think financing would come into, play whether
you're a, buyer, seller buyer or not just a buyer in,
general if your financing falls, through well there goes the.

Speaker 7 (01:44:10):
Deal well that's going to come up later, though that's
a different top of.

Speaker 4 (01:44:14):
Timing, yeah this is the.

Speaker 7 (01:44:15):
Timing with the.

Speaker 8 (01:44:16):
Financing, now inspection and repairs, obviously, Right so that's the
number one reason before all the, time that would be
the number one reason why deals fall apart is, inspections, right.

Speaker 4 (01:44:27):
Yes.

Speaker 8 (01:44:28):
Now the next one would be financial, burden WHICH i
think is very. Interesting there are sellers out there that
don't know the true cost of selling AND i saw
this recently with one of the customers that we were
working with with a buyer and the seller was never
given a seller net, sheet and when they found out
what they were actually gonna net at the, closing it wasn't,

(01:44:50):
enough so they wanted to back out of the.

Speaker 4 (01:44:52):
CARRY i tell you about that because we had that
With you had, That you.

Speaker 8 (01:44:55):
Had, that BUT i had something like that, similar BUT
i think yours is more, Recent, mike to be honest with, You.

Speaker 4 (01:45:00):
Yeah they just said they forgot. Us there was a
small detail that they you, know basically a loan that
they would have had to pay back when they sold
that they didn't. Consider oh and uh it put them
in their. Head so you can't sell if they're not
making any.

Speaker 7 (01:45:12):
Money and that's like those past, loans.

Speaker 4 (01:45:14):
The property assessed clean energy.

Speaker 7 (01:45:17):
Loan, yeah so that that's one.

Speaker 8 (01:45:20):
Thing another one and this is this is probably the
number one REASON i believe that we have these high cancelation.
Numbers straight up cold.

Speaker 7 (01:45:29):
Feet you.

Speaker 8 (01:45:30):
Do buyers sellers like you know, What i'm not feeling
good about this. MARKET i changed my. MIND i don't
want to. Sell do that, Right so that you see
a lot of That i've seen people get not not in,
contract not in. Contract But i've seen buyers DECIDE i
don't want to do it.

Speaker 4 (01:45:49):
ANYMORE i could definitely see like as the contract progresses
and you go through your inspections and your appraisals and
maybe difficult negotiations with sellers and people kind of get,
uh adversarial with each, other then the cold FEED i can,
LIKE i don't want to buy this. House like the
signs are all pointing to, know why are we going
to proceed with?

Speaker 7 (01:46:08):
This?

Speaker 4 (01:46:08):
RIGHT i see you see that in the, end usually
closing it's.

Speaker 3 (01:46:11):
Fine even the magic A ball, says don't do.

Speaker 4 (01:46:13):
It but Like jimmy, says, like you, know if it's
very easy to get emotional with these, things and when
you let the emotions kind of take control of the
logic or the you, know the practical, realities you can
get that cold feet.

Speaker 8 (01:46:26):
Scenario, yes unrealistic. Expectations this is usually because the seller
is expecting to get a certain price and they're not getting.
IT i don't count this as part of, cancellations even
though it's in this, article because this is before you
go into. Contract you're getting offers and you're not. Happy
i'm not going to take that. Number i'm not going
to take that. Number i'm not going to take that.

(01:46:47):
Number you, know multiple offers turned, in but they're not
in the range you expected them to. Be so that
would be a reason why the seller Says i'm not selling,
It but that doesn't tell me. Why maybe they're talking
about the cancellation of the listing. Agreement in that, CASE
i don't. Know then multiple parties. Required this has happened
to me a couple of times recently where you have

(01:47:09):
feuding people that own the same property and they don't
want to do the same thing with the, property so you're.
Trying one person wants to, sell the other one, doesn't
or they don't want to sell at the price that
the other one's wanting to, take and it turns into
a big.

Speaker 7 (01:47:24):
Fight i've been dealing with that.

Speaker 4 (01:47:26):
Recently you see that a lot with like families that inherit,
properties divorcing, couples divorcing couples on, probate probate, issues probate
issues where relatives are involved in. That, oh and here's
one that you might not know. About let's say if
you're married but you're, separated like you haven't lived with
this person for thirteen. Years they're not on title to the.

(01:47:48):
Home if you're still, married they got to sign.

Speaker 3 (01:47:50):
Off on the. Cell that's. Right even if they're not a,
title that's. Right is that A Florida? La or is that?

Speaker 7 (01:47:55):
LAST i had to do that WHEN i got.

Speaker 6 (01:47:58):
Divorced you know which?

Speaker 4 (01:48:00):
Time this is?

Speaker 7 (01:48:02):
Number this is number, Two, mike this is one.

Speaker 2 (01:48:05):
Number so even if you own a bunch of properties
prior to being married and you never incorporate that into
the finances and then you go you're, separated to go
to the, divorce you have to have your ex sign.

Speaker 4 (01:48:16):
Off it hits a home setted.

Speaker 7 (01:48:18):
Property, NO i even THINK i even investment.

Speaker 8 (01:48:22):
PROPERTY i think you have to sign an agreement that
you're acknowledging that you know that the spouse is doing this. Selling,
yeah even though that you're not on toditled or, anything
you have to do. That that's what happened to. Me
they had to call me and, say, hey will you
sign the stock BECAUSE i want to buy.

Speaker 4 (01:48:38):
Something, well that's when you're. Buying i'm talking about. Selling,
oh when you're talking about, selling, yeah, yeah. Yeah if
you're if you're trying to buy a primary home with
a mortgage and you're still, married like you haven't maybe
your divorce hasn't. Finalized in common for that kind of
the timing, issue your spouse has to acknowledge that you're
buying a primary home with a, mortgage so that you
sign a piece of paper called the. Mortgage but what

(01:48:58):
caught me off guard was the selling. Side let's say
you owned, it you you're. Not your spouse is not on.
Title you haven't been lived, together you're. Separated you just
never like formalized your. Divorce your spouse still has to
participate in the.

Speaker 3 (01:49:12):
Sale.

Speaker 7 (01:49:13):
Interesting, Hey, jimmy do you do we have time to
squeeze in the?

Speaker 6 (01:49:16):
Car, yeah let's get the with.

Speaker 3 (01:49:18):
Us.

Speaker 4 (01:49:18):
Uh he.

Speaker 3 (01:49:19):
Said the topic was being. Hornswaggled So, mark welcome to the.
Show great, start by the, Way, Mark.

Speaker 14 (01:49:27):
Oh thank. You i've been. Listening hey, Hello i've been
listening for a long. Time and we just had to
cancel our. Contract and mainly it's BECAUSE i think we
were they were trying to horn. Swabbows what happened was
the lender said that it needed a root before it,

(01:49:48):
closed AND i made the. Offer we really liked the,
location SO i made the. Offer, Okay, well we will
pay for the roof at closing if the seller will you,
know get a roof put. On and they, said, well
we know somebody that will certify the, roof and if

(01:50:11):
they certify the, roof then your under will sell us
or you, know lend you the money or go with
our lender and they will definitely lend you the money
for the. House AND i just felt very. Uncomfortable, YEAH
i felt that being a horn.

Speaker 7 (01:50:26):
Swamp, yeah, YEAH i. COULD i could totally. Understand.

Speaker 8 (01:50:30):
MARK i would be very concerned IF i were the
buyer's agent AND i was representing, YOU i would be
very concerned about you doing that, too because it looks
like you're just trying to jam it through and you're
gonna have a headache. Afterwards how much was the roof
do you think the roof?

Speaker 14 (01:50:46):
Was, well it gets worse than. That, literally my seller
or my my my buyer's agent offered me her roofer
to certify the, roof and that made me feel really.

Speaker 8 (01:50:59):
Uncomfortable, yeah because you need to know if the. Root
you've got to know if the roof's really certifiable or.
Not and you're being initially told, no and you already
so they just wanted to jam through the, deal, Right
they just wanted to jam through the deal and not
worry about your long term, issues because what would happen
ross if they went ahead and did that and they

(01:51:22):
did get it certified that?

Speaker 7 (01:51:23):
Way, well, WELL i, mean at.

Speaker 5 (01:51:26):
First we're going to need a four point inspection on
the insurance side to make sure that the roof is.
Okay and so if they say it is, okay right,
right you get a four point inspection that says it it's,
okay the insurance company is still going to go out
and do their own inspection and they may look at.
It and because we've had it happen in the past
where we get a you, know comes back so it's

(01:51:47):
got five years, left photos look, Okay and then when
the insurance company goes out there and does their, inspection
puts their eyes on, it then they they will find
they there's the potential that they could find something and
then come back and, say, hey you need a roof for.

Speaker 8 (01:52:00):
It and that's why you need to have an agent
and an insurance company and a mortgage company sit there
and tell you about all this before you make a.
Decision instead of having an agent saying, Hey we'll just
get somebody to say the roof's, okay so you can
buy that As.

Speaker 5 (01:52:13):
YEAH i mean because on the flip, side it could be, like,
hey do you really want you, know on The devil's advocate,
side do you really want this?

Speaker 11 (01:52:19):
House understand that it's got a bad? Roof that would
be a different, cituation, like, hey.

Speaker 5 (01:52:25):
Can we get you through closing knowing that you're going
to probably have to put on a new roof? Immediately you,
know there's a possibility that with, it you, know thirty
days from now you could be looking at putting on
a new.

Speaker 3 (01:52:36):
Roof.

Speaker 4 (01:52:37):
YEAH i would say it's not uncommon to run into
inspection issues kind of this nature, one but this one
is you just unless this is, addressed you're not able to.
Close so then it's, like, okay well do you want
to buy the? House are you comfortable with the conditions
of whatever the repair is and when it happened to
you comfortable with? That and is there a way to
get it to? Happen it sounds like your people were

(01:52:57):
kind of angling towards, that, like, hey can we get
this to the finish.

Speaker 6 (01:53:01):
Line we've got to explain how that would.

Speaker 3 (01:53:03):
Work, yeah.

Speaker 6 (01:53:05):
You like, yeah we can get you through. Closing BUT
i don't even know if we haven't been of.

Speaker 7 (01:53:09):
That BUT i got to ask you this. Question did
you get your money?

Speaker 3 (01:53:11):
Back?

Speaker 7 (01:53:12):
Mark did you get your deposit?

Speaker 3 (01:53:13):
Back?

Speaker 4 (01:53:14):
Yes YES i.

Speaker 14 (01:53:16):
Did it was, like you, know twelve or twenty third hour,
deal like we had to. Cancel now we're not going
to get our money. Back, Yeah and so we canceled.

Speaker 12 (01:53:24):
At the last.

Speaker 7 (01:53:24):
Minute, yes did the house. Sell it's back on the.

Speaker 14 (01:53:29):
Market it's at the same, price and they're going to
have the same. Problem in my, opinion you, know we
had to go with. Citizens we had to four. Point
we were going to end up having to put the
roof on within thirty. Days, anyways you, know if the
seller just refused to put a roof, on even THOUGH
i was willing to PUT i think it was going

(01:53:51):
to be like fifteen. Thousand it was a small house square.
FEET i was willing to put the fifteen thousand in
escro for them to have it closing to pay for the,
roof and they still wouldn't do.

Speaker 7 (01:54:02):
It that's crazy, Too that is.

Speaker 3 (01:54:03):
WEIRD i feel like that's a that's a layup we
figer roll as you might call.

Speaker 7 (01:54:08):
It, yeah that's, like, FRANKLY i think you could get
that deal.

Speaker 3 (01:54:11):
Done.

Speaker 8 (01:54:11):
STILL i still think you can get that deal done
if you go, back if it's still on the, market
just sitting, there you probably could work it.

Speaker 6 (01:54:17):
Out, yeah you just had to get out of it
before you were. Stuck now you can.

Speaker 8 (01:54:20):
Start, yeah you should actually go back and take a
second out of the. Apple you're in a strong position right.

Speaker 3 (01:54:25):
Now, yeah and maybe. Should.

Speaker 2 (01:54:26):
Brother thank you for the support over the, years and
thanks for being a part of the. Program have great
rest of your.

Speaker 3 (01:54:30):
Weekend thank. You thanks always Remember Florida talk Real estate
is a dot.

Speaker 2 (01:54:36):
Com you're one stop real estate shop if you need
pros pros experts in their, field if you're looking to
buy a, home sell a, home stuck with a, home
you don't know what to, do anything that touches the
world of real. Estate we have a professional for. You remember,
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(01:54:59):
Life give a. Share you can absolutely change, lives including
your very. Own with the prospros of floridatalkre estate Dot.
Com Like Mike row the mortgage guy from the mortgage,
firm have a great weekend you.

Speaker 4 (01:55:08):
Too thanks, everybody.

Speaker 2 (01:55:09):
Always a pleasure Like Ross kamara nets with Bright Wing,
Insurance jue No. BEACH i hope you have a great.

Speaker 3 (01:55:14):
Weekend thank.

Speaker 6 (01:55:14):
You i'll do my.

Speaker 2 (01:55:15):
Best and There's jimmy D Jim depola with The Florida
Home pros Team Callowilliams. INNOVATIONS i hope you have a
phenomenal weekend as.

Speaker 7 (01:55:21):
Well we're gonna have a little chip right. Now yes we, Are, Yes,
okay talk to you later at the up And.

Speaker 3 (01:55:26):
House Jimmythy you're the.

Speaker 2 (01:55:28):
BEST i have a great, weekend, guys appreciate you all
your efforts, always and thank you for being with.

Speaker 3 (01:55:33):
Us on A saturday locker. Room next sure Is i'm
even gonna spit out some sports that you hear And
i'll be.

Speaker 2 (01:55:39):
Listening you should. Too we'll be back Next. Saturday Florida
Talk Real. Estate we do it right here On Real.

Speaker 3 (01:55:44):
Radio