Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:14):
Navigating today's real estate market can be tricky. Want to
buy or sell a house, finance or insure a house,
or stuck with a house and don't know what to do.
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve. Get the advice you
need from your local real estate pros. Here are your hosts,
Jim Depola and Johnny c You live on real radio.
Speaker 2 (00:40):
Take it work now?
Speaker 3 (00:42):
That's okay. Let's try one more time.
Speaker 2 (00:43):
One?
Speaker 3 (00:44):
Two? Okay, thank you guys, thank you. Everybody better, it's better.
Speaker 2 (00:50):
Hey.
Speaker 3 (00:50):
It freaks up the energy a little bit.
Speaker 4 (00:51):
I think we needed like a we need a composer
or director. So we're all looking at one person leading
the rhythm.
Speaker 3 (00:59):
Yeah, maybe we have to begin maybe yeah maybe. And
the other thing is is that, uh.
Speaker 2 (01:05):
You're still lucky.
Speaker 5 (01:07):
Your mic isn't working, Johnny?
Speaker 2 (01:08):
If that's so funny?
Speaker 4 (01:12):
All over again?
Speaker 3 (01:15):
Is that one working?
Speaker 4 (01:16):
No?
Speaker 5 (01:18):
Try five?
Speaker 3 (01:19):
Johnny's mike isn't working, everybody, so just give us a
few seconds. Sorry about this.
Speaker 4 (01:25):
You want to use mine? Interesting, Jim?
Speaker 5 (01:31):
Johnny, you're being silenced?
Speaker 6 (01:33):
Yes, no, nothing dead board?
Speaker 3 (01:44):
Okay, Mike, can you I.
Speaker 2 (01:46):
Can share with Ross?
Speaker 5 (01:47):
Can yeah, go ahead's working.
Speaker 3 (01:50):
Oh it's working now.
Speaker 5 (01:51):
Five five? Then that main one are not working? All right,
that's great.
Speaker 3 (01:58):
Which one's Ross?
Speaker 2 (01:59):
Yeah, you're on Ross is working?
Speaker 3 (02:00):
Oh I thought you meant Johnny's is working again?
Speaker 2 (02:04):
Okay, so now do I need to do we need
to do that again too.
Speaker 3 (02:09):
Let's let know we're aborting it right now, total abort total.
Speaker 5 (02:13):
I was gonna say, you're so lucky youtune and early.
Speaker 2 (02:16):
Because this is where the gold Oh my god, Hey,
floridatoc real Estate on a Saturday.
Speaker 5 (02:21):
Thanks for being there.
Speaker 2 (02:21):
Ninety one one seven Heart Radio app streaming. If you're streaming,
you got to see it all too. That's on Facebook
and YouTube. Man, it's great to have you with us
on a Saturday. Johnny c is me Hi. Jimmythy's our
producer of Shordinaire.
Speaker 5 (02:34):
He's running, I'm back, I'm over on this side now.
Speaker 2 (02:36):
Yeah, he's running all around because two of our five
mics don't work this morning. But it might it may
be an easy fix, and Jimmythy is in here trying
to make it happen. No potty mouth in here, all right.
Talking to Mike Row, the mortgage guy from the mortgage firm.
Of course, he's part of the very important people.
Speaker 5 (02:54):
Johnny.
Speaker 4 (02:54):
See that's me.
Speaker 5 (02:55):
I think we did not already.
Speaker 4 (02:56):
High Yeah, there's no one on the dumb hetton the
What was I gonna say?
Speaker 2 (03:05):
I forgot Ross's Mike good morning, way louder in my
head than Mike normally does.
Speaker 4 (03:10):
Get it plugged in.
Speaker 5 (03:11):
You got a nice mic, dude, I don't think it is.
Speaker 4 (03:18):
I forget what I was gonna say. I'm sorry to
go back to my normal good morning. It's the people.
Normally you have to wait for like a behind the
scenes clip to get what they just got this.
Speaker 2 (03:28):
Morning, like like this is this is this is director
cut stuff.
Speaker 5 (03:32):
Stuff that you get. You get to see all the
behind the scenes all the right.
Speaker 4 (03:36):
But between the privilege for the people who are here
in the first early hasn't privileges.
Speaker 2 (03:42):
Also, let's say, good morning, do uh man, the guy
that's I mean so awesome in so many ways, even
give me his microphone. On a Saturday, bright Way Insurance
Juno Beach, you'll find Ross Kamara NAT's also on a
Saturday with us Hi Ross.
Speaker 7 (03:54):
Oh well, it's nice to see and share a mic
with you. Glad you went to Ross because jim was
a busy for a minute. Yeah, Jimothy under there. Jimothy
was on his knees, Hands and knees.
Speaker 2 (04:06):
That's usually before we clap.
Speaker 7 (04:10):
All right, I'm gonna share my mic with Johnny again,
and then we'll say good morning to our fearless leader.
Speaker 5 (04:16):
Thirteen plus years now.
Speaker 2 (04:17):
I've told you he runs a top producing Calowornias them
the Florida Home Pro team, Callownians Innovation. Here's Jimmy. He's
over there.
Speaker 3 (04:23):
Some of the whole thing's down.
Speaker 4 (04:24):
I'm out.
Speaker 5 (04:25):
We're all done.
Speaker 2 (04:27):
Show.
Speaker 3 (04:28):
I'm out. I can't hear anything.
Speaker 2 (04:30):
You can't hear anything.
Speaker 3 (04:30):
I hear no audio. Do you guys hear me?
Speaker 4 (04:33):
Yeah, I'm out. I hear you.
Speaker 2 (04:34):
He sound good?
Speaker 3 (04:35):
Yea, Sorry guys. We're working on it. I wish we
had that little thing like on TV, remember the little
things on the screen. Oh, it's back, Jimmy, I can
hear it again.
Speaker 5 (04:46):
Thanks.
Speaker 2 (04:47):
Whatever you did, yeah, did something? It worked again? Oh
my god, we'll find out a second. Hey, jimmyd good morning,
good morning. So your mic is not working correct.
Speaker 5 (05:05):
Jimmy's going back in there, Okay, into the big boy room.
Try that mic like now.
Speaker 2 (05:13):
No, no, no, sorry about that, all right.
Speaker 5 (05:20):
No false alarm.
Speaker 3 (05:21):
Okay, Okay, we're gonna have to punt today, so everybody
on Facebook and YouTube, sorry about that. We're going to
have to do the best we can with what we got.
So we got a lot to talk about today. I'd
like to talk about interest rates, Mike, because we haven't
talked about in a couple of weeks about what's been
happening and what might happen in the future. There was
some news about that, uh this week, about people changing
(05:45):
their mind again on whether we're going to have a
rate cut in December. So we're going to talk about
that a little bit. Sorry about that. We also are
going to talk about thank you Jimmy for trying to
make this work. We're also going to talk about how
old first time own home buyers are.
Speaker 4 (06:07):
I heard that.
Speaker 3 (06:08):
I know, isn't that interesting? Well, you have some stats
on that today and I thought that was interesting and
one of our people we're going to talk about it
in our shout out. One of our people, David, who's
closing on Monday, is fifty seven years old and a
first time home buyer. Oh yeah, and that's kind of
keeping in with the trend. Of this article that.
Speaker 4 (06:23):
We're way outside of the well, we'll find out the
line that they said, all right, well.
Speaker 3 (06:28):
We'll find out maybe maybe not. We're also going to
talk about Huay's a little bit. We'll probably start off
with that right after the shoutout, so I'll get done
a little bit. And foreclosures are still going up. I
think for the ninth or tenth month in a row,
foreclosures have been increasing month over month.
Speaker 4 (06:46):
Should we talk about the fifty year mortgage? Yep.
Speaker 3 (06:48):
And that's the last thing we're going to talk about,
is the fifty year mortgage and about the ability. I'd
love to talk to you about that because I really
don't know much about it. Didn't have time this week
to read about it, so all I heard was fifty
year mortgage, and then later something about portability mortgages, you know,
moving your mortgage around with you like you carry the
mortgage with you.
Speaker 4 (07:08):
Yeah.
Speaker 3 (07:09):
So we're gonna talk a little bit of all that,
but at first, let's go ahead and do some shout
outs and some teachable moments.
Speaker 4 (07:15):
If you don't mind, let me nothing anything to do
with radio equipment.
Speaker 2 (07:20):
Yeah.
Speaker 3 (07:22):
It's like I can't believe that.
Speaker 4 (07:23):
We're going you don't know what's going on right now
with on Ross's camera if you're watching, because he and
Johnny were sharing that Mike, it got unspun and it
disconnected from its pivot point there or whatever you call that.
Speaker 3 (07:36):
Well, at least the building isn't leaking anymore. Remember how
many was it?
Speaker 2 (07:40):
The building?
Speaker 3 (07:41):
Oh, that's right, we had a leaky building last week.
Speaker 2 (07:43):
I got.
Speaker 3 (07:44):
I always think about the windows over here, the exterior windows,
not the internal leak.
Speaker 4 (07:50):
Ever since we started this clapp thing, Jim, everything's been
going yeah, yeah.
Speaker 3 (07:54):
Are they both working?
Speaker 2 (07:56):
Oh?
Speaker 3 (07:56):
I thought, oh my god. And Johnny Oh, let's start
off with this. If you get our weekly email from
the show, and if you don't, you should sign up
because there's a lot of really good information. It isn't
just a recap of the show. We're talking about what's
happening during the week and some things. Last week, I
think I put out like seven people that called us
(08:18):
to ask for different types of services and stuff. Okay,
But the funny part is, and I hope Johnny doesn't
sue me right now for defamation, but the headline on
the on the subject line for the email was Johnny
ces got the clap.
Speaker 2 (08:31):
Oh yeah, and it's contagious.
Speaker 4 (08:35):
Probably not the first time.
Speaker 3 (08:36):
And we got we got we probably got about twenty
percent more clicks than our nice So Johnny.
Speaker 5 (08:46):
Uh, you know what they care. That's what it tells me.
Speaker 3 (08:49):
And you know what, Johnny's a public figure, so I
don't think he'll be able to sue me anyway. Oh
that's right, He's a public figure.
Speaker 4 (08:55):
So or the trend the trend these days to sue.
Speaker 2 (09:04):
Yay.
Speaker 3 (09:08):
So let's get into a little bit of the shout outs.
I want to give a shout out to to Kathy
and James. James has been a big fan of the show.
He referred us to a person recently. Uh. Deal didn't
end up working out, but I really appreciate that James
referred us out to somebody. And then his mom, uh
(09:32):
needed to be put into a retirement home. I'm gonna
call it that because I don't know if it's just
an O THEM facility or not sure, but she needed
to They decided it was time to sell the unit.
So we put out a little short video on Facebook saying,
all these people complaining that they can't afford to buy something.
(09:53):
This was a perfect junior. It was a two bedroom,
two and a half bath town home. It wasn't like
brand new everything. In fact, we pretty original, but it
was squeaky clean. You can move in and upgrade it
as you felt like it. Everything was in really good condition,
and we priced it based on how dated it was.
(10:18):
We put it on the market three days later. It
was under contract full Fosket price, with a with a buyer.
Speaker 4 (10:24):
This is when Nancy asked me to work up a flyer.
Speaker 3 (10:26):
Yeah, you haven't done it yet, thank you.
Speaker 4 (10:28):
Well I got there was a I needed clarification and
what you were looking for. And by the time I
was saying, hey, wait, I can't quite put it together
any more info you, she was like, yeah, never mind,
we already got it under contract.
Speaker 2 (10:41):
Sorry about that, Mike, Yeah that works out.
Speaker 3 (10:44):
Yeah, I gotta tell you this. James was really happy
because when I called him about I called him about
something a couple of days ago and James said to me, yeah,
I have never had a good experience with the rialter
because I was asked them some kind of questions about something.
He was like, yeah, I have never had a good
experience with the rilter. That's why I called you. And
(11:08):
I was like, Wow, that's a really good that's a
very nice compliment and nice sentiment.
Speaker 4 (11:12):
Yeah.
Speaker 3 (11:15):
Yeah, we got it done right away. And thank god
that they listened to. Thank god that they listened to.
They're professional as opposed to the neighbors in the neighborhood.
When the neighbors heard what we were trying to sell
the house for, one of the neighbors went over there
and said, oh, you're, you know, way way off price.
Speaker 2 (11:32):
On this on this unit visuwer.
Speaker 3 (11:35):
They thought it should be way higher. And if we
put it out at them at the number that that
person said, those were the units that were newer kitchen,
newer ac upgraded bathrooms, maybe vinyl plank flooring, you know,
that kind of stuff going in the threes. We put
ours at two fifty, right, and there were units that
(11:58):
sold just recently to twenty to twenty two to thirty five,
so we put ours are two fifty, and those two
twenties and two thirties, they weren't in much worse condition
than ours. And I don't mean to say worse condition,
because I got to tell you that.
Speaker 4 (12:16):
Yours was move in ready. It was turnkey, okay with me?
Speaker 3 (12:19):
Yeah, it was yeah, And it was like everything was
in perfect working orders, So anyway, it was gonna we
of course, we got investors coming in right away, and
I was really hoping it was going to be a
first time home buyer, and that's who ended up buying it,
was a first time home buyer. And I was really
really happy to see that a first time home buyer
got the property. What age, I don't know yet. I did,
(12:42):
I didn't, I never met the buyers. But what makes
me happy is that there's so many people out there
complaining that there's an affordability issue and everything, and this
is a unit. If you were buying one of those
units for like two fifty ish, because you've done so
many deals like that, that type of community, you probably
need like what thirteen to eighteen thousand dollars down if
(13:02):
you were an FHJA buyer.
Speaker 4 (13:04):
Yeah, if you're doing low down payment, Yeah, total out
of pocket would be in that range, maybe like the
thirteen to fifteen Is that what you said?
Speaker 3 (13:11):
Yeah said, I said, thirteen to eighteen, Okay, yeah, somewhere
around there, thirteen to fifteen.
Speaker 4 (13:17):
I mean you might be doing five percent down on
conventional so you would have a different figure.
Speaker 3 (13:21):
Yeah, but let's just say FHA would probably be fifteen, right,
fifteen roughly.
Speaker 4 (13:25):
Yeah, I'm happy, I'm sad.
Speaker 3 (13:27):
That sounds like not a crazy number. So if you
got fifteen, check this out. If you get the Florida
Bond program, not even the Hometown Heroes, you get ten
of that right away. Now you need is five thousand
dollars to move into the to the place. Yeah, that's
like first last security for a lot of people.
Speaker 4 (13:43):
Actually a program. It's HFA so Housing Finance Authority of
Lee County, which has some reciprocity with Palm Beach.
Speaker 3 (13:53):
I remember that happened a long time ago.
Speaker 4 (13:55):
It's fifteen thousand. Wow, forgivable one right, but it's fifteen
thousand if you're in Palm Beach County. So it's maybe
at that level it's on par with what you would
get with Hometown Heroes.
Speaker 3 (14:07):
Again, another reason why I love this show. I learned
I learned something every day. It learns that it every
time I go on this show. So that is a
great tip for Mike Row. If you want more than
a ten thousand dollars bond program and you're looking at
buying Palm Beach County and your first time home buyer. Yeah,
first time home buyer means you haven't known a primary
residence for three years, right, you might be able to
(14:30):
get fifteen thousand instead of ten instead of ten. Now,
if you were doing FAHA financing and you had fifteen
thousand out of pocket to buy a two hundred and
fifty thousand dollars unit and you were getting fifteen from
the state, you really couldn't use all that money, right,
because you have to put some skin into the game yourself.
Speaker 4 (14:46):
So down payment assistance counts as borrower funds. So what
Jim's talking about is you have what's called a minimum
required investment, which is essentially the down payment. Right, So
if you're doing three and a half percent down FHA,
the borrower has to come in with their funds to
meet that three and a half percent down payment requirement.
So but and that could be their own funds, but
(15:06):
down payment assistance counts as borrower funds, just like gift
funds from family would count as borrower funds. So those
are all kind of like under that minimum required investment umbrella. Also,
to answer your question, no, you don't have to. It's
kind of one of those where if you're in that
price point and fifteen thousand gets it done. You bring
you don't have to bring in anything. You can save
(15:29):
your money for, you know, furniture or moving expenses or
you know, put it in the bank.
Speaker 3 (15:36):
I'm sorry laughing at Johnny because he's sitting there.
Speaker 4 (15:39):
I've heard something. I heard something. Something just happened. Oh
I thought you were you were like teasing it into existence.
Speaker 2 (15:48):
I heard it too, but it wasn't what was who knows?
Speaker 3 (15:52):
I's I like how Ross is just swinging the mic
like he's a pro now and puts it right in
front of Johnny. He swings it over there.
Speaker 4 (15:59):
I feel that naked naked like we're all looking at Johnny.
Johnny's looking at Jimathy. Who does Jimithy get to look.
Speaker 3 (16:06):
At He gets to look at the border be frustrated
under the table. Yeah.
Speaker 8 (16:13):
So it's funny because you're using that that host Mike.
I hear it in Q, but it's not going over here.
Speaker 2 (16:19):
You can hear like my little yeah everything over here.
Speaker 3 (16:24):
You related to that thing?
Speaker 5 (16:27):
I did?
Speaker 3 (16:28):
What happened if we unplugged it?
Speaker 5 (16:31):
Which thing?
Speaker 4 (16:31):
The ospot? It's not plugged.
Speaker 5 (16:35):
That osbot isn't plugged in.
Speaker 3 (16:36):
Okay, Okay, I thought maybe it was plugged in the border.
Speaker 5 (16:40):
Now something some something got rewired.
Speaker 3 (16:42):
Sorry about that. Everybody we're just.
Speaker 5 (16:44):
Gonna mic is completely unplugged.
Speaker 4 (16:46):
Can we still say callers right now?
Speaker 5 (16:47):
Jimithy Uh?
Speaker 4 (16:48):
Yeah, yeah, there's any uh, there's any radio text out there?
Speaker 3 (16:53):
Idea crossed Johnny needs a microphone?
Speaker 2 (16:56):
Yeah, any any engineer that was in here hooking up
cameras the other day, want to give us?
Speaker 4 (17:03):
What about if we're going to call for anybody who
used to work here, Like, how old is the technology
in here? Like if if they worked here twenty years ago,
would it still be se seems like all time?
Speaker 2 (17:14):
Yeah, yeah, I don't imagine it's changed a whole lot
as far as wiring, you know what I mean?
Speaker 4 (17:19):
The building.
Speaker 2 (17:22):
Well, I mean Jimythy has kind of gone over everything. Yeah,
and I don't I don't know. I don't know that
it's quickly fixed because again he can hear a little
behind the scenes. He can hear my mic in Q,
which means it's not going.
Speaker 5 (17:35):
Over the air. It's like in his headphones.
Speaker 2 (17:37):
Yeah, but it can't get it on the program side.
Speaker 5 (17:40):
He can't get it over the air.
Speaker 4 (17:41):
I don't know. Why resist her Somewhere there's some kind.
Speaker 3 (17:44):
Of I think it's one of those two b things
like on your TV, the cath the half throwed ray
something half od.
Speaker 4 (17:57):
Ray tube, the CRT. But now you're thinking of uh, geez,
I don't remember the tube. I don't know if they
were resistors or jeez hol when it'll come to me.
Speaker 3 (18:12):
Yeah, on the tubes, the tubes in.
Speaker 4 (18:14):
The back old radios.
Speaker 3 (18:16):
Yep, no, I'm thinking of TVs really have the tubes anyway?
Speaker 4 (18:22):
That's yeah.
Speaker 2 (18:23):
I don't know that I've ever seen the back of
an actual TV that had a tube in it.
Speaker 4 (18:27):
Yeah.
Speaker 2 (18:27):
Let me let me tell you what Jimmy is to do.
He has to take those things apart. He's telling us
right now he used to take those things apart. Eight
seven ninety seven six nine six night Total Free. You
welcome to join us on this Today's the sixteenth November.
Am I right?
Speaker 5 (18:40):
Accurate?
Speaker 4 (18:40):
Fifteenth?
Speaker 5 (18:41):
Fifteenth fifteenth? Jumping ahead a little bit?
Speaker 2 (18:43):
All right, fifteenth We are live and yes, these technical
difficulties are happening on the fly. But you can be
a part of the program Technical Difficulty Free. Just dial
in Jimmy the will ligne you up there. Of course,
if you're not comfortable on the radio and you need
professional guidance, anything that touches the world of real estate.
Always remember Florida real Estate dot com. You're one stop
real estate shop pros pros. You get experts in their field.
(19:04):
We may not be able to get these mics working
on a Saturday in here, but that's not.
Speaker 5 (19:08):
Their professional choice. That's not the field they chose to
be in.
Speaker 2 (19:12):
Jimithy, on the other hand, that's his choice. How did
you choose be No, actually, I chose to get the
hell out of here, actually, But thank you for being
with us on a Saturday. Always remember that team is
there for you and you can be a part of
the program. Don't be shy even though we're having little
issues on her and thanks for coping with us. Oh yeah,
(19:32):
and livestream you can check it all out too, Facebook
and YouTube. Florida Talk real Estate on Facebook, Florida Talk
real Estate LLC on YouTube, home of a ton of
informational chunk videos. Get that stream going too. Always there
to check out on a Saturday.
Speaker 3 (19:45):
Thank you, Johnny. A couple other things I just wanted
to mention of what's happened this week over at the
Florida Home pros Our Realty Company. We put out a
couple of properties this week. We put out James and
Kathy's and that under contract super fast. We oh, just
to wrap up with that. That Oh no, we talked
(20:06):
about it and I'm sorry everything's a little crazy. We
talked about first time home buyers and why it's a
great deal. There's still great deals out there for buyers.
And the interest rates are low for the last eighteen months.
We're still very very low. Even right now with the
interest rates scooting up a little bit, we're still low
over the last eighteen months. So this is still a
(20:26):
great time to buy. And the sellers are ready to
work with you. Even in that case, the sellers, the
sellers offered the sellers accepted a seller concession where they're
giving money back to the buyers in the process of
buying the house.
Speaker 4 (20:43):
So what kind of percentage?
Speaker 3 (20:45):
Let me see about three percent? About three percentage what
they're getting and it's working out good for everybody. Now,
we still got to do the inspection of appraisal, everything,
but congratulations, going a contract and I think that we've
got a good deal going there. Nice also wanted to
do a shout out to Tom and Mike and the
crew over there. They they we had a house over
(21:08):
by Lake Osborne and it was a three bedroom, two
bath home. It was built in the fifties. I love
this house because it had it reminds you of Florida.
It has the Toasso floors, which are my favorite. I
love Tarraszo floors in Florida as long as they're in
good shape. And these were fully polished, ready to go
(21:30):
and anyway, and and we just got that under contract.
I'm really really happy for that. We did have one
price reduction in that process in order to get the household,
but the sellers were motivated and we got the household
and it was right around where I thought it was
(21:51):
going to land. They scowed it up a little high.
At the beginning, I had some buyers. I tried to
get them, I know, go and look at that. Then
I think they must have drove by and just for
whatever reason, wasn't the right fit. And the person buying
it is an investor that's buying that one, which is little.
I mean, I'm happy that the house is sold for
my clients, but I always like it when regular buyer
(22:12):
goes to regular buyer.
Speaker 4 (22:13):
Sure.
Speaker 3 (22:13):
Yeah, also wanted to do shout out to Laura and Ambrose.
We have a Century Village property in West Palm. Century
Village is a premiere fifty five and over community in
West Palm Beach. I think there's like six thousand units
over there. It's a big, gigantic community. And yeah, six thousand,
I'm pretty sure is what they got over there. Like
(22:35):
King's Point in del Rayce five thousand, Yeah, I guess so.
And there's thirty something buildings over there, and it is
a premiere fifty five and over because of affordability, most
of these units are going well under two hundred thousand,
and some of them are going under one hundred thousand.
Ours is a two bedroom, one and a half bath.
(22:55):
We have it at one forty nine to nine and
it's in very good condition and it's on a first floor,
which is really great for people who don't want to
have steps because a lot of these buildings don't have
elevators in Central Village. And the other thing great about
Century Village, other than being located centrally in West Palm
(23:16):
is the amenities that they have there. It's just really amazing.
They have multi multimillion dollar theater over there. They've got
heated pool, regular pools, and almost any activity you can
think of. There's always something to do over there. So
go out. If you're looking for an affordable place to
move to Florida, like if you're listening from out of
(23:38):
state or something, this might be a really good opportunity
for you. We also have we also put up the
Airbnb property. And I made a mistake last week, Guys.
Last week I said there was already twenty seven thousand
dollars in prepaid bookings for this season on this three bedroom,
(23:58):
two and a half bath Bitter Beach town home. I
was wrong. I had a fact orror. Sorry about that.
It's thirty seven thousand dollars, not twenty seven. So if
you buy this unit, obviously before the people come in
to you know, come in for the stay, there's thirty
seven thousand dollars that you're going to be getting back
from VRBO and all that stuff that's prepaid and ready
(24:21):
to get booked. Yep. And they've been without hardly any
advertise at all. They've been booking about forty to fifty
thousand a year with this unit. It's three bedroom, two
and a half bath. I just went through all the
upgrades because this is a smart town home. So what
that means is you can control your energy efficient blinds
by your phone, you can control your HVAC system buy
(24:44):
your phone, your security system by your phone. And I
think there was one other there was one of the
things shades.
Speaker 4 (24:55):
Door cameras.
Speaker 2 (24:56):
You control your phone by your phone. Yeah, by your phone.
Speaker 3 (24:58):
Yeah, yep. So that's a smart home. And she broke down.
Jamie is the owner, and she broke down how much
she put into that house when she bought it in
twenty twenty two. She put two hundred and eight thousand
dollars into the upgrades of that house. So it's really
really nice, and that's why it's such a great Airbnb.
And the other thing is at the full asking price,
(25:20):
which is seven ninety five, they're throwing in all the furniture,
so you have a turnkey operating Airbnb. The community allows
the Airbnb daily rentals are okay, this is something that's
not under the radar. They're like, sure, you want to
rent it out by daily, Go ahead, your shirt, walk
to the beach ross. You live all in that whole area.
(25:41):
You own that area, this area over right by Jupiter,
Jupiter Bay and Jupiter Lakes and all that. It's really
close to the beach, it's close to all the parks,
it's close to the pier.
Speaker 4 (25:53):
It's super close. I actually drove.
Speaker 7 (25:55):
I was by there, right on that side of Carlon
Park this morning. Call those pickleball courts are and you
can see the townhouses right there.
Speaker 3 (26:03):
Yeah.
Speaker 7 (26:04):
No, I was looking at it, and I thought about,
you know that, you're I thought about that unit this
morning as I was looking at him there right next
to the beach. And now that you know there's thirty
seven thousand already booked, you're gonna drive by and take
so far as financing that type of property gym when
you do like well called short term rentals like the
(26:28):
regular conventional Fanny Freddy don't play nice with the short
term rentals, huh and that type of use.
Speaker 4 (26:34):
Right, But there are loans that you can do, you know,
the D S c R. I don't know.
Speaker 3 (26:38):
We talked when we've used we've used them in the past.
It seems like a lot of people using them right now.
Speaker 4 (26:45):
But what's your loan? What's your caped loan amount for them?
So there's not gonna be a max loan. You're talking
about LTV. So no, just no, I was.
Speaker 7 (26:53):
Just thinking because it isn't. At some point it considered
like a jumbo loan.
Speaker 4 (26:58):
So not in the DSCR world. So you DoD d
s c R kind because if you're for d s
c R is okay. So when you normally qualify for
a loan, you're qualifying. One of the questions we asked
is what payment do you qualify for the way that
we arrive at that maximum payment, we use debt to
income dt I, right, so it's a ratio debt divided
(27:20):
by your income. You can use whatever there's there's a
percentage there. So d s c R is like that.
So when you instead of qualifying with DTI, you're going
to qualify with the d s c R, which is
the debt service coverage ratio, which is a real fancy
way of saying does the rent cover the mortgage? So
we're not looking at your debts, we're not looking at
your income. The only qualifying factor for what payment do
(27:41):
you qualify for is how much does the rent and
is it equal to or greater than the mortgage? The
payment the mortgage payment, right, which is principal interest, tax
insurance and HOA. Right, we call it p I t
I plus h OA. So if the rent you know,
and you've already got some numbers on the rent, Let's
say the rent was eight thousand dollars a month. As
(28:03):
long as your mortgage is less than eight thousand dollars
a month and you have the cash to do it,
you can buy the house.
Speaker 3 (28:09):
How an investment do you have to show? How many
months do you have to show that you're doing that.
So let's say you have an airbnb and in January
you're making eight thousand dollars a month, and then in
June you're making nothing.
Speaker 4 (28:20):
If you want surefire, use the rental history as the
number you would want, probably twelve months of history of
so the last year of what did you bring in
for bookings with your short term rental status. The traditional
way to do it is just like have the appraiser
tell you what the monthly rent is on an annual basis, But.
Speaker 2 (28:42):
It's it's a excuse me, it's how much you make
on a year. It's not month to month, it's for
the year. Yeah, they'll average it over a year. So
you give me if you have like if you have
like three months and you make all the money for
that airbnb.
Speaker 4 (28:56):
Which is why they want to look at the twelve
month window because they really want to know what it
looks like over a year. Now, that's not the only
way to do it, because you can also do there's
analysis tools out there that say, hey, here's what we
think this unit is capable of bringing in, and so
that might if you're using that instead of the history,
it might like impact your rate a little bit. But essentially,
(29:16):
these types of loans are popular gym because they're easy
to do. You don't have to I'm not analyzing your
income in traditional ways, and I'm not really concerned with
any of your other debt obligations. So this loan is
really geared towards the house itself and how perform is
from like a cash flow analysis. Of course, of the
down payment. You can't do it with a low down payment, right,
(29:37):
Like You've got to be thinking twenty percent down minimum
and your credit scores need to You're not going to
be able to do it at the low credit scores, right,
so you've got to have to have you know, yeah, yeah,
seven twenty six eighty maybe is like it will impact
how much you have to put down, So the higher
the credit, you're going to be at the twenty percent.
If you're on the low end of the qualifying credit,
(29:58):
maybe you got to do twenty five percent or something.
So if you got the cash and the place is
very easy, you have thirty seven thousand dollars booked already
for some period of time, that's a good baseline. Compare
that against what you think your anticipated mortgage payment's going
to be, and if you got the cash to do it, it's
a slam dunk easy to do long.
Speaker 3 (30:16):
So this unit, Thank you, Mike. This unit would be
perfect for a person that just wants to use the
unit during their vacation time but don't want the house
just sitting there doing nothing. Well, they're not there. This
is a really great opportunity for that person. It's also
a great opportunity for somebody just wants to live at
the beach and not rent it out. Oh right, the
house is gorgeous. You're in a great area of Jupiter Beach.
(30:41):
There's so much stuff, you know what ross because you've
been up there for so long now you know the
marina where they have like jetties and those bars over there,
the bars and restaurants over there by the Marina and everything.
Speaker 4 (30:56):
Right like Love Street, Yeah, Love Street.
Speaker 3 (30:58):
Do they have a name for that, because you know
I made up a name for it.
Speaker 4 (31:02):
I believe it's love straight.
Speaker 2 (31:03):
Well.
Speaker 3 (31:04):
I called it the Jupiter Marina Downtown, a Jupiter Arena
entertainment district I made up. I called it the Jupiter
enter Marina Entertainment District. So, hey, city, you can take
it if you want to take take that name. I
think that would be a better name for it, to say, hey,
come on down, because there's so much to do over there.
(31:24):
So you're against I'm sorry you don't. Yeah against love
so uh And the other unique opportunity with this property
is that you could actually spend the night in this
property before you decide to make the offer. You can
go ahead and book the AIRBDNB, see if you like
the place or not, see if you like the area,
and then decide if you want to buy it or not.
(31:45):
We have the link on our Facebook page. I don't
have the photo on there yet because I suck at tech,
as you can tell from this morning. Uh, So check
that out. And congratulations to Jamie. She's already on homes
dot com. She's already ranked as quote very popular property nice,
so that's pretty cool. I'm yes. Uh, let's go ahead
(32:08):
and take a break, guys. And then on the flip side,
since we're taking the break right now, let's go ahead
and do the clap clap. We're gonna watch Johnny, but
Johnny's on camera, so this clap will work. Okakay, So
and Johnny's got the clap ready.
Speaker 2 (32:25):
Are you ready?
Speaker 4 (32:26):
Yeah?
Speaker 2 (32:26):
Everybody's ready.
Speaker 3 (32:27):
Yes, and put your hands in front of the camera. Guys.
Speaker 2 (32:29):
Everybody feels good about this?
Speaker 3 (32:31):
Yes, all right?
Speaker 5 (32:32):
One two?
Speaker 3 (32:35):
I was slow. One more time, one more time, one two? Okay, perfect,
Thanks guys.
Speaker 2 (32:42):
We're gonna keep working on trying to get our other
MIC's working. Thank you very much for dealing with our
nonsense as we cope on a Saturday.
Speaker 5 (32:49):
With technology, Hey, it's a beautiful thing.
Speaker 2 (32:54):
But when it doesn't work out well for you, man,
does it.
Speaker 5 (32:57):
Make it tough on you from time to time? And
I don't care what it is. It is.
Speaker 2 (33:01):
A technology is beautiful and when you get used to
it and it doesn't work, it makes it rough. Even
simple old school technology like like my microphones and cameras
and things, but thank you for tough and through on
a Saturday through our nonsense. Always remember Florida Talk real
Estate is a dot com. No nonsense there. That is
a team of pros, pros experts in their field, literally
(33:21):
working cohesively together. If you've ever experienced it, man, it's
amazing when you can have a team behind you when
you're buying a home, selling a home, stuck with your home,
you don't know what to do. These are big time
movements in your life, some of the big financial moves
that you're gonna make. Probably the biggest reality is you
got to have people that are great at what they do.
Good at what they do is one thing. Great at
(33:41):
what they do is another. Get great at Florida Talkrealestate
dot com. No what use it, love it, share it.
Florida Talkrealestate dot Com. We're back and form and it's
thanks for being with us every Saturday, Florida Talk real
Estate right here. It's for all Radio LLC on YouTube,
live stream happening and thank you for choosing to be there.
Speaker 5 (33:57):
Johnny C is me.
Speaker 2 (33:57):
Jimmithy is our producer of short and Air, What's Up,
my dude?
Speaker 5 (34:00):
And good morning gentlemen.
Speaker 2 (34:01):
So I saw the flash of the lights earlier, so
somebody has at least called in phone line seemed to
be working.
Speaker 8 (34:06):
That's not an issue today, right, So far it seems like, yeah,
let's give me shut right.
Speaker 5 (34:12):
Everything looks good.
Speaker 4 (34:14):
I heard dial time.
Speaker 5 (34:16):
That's what we're looking for. At least that's working.
Speaker 2 (34:18):
Okay, good. Uh So you're more than welcome to join us. Please,
if you've got a question, do not be shy. Of course,
if you're not comfortable on the radio, always remember Florida
talkerdos date dot com your access to the entire team.
I'm talking pros pros like Mike Row, the mortgage guy
from the mortgage firm.
Speaker 5 (34:33):
How are you, my friend?
Speaker 4 (34:34):
Yes, I'm doing great, excellent?
Speaker 5 (34:36):
Are you so good?
Speaker 2 (34:38):
Yeah?
Speaker 4 (34:38):
You like that? That mic looks good.
Speaker 2 (34:40):
I actually I had a little mic envy when we
first got going.
Speaker 4 (34:43):
Yeah, right out the gates, Like wait a second, this
is your voice sounds so smooth, doesn't it though?
Speaker 2 (34:49):
Processing olive oil? Yeah, like it extroverts uh pros pros
right way assurance.
Speaker 4 (34:58):
You know.
Speaker 7 (35:00):
Oh hello everyone, it's weird. Yeah yeah, yeah, man, I'm
glad to share it with you. It's like that one
time we shared Mike that weekend Miami Wow, Sharon, Mike was.
Speaker 4 (35:17):
That Miguel was Mike.
Speaker 2 (35:20):
Mike uh As the night went on, he became Mikhail.
Speaker 5 (35:26):
Weird. Do you remember that wrong? It was awesome.
Speaker 2 (35:29):
And Jimmy d is one of the pros pros over
there too, the Florida Home Pros team Callowilliams Innovations. You
find Jim Topola, Jimmy how.
Speaker 3 (35:35):
You Hey, I'm doing good, guys. Uh, I love this show.
You know, we were just talking about that airbnb potential
Airbnb if you wanted to be that way in Jupiter
Beach to Ady Bella Vista just had somebody just had
somebody requesting a showing while while we were on breaks.
Speaker 4 (35:54):
So from the show or from your others, I.
Speaker 3 (35:56):
Can't tell it was an agent, maybe the agent. Maybe
it was a coincidence. Maybe they should hurt Okay, let's
go check it out.
Speaker 2 (36:03):
But probably listening, because who isn't.
Speaker 3 (36:05):
Yep, exactly, who isn't listening?
Speaker 5 (36:07):
Right?
Speaker 3 (36:07):
You're not doing your You're not doing the right thing.
If you're not listening, well you might as well throw
out the address one more time to two eighty Bella
Vista Court in Jupiter beach nice.
Speaker 2 (36:17):
Yeah, what did you call it again?
Speaker 3 (36:19):
Uh? I call it Bella Vista.
Speaker 5 (36:21):
No, you called it the Jupiter Entertainment District.
Speaker 3 (36:24):
Oh no, it's by the Jupiter Marina Entertainment District. Jupiter
Marina Entertainment District. Yeah they yeah, Love Street and uh
yep on Love Street. So I wanted to go first
to uh talking it first. I wanted just to bring up, well,
(36:44):
I want to do this one first because it's really
sad and I just want to get over with. But
I felt it was kind of interesting.
Speaker 5 (36:50):
Uh.
Speaker 3 (36:50):
Did you guys hear about that whole Treasure Coast thing
up in Port Saint Lucy where this guy got in
a fight with his h o a board and he
went and uh killed two of the board well, a
board member and a relative of a spouse of the
board member, and then held a third one hostage for
two hours and then killed himself.
Speaker 5 (37:09):
Yeah.
Speaker 4 (37:09):
I did not hear that. It was all about it,
and I've been frustrated with boards.
Speaker 3 (37:14):
It was an dispute. It was a dispute between the
person that the person that shot everybody, the suspect, if
you will, whatever more than a suspected shooter. He was
living in the community and apparently he was acting unusual stuff.
And also it got into politics, right, and they didn't
(37:35):
really get into the article about who's who was on
what side or whatever, which I'm so glad they didn't
do that because it doesn't matter. They're all wacky. If
you're going out killing somebody, it doesn't matter what your
political faciliation is. Sure you're mentally incapacitated in some way,
but anyway, the bottom line is is they were having
these big political disputes and then the community decided to
(37:58):
evict a person out of the house and he went
off and there were multiple multiple police reports. Funny, it
didn't mention in the article what was going on. So,
like ten thirty last night, it bugged me. So I
went into the Saint Lucy property appraiser and I pulled
up the guy's name and I found the house that
(38:20):
he lived in. But it looks like his parents or
some relatives on the home because his name is not
on title. It looks like relatives names are on title.
So I think that's why they were allowed to a victim,
I'm guessing. But the article didn't get into that. But
the thing that was, you know, it's a really sad thing.
And it just shows how people's tempers can get really
(38:42):
crazy and hoas can get very stressful. But you know,
one legislature, one legislator and I don't remember the guy's name,
so I'm not going to mention it, but he called it.
He called hoa's a failed experiment. What do you guys
think about that? Do you think that, you know, like
h ways or a failed experiment? I don't know about that.
(39:04):
I was like, can you imagine having no hys and
just having developers building houses wherever they want to build them,
and you could have a four story house next to
an eight hundred square foot home next to you know.
Speaker 4 (39:19):
I mean I live in the acreage, so it's kind
of somewhat like that kind of you do your.
Speaker 3 (39:25):
You have land, but you got land, right, So if
imagine being on a quarter acre lot or less and
then having anybody build whatever they want. You don't know
as a neighbor.
Speaker 4 (39:35):
Where I grew up in Northern Virginia, it was like that.
So these communities were developed all at the same time, right,
So you have similar style homes, but there's no HOA, right,
there was no monthly dues, there's nobody but isn't that
just any non h A neighborhood. Yeah yeah, I'm just saying,
so they exist out there and ye have any issues.
(39:58):
I don't think that Ross has a castle neighborhood.
Speaker 3 (40:02):
These articles now are coming out claiming that there's so
much violence in each aways, and I'm like, I.
Speaker 7 (40:10):
Mean, I couldn't imagine living in a townhouse community or
an apartment community and you know, you're you know, your
neighbor who's sharing a building with you wants to paint
their house, you know, some god awful green and you
know you have to watch in America. Yeah, but I
mean it's you're sharing the wall. So I mean, I
think people move into communities like that for that uniformity
(40:34):
or I don't know, but there are communities that exist
that don't have an HOA and seem to function as well.
Speaker 2 (40:40):
Yeah, I think.
Speaker 4 (40:41):
Maybe they're Maybe it's not the HOA, Maybe it's the
gated community, the planned unit development like that stuff where
everything is meant to be a certain way, and that's
part of what makes the neighborhood attractive in the first place.
And so like the conception of it is, we want
it to be crying free, we want it to look nice.
(41:02):
We want property values to maintain levels. We're going to
have security, we're going to have you know, rules about
lawn care and you know plants and architectural review boards
with colors and roof styles and all that stuff. And
it's the whole idea is there's like, we want to
be a place where your property holds value. And so
has that worked conceptually right? Like does that make your
(41:26):
home worth more than the non you know, planned unit
development homes? And I don't know if I could say definitively, yeah, yeah,
those those neighborhoods have higher value homes than the non
HOA neighborhoods.
Speaker 3 (41:41):
But you know, as as a person going out showing
people properties and stuff and talking to the buyers all
the time, a lot of times buyers will be very
vocal about saying that they do not want to be
in the h O way right or common association.
Speaker 4 (41:57):
Right because they've been there, done that.
Speaker 3 (41:58):
Well no, a lot lot of them have not been there,
done that, but they have a attitude about it that
they don't they feel like they're going to be condo
commanded to death, hoad to death right, no pun intended
about what happened to that was a portrait support. Yeah,
I didn't mean to say it. I didn't even think
about that. Yeah, sound pretty bad. So But the thing
(42:21):
is that a lot of people that are like I
don't want the Hua telling me what to do with
my house, and I understand that point of view. I'm
not saying that's the wrong point of view. That's you know,
that's the way that you want to live, and that's fine,
and there's nothing wrong with it. I've been I've lived
in both Hua and non Hua, and I've seen I
didn't want to move into the joy when I did,
but when I did, I found there were a lot
(42:43):
of benefits of moving into the Itchua. You didn't have
to worry about like if your neighbor has, you know,
uh is a car mechanic part time and they got
jeloppies all over the place in cars with parts thrown
all over their yard or whatever, you don't have to
worry about that because the HOA is going to deal
with that neighbor and tell them, hey, you're not allowed
(43:04):
to do that. You don't have that dispute. Another thing
about the hway, why people do want to move into
the hoays they want those rules because they don't want
people doing things You did something on the video, Jimmy's
doing it. They're trying to make sure that they don't
want to have those headaches. They don't want to have
(43:24):
the crazy neighbor who doesn't cut their lawn or has
eight million dogs or pets on the property and barking
all all times of the night and day, or too many
cars in the driveway or whatever, like all of those rules. Now,
other people like I don't want to be told when
I can take my garbage can out and into my house,
And I don't want to be told can I park
(43:45):
my car in my driveway or it has to be
in the garage, you.
Speaker 4 (43:49):
Know, or don't have your garbage out to the street
a day before.
Speaker 3 (43:55):
Yeah. Like, so there's rosen cons to both. But I
don't know if I would call it each away a
failed I.
Speaker 4 (44:01):
Mean, unless all these gated communities were vacant, then it's
not failed. People live there, like, people are buying the
homes there, so it's definitely not failed.
Speaker 3 (44:09):
Yeah.
Speaker 4 (44:09):
Now, if you're gonna get somebody who doesn't like what's happened,
you probably get people who think the HA doesn't go
far enough. Oh I look at this. Our grass isn't
supposed to be more than five inches. Look at this guy.
This guy has his six inches.
Speaker 3 (44:21):
Yeah, I just measured it six I just measured Oh
my god, look at this about to go to seed.
So I just wanted to bring that up about what
happened up there, because what it has been really big
news up there. There is talk that the police law
enforcement had multiple multiple calls about this, and they said
(44:41):
that they knew the shooter pretty well, like he.
Speaker 4 (44:44):
Was maybe somebody should should have had an eye on
him as a potential.
Speaker 3 (44:50):
The police said that they just didn't think that he
had a violent tendency. But there are a lot of complaints, right,
so I don't know he would be I almost felt
like that was cya press conference one of them, I
feel like. But anyway, I just I didn't think that
h oo Way is a failed community, a failed experiment.
Speaker 4 (45:10):
Ye I would disagree that up.
Speaker 3 (45:12):
The other thing I wanted to talk about was the
first time homebuyers. Mike, you know, back back in nineteen
eighty I'm sorry, not nineteen eighty, nineteen ninety one, the
typical first time home buyer was twenty eight years old.
What do you think it is in twenty twenty four.
Speaker 4 (45:32):
So in ninety one it was twenty eight.
Speaker 3 (45:35):
Ninety one it was twenty eight.
Speaker 5 (45:38):
Oh, eighty two.
Speaker 4 (45:41):
Eighty two, Yeah, first time home buy I would I
would have if you had asked me what the current
age is, I would say less than twenty eight. I
would say in mid twenties, really like twenty six, and.
Speaker 2 (45:52):
I wanted to tackle on like twelve years you think, yeah, yeah,
like forty forty two.
Speaker 4 (46:00):
Has to take is the headline I heard. I didn't
read anything. I just heard that the age they're getting older, right,
the first time home buyer average age is getting more
than it was. But I would not have expected you
to say twenty eight is the starting point. So I'm
going to say still mid twenty so twenty six, twenty seven,
something like that.
Speaker 3 (46:16):
So this is the interesting part. So in nineteen ninety
one it was twenty eight. In twenty twenty, it climbed
to thirty three years old. In twenty twenty four, I'm sorry,
twenty twenty was thirty three years old, twenty twenty two
thirty six years old, twenty twenty four thirty eight years old.
(46:40):
In twenty twenty five, forty forty is the average age
or the first time home buyer right now? Wow, that's amazing.
From twenty to twenty eight years old to forty Yeah,
this is coming quick.
Speaker 4 (46:53):
This is this is doing every single year, like this
is the all first time home buyers this year? This
was their age. So it's a yearly number that seems
I don't know what's the definition of first time home buyer?
Is it the same as mine?
Speaker 3 (47:07):
I don't know about every three years? I think this
is Let's see, that's a good question.
Speaker 4 (47:11):
Let me tell you the definition from a lending perspective
of first time home buyer. Right, Okay, you haven't owned
a primary residence in the last three years. That's it.
You could have bought ten homes in your life, as
long as it wasn't in the last three years. You
weren't on title to a home that you lived in. Jim,
I could be a first I could own ten investment
(47:33):
properties right now. But if I rent for my primary
residence or I live rent free with family or whatever
that situation, I don't own the home that I live in,
I can qualify as a first time home buyer even
though I owned ten investment properties.
Speaker 3 (47:47):
Right I didn't know that until Mike told me a
few years ago about that, which always blows my mind
when when you get reminded about it. Most people don't
have any idea about that.
Speaker 4 (47:58):
So definition of.
Speaker 3 (48:00):
First So it looks like they didn't actually say, now
this is a New York Times article.
Speaker 4 (48:06):
So oh we all know about them.
Speaker 3 (48:08):
Well, it was. Really what I'm trying to say is
it's real research, right, So it isn't like, you know,
Redfinn coming out with this stuff. Right, So it doesn't
say the definition of first time home buyer, but I
believe it means for real, the first time ever buying
a house. The reason why I'm saying that they have
first time HomeBuyer age for the year and then repeat
(48:29):
buyer for the year. So what is the average repeat buyer? Right?
So in nineteen ninety one, when the average person first
time home buyer was twenty eight, the repeat buyer was
forty two. Right now we're at forty right for a
first time home buyer, repeat buyer sixty two, So it
went up twenty two. Why because people are holding on
(48:51):
to their houses longer because the low interest rates they
had for so long, And that's what that's what's happening here.
So I just thought that this is kind of interesting,
and it reminded me of what was happening with David.
David's been renting for a long time. David is a
person buying a home condo through Mike and me helping
him as the agent. He's closing on Monday, yep. And
(49:14):
he's been renting, well, actually he hasn't been renting, but
he's been living. He's been living without owner property.
Speaker 4 (49:21):
Yeah.
Speaker 3 (49:22):
But he's fifty seven now, and he's realizing that he's
really good at socking away money into investments and stuff.
He talks about all the time. He's really into investment.
He's a city worker, and he wanted a very inexpensive condo.
We sure got him that it's the cheapest condo in
that whole city.
Speaker 4 (49:40):
We've had some success this year finding that. What initially like, well, geez,
how are you ever going to find that?
Speaker 2 (49:48):
Yeah?
Speaker 4 (49:48):
The unicorn. Yeah, you've had a couple of those.
Speaker 3 (49:51):
I have had a couple, so so David. You know,
David is older, but typical of the first time home buyer.
I've had a a lot of people. I remember Joe
and Linda who we closed the house in Fort Lardale
a couple months ago when they first time home bought.
They were in their fifties too when they bought with
us as a first time homeboy.
Speaker 4 (50:12):
I'd have to look at my personal stats, but I
feel like that. I feel like number it's just way too,
way too high.
Speaker 8 (50:18):
Do either of you put any any stock into Groc?
Have you ever used Groc with it?
Speaker 5 (50:26):
I did it.
Speaker 8 (50:27):
I did a search, all right, and I put in
using the standard of never owning a home. What is
the average age of first time home buyers in twenty
twenty five, and Groc came up with forty years old
according to the National Association of Realtors twenty twenty five
Profile of home Buyers and sellers.
Speaker 4 (50:43):
There you go.
Speaker 5 (50:44):
So again, if you put you know stock into it,
I don't you know?
Speaker 3 (50:48):
Yes, Groc is uh.
Speaker 4 (50:51):
Elon Musk's AI bought.
Speaker 3 (50:53):
Yeah, yeah, I bought from us. I got it in
my car. I got it in my car. Now that okay.
Speaker 2 (51:00):
All he's doing is pulling information from the web, and
the most consensus right now from articles that are written
about this is about forty right, So it's.
Speaker 5 (51:09):
Just giving you kind.
Speaker 2 (51:10):
Of a lump of what's already out. It's not really
it's not really doing numbers.
Speaker 3 (51:15):
I agree with you, Johnny. Is a lot of times
it's just collating in the information that's out there and then.
Speaker 2 (51:20):
And if it's if it's bad information, it's going to
give you the bad but it's given it's it's pretty
much saying like that.
Speaker 3 (51:26):
You can ask it, so you can ask it to
only use certain types of sources and everything. You could
actually do that.
Speaker 2 (51:33):
Like Jimmothy did. He kind of you know, you can
be as specific as you want and it'll really really
hone in.
Speaker 3 (51:40):
Can you do me a favor? What you say? What'd
you say?
Speaker 4 (51:43):
Russ I said? Chatchipt says the same thing.
Speaker 9 (51:46):
Yeah, So yep, it's they're all this excite it incites
it source. Yeah, nar just tell it only use reputable
news sources. I know that doesn't mean anything, but let's
just say what happens if.
Speaker 4 (52:02):
Yeah, Actually, that's the world we live in. You can't
trust the news. It's copy of page that's so bad.
Speaker 3 (52:10):
Well, while Jimmy's looking at that, let me see, let
me go over here.
Speaker 4 (52:16):
So that seems like a weird trend to me. And
I would say most of my clients who are first
time about home buyers are not that age. But uh,
you know, I'm being an anecdote a little bit. I
don't have like stats on it. That's it's a curious
number for meal.
Speaker 3 (52:31):
The national media right now is saying that everything is
just so unaffordable that the younger people just based on
their incomes, there's no way they can save up the
money needed for the down payment.
Speaker 4 (52:44):
And it's a.
Speaker 3 (52:44):
Cash It's a cash thing. It is so much the
mortgage payment. Although the mortgage payment is a factor because
the prices are high.
Speaker 4 (52:52):
But if you can get qualified for a payment to
find a house in that number, the cash is still
the biggest barrett because you literally need.
Speaker 2 (53:02):
It's thousands and thousands.
Speaker 4 (53:03):
Of Like just like when you say how much cash
is required, it's your down payment plus your closing costs
and prepaids Okay. So, Jim, we talked about like that
two to fifty price point, which is what I would
say on the low end in Palm Beach County, Like
it is like that, yes, you know, you get fifteen
thousand dollars required something along those lines. So then if
you didn't have down payment assistance, if you didn't have
(53:25):
sellar credits. If you didn't have family to help you out,
how long would it take you to accumulate fifteen thousand dollars?
And maybe you could spend your entire twenties with diligent
savings and only have fifteen thousand dollars in your nest
egg by the by the end of that decade, right,
just the way that you know, living your life and everything.
So I get it now. Luckily, we have things like
(53:47):
down payment assistance programs that are geared towards first time
home buyers seller credits. Like, let'sh that same scenario where
you got like fifty Let's say you got fifteen thousand
VPA that took care of most of it. What if
you could only get ten thousand, Well you kick in,
would you say a three percent sell credit that's about
(54:08):
six grand, you know, seven thousand dollars something like that
that make up the gap. So all those those are
out there, I mean, that's what people are doing to
be able to overcome that cash hump. But yeah, I
get it. It's hard to accumulate that amount of money,
especially if you're paying rent, got car payments or least payments,
whatever it is, Like it's hard to save.
Speaker 3 (54:28):
Yes, it's really it's really tough. And that's the thing,
and I don't see how that's going to be solved.
Every time I think about, how can we make it
where it'll be better for way more buyers to buy
because there is such a pen up demand. That's what
this article is shown. There's such a pen up demand
for purchasing homes. And it isn't just first time home buyers.
(54:53):
There's pinup demand for people who's like I really don't
want to stay in my home right now, I'd like
to move someplace else, but cash restricted, income restricted something.
And so I don't see how this is going to
be solved unless we go through and I hate to
say this, another massive correction where we lose ten to
fifteen percent of the value of the homes.
Speaker 4 (55:15):
I mean, there's I guess there's I don't.
Speaker 3 (55:17):
I don't want that to happen. I'm not and I'm
not advocating that for it happened. But how else are
we going to make homes affordable if we don't have
massive price drops.
Speaker 4 (55:26):
Well there's there's your good segue into these ideas that
are percolating about how to solve this crisis. Well, I asked, I.
Speaker 7 (55:32):
Asked chat GPT what was their definition of a first
time home buyer? Yeah, and then it gave me the
link to an NAR article that says that they count
somebody that, like Mike.
Speaker 3 (55:46):
Said, anybody that hasn't lived in the house for three
years or hasn't ever bought a house that they homesteaded exactly.
Speaker 7 (55:54):
That that can include individuals who have owned a home
just not in the past ever years, or previously bought
a home with a spouse, but are now making a
purchase on their own.
Speaker 4 (56:06):
Which is a good answer, but I think probably out
of context to the study that they did. Right, So
it's giving you a good answer. What's technically a first
time home buyer? But it maybe not, but that's what
they're using. That's what NAR is referencing as a first
time home buyer, Which was what you used for a
first time home buyer? Yeah, and so I mean, if
(56:26):
that's the case, then I could see it. Yeah, of course,
then when's the last time you bought? What age did
you buy your last home? They might as well be asking, right, yeah,
or something along this line.
Speaker 3 (56:36):
That's true. So let's go let's go ahead and take
the break, and then on the flip side, we're going
to go right into we don't need to do that
till the end. Now, okay, we're going to go right
into fifty year mortgages and mortgage portability and see if
that is an answer to what we were just talking about.
Speaker 2 (56:52):
Excellent lots to get into. Is still an hour remaining
on this Saturday. Thank you very much for being with us.
Of course, if you are interesting it and being involved
in a conversation that we're having. If you have a question,
a comment, concern, you're always welcome to be a part
of the show. It's a four minute break. You welcome
to dial in now at eight seven seven nine two
seven six nine six nine. And if you are not
(57:12):
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(57:34):
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You'll find it at Floridatalkrealestate dot com. Again Florida Talkrealestate
dot com. We're back in four minutes. Thanks for being
with us every Saturday, Florida Talk real Estate right here
on real Radio.
Speaker 1 (58:07):
This is Florida Talk real Estate with Jim Depola and
Johnny C. Got a question for the show, call us
live and one eight seven seven nine two seven sixty
nine sixty nine.
Speaker 2 (58:17):
Yeah there it is eight seven seven nine two seven
six nine six nine. That is the total free number.
You're welcome to join us. Matter about an hour remaining
on this Saturday. Johnny C is me. Jimmothy's a our
producer extraordinaiir. He'll die you up there, at least I
believe he will.
Speaker 5 (58:31):
How are you my dude? Hello, Hello, and good morning.
Give me I'm not doing anything over here.
Speaker 2 (58:35):
No, no, you haven't been.
Speaker 5 (58:37):
Just give give us a call.
Speaker 2 (58:39):
Just working on all the equipments since so while I
don't know ten till this morning, get.
Speaker 5 (58:46):
Thank you for all your efforts. Thanks always, thank you.
Good job, Johnny. We appreciate good job.
Speaker 2 (58:51):
Thanks man. Thanks for boosting my ego. I don't know
what the hell I've been doing. You're amazing, Jimmathy, Thank
you very much, Johnny C. That's me, Mike Row. He's
the mortgage guy from the mortgage firm. Talk about amazing.
What's up, my dude, Let's talk about amazing. Yeah, you're
pretty fantastic.
Speaker 5 (59:06):
Wow. Yeah, thank you. Yeah.
Speaker 4 (59:08):
I don't hear that very often.
Speaker 2 (59:09):
I tout this team to anybody anytime I'm involved. Roll
over here a conversation about real estate. I'm like, I got,
I got, I got a team amazing, Yeah, amazing what
they do?
Speaker 4 (59:21):
Actually, I do hear that. You should Well, you say
it every Saturday.
Speaker 5 (59:24):
True true. Yeah, and it's the ring.
Speaker 4 (59:26):
Tone and my mom my mom said him funny yeah, funny.
Speaker 2 (59:33):
Looking there's Ross and Marionetta taking shots over there Saturday.
Speaker 5 (59:42):
Ross, it's not no no, yeah, you're on mic now, Ross.
Speaker 4 (59:46):
Thank you, thank you. I actually don't like Shanon Mike's
I think it's unsanitary.
Speaker 5 (59:49):
I do too, yeah with you. Thanks for sucking up.
We don't even have a mike.
Speaker 4 (59:53):
Condom on no epecially considering Johnny's condition.
Speaker 5 (59:56):
Yeah, seriously, Yeah, I heard that's how you get the clap?
We so close we were, I mean it's been a while.
Speaker 4 (01:00:02):
What is the clap by the way, I mean, I know,
I know the category that it's in, but there is
that when the pretty I think that would make sense.
I would call it the clam.
Speaker 3 (01:00:14):
Oh yeah, I know, exactly.
Speaker 5 (01:00:17):
Claim that name. You're really tainting things.
Speaker 2 (01:00:23):
Let's not do that. Run Leader thirteen plus years now
told he runs a top producing Keller Williams team. It's
a Florida Homepro's team with Keller Williams Innovations.
Speaker 3 (01:00:36):
Hey, hey, I just want to do another show.
Speaker 2 (01:00:39):
We have glocker chat GBT if it's committee because that
have to Yeah, it makes sense.
Speaker 4 (01:00:44):
That could be.
Speaker 3 (01:00:46):
Oh it could be. Yep, it could be, but my.
Speaker 2 (01:00:49):
Instinct doesn't commdiate. So the drip, I see, I'm with you.
That's where I'm clap is commdia. Drip is gunnery.
Speaker 3 (01:00:58):
Yeah, yep, we'll get in by down second. So it
is the clap is goneria backwards slang for GONERIEA.
Speaker 2 (01:01:08):
And is the drip or is it all the drip?
And by the way, drips like supposed to be cool. Now,
what do you mean that's nasty? That's because of the jewelry,
I think, I think not only I think it's just
the fit in general.
Speaker 4 (01:01:27):
The fit.
Speaker 2 (01:01:29):
It's all the same, all right, So we're just morphining.
None of it's good. I think you can just kind
of lump it all together. Right, it's not that bad,
I mean, right, and there's you know, it's gotta be
some benefit to it, right, you want me to read this?
I don't think so.
Speaker 5 (01:01:45):
No, I don't think that either.
Speaker 2 (01:01:47):
Uh.
Speaker 3 (01:01:48):
Now I want to do some shout out. Shout out
to Tom. Tom is one of my favorite customers of
all time. Tom is the guy who's cat made him
one hundred thousand dollars back in then. Remember Tom, Yeah,
Tom's fossil. Yeah. Tom was awesome. So that that story was.
Tom came to me and he said, I really want
to sell my house. I've been listening to the show.
(01:02:08):
I sat down, I figured everything out. He had an
older roof. I budgeted that in and said, this is
what you're gonna sell a house for. He goes, sounds great,
Jim gonna hire you. But there's one thing. I got
to wait for my cat to die and the cattie.
I go, oh, what's up with that? He goes, I
don't want to take the cat with me. I don't
want to move it because it's older, and I don't
want it to go through that trauma trauma, and it's
(01:02:30):
my kid's cat, and I'm gonna wait for it to
die up. I just went out again. Can you guys
hear me? I can't hear anything.
Speaker 4 (01:02:37):
That's okay, Oh I can hear now.
Speaker 3 (01:02:39):
So what happened was is uh, it took it took
like eighteen months or something for the cat to pass,
and by the time that happened, the prices were going
up like crazy. So he ended up making a hundred
thousand dollars planning the cat.
Speaker 2 (01:02:54):
The cat lived a lot longer than it live a
lot longer, yep, and and ended up really benefiting from
you because of it.
Speaker 3 (01:03:01):
I was like, that is one awesome cat.
Speaker 2 (01:03:04):
That shows you how much he can appreciated, not being uprooted,
Like you know what, thank you, this is free.
Speaker 3 (01:03:09):
Yeah, here you are. You got a gift right, So
now what's happened is Tom moved to a rental property.
This is a few years ago, and now he's just
he's retired and now he's decided that he wants to
move out west to be closer to a bunch of
relatives out there.
Speaker 4 (01:03:23):
So he's the first time humbire.
Speaker 3 (01:03:24):
Well yeah, yeah, yeah, because it's been a couple of years.
Speaker 4 (01:03:28):
Medium.
Speaker 3 (01:03:29):
So we got him to the Polston Group out in Tucson, Arizona.
They helped Tom, one of Tom's customers. Tom is a
big fan of show on Tom Tom w and he
asked us to help a relative sell a house out
there in Tucson. Well, Tom is moving this Tom different,
Tom is moving to Tucson too. So he was like, okay, great,
got him over to the Polstons. They're closing on the nineteenth,
(01:03:52):
So Tom is moving to Tucson. I'm going to miss him,
but I'm also very happy. Another really another exciting referral
that I've done. I'm starting to do them now all
over the country. So you don't have to just need
a relter here in Florida. I can get your relter
almost well everywhere in the United States and in forty
four other countries.
Speaker 2 (01:04:13):
Yeah, and you're doing the part that everybody should be doing. Anyway,
You're really vetting. You're vetting these people. You're not just
here's here's somebody I found. You're VETINGO. What's your production?
How well do you know these areas?
Speaker 5 (01:04:23):
Like? What show me you're back of your baseball card?
Here your realtor card, show me your stats exactly.
Speaker 3 (01:04:29):
So what happened this week is Jennifer, who's been a
big fan of the show, and we helped her sell
a house about four or five years ago. Jennifer and
Jason they called up. They've referred out a few people
to us over the years, which I really appreciate. And
then they called she Jennifer texted me earlier last week
and she said, Hey, I got a cousin or a
(01:04:52):
niece up in Brooklyn who wants to buy in Jersey.
She had a really bad experience with a realtor. Do
you know so anybody up there that can help her.
I'm like, absolutely, So I talked to Rachel, Rachel and Robert,
that's Jennifer's relatives. They're moving from Brooklyn to New Jersey.
They have a very tight budget for where they want
(01:05:13):
to live. They understand that. They also know that where
they want to live based on the commute, because the
husband still has to commute to New York every day,
that they got to be close to the commuting like
the subways or the trains or whatever you doase up there.
Speaker 4 (01:05:26):
But so they still got to work. Are they Are
they a part of the New York City exodus?
Speaker 3 (01:05:32):
No, I don't think it's more about that. It's more
about their child needs special schooling and stuff, and they
need to be and they really want to buy. So
they're moving not to this area, but they needed Apparently
in the area they're moving to because they're on a
lower budget, safety is a big issue. So they like Jim,
I have to have a place with the good school system.
(01:05:54):
I got to have a safe neighborhood because I'm street
by street over there could be pretty crazy. I have
to have it affordable, and I need a realter that's
got my back. Because let me tell you what happened
with the first realter, the first realtor. They found a
property that was owned by an agent who was flipping
the property. So the agent that was selling the property
was also the owner who was flipping the property for profit. Now,
(01:06:19):
my customers wanted to Rachel and Robert wanted to do
a mold inspection, and her realtor we was like, don't
worry about it. What do you need a mold inspection for. Well,
they went ahead and did it anyway and found out
there was mold, and then her agent, instead of negotiating
on her behalf, was saying, don't worry about it, just
go ahead and buy the property anyway. How crazy is that?
(01:06:41):
So they fired that agent. They lost the money for
the inspection in the appraisal, and the whole thing fell apart.
So we got them to a great agent up there.
She's been up there twenty years and she does like
triple the production I do. And when I started talking
to her, she's at a higher price point normally, But
(01:07:03):
when I told her the issues that my fires needed
and everything, she seemed like the perfect match. And is
it working now?
Speaker 4 (01:07:10):
What's that?
Speaker 2 (01:07:11):
Oh?
Speaker 3 (01:07:11):
Wow, it's working. Oh look at Jimmy, you're you're a
master man. Yeah, oh my god, yeah you just yes, he.
Speaker 2 (01:07:19):
Had to rewire the whole thing. But uh, if you've
been with us out the gates and notice all good.
Speaker 3 (01:07:28):
No, I'm glad it's a payoff.
Speaker 2 (01:07:30):
For everyone that's been invested in this. You know, all
the MIC's working again in the studio.
Speaker 3 (01:07:38):
That's so funny.
Speaker 2 (01:07:39):
So the patch cable Jimmy kim Yeah, he ran a
new cable exactly right.
Speaker 3 (01:07:44):
So thank you, thank you Ross, so so thank you
Jennifer for getting us to Rachel.
Speaker 4 (01:07:50):
Robert.
Speaker 3 (01:07:50):
Can't wait to have that great success story up there.
Rachel's like, you're in Florida and you're helping me up here.
I go, yeah, I promise, I'm going to help you
up there. I'm going to get you to the right people.
Speaker 2 (01:08:00):
And hopefully if she knows anybody coming to Florida, sure
remember Jimmy, yes, do some vetting as well and be like, ah,
that's now I feel great about referring exactly.
Speaker 3 (01:08:09):
So let's talk about this fifty year mortgage. We were
talking about affordability before the break and uh, I don't
even know who floated it out, but somebody floated out.
President was the president saying a fifty year mortgage affordability
And it was more of a floating it out there
than a real.
Speaker 2 (01:08:27):
In the name of affordability, how can we make things
more affordable if the housing market's going to stay propped
up the way it is, how how is it more affordable?
It had enough forever.
Speaker 4 (01:08:36):
The float had enough impact where I had a real
estate agent call me this week and asked me if
it was available. So that's how that's how strong the
the idea was floated out there, so some people thinking
it was something happening. Right, So let'st's talk just an idea.
Speaker 3 (01:08:53):
Let's talk about the stats of how this would work. Okay,
So the Detroit News came out and what they did
is he took the average the median home sale price
in the United States, which is four hundred and fifteen
thousand dollars right now, very close to Port Saint Lucy.
Port Saint Lucy is a reflection of the average home
(01:09:13):
sale in the United States right now.
Speaker 2 (01:09:15):
Got every every home I get sent from Port Saint Lucie,
and I get a ton of them way above fort
four fifteen.
Speaker 3 (01:09:22):
Well, the other thing that's interested, we'll get that into
another show. But the other thing I'm going to start
talking about how people in Port Saint Lucy now are
moving to Indian River County for affordability for the go
and next to Sebastian that's coming, that's coming you know,
watch out, yeah, and rock lid. It's all just gonna
you're right up on top of it. But so this
(01:09:44):
affordability with the fifty year mortgage. So if you had
a four hundred and fifteen thousand dollars mortgage with ten
percent down MIC and then mortgage rate of six point
one seven okay, the thirty year mortgage would be two thousand,
two hundred and eighty eight dollars a month. What do
you think the fifty year mortgage would be?
Speaker 4 (01:10:04):
Are we using the same interest rate?
Speaker 3 (01:10:06):
Yes, we're gonna exact thing. So fifty years at six
point one seven four four fifteen hous.
Speaker 2 (01:10:11):
Uh so what is it? Two thousand?
Speaker 3 (01:10:14):
What? Twenty two eighty eight? So twenty eight eight?
Speaker 5 (01:10:16):
So give me, give me, give me thirteen hundred.
Speaker 3 (01:10:19):
Okay, Wow, what did you do about asking?
Speaker 4 (01:10:21):
Mike? Two thousand, two thousand, eighteen hundred a month?
Speaker 3 (01:10:25):
Uh? Raw sing ding ding raw two thousand and twenty
two dollars. All you're saving is two thousand, six hundred,
two thousand, two hundred and sixty bucks.
Speaker 7 (01:10:37):
That's assuming the same interest rate. Yeah, and they're gonna
the interest rate's going to be higher.
Speaker 3 (01:10:41):
I would assume that with the Fisher Bason interest rate
will be high.
Speaker 2 (01:10:44):
Hold on a second real quick, So at a thirty
year where we're at right now, I in my head
I had it around three grand.
Speaker 3 (01:10:50):
And it was twenty two eighty eight, and it.
Speaker 2 (01:10:52):
Only goes to twenty two eighty eight by extending the
term was almost double.
Speaker 3 (01:10:56):
What You only save two hundred dollars a month only
as a two thousand from twenty two to two thousand,
two thousand.
Speaker 4 (01:11:04):
That's assuming the same interest rate too.
Speaker 3 (01:11:06):
So you're paying that two hundred dollars over fifty years more.
Speaker 2 (01:11:09):
So with my accurate, Mike, is it around three thousand?
If we're just kind of playing that average game, are
we around three thousand?
Speaker 3 (01:11:16):
I don't think they're taking Texas insurance, Johnny, Okay. I
think they're just doing principal and interest in this article.
Speaker 2 (01:11:22):
Got you and in other states is going to be
a little bit of an advantage because they're not quite
paying the taxes and insurance.
Speaker 3 (01:11:27):
That we are, and some are paying more and some.
Speaker 2 (01:11:30):
Are paying more. Of course, that number is going to
slide all around.
Speaker 5 (01:11:33):
So but my.
Speaker 2 (01:11:34):
Accurate, Mike, is that ballparky for our area three grand
for what for the total payment yeah. Medium. If we're
at four hundred and fifteen thousand at the interest rate
we're at right now, No, No, where we at.
Speaker 4 (01:11:48):
I would say it's probably roughly right now when you
get your full like principal interest, tax insurance, maybe mortgage insurance, yep.
So for every one hundred thousand, you' about a thousand
on your HO was an obligation, So three hundred thousand
dollars home is going to land you somewhere around three
grand a month.
Speaker 2 (01:12:04):
Three hundred thousand, so a four to fifteen we're looking
at about four grande. Yeah, all right, So at forty
for thirty years, at forty.
Speaker 3 (01:12:13):
It goes to two twenty I mean of fifty.
Speaker 2 (01:12:16):
No, but your number was at forty years it went
to two twenty year fifty year fifty year morgage. Right,
But at forty years it went to twenty two hundred
to my wrong.
Speaker 7 (01:12:24):
No, thirty was twenty two fifty was two thousand even
right around.
Speaker 3 (01:12:29):
So you save it about two hundred and fifty bucks
a month, but you're paying it for an extra twenty years.
So what they're saying is, now check this out. Here's
a couple other stats to consider if you take those
two different things at six point one seven, and you
do one at fifty years and one in thirty years,
you're paying three hundred and eighty nine thousand dollars more
(01:12:49):
in interest over that fifty year long compared to the
thirty year long three hundred and eighty nine thousand. That's
like double the price of the house.
Speaker 5 (01:12:57):
To save twenty four hundred a year.
Speaker 3 (01:12:59):
To say two yeah, just say twenty four hundred obligation
paying three hundred eighty nine thousands.
Speaker 4 (01:13:06):
Let's I like to think about it.
Speaker 3 (01:13:08):
I have one more statistic and then go ahead, Mike.
Speaker 4 (01:13:10):
I was just gonna say, in the context of UH
solving the affordability crisis, how does that shake out?
Speaker 3 (01:13:17):
It was that I'm saying it doesn't know.
Speaker 4 (01:13:19):
But let me let me. Let me put it this way. So,
how much more purchasing power would it give you?
Speaker 3 (01:13:25):
Oh right, okay, let me thirty five dollars divided by
two hundred What does that come out to?
Speaker 4 (01:13:30):
Oh jeez, I don't know. Let me do it. Let
me do it. So if you're doing the I'm just
gonna do a four hundred thousand dollars loan. Okay, if
not purchase price, just loan amount four hundred thousand at
six percent. The thirty year payment is call it twenty
four hundred. The fifty year payment is twenty one hundred.
Speaker 2 (01:13:47):
And that's no taxes.
Speaker 5 (01:13:48):
No, we're just just principal and the Principkay.
Speaker 4 (01:13:51):
So let's take that twenty four hundred number, right, So
that means you can afford a four hundred thousand dollars loan, right, Well,
if I did a fifty year mortgage, You're like, okay, well,
now I can get more loan, right, because it's going
to reduce my payments. So how much more loan can
I get? So what kind of home could I afford
now on the fifty year assuming my max was twenty
four hundred? Oh I see, so you would do a
(01:14:12):
four hundred and fifty one thousand dollars loan amount to
get that same twenty four hundred payment on the fifty years.
So it essentially allows you to buy a home that's
fifty thousand dollars more on the fifty year mortgage than
it does on the thirty year.
Speaker 2 (01:14:28):
Morgue without without really changing your nut for your your Yeah, it's.
Speaker 4 (01:14:32):
The only thing, Yeah, exactly, It's just based on what
your max qualifying payment, but your insurance.
Speaker 2 (01:14:36):
Is probably going to be higher on a home worth more,
I would imagine, right.
Speaker 7 (01:14:39):
Well, depending on the size, size, right, it's probably going
to be bigger, right, and then.
Speaker 4 (01:14:45):
Potentially a little bigger.
Speaker 2 (01:14:46):
Yeah.
Speaker 4 (01:14:47):
So it's not a lot of bang for the buck.
Speaker 2 (01:14:49):
No it is.
Speaker 3 (01:14:49):
And now here's another thing to consider if you care
about equity in your home, not including appreciation. This is
just paying down the mortgage. If you were paying down
the mortgage on a thirty year loan, okay, it's six
point one seven on a four hundred and fifteen thousand
dollars house, it would take about ten, twelve to thirteen
years to get one hundred thousand dollars of equity. Okay.
(01:15:12):
On a fifty year loan, it would take thirty years
to get one hundred thousand dollars of equity. So it's
double to.
Speaker 4 (01:15:19):
Take that a regular payment.
Speaker 3 (01:15:21):
Yeah, so to me, fifty your mortgages are more like renting,
like you're kind of leasing the property because you're probably
not going to pay off the mortgage. Think about it,
you'd have to be like twenty, assuming that you were
going to make the payments to not pay early right
at twenty. If you kept that house and you bought
it at twenty, you'd be seventy when you paid it off. Right,
(01:15:43):
That isn't real life. That isn't how life works.
Speaker 4 (01:15:46):
Anybody house.
Speaker 3 (01:15:48):
We know a lot of people have paid off the house. Yeah,
as a realtor, I meet a lot of people have
zero zero mortgages.
Speaker 4 (01:15:54):
On their right.
Speaker 7 (01:15:55):
But like if you buy your home at twenty two,
you don't see like a lot of you. I feel
like the people that have paid off their house are older,
and it's a smaller demographic than the people.
Speaker 4 (01:16:10):
Maybe they paid off their house, or maybe they bought
the house with proceeds from a prior sale. They didn't
pay off that prior house, but they made enough you know,
over the years that they were.
Speaker 7 (01:16:21):
Either how many people are actually finishing their thirty year term.
Speaker 4 (01:16:25):
So yeah, and it's a good question.
Speaker 3 (01:16:27):
And the other thing is is when you give a
benefit like this, this is how people are going to
use it. And I'm not saying it's wrong, but they're
going to go Mike's way and they're going to go, well,
let's try to make the homes affordable. It's like, well,
now I can pay fifty thousand dollars more for the house,
which is going to raise property values again. Right, So
that's what I don't get is how are you going
to benefit the buyers without having the sellers benefit too
(01:16:52):
by raising appreciation?
Speaker 2 (01:16:54):
Yeah, I'll say, do you understand what I'm like, We're
going to do the idea of people spending more for homes,
but then somehow become a more affordable don't.
Speaker 3 (01:17:04):
Connect, right, It doesn't make it.
Speaker 4 (01:17:07):
Just it gives you more buying power, that's the way
I think about it, and give the ability to pay
for a home that you can't afford, right on the
thirty on the thirty according to who Johnny like, I'm
sure these same arguments were discussed when they were talking
about the thirty year mortgage versus what was in place
before that?
Speaker 5 (01:17:28):
Right?
Speaker 4 (01:17:28):
Right? And if you go back, let's say you never
did mortgages, they didn't exist, so you basically had to
save up money and buy a house. Like, where would
housing prices be if that were the case? Right, So
there's always this like, of course, what home values are
going to go up because now you can afford it.
Speaker 2 (01:17:43):
I love the idea of making it more affordable for people.
I don't think anybody's going to fight that. But all
of these connections drive home values up, right, because people
are going to spend more for the home. It's just
the caboose follows directly.
Speaker 4 (01:17:58):
If I liked. If you think about like just car loans,
car loans, even if you've never been a homeowner, car loan,
it's probably something you have looked at. And when you
go to buy a car and you're looking at loan options,
there's the three year, the four year, the five year,
the six year, the seven year payment and if monthly
payment is the most important factor, so your budget essentially,
(01:18:21):
I mean you're going to look at those longer term
car loans and you know, I'm really concerned about how
much you're paying an interest over the three extra years
of it, right, because you just want your payment. You
need to get it. You want to get the car
you want at a payment that's affordable.
Speaker 3 (01:18:35):
So but but the thing is is what that's ad
percent correct. But then when everybody starts doing that, the
prices go up, then you lose the whole thing.
Speaker 4 (01:18:43):
You're buying the car you can't really afford, Like I'm
going to all of a sudden, I'm gonna get that
sixty thousand dollars truck that I've had my eye on
instead of the thirty thousand dollars you know, two door.
Speaker 2 (01:18:53):
Gas and then a fourteen years high.
Speaker 4 (01:18:56):
Yes, I it's good to be a repo man. Say,
as a professional in the real estate industry mortgages, I
you know, you could very easily advocate for the fifty
year mortgage because it's going to allow people to do
more loans.
Speaker 2 (01:19:12):
Right.
Speaker 4 (01:19:12):
So as a mortgage profession I'm like, oh great, yeah,
fifty year, let's do. It's another tool, another loan you
go on there. As a home owner, it's guaranteed housing
prices will go up if you introduce the fifty year mortgage, right,
because people are just going to be able to buy
more house right and still have the same payment or something.
So as a homeowner, I'm like, yeah, great for property values.
(01:19:35):
As a buyer looking for affordability, ain't going to cut it.
It's not a solution to the affordability issue. If anything,
at an exhast their base, you'd.
Speaker 3 (01:19:47):
Be doing so much better just taking advantage of this
market with the lower interest rates. Have the seller buy
down more interest rates because they're motivated. This is the
this is a much better mone market than if we
had a fifty year mortgage market for buy or some
talking about this is a better buyer's market.
Speaker 4 (01:20:05):
Well, I'll tell you what. If you could lock in
a fifty year loan where you're paying five percent, there's
a lot of people that would do that, and I'm
just I think I think most people just dive at that.
I'm just saying, like, if that was on the table,
five percent, because then you're like, oh, yeah, well fifty years,
I'm going to take the money i'm saving. You know,
(01:20:26):
I'm going to do something else with it investments. Am
I going to do better than five percent over a
fifty year span on my investments? You know, people are
going to start thinking about it that way and they're
going to say, yeah, I'll take the lowest payment possible.
If I really want to pay off my mortgage in
ten years, I know how to do it. I'll just
make extra payments.
Speaker 2 (01:20:40):
Don't you think there's an instant shift, because I don't
think a lot of people buy homes unless they're a
certain age where the thought is that I'm going to
be leaving this to my kids. I think it's this
is my next stepping stone to my next home, to
my next home, to my then forever home. I think
at a fifty year you may be like, hell, this
this is the house that I'm leaving to my kid.
Speaker 5 (01:20:58):
I think it almost shifts the thing king of the property.
Speaker 4 (01:21:01):
There has been suit and Jimmy brought up the argument
about like the equity position, so on the fifty year
loan you're paying if you're just relying on paying down
your mortgage to kind of like impact your equity position,
which was I think the mindset for a long time
with mortgages, which is all I'm paying down, looking I
got all this equity, I'm paying down building my equity.
(01:21:21):
That shifted at some point because the increasing housing values
is really where your equity position right right, That's where
you're going to get the biggest movement. You're not paying
down your mortgage, You're just the home values of going up,
and it's you know, five percent year over year, ten percent,
twenty percent year over year. We saw those kind of numbers,
and so that is probably still a mindset for a
lot of people, which is just hey, I'm not worried
(01:21:43):
about my principal balance on my loan. My home value
is going to be higher than it is now at
some point in the future.
Speaker 2 (01:21:49):
I think that's pretty well a lock.
Speaker 5 (01:21:51):
I mean, unless something catastrophic happens.
Speaker 2 (01:21:53):
But three to five percent is an expectation for everybody
year over year, wouldn't it be.
Speaker 4 (01:21:57):
I mean, well, part of the major catastrophe obviously in
you know six eight was home values went way that
it didn't matter if you had paid your equity position
down on your mortgage, right, your home value. The market
dictated your equity position, right, not not what you paid
on your mortgage.
Speaker 5 (01:22:12):
So I guess it always does right.
Speaker 3 (01:22:13):
Well, yeah, Ross, I like the one hundred year mortgage
Ross Ross, that's called renting.
Speaker 2 (01:22:21):
Ross.
Speaker 3 (01:22:21):
We have a hundred year mortgages called renting But I was.
Speaker 4 (01:22:25):
Looking somebody brought up Japan, and I'm like, do they
really do that? So they did try the hundred year
mortgage in Japan at some point, with the feature that
the mortgage could be inherited by your estate, right, so
you keep the home and the mortgage on it, which
actually happens with us too. Right that that that that
goes You know, if you inherit a home and it's
got a mortgage on it, you're gonna have to take
(01:22:45):
care of that as well. I saw something about mortgage portability.
Speaker 3 (01:22:48):
Well I'm going to be talking a little bit about that,
but ross you were, you did a little chat GPT
thing about the fifty year mortgage and what was it
saying about it?
Speaker 2 (01:22:57):
Well, I had.
Speaker 7 (01:22:58):
Seen like a like a article or somebody that somebody
wrote about like, oh, fifty or mortgage. It's great because
you're basically shorting the US dollar or it's a leveraged
short on the US government.
Speaker 4 (01:23:12):
I was like, what the heck does that mean?
Speaker 2 (01:23:14):
Yeah, it's a thirty year fixed rate, so you can.
Speaker 7 (01:23:17):
You borrow today's dollar to buy a real asset. Then
you pay the debt over decades with future dollars. If
the dollar's purchasing power declines faster than your interest rate,
high inflation, currency devaluation, loss of confidence in the dollar,
the real value of your debt erodes. You still owe
the same amount, but those dollars are worthless, so you're
(01:23:39):
effectively short the dollar and long the real asset.
Speaker 3 (01:23:43):
When I hear that stuff, this is what I hear
blah blah blah blah blah for most people. And this
is why it's just like the people that say it's
better to rent than buy. Yes, those people are assuming
that you're going to take the savings that you get
and started vesting into things that get a bigger return
than the appreciation on your house. You have to do
(01:24:05):
that in order to make that plan work. And how
many people are sophisticated enough to go out there and say, hey,
I'm going to start taking all the savings I have
and started investing in different stocks. Now, there is one
person that I know right now that that would be perfect.
With that DJ guy we were just talking about, who's
going to close on Monday. That's what his whole thing
is about, is trying to do that. But it's work
(01:24:27):
and it's time and its effort. And I don't think
the average person does that. And they're buying a house
to live in. It's something that they're using to live in,
a raise a family, and you know, go to good
schools and be close to your job. There's so many
more things than well, it's just the financial component of
a house.
Speaker 2 (01:24:45):
I definitely am way more to the idiot side of
the spectrum. I mean, I understand this, but more than
the savants.
Speaker 5 (01:24:51):
Yeah, for sure.
Speaker 2 (01:24:53):
If your mortgage payment is two thousand dollars. It's two
thousand dollars. Regardless of the dollars the driving current andy
or the bottom end currency, it's still two thousand dollars.
So that perspective of what the dollar's worth and pain
lesson you're still paying dollar for dollar regardless of what
the US dollars standing is as far as value of
(01:25:16):
currentsy And it requires you to step outside of the dollar.
It's not like currency here, yeah, exactly.
Speaker 4 (01:25:22):
You move away from the dollar and then you can
watch your dollar independently. No, you're operating in dollars.
Speaker 7 (01:25:27):
Yeah, right, I mean, I guess the only way it
makes sense is like if ten years from now, milk
is one thousand dollars a gallon, but your mortgage payment's
only two thousand dollars, You're like, it's only two two
gallons of milk.
Speaker 2 (01:25:40):
Yeah, that's I've killed it's that's that's the best way
to frame it. If you can picture a society like that,
jump on the fifty.
Speaker 3 (01:25:48):
Yeah. Now, portability, I'm very unfamiliar with it. I hadn't
heard about this before, and apparently it's used in Canada
and Britain. Right, UK and Canada already have portability mortgages,
and supposedly they don't have the thirty year locked in
interest rates. Your interest rate is only locked in for
(01:26:09):
two to three years, so it's all adjustable after it's
adjustable after that. So I'm assuming what they're deciding is
with the portability up there, you know in those countries,
is that you decide when you're selling your house. Do
I want to keep this interest rate I've already got
or am I going to trade down if you will
if the interest rates are lower?
Speaker 4 (01:26:27):
Yeah, Well, if it were fixed, it would be easy.
Speaker 7 (01:26:29):
If it's an adjustable, then like, well and take it
with you because it's going to be the same.
Speaker 5 (01:26:34):
Right are they.
Speaker 4 (01:26:35):
Run Why you would favor one over the other?
Speaker 5 (01:26:37):
Are you running credit every three years? Like? If you
destroy your credit in the meantime, are you then getting out?
Speaker 4 (01:26:42):
The advantage has to be like, I've got a clean
payment history on this mortgage. This mortgage is sufficient for
me to get into this new home. Why would I
need to go through the process of getting a new mortgage.
I'm just going to bring this one with me and
we'll secure it to the new home. Right, we unattach
it to the home I sold, resecure it to the
new one. I don't have to go through the rigamarole
(01:27:02):
of underwriting and you know, all of that stuff. And
maybe my credit has gone bad, you know, but I
still pay my mortgage, right, I still got a good
payment history on my mortgage. I'm not gonna have a
problem with that. So maybe there's some that's got to
be the advantage. If it were fixed rate, then I
could really see an advantage. Like I'd say, you got
you you're three percent. Today's market is at six percent. Well,
(01:27:25):
of course I'm taking my three percent with me.
Speaker 5 (01:27:27):
Well, is this a whole new loan every time too?
Is there closing costs involved?
Speaker 2 (01:27:30):
Is this is just like money making scammed by the
banking Let me let.
Speaker 3 (01:27:33):
Me read this paragraph because I'm unfamiliar with them.
Speaker 5 (01:27:36):
Having to have closing costs every three years.
Speaker 3 (01:27:38):
Right, I don't think that happened. You mean, like as
it's adjusting, yeah, or the whole new loan. No, no, no,
there's such an adjustable rate. I think Jim's saying it's
an adjustable rate mortgage. Well, let me let me read
you how this says Canadians and UK borrowers. Borrowers typically
have fixed rate loans with terms only lasting two to
five years. Oh, that's vastly different from the fifteen in
(01:28:00):
thirty year terms in the US. At the end of
these short term loans, homeowners in Canada in the UK
can either pay off their mortgages in full or renew
them and negotiate new.
Speaker 4 (01:28:12):
Terms renew interesting, So you're on the right track, Johnny.
What's the cost of renewing?
Speaker 7 (01:28:17):
Do you have any Canadian listeners that can call in
with their mortgages?
Speaker 3 (01:28:23):
Are are there any Canadians left in Florida that will call?
Speaker 4 (01:28:28):
Yeah, now they're really going to call.
Speaker 2 (01:28:31):
Come on, So, just because the Cup's been in the
US for so long, doesn't you got eight US.
Speaker 5 (01:28:39):
Basically an American sport.
Speaker 4 (01:28:40):
Now I have some so with Canadian players.
Speaker 3 (01:28:44):
But so I don't know if portability a work or not.
My big question is if they go to this, are
they going to do the two to five years? And
maybe you have a choice, Maybe you could do a
fifteen year fixed, thirty year fixed, or you could do
this portability thing. And maybe it's just another loan product
out there to be used. I don't know.
Speaker 4 (01:29:05):
I don't I think the portability, in my view, is
a different question than that style of loan where it's
like a you know, a three year agreed upon structure
right for interest rate and term, and they're probably I'm
sure they're still on like a thirty year amortization, right.
You're not getting you're not structured to pay off whatever
you borrowed in three years. You're just you're you're agreeing
(01:29:27):
to a payment structure over the three years, and it's
probably a thirty year amortization, right, So similar to our
thirty year loan the way they calculate the payment. So
then it's just like okay, well in three or five years,
you then have the option to switch structures. Maybe you
can switch into something that's not adjustable, or switch into
the different you know, I don't know baseline index for
(01:29:48):
your for your rate. But then the portability would be
I think a different conversation, which is just like, you know,
bring the loan, attach it to a new house. Which
I don't mind that idea in general, if there were
a fixed rate loan and it would be easy analysis.
Speaker 2 (01:30:02):
So wasn't didn't we one hundred percent blame addressable rate
mortgages on our last collapse?
Speaker 4 (01:30:07):
Like, wasn't that that was a part of it?
Speaker 2 (01:30:10):
Wasn't it like it was part of.
Speaker 7 (01:30:11):
What they had, the negative amortization loans, which were pretty amazing.
Speaker 3 (01:30:14):
Yeah, which.
Speaker 4 (01:30:18):
I mean think of it like negative amortization almost like
a you know, interest only or a reverse mortgage. Right,
we're basically instead of paying down your loan balance, it's
paying up your loan.
Speaker 3 (01:30:29):
I was in one of those, I have to admit,
choose your payment right when I got into real estate
after my last career, I used one of those loans.
It was called pick a pay, Remember that pick a pay.
Every month, you could choose how you wanted to do
your payment. You could pay more than what you're supposed
to pay, right than your than your set fee. You
could pay the set fee. You could also pay less
(01:30:52):
than what you're supposed to pay. And then that's the
negative equity part, and you could choose. It's like, oh,
you have so much flexibility.
Speaker 4 (01:30:58):
And these were all very creative solutions to the affordability issue, right,
which is how can somebody buy a house in today's
market but still be able to afford it from a
monthly payment perspective. And so you you did these things
such as very low introductory rates, teaser rates, right, So
(01:31:20):
your payment for the first x amount of time was
only this. Maybe it was an interest only payment. Maybe
it was a super low interest rate, and you qualified
off of the super low interest rate, not what it's
going to be in three years, but what it is
on the intro rate. We talked about the cash problem,
how do you come up with the cash? Well, we'll
let you borrow it. Matter of fact, we'll let you
borrow one hundred and five percent of the value of
(01:31:41):
the home so you can cover all of your costs.
So basically zero out of pocket, super low introductory teaser rate,
adjustable rate mortgage, and what else. Oh, you don't have
to like, you wouldn't need any income docs Like, we
think you're going to be fine. We think you're going
to be good. State dated income stated assets meaning I
(01:32:03):
don't really care where your assets came from, as long
as you're your whatever cash you need, which might be zero,
maybe you're gonna get money back at closing, Johnny, right,
Like all of these things were. This was the financial
the mortgage industry's solution to the affordability. Yeah, question, it
worked right, and it definitely got a lot of people
into homes that they lost were not affordable unless you
(01:32:27):
put them into these you know, structures, and then all
of a sudden when the structures changed. That was certainly
one part of it now, which was a chicken or
egg jim. As far as like housing values, like what, well,
the housing value was the straw that broke the camels.
Speaker 3 (01:32:46):
That's what That's what I'm worried about when they talk
about trying to fix this affordability crisis they were having,
even though it was a BS affordability crisis back in
three to five, okay, because the prices were going up
so fast, had to come up with products. I mean,
it was crazy high COVID even the COVID time wasn't
(01:33:07):
as high appreciation as three oh five, right close, but
not cigar. So the thing is is that when we
started offering those products to make homes more affordable so
you could buy more homes, what happened The prices went
up like crazy. I don't see how we're going to
solve the affordability prices crisis for buyers without without right.
(01:33:30):
We created for the buyers without the seller's benefiting. And
I'm not saying that the seller shouldn't benefit, but that
doesn't solve the problem. Is the problem that we got.
I don't know how they're going to solve it.
Speaker 4 (01:33:43):
You need to more income, that'll help it. There we go.
Speaker 3 (01:33:47):
Both people are talking about I think one of the
secretaries for the president, I don't know which one. He
just mentioned that it would be a lot easier if
everybody just made more money. Right, But then if you
do that, then that's suffordability too. Yeah, yeah, right, that's
gonna I just don't see how we're getting out of
this in an easy way. I think there's pain. There's
(01:34:08):
going to be some kind of pain happening somewhere.
Speaker 2 (01:34:11):
The the idea of well it's okay that everything is
so expensive if we just make more money.
Speaker 4 (01:34:16):
Is it's great?
Speaker 2 (01:34:17):
Wait, it fixes a lot, but it just doesn't fix anything.
Speaker 3 (01:34:21):
It doesn't really. It kicks the can down the road
for a while.
Speaker 5 (01:34:23):
But we're great at that. But that's just going to
raise inflation. Yeah, yeah, absolutely, Yeah.
Speaker 8 (01:34:28):
So I don't know's more expensive you can't afford it?
Get you're making more money, that's right. And this has
been happening over and over and over again.
Speaker 4 (01:34:37):
What's the good news for buyers and sellers in this market?
Is there any good news?
Speaker 3 (01:34:42):
Yeah, Well, let's talk about Yeah, thank you, Mike. I
don't want to be Mike's ready, Mike's ready to get
the news out.
Speaker 4 (01:34:49):
No, it's also it's it's also it's very easy to
get into that world of predicting, like where what should
do a lot of people aren't in the sit back
and wait mode right like, for whatever reason, they just
maybe this is the year they got to do something.
So we should be thinking about like what not what's
(01:35:09):
ideal for me to do? What's my crystal ball say?
But like, what are my possibilities right now? What's it
look like I gotta do something in this next six
month window or this next year.
Speaker 3 (01:35:17):
My baby's about to be born, my kids are got
I got three kids in one bedroom, right, So that
that's real life stuff. That isn't like egghead what we're
talking about right now. So when we're talking about real life,
let's talk interest rates. First, for the buyers and the sellers.
We went up slightly point oh two, that's two weeks
in a row. We went up. The lowest we got
(01:35:37):
to I think was six point one seven since the yeah,
six point one seven, since we had the the FED
rate cut. It didn't really well, I guess it. I
guess we dropped, Like what.
Speaker 4 (01:35:52):
Do I call this flat? I feel like we've been We've.
Speaker 3 (01:35:55):
Been Yeah, we've been flat, right, Yeah, we've been flat basically.
Speaker 4 (01:35:59):
Yeah, flash But yeah, like sid September, I would say
mid September to now.
Speaker 3 (01:36:03):
We're pretty much never That sounds pretty fair. September sixteenth,
I'm looking at. Yeah, we're in the like six to
six and a quarters where we are. That's where economists
say we're going to be next year and the year
after that, and maybe even the year after that. They
think low sixes is where the bar is going to
be right now. They're not predicting that we're going to
(01:36:23):
be in the low fives. They're not predicting that. I'm
not saying that they're right. I'm just saying what they're
projecting the economists. Interest rates are still very very low.
And if people are complaining about the interest rates, let
me ask you this. Would you rather be in August
when we had six point five eight a quarter point higher?
Or would you like to go all the way back
(01:36:45):
to May of this year we were at six point
eight nine, right versus six point two four right? Or
would you like to go to November twenty twenty three.
Indeed that seven seven nine, So that was the peak
of the interest rates if we've had for the.
Speaker 4 (01:37:03):
Last couple of years, raise your hand if you want
to go.
Speaker 3 (01:37:05):
Seven seven nine, and we went all the way down
to six and a quarter. So what is that one
point five percent interest rate drop? One point five percent?
If anybody said, hey, if you can get a one
point five interest rate drop, would you do that? Yeah?
But here they're looking at six you know those six
is go, yeah, I'm waiting to get better. Have fun
(01:37:27):
with that because I don't see it happening.
Speaker 4 (01:37:29):
And it's a big question for like people who are
considering refight. So let's say you did you were in
that zone where your interest rate is higher than today's
market rate, whether it's one and a half or one
or a half, like you're The question you're asking is, well,
what's going to happen this next year? Like is now
the time to pull the trigger? Or am I waiting
for these rates to drop? And there's no way to
(01:37:49):
answer that with any like with any of assurance.
Speaker 3 (01:37:53):
Yeah, yeah, and the.
Speaker 2 (01:37:55):
Quick question, yeah, so at six point two five, how
much cash would I need from a sell if I'm
a buyer, mic, if I wanted my interest rate to
be five point seventy five, how much cash would I
need to buy down my interest rate a full half percent?
So it's about I would say.
Speaker 4 (01:38:10):
And it's not like this, it's not linear, it's not exact, right,
but just roughly, it's going to cost you one point
to buy down your interest rate a quarter of a percent.
So one point is one percent of your loan amount.
So if you're borrowing four hundred thousand, one point would
be four thousand dollars. That four thousand dollars can be
used to buy down your interest rate from six and
(01:38:31):
a quarter to six, right, so one point for quarters.
So in order to buy it down half a point
you need I'm sorry, half a percent on your interest rate,
you need two points.
Speaker 3 (01:38:42):
So that's eight example you're saying.
Speaker 2 (01:38:44):
For exactly right, So it's in there amount of cash.
Speaker 4 (01:38:47):
But the question is should you do that? Like that's
this is that's one of the simplest concepts to like
determine should you do it or not because there's a
break even period. You basically Johnny's like, Johnny, give me
eight great today and I'm gonna pay you back. Just
I'm gonna make the math easy. I'm gonna pay you
back one hundred dollars a month for the life of
this loan, okay, Okay, so it's going to take you
(01:39:10):
eighty months to recover your eight grand, right, So what's
that six and a half years, seven years ago. Yeah,
So as long as this loan lives past that break
even point, you made the right decision. That's a pretty
long break even. A lot can happen in one's life.
Speaker 3 (01:39:27):
And seven it's true. But if you look at the
national statistics, okay, how long average person staying is eleven
to thirteen years right now. It used to be five
to seven and then it got the avanlenge.
Speaker 4 (01:39:39):
Though, because if you refinance, you're in the same boat, right,
So if you refinance in the next seven years, you
also never made your money back, right right, So that's
a damble. There's yeah, there's no there' guarantee you can refinance.
So if you feel comfortable that you're in a loan
that you're probably not going to pay off one way
or the other, you're not going to pay it all
(01:40:00):
off within your break even period. So the question is, like,
what's a comfortable break even for me? I like three
years as kind of like my where I'm saying, three
years is probably a comfortable break even. Uh, it's possible
that you do something within that window of time, but
it's also likely you don't. So the short of the
break even the easier the decision, because I think for
(01:40:21):
the people that are hung up on interest rate more
than anything, that particular number seems to be their biggest
hurdle and maybe cash isn't an issue for them, and
they're so fixated on using such a big chunk for
cash down.
Speaker 2 (01:40:33):
I think discussions with professionals like like understanding of where
your money's better utilized based on your plan, and it
obviously plans. You know, a plan that can't change isn't
a great plan. But having all that information, like to me,
if that if the interest rates the real fixed number,
that's the issue, that's a we can move that and.
Speaker 4 (01:40:50):
You can like and especially if you can get money
from some not your money driven it, if you can
get it from the seller, you can get it from
some program or something and.
Speaker 3 (01:40:59):
Get back to the what's happening in today's market, there's
ability to do that. We just gave you a real
life example where my sellers were more than happy to
offer the seller concessions or the seller discounts or credits
to the buyer that the buyer needed to close, because
that mortgage broker said to me, for the buyer, they
(01:41:22):
really need the money to close. They're very good on
W two they've got you know, they're perfect on paper,
but they're cash poor to get this house. So that's
what it was going to take to do the deal.
And I feel like this, and the agent was very sharp.
She raised the price of the house a little bit
(01:41:42):
so it wasn't as big of hit to our sellers.
So you can do that in today's market, buyers, right,
if we get into that crazy, frothy, heated market again,
you're not going to be going through that. And anybody
that bought during that COVID time and you had fifteen
offers your eating with and you had to buy a
house at that point, you're not getting the credit and
(01:42:03):
you were going through all that. Not only were you
getting a credit, you you were stressed out the whole process.
You were stressed out and there was a lot more
buyer remorse because they felt pressured to do something.
Speaker 4 (01:42:15):
Right.
Speaker 3 (01:42:16):
Now, you're in control as the buyer now just to
flip the seller side, just real quickly. The seller side,
it's still an okay time to sell. You just got
a price the house correctly compared to everything else that's
happening in your neighborhood, blocked by block, street by street.
That's why we're able to get the household for James
(01:42:36):
and James and Cathy so fast because we were very
realistic about what it was really going to sell for
and put it at that price, and that floated out
there and we'll see what happens.
Speaker 4 (01:42:48):
It's also kind of like this isn't like we're not
talking to the speculative seller, like we're talking to people
who are in a position in life we're selling could
make sense, and then so do the dollars make sense.
And it's very easy, Jim, for you to and painless
for the potential seller to call and say, hey, Jim, like,
I'm thinking about selling, what do you think I can get?
I need to calculate what I'm going to walk away
(01:43:10):
with and make sure that that works for my next step.
And that's like a super easy call to make. And
you give you an address and you work up some
stuff right, and you don't charge people to do that.
As a matter of fact, you need those opportunities like
that's how you that's how you thrive. So to me,
it's always like, do the analysis, figure out what's comfortable,
what are the goals you're trying to achieve. Can you
(01:43:30):
make it work right now? If it doesn't work right now,
the great news is you now really understand why or
what it takes to make it work right and then
you can kind of watch it happen. DJ's a good example, right,
Like we talked to him a year ago and he
was looking for this the unicorn, right and it just
wasn't there a year ago. Well guess what it's it
was there now? Why was it there? Because he was
(01:43:51):
watching it. He kind of kept his finger on the pulse.
And when those opportunities presented, Jim, I don't know, Jim
called him or he called you, or you know, you
kept the touch.
Speaker 3 (01:43:59):
He called time or what he called me, And he
knew that he'd been searching because he knew that unit
that we closed on was the first unit he told
me about before I started even doing the searches for him,
and I showed him a bunch of others. I think
we looked at six or seven units or something, but
that was the unit for him, that's what he wanted.
It was perfect for him, and it worked out well.
Speaker 4 (01:44:19):
And if you've been a buyer and you're kind of
like been waiting for things to happen, those things are happening.
If you're looking at like Jim, the one that you
sold the two fifty six months ago, a year ago,
two years ago was probably you know, higher than that, right.
So the yeah, and it's not like we haven't had
this major crash, Like we're talking about affordability. What's it
(01:44:40):
going to take. Well, you don't have to have a
housing crash. But if you think about where have interest
rates hovered for the past several years, has that kind
of been a natural kind of bomb on housing prices
going up or down or staying sideways?
Speaker 2 (01:44:55):
Like, has that been.
Speaker 4 (01:44:56):
Contributed to the affordability question just because rates of mained
a little bit higher, right, And maybe that's the way
to do it, just kind of like a natural cycle
of where things should be, you know what I mean.
So yeah, it's and it's kind of you know, who
knows all the factors, But to me, that's a very
like much more you know, a comfortable and natural way
(01:45:20):
to combat this affordability crisis is to maintain interest rates
at a level that you know, keeps keeps things more predictable,
more flatish, less spikes.
Speaker 3 (01:45:29):
Yeah, and uh, you know, it just reminded me of
what you guys were talking about. Ah, a property that
that I had a customer that was on the market
with and I told them that they needed to fix
the house up for what they wanted to get for
the property. Go, well, based on the home sales, your
(01:45:52):
house is not in the condition to get the number
you want I go. So either we could work it
where you don't have to do anything and we're just
going to sell it as it is. And that's fine.
It's not like a horrible house or anything, but it's
not updated that buyers. Buyers are going to come in
and want to do stuff right away with this house,
unlike that other house we just talked about. You can
move in and not do stuff right away and feel
(01:46:12):
like you got.
Speaker 4 (01:46:12):
To agree the house just need like uh needed to make
up or to actually have to hit the gamers.
Speaker 3 (01:46:17):
It was more like, yeah, right, well, actually it desperately
needed a paint job, thorough cleaning, but that you know,
everybody needs that when they're they're going to go sell
the house. But uh, it definitely needed a paint job,
and there were a lot of honeydews, and some of
the mechanicals were older in the house, and they want
to take it into that consideration. When they came to me,
they wanted a very high price for the house and
(01:46:39):
read yeah, yeah, and and I, you know, I tried
to put it together. So they spent six weeks, based
on my information, trying to fix up the house, and
then they I finally called the guy back. I kept
calling him, and then they were like, yeah, We're going
to go with another realtor. And I'm like, really, after
everything I've done up to this point, they go, yeah,
(01:47:01):
I go, what are you going to put the house
on the market for? And the realtor whatever number that
they said they wanted, he went with it. Yeah, and
the house has already had a couple of price drops.
Speaker 4 (01:47:11):
And oh yeah, you're watching it.
Speaker 3 (01:47:13):
Yeah, so you know, you can hear what people are saying,
or you can see the stacks of what's happening in
your neighborhood and base it on facts.
Speaker 4 (01:47:23):
But my neighbor told me, yeah.
Speaker 3 (01:47:27):
So you know know your numbers. If you're a seller,
it's still not it's still a good time to sell.
If you know your numbers and you do it the
right way, it's a good time to sell.
Speaker 5 (01:47:35):
Yeah.
Speaker 2 (01:47:36):
So there's a lot of people out there looking to
buy a home.
Speaker 5 (01:47:38):
That's the reality.
Speaker 3 (01:47:39):
Let's do the clap thing right now. Do you want
to Let's do it right now?
Speaker 2 (01:47:43):
Yeah?
Speaker 3 (01:47:43):
Yeah, I could do it in the video. Okay, watch yeah, now,
everybody watched the camera. Hold on, but let me get
to let me get to the camera.
Speaker 2 (01:47:52):
Florida Talk real Estate on Facebook Florida.
Speaker 4 (01:47:54):
To watch the camera.
Speaker 3 (01:47:56):
You got to hands are on the camera that we
see your hands?
Speaker 5 (01:48:01):
Jim, can you do it with us even though you're
not on camera.
Speaker 3 (01:48:06):
Everybody ready, I'm ready.
Speaker 5 (01:48:07):
I'm giving everyone just a minute to get on Facebook
and YouTube. They'll miss out one.
Speaker 2 (01:48:12):
Two, Jim, I did it?
Speaker 5 (01:48:15):
You did you?
Speaker 3 (01:48:16):
Yeah? I think so.
Speaker 4 (01:48:18):
He's not looking.
Speaker 5 (01:48:18):
He's not looking after.
Speaker 4 (01:48:21):
You have to watch. You need to watch.
Speaker 2 (01:48:25):
Ready, eyes over here.
Speaker 4 (01:48:27):
What nailed it?
Speaker 3 (01:48:31):
We're learning that this is gonna be worth it people,
what we're doing. Yeah, it'll be worth it. Believe me,
it'll turn out for a band to believe me.
Speaker 5 (01:48:42):
Yeah, I think we're getting we're getting fast tracked.
Speaker 4 (01:48:45):
Who is the Spanish earlier they did like the guitar,
the brothers, the whole band of brothers and they clapped
in Unison. Oh geez, No, nobody's pulling that.
Speaker 5 (01:48:55):
No clapped in Unison. Band of brothers playing guitar, and
they're Spanish.
Speaker 4 (01:49:00):
Spanish or maybe South America.
Speaker 3 (01:49:02):
The most Latino greeno I ever.
Speaker 4 (01:49:04):
Senor, I know, I don't know the super popularist. I'm
gonna go, I'm gonna look afterwards and you guys all
know it. Yeah, super popular, super probably played Red Rocks
type popular.
Speaker 5 (01:49:15):
Wow, why do I not know? Uh?
Speaker 4 (01:49:18):
The gypsy Kings, Yes, Ross pulled it.
Speaker 2 (01:49:22):
Los Lobos, No, it's the gypsy Kings.
Speaker 4 (01:49:24):
Yeah, you know them? You know those songs?
Speaker 2 (01:49:27):
Yeah, I would at least one.
Speaker 5 (01:49:28):
I didn't know they were. They clapped and played guitar,
and I know there was.
Speaker 4 (01:49:32):
The Tower of Red Rocks. I said that and.
Speaker 7 (01:49:36):
There back in eighty seven.
Speaker 4 (01:49:39):
But they clapped in Unison a lot as part of
their music, you know, perform.
Speaker 2 (01:49:43):
I'm very glad we weren't sharing the mic so you
can get that in. Thanks for being with us, Thanks
for dealing with our nonsense. I always remember Florida Talk
real Estate is a dot com. You're one stop real
estate shop pros pros. You get them all one click
away Florida Talk real Estate dot Com.
Speaker 5 (01:49:57):
Find us on Facebook and YouTube. No what is it it?
Speaker 2 (01:50:00):
Share it, change lives, including your very own with the
prospros to Florida talkreal Estate dot Com. Like Mike Crowd
the mortgage guy from the mortgage firm, have a great weekend.
Speaker 4 (01:50:07):
Okay, you too, Thank you, Thank you, Ross.
Speaker 2 (01:50:08):
Comaronets Bright winning shares, Juno Beach, thanks for sharing a
Mike and I hope you have an excellent weekend.
Speaker 4 (01:50:12):
Thank you. Oh do my best, please do.
Speaker 2 (01:50:14):
And Jimmy d will you do your best to have
a great weekend.
Speaker 3 (01:50:17):
I am. I'm going to try them driving up to Tennessee.
Speaker 2 (01:50:19):
Oh well, save travels.
Speaker 3 (01:50:20):
Maybe twelve hour trip.
Speaker 5 (01:50:22):
Yeah, I hope it's nice and smooth for you.
Speaker 3 (01:50:24):
Yeah, me too.
Speaker 2 (01:50:25):
Listen to locker room Let's go. Yeah, yes, that's always
the fun part. Florida Home Pros of course, always well represented.
Jimmythy thanks for everything.
Speaker 5 (01:50:33):
Always, Thank you, gentlemen. Have a great weekend.
Speaker 2 (01:50:34):
Kick saving and Beauty on her trip.
Speaker 3 (01:50:36):
Jim Thank you.
Speaker 5 (01:50:37):
Yeah, save travels. Thanks for being with us one too.
Speaker 2 (01:50:41):
Yeah, we got it. So poor Florida talk real estate.
We'll be back at it next Saturday. Thanks for being
with us every weekend right here on Real Radio.
Navigating today's real estate market can be tricky. Want to
buy or sell a house, finance or insure a house,
or stuck with a house and don't know what to do.
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve. Get the advice you
need from your local real estate pros. Here are your hosts,
Jim Depola and Johnny c You live on real radio.
Speaker 2 (00:40):
Take it work now?
Speaker 3 (00:42):
That's okay. Let's try one more time.
Speaker 2 (00:43):
One?
Speaker 3 (00:44):
Two? Okay, thank you guys, thank you. Everybody better, it's better.
Speaker 2 (00:50):
Hey.
Speaker 3 (00:50):
It freaks up the energy a little bit.
Speaker 4 (00:51):
I think we needed like a we need a composer
or director. So we're all looking at one person leading
the rhythm.
Speaker 3 (00:59):
Yeah, maybe we have to begin maybe yeah maybe. And
the other thing is is that, uh.
Speaker 2 (01:05):
You're still lucky.
Speaker 5 (01:07):
Your mic isn't working, Johnny?
Speaker 2 (01:08):
If that's so funny?
Speaker 4 (01:12):
All over again?
Speaker 3 (01:15):
Is that one working?
Speaker 4 (01:16):
No?
Speaker 5 (01:18):
Try five?
Speaker 3 (01:19):
Johnny's mike isn't working, everybody, so just give us a
few seconds. Sorry about this.
Speaker 4 (01:25):
You want to use mine? Interesting, Jim?
Speaker 5 (01:31):
Johnny, you're being silenced?
Speaker 6 (01:33):
Yes, no, nothing dead board?
Speaker 3 (01:44):
Okay, Mike, can you I.
Speaker 2 (01:46):
Can share with Ross?
Speaker 5 (01:47):
Can yeah, go ahead's working.
Speaker 3 (01:50):
Oh it's working now.
Speaker 5 (01:51):
Five five? Then that main one are not working? All right,
that's great.
Speaker 3 (01:58):
Which one's Ross?
Speaker 2 (01:59):
Yeah, you're on Ross is working?
Speaker 3 (02:00):
Oh I thought you meant Johnny's is working again?
Speaker 2 (02:04):
Okay, so now do I need to do we need
to do that again too.
Speaker 3 (02:09):
Let's let know we're aborting it right now, total abort total.
Speaker 5 (02:13):
I was gonna say, you're so lucky youtune and early.
Speaker 2 (02:16):
Because this is where the gold Oh my god, Hey,
floridatoc real Estate on a Saturday.
Speaker 5 (02:21):
Thanks for being there.
Speaker 2 (02:21):
Ninety one one seven Heart Radio app streaming. If you're streaming,
you got to see it all too. That's on Facebook
and YouTube. Man, it's great to have you with us
on a Saturday. Johnny c is me Hi. Jimmythy's our
producer of Shordinaire.
Speaker 5 (02:34):
He's running, I'm back, I'm over on this side now.
Speaker 2 (02:36):
Yeah, he's running all around because two of our five
mics don't work this morning. But it might it may
be an easy fix, and Jimmythy is in here trying
to make it happen. No potty mouth in here, all right.
Talking to Mike Row, the mortgage guy from the mortgage firm.
Of course, he's part of the very important people.
Speaker 5 (02:54):
Johnny.
Speaker 4 (02:54):
See that's me.
Speaker 5 (02:55):
I think we did not already.
Speaker 4 (02:56):
High Yeah, there's no one on the dumb hetton the
What was I gonna say?
Speaker 2 (03:05):
I forgot Ross's Mike good morning, way louder in my
head than Mike normally does.
Speaker 4 (03:10):
Get it plugged in.
Speaker 5 (03:11):
You got a nice mic, dude, I don't think it is.
Speaker 4 (03:18):
I forget what I was gonna say. I'm sorry to
go back to my normal good morning. It's the people.
Normally you have to wait for like a behind the
scenes clip to get what they just got this.
Speaker 2 (03:28):
Morning, like like this is this is this is director
cut stuff.
Speaker 5 (03:32):
Stuff that you get. You get to see all the
behind the scenes all the right.
Speaker 4 (03:36):
But between the privilege for the people who are here
in the first early hasn't privileges.
Speaker 2 (03:42):
Also, let's say, good morning, do uh man, the guy
that's I mean so awesome in so many ways, even
give me his microphone. On a Saturday, bright Way Insurance
Juno Beach, you'll find Ross Kamara NAT's also on a
Saturday with us Hi Ross.
Speaker 7 (03:54):
Oh well, it's nice to see and share a mic
with you. Glad you went to Ross because jim was
a busy for a minute. Yeah, Jimothy under there. Jimothy
was on his knees, Hands and knees.
Speaker 2 (04:06):
That's usually before we clap.
Speaker 7 (04:10):
All right, I'm gonna share my mic with Johnny again,
and then we'll say good morning to our fearless leader.
Speaker 5 (04:16):
Thirteen plus years now.
Speaker 2 (04:17):
I've told you he runs a top producing Calowornias them
the Florida Home Pro team, Callownians Innovation. Here's Jimmy. He's
over there.
Speaker 3 (04:23):
Some of the whole thing's down.
Speaker 4 (04:24):
I'm out.
Speaker 5 (04:25):
We're all done.
Speaker 2 (04:27):
Show.
Speaker 3 (04:28):
I'm out. I can't hear anything.
Speaker 2 (04:30):
You can't hear anything.
Speaker 3 (04:30):
I hear no audio. Do you guys hear me?
Speaker 4 (04:33):
Yeah, I'm out. I hear you.
Speaker 2 (04:34):
He sound good?
Speaker 3 (04:35):
Yea, Sorry guys. We're working on it. I wish we
had that little thing like on TV, remember the little
things on the screen. Oh, it's back, Jimmy, I can
hear it again.
Speaker 5 (04:46):
Thanks.
Speaker 2 (04:47):
Whatever you did, yeah, did something? It worked again? Oh
my god, we'll find out a second. Hey, jimmyd good morning,
good morning. So your mic is not working correct.
Speaker 5 (05:05):
Jimmy's going back in there, Okay, into the big boy room.
Try that mic like now.
Speaker 2 (05:13):
No, no, no, sorry about that, all right.
Speaker 5 (05:20):
No false alarm.
Speaker 3 (05:21):
Okay, Okay, we're gonna have to punt today, so everybody
on Facebook and YouTube, sorry about that. We're going to
have to do the best we can with what we got.
So we got a lot to talk about today. I'd
like to talk about interest rates, Mike, because we haven't
talked about in a couple of weeks about what's been
happening and what might happen in the future. There was
some news about that, uh this week, about people changing
(05:45):
their mind again on whether we're going to have a
rate cut in December. So we're going to talk about
that a little bit. Sorry about that. We also are
going to talk about thank you Jimmy for trying to
make this work. We're also going to talk about how
old first time own home buyers are.
Speaker 4 (06:07):
I heard that.
Speaker 3 (06:08):
I know, isn't that interesting? Well, you have some stats
on that today and I thought that was interesting and
one of our people we're going to talk about it
in our shout out. One of our people, David, who's
closing on Monday, is fifty seven years old and a
first time home buyer. Oh yeah, and that's kind of
keeping in with the trend. Of this article that.
Speaker 4 (06:23):
We're way outside of the well, we'll find out the
line that they said, all right, well.
Speaker 3 (06:28):
We'll find out maybe maybe not. We're also going to
talk about Huay's a little bit. We'll probably start off
with that right after the shoutout, so I'll get done
a little bit. And foreclosures are still going up. I
think for the ninth or tenth month in a row,
foreclosures have been increasing month over month.
Speaker 4 (06:46):
Should we talk about the fifty year mortgage? Yep.
Speaker 3 (06:48):
And that's the last thing we're going to talk about,
is the fifty year mortgage and about the ability. I'd
love to talk to you about that because I really
don't know much about it. Didn't have time this week
to read about it, so all I heard was fifty
year mortgage, and then later something about portability mortgages, you know,
moving your mortgage around with you like you carry the
mortgage with you.
Speaker 4 (07:08):
Yeah.
Speaker 3 (07:09):
So we're gonna talk a little bit of all that,
but at first, let's go ahead and do some shout
outs and some teachable moments.
Speaker 4 (07:15):
If you don't mind, let me nothing anything to do
with radio equipment.
Speaker 2 (07:20):
Yeah.
Speaker 3 (07:22):
It's like I can't believe that.
Speaker 4 (07:23):
We're going you don't know what's going on right now
with on Ross's camera if you're watching, because he and
Johnny were sharing that Mike, it got unspun and it
disconnected from its pivot point there or whatever you call that.
Speaker 3 (07:36):
Well, at least the building isn't leaking anymore. Remember how
many was it?
Speaker 2 (07:40):
The building?
Speaker 3 (07:41):
Oh, that's right, we had a leaky building last week.
Speaker 2 (07:43):
I got.
Speaker 3 (07:44):
I always think about the windows over here, the exterior windows,
not the internal leak.
Speaker 4 (07:50):
Ever since we started this clapp thing, Jim, everything's been
going yeah, yeah.
Speaker 3 (07:54):
Are they both working?
Speaker 2 (07:56):
Oh?
Speaker 3 (07:56):
I thought, oh my god. And Johnny Oh, let's start
off with this. If you get our weekly email from
the show, and if you don't, you should sign up
because there's a lot of really good information. It isn't
just a recap of the show. We're talking about what's
happening during the week and some things. Last week, I
think I put out like seven people that called us
(08:18):
to ask for different types of services and stuff. Okay,
But the funny part is, and I hope Johnny doesn't
sue me right now for defamation, but the headline on
the on the subject line for the email was Johnny
ces got the clap.
Speaker 2 (08:31):
Oh yeah, and it's contagious.
Speaker 4 (08:35):
Probably not the first time.
Speaker 3 (08:36):
And we got we got we probably got about twenty
percent more clicks than our nice So Johnny.
Speaker 5 (08:46):
Uh, you know what they care. That's what it tells me.
Speaker 3 (08:49):
And you know what, Johnny's a public figure, so I
don't think he'll be able to sue me anyway. Oh
that's right, He's a public figure.
Speaker 4 (08:55):
So or the trend the trend these days to sue.
Speaker 2 (09:04):
Yay.
Speaker 3 (09:08):
So let's get into a little bit of the shout outs.
I want to give a shout out to to Kathy
and James. James has been a big fan of the show.
He referred us to a person recently. Uh. Deal didn't
end up working out, but I really appreciate that James
referred us out to somebody. And then his mom, uh
(09:32):
needed to be put into a retirement home. I'm gonna
call it that because I don't know if it's just
an O THEM facility or not sure, but she needed
to They decided it was time to sell the unit.
So we put out a little short video on Facebook saying,
all these people complaining that they can't afford to buy something.
(09:53):
This was a perfect junior. It was a two bedroom,
two and a half bath town home. It wasn't like
brand new everything. In fact, we pretty original, but it
was squeaky clean. You can move in and upgrade it
as you felt like it. Everything was in really good condition,
and we priced it based on how dated it was.
(10:18):
We put it on the market three days later. It
was under contract full Fosket price, with a with a buyer.
Speaker 4 (10:24):
This is when Nancy asked me to work up a flyer.
Speaker 3 (10:26):
Yeah, you haven't done it yet, thank you.
Speaker 4 (10:28):
Well I got there was a I needed clarification and
what you were looking for. And by the time I
was saying, hey, wait, I can't quite put it together
any more info you, she was like, yeah, never mind,
we already got it under contract.
Speaker 2 (10:41):
Sorry about that, Mike, Yeah that works out.
Speaker 3 (10:44):
Yeah, I gotta tell you this. James was really happy
because when I called him about I called him about
something a couple of days ago and James said to me, yeah,
I have never had a good experience with the rialter
because I was asked them some kind of questions about something.
He was like, yeah, I have never had a good
experience with the rilter. That's why I called you. And
(11:08):
I was like, Wow, that's a really good that's a
very nice compliment and nice sentiment.
Speaker 4 (11:12):
Yeah.
Speaker 3 (11:15):
Yeah, we got it done right away. And thank god
that they listened to. Thank god that they listened to.
They're professional as opposed to the neighbors in the neighborhood.
When the neighbors heard what we were trying to sell
the house for, one of the neighbors went over there
and said, oh, you're, you know, way way off price.
Speaker 2 (11:32):
On this on this unit visuwer.
Speaker 3 (11:35):
They thought it should be way higher. And if we
put it out at them at the number that that
person said, those were the units that were newer kitchen,
newer ac upgraded bathrooms, maybe vinyl plank flooring, you know,
that kind of stuff going in the threes. We put
ours at two fifty, right, and there were units that
(11:58):
sold just recently to twenty to twenty two to thirty five,
so we put ours are two fifty, and those two
twenties and two thirties, they weren't in much worse condition
than ours. And I don't mean to say worse condition,
because I got to tell you that.
Speaker 4 (12:16):
Yours was move in ready. It was turnkey, okay with me?
Speaker 3 (12:19):
Yeah, it was yeah, And it was like everything was
in perfect working orders, So anyway, it was gonna we
of course, we got investors coming in right away, and
I was really hoping it was going to be a
first time home buyer, and that's who ended up buying it,
was a first time home buyer. And I was really
really happy to see that a first time home buyer
got the property. What age, I don't know yet. I did,
(12:42):
I didn't, I never met the buyers. But what makes
me happy is that there's so many people out there
complaining that there's an affordability issue and everything, and this
is a unit. If you were buying one of those
units for like two fifty ish, because you've done so
many deals like that, that type of community, you probably
need like what thirteen to eighteen thousand dollars down if
(13:02):
you were an FHJA buyer.
Speaker 4 (13:04):
Yeah, if you're doing low down payment, Yeah, total out
of pocket would be in that range, maybe like the
thirteen to fifteen Is that what you said?
Speaker 3 (13:11):
Yeah said, I said, thirteen to eighteen, Okay, yeah, somewhere
around there, thirteen to fifteen.
Speaker 4 (13:17):
I mean you might be doing five percent down on
conventional so you would have a different figure.
Speaker 3 (13:21):
Yeah, but let's just say FHA would probably be fifteen, right,
fifteen roughly.
Speaker 4 (13:25):
Yeah, I'm happy, I'm sad.
Speaker 3 (13:27):
That sounds like not a crazy number. So if you
got fifteen, check this out. If you get the Florida
Bond program, not even the Hometown Heroes, you get ten
of that right away. Now you need is five thousand
dollars to move into the to the place. Yeah, that's
like first last security for a lot of people.
Speaker 4 (13:43):
Actually a program. It's HFA so Housing Finance Authority of
Lee County, which has some reciprocity with Palm Beach.
Speaker 3 (13:53):
I remember that happened a long time ago.
Speaker 4 (13:55):
It's fifteen thousand. Wow, forgivable one right, but it's fifteen
thousand if you're in Palm Beach County. So it's maybe
at that level it's on par with what you would
get with Hometown Heroes.
Speaker 3 (14:07):
Again, another reason why I love this show. I learned
I learned something every day. It learns that it every
time I go on this show. So that is a
great tip for Mike Row. If you want more than
a ten thousand dollars bond program and you're looking at
buying Palm Beach County and your first time home buyer. Yeah,
first time home buyer means you haven't known a primary
residence for three years, right, you might be able to
(14:30):
get fifteen thousand instead of ten instead of ten. Now,
if you were doing FAHA financing and you had fifteen
thousand out of pocket to buy a two hundred and
fifty thousand dollars unit and you were getting fifteen from
the state, you really couldn't use all that money, right,
because you have to put some skin into the game yourself.
Speaker 4 (14:46):
So down payment assistance counts as borrower funds. So what
Jim's talking about is you have what's called a minimum
required investment, which is essentially the down payment. Right, So
if you're doing three and a half percent down FHA,
the borrower has to come in with their funds to
meet that three and a half percent down payment requirement.
So but and that could be their own funds, but
(15:06):
down payment assistance counts as borrower funds, just like gift
funds from family would count as borrower funds. So those
are all kind of like under that minimum required investment umbrella. Also,
to answer your question, no, you don't have to. It's
kind of one of those where if you're in that
price point and fifteen thousand gets it done. You bring
you don't have to bring in anything. You can save
(15:29):
your money for, you know, furniture or moving expenses or
you know, put it in the bank.
Speaker 3 (15:36):
I'm sorry laughing at Johnny because he's sitting there.
Speaker 4 (15:39):
I've heard something. I heard something. Something just happened. Oh
I thought you were you were like teasing it into existence.
Speaker 2 (15:48):
I heard it too, but it wasn't what was who knows?
Speaker 3 (15:52):
I's I like how Ross is just swinging the mic
like he's a pro now and puts it right in
front of Johnny. He swings it over there.
Speaker 4 (15:59):
I feel that naked naked like we're all looking at Johnny.
Johnny's looking at Jimathy. Who does Jimithy get to look.
Speaker 3 (16:06):
At He gets to look at the border be frustrated
under the table. Yeah.
Speaker 8 (16:13):
So it's funny because you're using that that host Mike.
I hear it in Q, but it's not going over here.
Speaker 2 (16:19):
You can hear like my little yeah everything over here.
Speaker 3 (16:24):
You related to that thing?
Speaker 5 (16:27):
I did?
Speaker 3 (16:28):
What happened if we unplugged it?
Speaker 5 (16:31):
Which thing?
Speaker 4 (16:31):
The ospot? It's not plugged.
Speaker 5 (16:35):
That osbot isn't plugged in.
Speaker 3 (16:36):
Okay, Okay, I thought maybe it was plugged in the border.
Speaker 5 (16:40):
Now something some something got rewired.
Speaker 3 (16:42):
Sorry about that. Everybody we're just.
Speaker 5 (16:44):
Gonna mic is completely unplugged.
Speaker 4 (16:46):
Can we still say callers right now?
Speaker 5 (16:47):
Jimithy Uh?
Speaker 4 (16:48):
Yeah, yeah, there's any uh, there's any radio text out there?
Speaker 3 (16:53):
Idea crossed Johnny needs a microphone?
Speaker 2 (16:56):
Yeah, any any engineer that was in here hooking up
cameras the other day, want to give us?
Speaker 4 (17:03):
What about if we're going to call for anybody who
used to work here, Like, how old is the technology
in here? Like if if they worked here twenty years ago,
would it still be se seems like all time?
Speaker 2 (17:14):
Yeah, yeah, I don't imagine it's changed a whole lot
as far as wiring, you know what I mean?
Speaker 4 (17:19):
The building.
Speaker 2 (17:22):
Well, I mean Jimythy has kind of gone over everything. Yeah,
and I don't I don't know. I don't know that
it's quickly fixed because again he can hear a little
behind the scenes. He can hear my mic in Q,
which means it's not going.
Speaker 5 (17:35):
Over the air. It's like in his headphones.
Speaker 2 (17:37):
Yeah, but it can't get it on the program side.
Speaker 5 (17:40):
He can't get it over the air.
Speaker 4 (17:41):
I don't know. Why resist her Somewhere there's some kind.
Speaker 3 (17:44):
Of I think it's one of those two b things
like on your TV, the cath the half throwed ray
something half od.
Speaker 4 (17:57):
Ray tube, the CRT. But now you're thinking of uh, geez,
I don't remember the tube. I don't know if they
were resistors or jeez hol when it'll come to me.
Speaker 3 (18:12):
Yeah, on the tubes, the tubes in.
Speaker 4 (18:14):
The back old radios.
Speaker 3 (18:16):
Yep, no, I'm thinking of TVs really have the tubes anyway?
Speaker 4 (18:22):
That's yeah.
Speaker 2 (18:23):
I don't know that I've ever seen the back of
an actual TV that had a tube in it.
Speaker 4 (18:27):
Yeah.
Speaker 2 (18:27):
Let me let me tell you what Jimmy is to do.
He has to take those things apart. He's telling us
right now he used to take those things apart. Eight
seven ninety seven six nine six night Total Free. You
welcome to join us on this Today's the sixteenth November.
Am I right?
Speaker 5 (18:40):
Accurate?
Speaker 4 (18:40):
Fifteenth?
Speaker 5 (18:41):
Fifteenth fifteenth? Jumping ahead a little bit?
Speaker 2 (18:43):
All right, fifteenth We are live and yes, these technical
difficulties are happening on the fly. But you can be
a part of the program Technical Difficulty Free. Just dial
in Jimmy the will ligne you up there. Of course,
if you're not comfortable on the radio and you need
professional guidance, anything that touches the world of real estate.
Always remember Florida real Estate dot com. You're one stop
real estate shop pros pros. You get experts in their field.
(19:04):
We may not be able to get these mics working
on a Saturday in here, but that's not.
Speaker 5 (19:08):
Their professional choice. That's not the field they chose to
be in.
Speaker 2 (19:12):
Jimithy, on the other hand, that's his choice. How did
you choose be No, actually, I chose to get the
hell out of here, actually, But thank you for being
with us on a Saturday. Always remember that team is
there for you and you can be a part of
the program. Don't be shy even though we're having little
issues on her and thanks for coping with us. Oh yeah,
(19:32):
and livestream you can check it all out too, Facebook
and YouTube. Florida Talk real Estate on Facebook, Florida Talk
real Estate LLC on YouTube, home of a ton of
informational chunk videos. Get that stream going too. Always there
to check out on a Saturday.
Speaker 3 (19:45):
Thank you, Johnny. A couple other things I just wanted
to mention of what's happened this week over at the
Florida Home pros Our Realty Company. We put out a
couple of properties this week. We put out James and
Kathy's and that under contract super fast. We oh, just
to wrap up with that. That Oh no, we talked
(20:06):
about it and I'm sorry everything's a little crazy. We
talked about first time home buyers and why it's a
great deal. There's still great deals out there for buyers.
And the interest rates are low for the last eighteen months.
We're still very very low. Even right now with the
interest rates scooting up a little bit, we're still low
over the last eighteen months. So this is still a
(20:26):
great time to buy. And the sellers are ready to
work with you. Even in that case, the sellers, the
sellers offered the sellers accepted a seller concession where they're
giving money back to the buyers in the process of
buying the house.
Speaker 4 (20:43):
So what kind of percentage?
Speaker 3 (20:45):
Let me see about three percent? About three percentage what
they're getting and it's working out good for everybody. Now,
we still got to do the inspection of appraisal, everything,
but congratulations, going a contract and I think that we've
got a good deal going there. Nice also wanted to
do a shout out to Tom and Mike and the
crew over there. They they we had a house over
(21:08):
by Lake Osborne and it was a three bedroom, two
bath home. It was built in the fifties. I love
this house because it had it reminds you of Florida.
It has the Toasso floors, which are my favorite. I
love Tarraszo floors in Florida as long as they're in
good shape. And these were fully polished, ready to go
(21:30):
and anyway, and and we just got that under contract.
I'm really really happy for that. We did have one
price reduction in that process in order to get the household,
but the sellers were motivated and we got the household
and it was right around where I thought it was
(21:51):
going to land. They scowed it up a little high.
At the beginning, I had some buyers. I tried to
get them, I know, go and look at that. Then
I think they must have drove by and just for
whatever reason, wasn't the right fit. And the person buying
it is an investor that's buying that one, which is little.
I mean, I'm happy that the house is sold for
my clients, but I always like it when regular buyer
(22:12):
goes to regular buyer.
Speaker 4 (22:13):
Sure.
Speaker 3 (22:13):
Yeah, also wanted to do shout out to Laura and Ambrose.
We have a Century Village property in West Palm. Century
Village is a premiere fifty five and over community in
West Palm Beach. I think there's like six thousand units
over there. It's a big, gigantic community. And yeah, six thousand,
I'm pretty sure is what they got over there. Like
(22:35):
King's Point in del Rayce five thousand, Yeah, I guess so.
And there's thirty something buildings over there, and it is
a premiere fifty five and over because of affordability, most
of these units are going well under two hundred thousand,
and some of them are going under one hundred thousand.
Ours is a two bedroom, one and a half bath.
(22:55):
We have it at one forty nine to nine and
it's in very good condition and it's on a first floor,
which is really great for people who don't want to
have steps because a lot of these buildings don't have
elevators in Central Village. And the other thing great about
Century Village, other than being located centrally in West Palm
(23:16):
is the amenities that they have there. It's just really amazing.
They have multi multimillion dollar theater over there. They've got
heated pool, regular pools, and almost any activity you can
think of. There's always something to do over there. So
go out. If you're looking for an affordable place to
move to Florida, like if you're listening from out of
(23:38):
state or something, this might be a really good opportunity
for you. We also have we also put up the
Airbnb property. And I made a mistake last week, Guys.
Last week I said there was already twenty seven thousand
dollars in prepaid bookings for this season on this three bedroom,
(23:58):
two and a half bath Bitter Beach town home. I
was wrong. I had a fact orror. Sorry about that.
It's thirty seven thousand dollars, not twenty seven. So if
you buy this unit, obviously before the people come in
to you know, come in for the stay, there's thirty
seven thousand dollars that you're going to be getting back
from VRBO and all that stuff that's prepaid and ready
(24:21):
to get booked. Yep. And they've been without hardly any
advertise at all. They've been booking about forty to fifty
thousand a year with this unit. It's three bedroom, two
and a half bath. I just went through all the
upgrades because this is a smart town home. So what
that means is you can control your energy efficient blinds
by your phone, you can control your HVAC system buy
(24:44):
your phone, your security system by your phone. And I
think there was one other there was one of the
things shades.
Speaker 4 (24:55):
Door cameras.
Speaker 2 (24:56):
You control your phone by your phone. Yeah, by your phone.
Speaker 3 (24:58):
Yeah, yep. So that's a smart home. And she broke down.
Jamie is the owner, and she broke down how much
she put into that house when she bought it in
twenty twenty two. She put two hundred and eight thousand
dollars into the upgrades of that house. So it's really
really nice, and that's why it's such a great Airbnb.
And the other thing is at the full asking price,
(25:20):
which is seven ninety five, they're throwing in all the furniture,
so you have a turnkey operating Airbnb. The community allows
the Airbnb daily rentals are okay, this is something that's
not under the radar. They're like, sure, you want to
rent it out by daily, Go ahead, your shirt, walk
to the beach ross. You live all in that whole area.
(25:41):
You own that area, this area over right by Jupiter,
Jupiter Bay and Jupiter Lakes and all that. It's really
close to the beach, it's close to all the parks,
it's close to the pier.
Speaker 4 (25:53):
It's super close. I actually drove.
Speaker 7 (25:55):
I was by there, right on that side of Carlon
Park this morning. Call those pickleball courts are and you
can see the townhouses right there.
Speaker 3 (26:03):
Yeah.
Speaker 7 (26:04):
No, I was looking at it, and I thought about,
you know that, you're I thought about that unit this
morning as I was looking at him there right next
to the beach. And now that you know there's thirty
seven thousand already booked, you're gonna drive by and take
so far as financing that type of property gym when
you do like well called short term rentals like the
(26:28):
regular conventional Fanny Freddy don't play nice with the short
term rentals, huh and that type of use.
Speaker 4 (26:34):
Right, But there are loans that you can do, you know,
the D S c R. I don't know.
Speaker 3 (26:38):
We talked when we've used we've used them in the past.
It seems like a lot of people using them right now.
Speaker 4 (26:45):
But what's your loan? What's your caped loan amount for them?
So there's not gonna be a max loan. You're talking
about LTV. So no, just no, I was.
Speaker 7 (26:53):
Just thinking because it isn't. At some point it considered
like a jumbo loan.
Speaker 4 (26:58):
So not in the DSCR world. So you DoD d
s c R kind because if you're for d s
c R is okay. So when you normally qualify for
a loan, you're qualifying. One of the questions we asked
is what payment do you qualify for the way that
we arrive at that maximum payment, we use debt to
income dt I, right, so it's a ratio debt divided
(27:20):
by your income. You can use whatever there's there's a
percentage there. So d s c R is like that.
So when you instead of qualifying with DTI, you're going
to qualify with the d s c R, which is
the debt service coverage ratio, which is a real fancy
way of saying does the rent cover the mortgage? So
we're not looking at your debts, we're not looking at
your income. The only qualifying factor for what payment do
(27:41):
you qualify for is how much does the rent and
is it equal to or greater than the mortgage? The
payment the mortgage payment, right, which is principal interest, tax
insurance and HOA. Right, we call it p I t
I plus h OA. So if the rent you know,
and you've already got some numbers on the rent, Let's
say the rent was eight thousand dollars a month. As
(28:03):
long as your mortgage is less than eight thousand dollars
a month and you have the cash to do it,
you can buy the house.
Speaker 3 (28:09):
How an investment do you have to show? How many
months do you have to show that you're doing that.
So let's say you have an airbnb and in January
you're making eight thousand dollars a month, and then in
June you're making nothing.
Speaker 4 (28:20):
If you want surefire, use the rental history as the
number you would want, probably twelve months of history of
so the last year of what did you bring in
for bookings with your short term rental status. The traditional
way to do it is just like have the appraiser
tell you what the monthly rent is on an annual basis, But.
Speaker 2 (28:42):
It's it's a excuse me, it's how much you make
on a year. It's not month to month, it's for
the year. Yeah, they'll average it over a year. So
you give me if you have like if you have
like three months and you make all the money for
that airbnb.
Speaker 4 (28:56):
Which is why they want to look at the twelve
month window because they really want to know what it
looks like over a year. Now, that's not the only
way to do it, because you can also do there's
analysis tools out there that say, hey, here's what we
think this unit is capable of bringing in, and so
that might if you're using that instead of the history,
it might like impact your rate a little bit. But essentially,
(29:16):
these types of loans are popular gym because they're easy
to do. You don't have to I'm not analyzing your
income in traditional ways, and I'm not really concerned with
any of your other debt obligations. So this loan is
really geared towards the house itself and how perform is
from like a cash flow analysis. Of course, of the
down payment. You can't do it with a low down payment, right,
(29:37):
Like You've got to be thinking twenty percent down minimum
and your credit scores need to You're not going to
be able to do it at the low credit scores, right,
so you've got to have to have you know, yeah, yeah,
seven twenty six eighty maybe is like it will impact
how much you have to put down, So the higher
the credit, you're going to be at the twenty percent.
If you're on the low end of the qualifying credit,
(29:58):
maybe you got to do twenty five percent or something.
So if you got the cash and the place is
very easy, you have thirty seven thousand dollars booked already
for some period of time, that's a good baseline. Compare
that against what you think your anticipated mortgage payment's going
to be, and if you got the cash to do it, it's
a slam dunk easy to do long.
Speaker 3 (30:16):
So this unit, Thank you, Mike. This unit would be
perfect for a person that just wants to use the
unit during their vacation time but don't want the house
just sitting there doing nothing. Well, they're not there. This
is a really great opportunity for that person. It's also
a great opportunity for somebody just wants to live at
the beach and not rent it out. Oh right, the
house is gorgeous. You're in a great area of Jupiter Beach.
(30:41):
There's so much stuff, you know what ross because you've
been up there for so long now you know the
marina where they have like jetties and those bars over there,
the bars and restaurants over there by the Marina and everything.
Speaker 4 (30:56):
Right like Love Street, Yeah, Love Street.
Speaker 3 (30:58):
Do they have a name for that, because you know
I made up a name for it.
Speaker 4 (31:02):
I believe it's love straight.
Speaker 2 (31:03):
Well.
Speaker 3 (31:04):
I called it the Jupiter Marina Downtown, a Jupiter Arena
entertainment district I made up. I called it the Jupiter
enter Marina Entertainment District. So, hey, city, you can take
it if you want to take take that name. I
think that would be a better name for it, to say, hey,
come on down, because there's so much to do over there.
(31:24):
So you're against I'm sorry you don't. Yeah against love
so uh And the other unique opportunity with this property
is that you could actually spend the night in this
property before you decide to make the offer. You can
go ahead and book the AIRBDNB, see if you like
the place or not, see if you like the area,
and then decide if you want to buy it or not.
(31:45):
We have the link on our Facebook page. I don't
have the photo on there yet because I suck at tech,
as you can tell from this morning. Uh, So check
that out. And congratulations to Jamie. She's already on homes
dot com. She's already ranked as quote very popular property nice,
so that's pretty cool. I'm yes. Uh, let's go ahead
(32:08):
and take a break, guys. And then on the flip side,
since we're taking the break right now, let's go ahead
and do the clap clap. We're gonna watch Johnny, but
Johnny's on camera, so this clap will work. Okakay, So
and Johnny's got the clap ready.
Speaker 2 (32:25):
Are you ready?
Speaker 4 (32:26):
Yeah?
Speaker 2 (32:26):
Everybody's ready.
Speaker 3 (32:27):
Yes, and put your hands in front of the camera. Guys.
Speaker 2 (32:29):
Everybody feels good about this?
Speaker 3 (32:31):
Yes, all right?
Speaker 5 (32:32):
One two?
Speaker 3 (32:35):
I was slow. One more time, one more time, one two? Okay, perfect,
Thanks guys.
Speaker 2 (32:42):
We're gonna keep working on trying to get our other
MIC's working. Thank you very much for dealing with our
nonsense as we cope on a Saturday.
Speaker 5 (32:49):
With technology, Hey, it's a beautiful thing.
Speaker 2 (32:54):
But when it doesn't work out well for you, man,
does it.
Speaker 5 (32:57):
Make it tough on you from time to time? And
I don't care what it is. It is.
Speaker 2 (33:01):
A technology is beautiful and when you get used to
it and it doesn't work, it makes it rough. Even
simple old school technology like like my microphones and cameras
and things, but thank you for tough and through on
a Saturday through our nonsense. Always remember Florida Talk real
Estate is a dot com. No nonsense there. That is
a team of pros, pros experts in their field, literally
(33:21):
working cohesively together. If you've ever experienced it, man, it's
amazing when you can have a team behind you when
you're buying a home, selling a home, stuck with your home,
you don't know what to do. These are big time
movements in your life, some of the big financial moves
that you're gonna make. Probably the biggest reality is you
got to have people that are great at what they do.
Good at what they do is one thing. Great at
(33:41):
what they do is another. Get great at Florida Talkrealestate
dot com. No what use it, love it, share it.
Florida Talkrealestate dot Com. We're back and form and it's
thanks for being with us every Saturday, Florida Talk real
Estate right here. It's for all Radio LLC on YouTube,
live stream happening and thank you for choosing to be there.
Speaker 5 (33:57):
Johnny C is me.
Speaker 2 (33:57):
Jimmithy is our producer of short and Air, What's Up,
my dude?
Speaker 5 (34:00):
And good morning gentlemen.
Speaker 2 (34:01):
So I saw the flash of the lights earlier, so
somebody has at least called in phone line seemed to
be working.
Speaker 8 (34:06):
That's not an issue today, right, So far it seems like, yeah,
let's give me shut right.
Speaker 5 (34:12):
Everything looks good.
Speaker 4 (34:14):
I heard dial time.
Speaker 5 (34:16):
That's what we're looking for. At least that's working.
Speaker 2 (34:18):
Okay, good. Uh So you're more than welcome to join us. Please,
if you've got a question, do not be shy. Of course,
if you're not comfortable on the radio, always remember Florida
talkerdos date dot com your access to the entire team.
I'm talking pros pros like Mike Row, the mortgage guy
from the mortgage firm.
Speaker 5 (34:33):
How are you, my friend?
Speaker 4 (34:34):
Yes, I'm doing great, excellent?
Speaker 5 (34:36):
Are you so good?
Speaker 2 (34:38):
Yeah?
Speaker 4 (34:38):
You like that? That mic looks good.
Speaker 2 (34:40):
I actually I had a little mic envy when we
first got going.
Speaker 4 (34:43):
Yeah, right out the gates, Like wait a second, this
is your voice sounds so smooth, doesn't it though?
Speaker 2 (34:49):
Processing olive oil? Yeah, like it extroverts uh pros pros
right way assurance.
Speaker 4 (34:58):
You know.
Speaker 7 (35:00):
Oh hello everyone, it's weird. Yeah yeah, yeah, man, I'm
glad to share it with you. It's like that one
time we shared Mike that weekend Miami Wow, Sharon, Mike was.
Speaker 4 (35:17):
That Miguel was Mike.
Speaker 2 (35:20):
Mike uh As the night went on, he became Mikhail.
Speaker 5 (35:26):
Weird. Do you remember that wrong? It was awesome.
Speaker 2 (35:29):
And Jimmy d is one of the pros pros over
there too, the Florida Home Pros team Callowilliams Innovations. You
find Jim Topola, Jimmy how.
Speaker 3 (35:35):
You Hey, I'm doing good, guys. Uh, I love this show.
You know, we were just talking about that airbnb potential
Airbnb if you wanted to be that way in Jupiter
Beach to Ady Bella Vista just had somebody just had
somebody requesting a showing while while we were on breaks.
Speaker 4 (35:54):
So from the show or from your others, I.
Speaker 3 (35:56):
Can't tell it was an agent, maybe the agent. Maybe
it was a coincidence. Maybe they should hurt Okay, let's
go check it out.
Speaker 2 (36:03):
But probably listening, because who isn't.
Speaker 3 (36:05):
Yep, exactly, who isn't listening?
Speaker 5 (36:07):
Right?
Speaker 3 (36:07):
You're not doing your You're not doing the right thing.
If you're not listening, well you might as well throw
out the address one more time to two eighty Bella
Vista Court in Jupiter beach nice.
Speaker 2 (36:17):
Yeah, what did you call it again?
Speaker 3 (36:19):
Uh? I call it Bella Vista.
Speaker 5 (36:21):
No, you called it the Jupiter Entertainment District.
Speaker 3 (36:24):
Oh no, it's by the Jupiter Marina Entertainment District. Jupiter
Marina Entertainment District. Yeah they yeah, Love Street and uh
yep on Love Street. So I wanted to go first
to uh talking it first. I wanted just to bring up, well,
(36:44):
I want to do this one first because it's really
sad and I just want to get over with. But
I felt it was kind of interesting.
Speaker 5 (36:50):
Uh.
Speaker 3 (36:50):
Did you guys hear about that whole Treasure Coast thing
up in Port Saint Lucy where this guy got in
a fight with his h o a board and he
went and uh killed two of the board well, a
board member and a relative of a spouse of the
board member, and then held a third one hostage for
two hours and then killed himself.
Speaker 5 (37:09):
Yeah.
Speaker 4 (37:09):
I did not hear that. It was all about it,
and I've been frustrated with boards.
Speaker 3 (37:14):
It was an dispute. It was a dispute between the
person that the person that shot everybody, the suspect, if
you will, whatever more than a suspected shooter. He was
living in the community and apparently he was acting unusual stuff.
And also it got into politics, right, and they didn't
(37:35):
really get into the article about who's who was on
what side or whatever, which I'm so glad they didn't
do that because it doesn't matter. They're all wacky. If
you're going out killing somebody, it doesn't matter what your
political faciliation is. Sure you're mentally incapacitated in some way,
but anyway, the bottom line is is they were having
these big political disputes and then the community decided to
(37:58):
evict a person out of the house and he went
off and there were multiple multiple police reports. Funny, it
didn't mention in the article what was going on. So,
like ten thirty last night, it bugged me. So I
went into the Saint Lucy property appraiser and I pulled
up the guy's name and I found the house that
(38:20):
he lived in. But it looks like his parents or
some relatives on the home because his name is not
on title. It looks like relatives names are on title.
So I think that's why they were allowed to a victim,
I'm guessing. But the article didn't get into that. But
the thing that was, you know, it's a really sad thing.
And it just shows how people's tempers can get really
(38:42):
crazy and hoas can get very stressful. But you know,
one legislature, one legislator and I don't remember the guy's name,
so I'm not going to mention it, but he called it.
He called hoa's a failed experiment. What do you guys
think about that? Do you think that, you know, like
h ways or a failed experiment? I don't know about that.
(39:04):
I was like, can you imagine having no hys and
just having developers building houses wherever they want to build them,
and you could have a four story house next to
an eight hundred square foot home next to you know.
Speaker 4 (39:19):
I mean I live in the acreage, so it's kind
of somewhat like that kind of you do your.
Speaker 3 (39:25):
You have land, but you got land, right, So if
imagine being on a quarter acre lot or less and
then having anybody build whatever they want. You don't know
as a neighbor.
Speaker 4 (39:35):
Where I grew up in Northern Virginia, it was like that.
So these communities were developed all at the same time, right,
So you have similar style homes, but there's no HOA, right,
there was no monthly dues, there's nobody but isn't that
just any non h A neighborhood. Yeah yeah, I'm just saying,
so they exist out there and ye have any issues.
(39:58):
I don't think that Ross has a castle neighborhood.
Speaker 3 (40:02):
These articles now are coming out claiming that there's so
much violence in each aways, and I'm like, I.
Speaker 7 (40:10):
Mean, I couldn't imagine living in a townhouse community or
an apartment community and you know, you're you know, your
neighbor who's sharing a building with you wants to paint
their house, you know, some god awful green and you
know you have to watch in America. Yeah, but I
mean it's you're sharing the wall. So I mean, I
think people move into communities like that for that uniformity
(40:34):
or I don't know, but there are communities that exist
that don't have an HOA and seem to function as well.
Speaker 2 (40:40):
Yeah, I think.
Speaker 4 (40:41):
Maybe they're Maybe it's not the HOA, Maybe it's the
gated community, the planned unit development like that stuff where
everything is meant to be a certain way, and that's
part of what makes the neighborhood attractive in the first place.
And so like the conception of it is, we want
it to be crying free, we want it to look nice.
(41:02):
We want property values to maintain levels. We're going to
have security, we're going to have you know, rules about
lawn care and you know plants and architectural review boards
with colors and roof styles and all that stuff. And
it's the whole idea is there's like, we want to
be a place where your property holds value. And so
has that worked conceptually right? Like does that make your
(41:26):
home worth more than the non you know, planned unit
development homes? And I don't know if I could say definitively, yeah, yeah,
those those neighborhoods have higher value homes than the non
HOA neighborhoods.
Speaker 3 (41:41):
But you know, as as a person going out showing
people properties and stuff and talking to the buyers all
the time, a lot of times buyers will be very
vocal about saying that they do not want to be
in the h O way right or common association.
Speaker 4 (41:57):
Right because they've been there, done that.
Speaker 3 (41:58):
Well no, a lot lot of them have not been there,
done that, but they have a attitude about it that
they don't they feel like they're going to be condo
commanded to death, hoad to death right, no pun intended
about what happened to that was a portrait support. Yeah,
I didn't mean to say it. I didn't even think
about that. Yeah, sound pretty bad. So But the thing
(42:21):
is that a lot of people that are like I
don't want the Hua telling me what to do with
my house, and I understand that point of view. I'm
not saying that's the wrong point of view. That's you know,
that's the way that you want to live, and that's fine,
and there's nothing wrong with it. I've been I've lived
in both Hua and non Hua, and I've seen I
didn't want to move into the joy when I did,
but when I did, I found there were a lot
(42:43):
of benefits of moving into the Itchua. You didn't have
to worry about like if your neighbor has, you know,
uh is a car mechanic part time and they got
jeloppies all over the place in cars with parts thrown
all over their yard or whatever, you don't have to
worry about that because the HOA is going to deal
with that neighbor and tell them, hey, you're not allowed
(43:04):
to do that. You don't have that dispute. Another thing
about the hway, why people do want to move into
the hoays they want those rules because they don't want
people doing things You did something on the video, Jimmy's
doing it. They're trying to make sure that they don't
want to have those headaches. They don't want to have
(43:24):
the crazy neighbor who doesn't cut their lawn or has
eight million dogs or pets on the property and barking
all all times of the night and day, or too many
cars in the driveway or whatever, like all of those rules. Now,
other people like I don't want to be told when
I can take my garbage can out and into my house,
And I don't want to be told can I park
(43:45):
my car in my driveway or it has to be
in the garage, you.
Speaker 4 (43:49):
Know, or don't have your garbage out to the street
a day before.
Speaker 3 (43:55):
Yeah. Like, so there's rosen cons to both. But I
don't know if I would call it each away a
failed I.
Speaker 4 (44:01):
Mean, unless all these gated communities were vacant, then it's
not failed. People live there, like, people are buying the
homes there, so it's definitely not failed.
Speaker 3 (44:09):
Yeah.
Speaker 4 (44:09):
Now, if you're gonna get somebody who doesn't like what's happened,
you probably get people who think the HA doesn't go
far enough. Oh I look at this. Our grass isn't
supposed to be more than five inches. Look at this guy.
This guy has his six inches.
Speaker 3 (44:21):
Yeah, I just measured it six I just measured Oh
my god, look at this about to go to seed.
So I just wanted to bring that up about what
happened up there, because what it has been really big
news up there. There is talk that the police law
enforcement had multiple multiple calls about this, and they said
(44:41):
that they knew the shooter pretty well, like he.
Speaker 4 (44:44):
Was maybe somebody should should have had an eye on
him as a potential.
Speaker 3 (44:50):
The police said that they just didn't think that he
had a violent tendency. But there are a lot of complaints, right,
so I don't know he would be I almost felt
like that was cya press conference one of them, I
feel like. But anyway, I just I didn't think that
h oo Way is a failed community, a failed experiment.
Speaker 4 (45:10):
Ye I would disagree that up.
Speaker 3 (45:12):
The other thing I wanted to talk about was the
first time homebuyers. Mike, you know, back back in nineteen
eighty I'm sorry, not nineteen eighty, nineteen ninety one, the
typical first time home buyer was twenty eight years old.
What do you think it is in twenty twenty four.
Speaker 4 (45:32):
So in ninety one it was twenty eight.
Speaker 3 (45:35):
Ninety one it was twenty eight.
Speaker 5 (45:38):
Oh, eighty two.
Speaker 4 (45:41):
Eighty two, Yeah, first time home buy I would I
would have if you had asked me what the current
age is, I would say less than twenty eight. I
would say in mid twenties, really like twenty six, and.
Speaker 2 (45:52):
I wanted to tackle on like twelve years you think, yeah, yeah,
like forty forty two.
Speaker 4 (46:00):
Has to take is the headline I heard. I didn't
read anything. I just heard that the age they're getting older, right,
the first time home buyer average age is getting more
than it was. But I would not have expected you
to say twenty eight is the starting point. So I'm
going to say still mid twenty so twenty six, twenty seven,
something like that.
Speaker 3 (46:16):
So this is the interesting part. So in nineteen ninety
one it was twenty eight. In twenty twenty, it climbed
to thirty three years old. In twenty twenty four, I'm sorry,
twenty twenty was thirty three years old, twenty twenty two
thirty six years old, twenty twenty four thirty eight years old.
(46:40):
In twenty twenty five, forty forty is the average age
or the first time home buyer right now? Wow, that's amazing.
From twenty to twenty eight years old to forty Yeah,
this is coming quick.
Speaker 4 (46:53):
This is this is doing every single year, like this
is the all first time home buyers this year? This
was their age. So it's a yearly number that seems
I don't know what's the definition of first time home buyer?
Is it the same as mine?
Speaker 3 (47:07):
I don't know about every three years? I think this
is Let's see, that's a good question.
Speaker 4 (47:11):
Let me tell you the definition from a lending perspective
of first time home buyer. Right, Okay, you haven't owned
a primary residence in the last three years. That's it.
You could have bought ten homes in your life, as
long as it wasn't in the last three years. You
weren't on title to a home that you lived in. Jim,
I could be a first I could own ten investment
(47:33):
properties right now. But if I rent for my primary
residence or I live rent free with family or whatever
that situation, I don't own the home that I live in,
I can qualify as a first time home buyer even
though I owned ten investment properties.
Speaker 3 (47:47):
Right I didn't know that until Mike told me a
few years ago about that, which always blows my mind
when when you get reminded about it. Most people don't
have any idea about that.
Speaker 4 (47:58):
So definition of.
Speaker 3 (48:00):
First So it looks like they didn't actually say, now
this is a New York Times article.
Speaker 4 (48:06):
So oh we all know about them.
Speaker 3 (48:08):
Well, it was. Really what I'm trying to say is
it's real research, right, So it isn't like, you know,
Redfinn coming out with this stuff. Right, So it doesn't
say the definition of first time home buyer, but I
believe it means for real, the first time ever buying
a house. The reason why I'm saying that they have
first time HomeBuyer age for the year and then repeat
(48:29):
buyer for the year. So what is the average repeat buyer? Right?
So in nineteen ninety one, when the average person first
time home buyer was twenty eight, the repeat buyer was
forty two. Right now we're at forty right for a
first time home buyer, repeat buyer sixty two, So it
went up twenty two. Why because people are holding on
(48:51):
to their houses longer because the low interest rates they
had for so long, And that's what that's what's happening here.
So I just thought that this is kind of interesting,
and it reminded me of what was happening with David.
David's been renting for a long time. David is a
person buying a home condo through Mike and me helping
him as the agent. He's closing on Monday, yep. And
(49:14):
he's been renting, well, actually he hasn't been renting, but
he's been living. He's been living without owner property.
Speaker 4 (49:21):
Yeah.
Speaker 3 (49:22):
But he's fifty seven now, and he's realizing that he's
really good at socking away money into investments and stuff.
He talks about all the time. He's really into investment.
He's a city worker, and he wanted a very inexpensive condo.
We sure got him that it's the cheapest condo in
that whole city.
Speaker 4 (49:40):
We've had some success this year finding that. What initially like, well, geez,
how are you ever going to find that?
Speaker 2 (49:48):
Yeah?
Speaker 4 (49:48):
The unicorn. Yeah, you've had a couple of those.
Speaker 3 (49:51):
I have had a couple, so so David. You know,
David is older, but typical of the first time home buyer.
I've had a a lot of people. I remember Joe
and Linda who we closed the house in Fort Lardale
a couple months ago when they first time home bought.
They were in their fifties too when they bought with
us as a first time homeboy.
Speaker 4 (50:12):
I'd have to look at my personal stats, but I
feel like that. I feel like number it's just way too,
way too high.
Speaker 8 (50:18):
Do either of you put any any stock into Groc?
Have you ever used Groc with it?
Speaker 5 (50:26):
I did it.
Speaker 8 (50:27):
I did a search, all right, and I put in
using the standard of never owning a home. What is
the average age of first time home buyers in twenty
twenty five, and Groc came up with forty years old
according to the National Association of Realtors twenty twenty five
Profile of home Buyers and sellers.
Speaker 4 (50:43):
There you go.
Speaker 5 (50:44):
So again, if you put you know stock into it,
I don't you know?
Speaker 3 (50:48):
Yes, Groc is uh.
Speaker 4 (50:51):
Elon Musk's AI bought.
Speaker 3 (50:53):
Yeah, yeah, I bought from us. I got it in
my car. I got it in my car. Now that okay.
Speaker 2 (51:00):
All he's doing is pulling information from the web, and
the most consensus right now from articles that are written
about this is about forty right, So it's.
Speaker 5 (51:09):
Just giving you kind.
Speaker 2 (51:10):
Of a lump of what's already out. It's not really
it's not really doing numbers.
Speaker 3 (51:15):
I agree with you, Johnny. Is a lot of times
it's just collating in the information that's out there and then.
Speaker 2 (51:20):
And if it's if it's bad information, it's going to
give you the bad but it's given it's it's pretty
much saying like that.
Speaker 3 (51:26):
You can ask it, so you can ask it to
only use certain types of sources and everything. You could
actually do that.
Speaker 2 (51:33):
Like Jimmothy did. He kind of you know, you can
be as specific as you want and it'll really really
hone in.
Speaker 3 (51:40):
Can you do me a favor? What you say? What'd
you say?
Speaker 4 (51:43):
Russ I said? Chatchipt says the same thing.
Speaker 9 (51:46):
Yeah, So yep, it's they're all this excite it incites
it source. Yeah, nar just tell it only use reputable
news sources. I know that doesn't mean anything, but let's
just say what happens if.
Speaker 4 (52:02):
Yeah, Actually, that's the world we live in. You can't
trust the news. It's copy of page that's so bad.
Speaker 3 (52:10):
Well, while Jimmy's looking at that, let me see, let
me go over here.
Speaker 4 (52:16):
So that seems like a weird trend to me. And
I would say most of my clients who are first
time about home buyers are not that age. But uh,
you know, I'm being an anecdote a little bit. I
don't have like stats on it. That's it's a curious
number for meal.
Speaker 3 (52:31):
The national media right now is saying that everything is
just so unaffordable that the younger people just based on
their incomes, there's no way they can save up the
money needed for the down payment.
Speaker 4 (52:44):
And it's a.
Speaker 3 (52:44):
Cash It's a cash thing. It is so much the
mortgage payment. Although the mortgage payment is a factor because
the prices are high.
Speaker 4 (52:52):
But if you can get qualified for a payment to
find a house in that number, the cash is still
the biggest barrett because you literally need.
Speaker 2 (53:02):
It's thousands and thousands.
Speaker 4 (53:03):
Of Like just like when you say how much cash
is required, it's your down payment plus your closing costs
and prepaids Okay. So, Jim, we talked about like that
two to fifty price point, which is what I would
say on the low end in Palm Beach County, Like
it is like that, yes, you know, you get fifteen
thousand dollars required something along those lines. So then if
you didn't have down payment assistance, if you didn't have
(53:25):
sellar credits. If you didn't have family to help you out,
how long would it take you to accumulate fifteen thousand dollars?
And maybe you could spend your entire twenties with diligent
savings and only have fifteen thousand dollars in your nest
egg by the by the end of that decade, right,
just the way that you know, living your life and everything.
So I get it now. Luckily, we have things like
(53:47):
down payment assistance programs that are geared towards first time
home buyers seller credits. Like, let'sh that same scenario where
you got like fifty Let's say you got fifteen thousand
VPA that took care of most of it. What if
you could only get ten thousand, Well you kick in,
would you say a three percent sell credit that's about
(54:08):
six grand, you know, seven thousand dollars something like that
that make up the gap. So all those those are
out there, I mean, that's what people are doing to
be able to overcome that cash hump. But yeah, I
get it. It's hard to accumulate that amount of money,
especially if you're paying rent, got car payments or least payments,
whatever it is, Like it's hard to save.
Speaker 3 (54:28):
Yes, it's really it's really tough. And that's the thing,
and I don't see how that's going to be solved.
Every time I think about, how can we make it
where it'll be better for way more buyers to buy
because there is such a pen up demand. That's what
this article is shown. There's such a pen up demand
for purchasing homes. And it isn't just first time home buyers.
(54:53):
There's pinup demand for people who's like I really don't
want to stay in my home right now, I'd like
to move someplace else, but cash restricted, income restricted something.
And so I don't see how this is going to
be solved unless we go through and I hate to
say this, another massive correction where we lose ten to
fifteen percent of the value of the homes.
Speaker 4 (55:15):
I mean, there's I guess there's I don't.
Speaker 3 (55:17):
I don't want that to happen. I'm not and I'm
not advocating that for it happened. But how else are
we going to make homes affordable if we don't have
massive price drops.
Speaker 4 (55:26):
Well there's there's your good segue into these ideas that
are percolating about how to solve this crisis. Well, I asked, I.
Speaker 7 (55:32):
Asked chat GPT what was their definition of a first
time home buyer? Yeah, and then it gave me the
link to an NAR article that says that they count
somebody that, like Mike.
Speaker 3 (55:46):
Said, anybody that hasn't lived in the house for three
years or hasn't ever bought a house that they homesteaded exactly.
Speaker 7 (55:54):
That that can include individuals who have owned a home
just not in the past ever years, or previously bought
a home with a spouse, but are now making a
purchase on their own.
Speaker 4 (56:06):
Which is a good answer, but I think probably out
of context to the study that they did. Right, So
it's giving you a good answer. What's technically a first
time home buyer? But it maybe not, but that's what
they're using. That's what NAR is referencing as a first
time home buyer, Which was what you used for a
first time home buyer? Yeah, and so I mean, if
(56:26):
that's the case, then I could see it. Yeah, of course,
then when's the last time you bought? What age did
you buy your last home? They might as well be asking, right, yeah,
or something along this line.
Speaker 3 (56:36):
That's true. So let's go let's go ahead and take
the break, and then on the flip side, we're going
to go right into we don't need to do that
till the end. Now, okay, we're going to go right
into fifty year mortgages and mortgage portability and see if
that is an answer to what we were just talking about.
Speaker 2 (56:52):
Excellent lots to get into. Is still an hour remaining
on this Saturday. Thank you very much for being with us.
Of course, if you are interesting it and being involved
in a conversation that we're having. If you have a question,
a comment, concern, you're always welcome to be a part
of the show. It's a four minute break. You welcome
to dial in now at eight seven seven nine two
seven six nine six nine. And if you are not
(57:12):
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(57:34):
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dot com. We're back in four minutes. Thanks for being
with us every Saturday, Florida Talk real Estate right here
on real Radio.
Speaker 1 (58:07):
This is Florida Talk real Estate with Jim Depola and
Johnny C. Got a question for the show, call us
live and one eight seven seven nine two seven sixty
nine sixty nine.
Speaker 2 (58:17):
Yeah there it is eight seven seven nine two seven
six nine six nine. That is the total free number.
You're welcome to join us. Matter about an hour remaining
on this Saturday. Johnny C is me. Jimmothy's a our
producer extraordinaiir. He'll die you up there, at least I
believe he will.
Speaker 5 (58:31):
How are you my dude? Hello, Hello, and good morning.
Give me I'm not doing anything over here.
Speaker 2 (58:35):
No, no, you haven't been.
Speaker 5 (58:37):
Just give give us a call.
Speaker 2 (58:39):
Just working on all the equipments since so while I
don't know ten till this morning, get.
Speaker 5 (58:46):
Thank you for all your efforts. Thanks always, thank you.
Good job, Johnny. We appreciate good job.
Speaker 2 (58:51):
Thanks man. Thanks for boosting my ego. I don't know
what the hell I've been doing. You're amazing, Jimmathy, Thank
you very much, Johnny C. That's me, Mike Row. He's
the mortgage guy from the mortgage firm. Talk about amazing.
What's up, my dude, Let's talk about amazing. Yeah, you're
pretty fantastic.
Speaker 5 (59:06):
Wow. Yeah, thank you. Yeah.
Speaker 4 (59:08):
I don't hear that very often.
Speaker 2 (59:09):
I tout this team to anybody anytime I'm involved. Roll
over here a conversation about real estate. I'm like, I got,
I got, I got a team amazing, Yeah, amazing what
they do?
Speaker 4 (59:21):
Actually, I do hear that. You should Well, you say
it every Saturday.
Speaker 5 (59:24):
True true. Yeah, and it's the ring.
Speaker 4 (59:26):
Tone and my mom my mom said him funny yeah, funny.
Speaker 2 (59:33):
Looking there's Ross and Marionetta taking shots over there Saturday.
Speaker 5 (59:42):
Ross, it's not no no, yeah, you're on mic now, Ross.
Speaker 4 (59:46):
Thank you, thank you. I actually don't like Shanon Mike's
I think it's unsanitary.
Speaker 5 (59:49):
I do too, yeah with you. Thanks for sucking up.
We don't even have a mike.
Speaker 4 (59:53):
Condom on no epecially considering Johnny's condition.
Speaker 5 (59:56):
Yeah, seriously, Yeah, I heard that's how you get the clap?
We so close we were, I mean it's been a while.
Speaker 4 (01:00:02):
What is the clap by the way, I mean, I know,
I know the category that it's in, but there is
that when the pretty I think that would make sense.
I would call it the clam.
Speaker 3 (01:00:14):
Oh yeah, I know, exactly.
Speaker 5 (01:00:17):
Claim that name. You're really tainting things.
Speaker 2 (01:00:23):
Let's not do that. Run Leader thirteen plus years now
told he runs a top producing Keller Williams team. It's
a Florida Homepro's team with Keller Williams Innovations.
Speaker 3 (01:00:36):
Hey, hey, I just want to do another show.
Speaker 2 (01:00:39):
We have glocker chat GBT if it's committee because that
have to Yeah, it makes sense.
Speaker 4 (01:00:44):
That could be.
Speaker 3 (01:00:46):
Oh it could be. Yep, it could be, but my.
Speaker 2 (01:00:49):
Instinct doesn't commdiate. So the drip, I see, I'm with you.
That's where I'm clap is commdia. Drip is gunnery.
Speaker 3 (01:00:58):
Yeah, yep, we'll get in by down second. So it
is the clap is goneria backwards slang for GONERIEA.
Speaker 2 (01:01:08):
And is the drip or is it all the drip?
And by the way, drips like supposed to be cool. Now,
what do you mean that's nasty? That's because of the jewelry,
I think, I think not only I think it's just
the fit in general.
Speaker 4 (01:01:27):
The fit.
Speaker 2 (01:01:29):
It's all the same, all right, So we're just morphining.
None of it's good. I think you can just kind
of lump it all together. Right, it's not that bad,
I mean, right, and there's you know, it's gotta be
some benefit to it, right, you want me to read this?
I don't think so.
Speaker 5 (01:01:45):
No, I don't think that either.
Speaker 2 (01:01:47):
Uh.
Speaker 3 (01:01:48):
Now I want to do some shout out. Shout out
to Tom. Tom is one of my favorite customers of
all time. Tom is the guy who's cat made him
one hundred thousand dollars back in then. Remember Tom, Yeah,
Tom's fossil. Yeah. Tom was awesome. So that that story was.
Tom came to me and he said, I really want
to sell my house. I've been listening to the show.
(01:02:08):
I sat down, I figured everything out. He had an
older roof. I budgeted that in and said, this is
what you're gonna sell a house for. He goes, sounds great,
Jim gonna hire you. But there's one thing. I got
to wait for my cat to die and the cattie.
I go, oh, what's up with that? He goes, I
don't want to take the cat with me. I don't
want to move it because it's older, and I don't
want it to go through that trauma trauma, and it's
(01:02:30):
my kid's cat, and I'm gonna wait for it to
die up. I just went out again. Can you guys
hear me? I can't hear anything.
Speaker 4 (01:02:37):
That's okay, Oh I can hear now.
Speaker 3 (01:02:39):
So what happened was is uh, it took it took
like eighteen months or something for the cat to pass,
and by the time that happened, the prices were going
up like crazy. So he ended up making a hundred
thousand dollars planning the cat.
Speaker 2 (01:02:54):
The cat lived a lot longer than it live a
lot longer, yep, and and ended up really benefiting from
you because of it.
Speaker 3 (01:03:01):
I was like, that is one awesome cat.
Speaker 2 (01:03:04):
That shows you how much he can appreciated, not being uprooted,
Like you know what, thank you, this is free.
Speaker 3 (01:03:09):
Yeah, here you are. You got a gift right, So
now what's happened is Tom moved to a rental property.
This is a few years ago, and now he's just
he's retired and now he's decided that he wants to
move out west to be closer to a bunch of
relatives out there.
Speaker 4 (01:03:23):
So he's the first time humbire.
Speaker 3 (01:03:24):
Well yeah, yeah, yeah, because it's been a couple of years.
Speaker 4 (01:03:28):
Medium.
Speaker 3 (01:03:29):
So we got him to the Polston Group out in Tucson, Arizona.
They helped Tom, one of Tom's customers. Tom is a
big fan of show on Tom Tom w and he
asked us to help a relative sell a house out
there in Tucson. Well, Tom is moving this Tom different,
Tom is moving to Tucson too. So he was like, okay, great,
got him over to the Polstons. They're closing on the nineteenth,
(01:03:52):
So Tom is moving to Tucson. I'm going to miss him,
but I'm also very happy. Another really another exciting referral
that I've done. I'm starting to do them now all
over the country. So you don't have to just need
a relter here in Florida. I can get your relter
almost well everywhere in the United States and in forty
four other countries.
Speaker 2 (01:04:13):
Yeah, and you're doing the part that everybody should be doing. Anyway,
You're really vetting. You're vetting these people. You're not just
here's here's somebody I found. You're VETINGO. What's your production?
How well do you know these areas?
Speaker 5 (01:04:23):
Like? What show me you're back of your baseball card?
Here your realtor card, show me your stats exactly.
Speaker 3 (01:04:29):
So what happened this week is Jennifer, who's been a
big fan of the show, and we helped her sell
a house about four or five years ago. Jennifer and
Jason they called up. They've referred out a few people
to us over the years, which I really appreciate. And
then they called she Jennifer texted me earlier last week
and she said, Hey, I got a cousin or a
(01:04:52):
niece up in Brooklyn who wants to buy in Jersey.
She had a really bad experience with a realtor. Do
you know so anybody up there that can help her.
I'm like, absolutely, So I talked to Rachel, Rachel and Robert,
that's Jennifer's relatives. They're moving from Brooklyn to New Jersey.
They have a very tight budget for where they want
(01:05:13):
to live. They understand that. They also know that where
they want to live based on the commute, because the
husband still has to commute to New York every day,
that they got to be close to the commuting like
the subways or the trains or whatever you doase up there.
Speaker 4 (01:05:26):
But so they still got to work. Are they Are
they a part of the New York City exodus?
Speaker 3 (01:05:32):
No, I don't think it's more about that. It's more
about their child needs special schooling and stuff, and they
need to be and they really want to buy. So
they're moving not to this area, but they needed Apparently
in the area they're moving to because they're on a
lower budget, safety is a big issue. So they like Jim,
I have to have a place with the good school system.
(01:05:54):
I got to have a safe neighborhood because I'm street
by street over there could be pretty crazy. I have
to have it affordable, and I need a realter that's
got my back. Because let me tell you what happened
with the first realter, the first realtor. They found a
property that was owned by an agent who was flipping
the property. So the agent that was selling the property
was also the owner who was flipping the property for profit. Now,
(01:06:19):
my customers wanted to Rachel and Robert wanted to do
a mold inspection, and her realtor we was like, don't
worry about it. What do you need a mold inspection for. Well,
they went ahead and did it anyway and found out
there was mold, and then her agent, instead of negotiating
on her behalf, was saying, don't worry about it, just
go ahead and buy the property anyway. How crazy is that?
(01:06:41):
So they fired that agent. They lost the money for
the inspection in the appraisal, and the whole thing fell apart.
So we got them to a great agent up there.
She's been up there twenty years and she does like
triple the production I do. And when I started talking
to her, she's at a higher price point normally, But
(01:07:03):
when I told her the issues that my fires needed
and everything, she seemed like the perfect match. And is
it working now?
Speaker 4 (01:07:10):
What's that?
Speaker 2 (01:07:11):
Oh?
Speaker 3 (01:07:11):
Wow, it's working. Oh look at Jimmy, you're you're a
master man. Yeah, oh my god, yeah you just yes, he.
Speaker 2 (01:07:19):
Had to rewire the whole thing. But uh, if you've
been with us out the gates and notice all good.
Speaker 3 (01:07:28):
No, I'm glad it's a payoff.
Speaker 2 (01:07:30):
For everyone that's been invested in this. You know, all
the MIC's working again in the studio.
Speaker 3 (01:07:38):
That's so funny.
Speaker 2 (01:07:39):
So the patch cable Jimmy kim Yeah, he ran a
new cable exactly right.
Speaker 3 (01:07:44):
So thank you, thank you Ross, so so thank you
Jennifer for getting us to Rachel.
Speaker 4 (01:07:50):
Robert.
Speaker 3 (01:07:50):
Can't wait to have that great success story up there.
Rachel's like, you're in Florida and you're helping me up here.
I go, yeah, I promise, I'm going to help you
up there. I'm going to get you to the right people.
Speaker 2 (01:08:00):
And hopefully if she knows anybody coming to Florida, sure
remember Jimmy, yes, do some vetting as well and be like, ah,
that's now I feel great about referring exactly.
Speaker 3 (01:08:09):
So let's talk about this fifty year mortgage. We were
talking about affordability before the break and uh, I don't
even know who floated it out, but somebody floated out.
President was the president saying a fifty year mortgage affordability
And it was more of a floating it out there
than a real.
Speaker 2 (01:08:27):
In the name of affordability, how can we make things
more affordable if the housing market's going to stay propped
up the way it is, how how is it more affordable?
It had enough forever.
Speaker 4 (01:08:36):
The float had enough impact where I had a real
estate agent call me this week and asked me if
it was available. So that's how that's how strong the
the idea was floated out there, so some people thinking
it was something happening. Right, So let'st's talk just an idea.
Speaker 3 (01:08:53):
Let's talk about the stats of how this would work. Okay,
So the Detroit News came out and what they did
is he took the average the median home sale price
in the United States, which is four hundred and fifteen
thousand dollars right now, very close to Port Saint Lucy.
Port Saint Lucy is a reflection of the average home
(01:09:13):
sale in the United States right now.
Speaker 2 (01:09:15):
Got every every home I get sent from Port Saint Lucie,
and I get a ton of them way above fort
four fifteen.
Speaker 3 (01:09:22):
Well, the other thing that's interested, we'll get that into
another show. But the other thing I'm going to start
talking about how people in Port Saint Lucy now are
moving to Indian River County for affordability for the go
and next to Sebastian that's coming, that's coming you know,
watch out, yeah, and rock lid. It's all just gonna
you're right up on top of it. But so this
(01:09:44):
affordability with the fifty year mortgage. So if you had
a four hundred and fifteen thousand dollars mortgage with ten
percent down MIC and then mortgage rate of six point
one seven okay, the thirty year mortgage would be two thousand,
two hundred and eighty eight dollars a month. What do
you think the fifty year mortgage would be?
Speaker 4 (01:10:04):
Are we using the same interest rate?
Speaker 3 (01:10:06):
Yes, we're gonna exact thing. So fifty years at six
point one seven four four fifteen hous.
Speaker 2 (01:10:11):
Uh so what is it? Two thousand?
Speaker 3 (01:10:14):
What? Twenty two eighty eight? So twenty eight eight?
Speaker 5 (01:10:16):
So give me, give me, give me thirteen hundred.
Speaker 3 (01:10:19):
Okay, Wow, what did you do about asking?
Speaker 4 (01:10:21):
Mike? Two thousand, two thousand, eighteen hundred a month?
Speaker 3 (01:10:25):
Uh? Raw sing ding ding raw two thousand and twenty
two dollars. All you're saving is two thousand, six hundred,
two thousand, two hundred and sixty bucks.
Speaker 7 (01:10:37):
That's assuming the same interest rate. Yeah, and they're gonna
the interest rate's going to be higher.
Speaker 3 (01:10:41):
I would assume that with the Fisher Bason interest rate
will be high.
Speaker 2 (01:10:44):
Hold on a second real quick, So at a thirty
year where we're at right now, I in my head
I had it around three grand.
Speaker 3 (01:10:50):
And it was twenty two eighty eight, and it.
Speaker 2 (01:10:52):
Only goes to twenty two eighty eight by extending the
term was almost double.
Speaker 3 (01:10:56):
What You only save two hundred dollars a month only
as a two thousand from twenty two to two thousand,
two thousand.
Speaker 4 (01:11:04):
That's assuming the same interest rate too.
Speaker 3 (01:11:06):
So you're paying that two hundred dollars over fifty years more.
Speaker 2 (01:11:09):
So with my accurate, Mike, is it around three thousand?
If we're just kind of playing that average game, are
we around three thousand?
Speaker 3 (01:11:16):
I don't think they're taking Texas insurance, Johnny, Okay. I
think they're just doing principal and interest in this article.
Speaker 2 (01:11:22):
Got you and in other states is going to be
a little bit of an advantage because they're not quite
paying the taxes and insurance.
Speaker 3 (01:11:27):
That we are, and some are paying more and some.
Speaker 2 (01:11:30):
Are paying more. Of course, that number is going to
slide all around.
Speaker 5 (01:11:33):
So but my.
Speaker 2 (01:11:34):
Accurate, Mike, is that ballparky for our area three grand
for what for the total payment yeah. Medium. If we're
at four hundred and fifteen thousand at the interest rate
we're at right now, No, No, where we at.
Speaker 4 (01:11:48):
I would say it's probably roughly right now when you
get your full like principal interest, tax insurance, maybe mortgage insurance, yep.
So for every one hundred thousand, you' about a thousand
on your HO was an obligation, So three hundred thousand
dollars home is going to land you somewhere around three
grand a month.
Speaker 2 (01:12:04):
Three hundred thousand, so a four to fifteen we're looking
at about four grande. Yeah, all right, So at forty
for thirty years, at forty.
Speaker 3 (01:12:13):
It goes to two twenty I mean of fifty.
Speaker 2 (01:12:16):
No, but your number was at forty years it went
to two twenty year fifty year fifty year morgage. Right,
But at forty years it went to twenty two hundred
to my wrong.
Speaker 7 (01:12:24):
No, thirty was twenty two fifty was two thousand even
right around.
Speaker 3 (01:12:29):
So you save it about two hundred and fifty bucks
a month, but you're paying it for an extra twenty years.
So what they're saying is, now check this out. Here's
a couple other stats to consider if you take those
two different things at six point one seven, and you
do one at fifty years and one in thirty years,
you're paying three hundred and eighty nine thousand dollars more
(01:12:49):
in interest over that fifty year long compared to the
thirty year long three hundred and eighty nine thousand. That's
like double the price of the house.
Speaker 5 (01:12:57):
To save twenty four hundred a year.
Speaker 3 (01:12:59):
To say two yeah, just say twenty four hundred obligation
paying three hundred eighty nine thousands.
Speaker 4 (01:13:06):
Let's I like to think about it.
Speaker 3 (01:13:08):
I have one more statistic and then go ahead, Mike.
Speaker 4 (01:13:10):
I was just gonna say, in the context of UH
solving the affordability crisis, how does that shake out?
Speaker 3 (01:13:17):
It was that I'm saying it doesn't know.
Speaker 4 (01:13:19):
But let me let me. Let me put it this way. So,
how much more purchasing power would it give you?
Speaker 3 (01:13:25):
Oh right, okay, let me thirty five dollars divided by
two hundred What does that come out to?
Speaker 4 (01:13:30):
Oh jeez, I don't know. Let me do it. Let
me do it. So if you're doing the I'm just
gonna do a four hundred thousand dollars loan. Okay, if
not purchase price, just loan amount four hundred thousand at
six percent. The thirty year payment is call it twenty
four hundred. The fifty year payment is twenty one hundred.
Speaker 2 (01:13:47):
And that's no taxes.
Speaker 5 (01:13:48):
No, we're just just principal and the Principkay.
Speaker 4 (01:13:51):
So let's take that twenty four hundred number, right, So
that means you can afford a four hundred thousand dollars loan, right, Well,
if I did a fifty year mortgage, You're like, okay, well,
now I can get more loan, right, because it's going
to reduce my payments. So how much more loan can
I get? So what kind of home could I afford
now on the fifty year assuming my max was twenty
four hundred? Oh I see, so you would do a
(01:14:12):
four hundred and fifty one thousand dollars loan amount to
get that same twenty four hundred payment on the fifty years.
So it essentially allows you to buy a home that's
fifty thousand dollars more on the fifty year mortgage than
it does on the thirty year.
Speaker 2 (01:14:28):
Morgue without without really changing your nut for your your Yeah, it's.
Speaker 4 (01:14:32):
The only thing, Yeah, exactly, It's just based on what
your max qualifying payment, but your insurance.
Speaker 2 (01:14:36):
Is probably going to be higher on a home worth more,
I would imagine, right.
Speaker 7 (01:14:39):
Well, depending on the size, size, right, it's probably going
to be bigger, right, and then.
Speaker 4 (01:14:45):
Potentially a little bigger.
Speaker 2 (01:14:46):
Yeah.
Speaker 4 (01:14:47):
So it's not a lot of bang for the buck.
Speaker 2 (01:14:49):
No it is.
Speaker 3 (01:14:49):
And now here's another thing to consider if you care
about equity in your home, not including appreciation. This is
just paying down the mortgage. If you were paying down
the mortgage on a thirty year loan, okay, it's six
point one seven on a four hundred and fifteen thousand
dollars house, it would take about ten, twelve to thirteen
years to get one hundred thousand dollars of equity. Okay.
(01:15:12):
On a fifty year loan, it would take thirty years
to get one hundred thousand dollars of equity. So it's
double to.
Speaker 4 (01:15:19):
Take that a regular payment.
Speaker 3 (01:15:21):
Yeah, so to me, fifty your mortgages are more like renting,
like you're kind of leasing the property because you're probably
not going to pay off the mortgage. Think about it,
you'd have to be like twenty, assuming that you were
going to make the payments to not pay early right
at twenty. If you kept that house and you bought
it at twenty, you'd be seventy when you paid it off. Right,
(01:15:43):
That isn't real life. That isn't how life works.
Speaker 4 (01:15:46):
Anybody house.
Speaker 3 (01:15:48):
We know a lot of people have paid off the house. Yeah,
as a realtor, I meet a lot of people have
zero zero mortgages.
Speaker 4 (01:15:54):
On their right.
Speaker 7 (01:15:55):
But like if you buy your home at twenty two,
you don't see like a lot of you. I feel
like the people that have paid off their house are older,
and it's a smaller demographic than the people.
Speaker 4 (01:16:10):
Maybe they paid off their house, or maybe they bought
the house with proceeds from a prior sale. They didn't
pay off that prior house, but they made enough you know,
over the years that they were.
Speaker 7 (01:16:21):
Either how many people are actually finishing their thirty year term.
Speaker 4 (01:16:25):
So yeah, and it's a good question.
Speaker 3 (01:16:27):
And the other thing is is when you give a
benefit like this, this is how people are going to
use it. And I'm not saying it's wrong, but they're
going to go Mike's way and they're going to go, well,
let's try to make the homes affordable. It's like, well,
now I can pay fifty thousand dollars more for the house,
which is going to raise property values again. Right, So
that's what I don't get is how are you going
to benefit the buyers without having the sellers benefit too
(01:16:52):
by raising appreciation?
Speaker 2 (01:16:54):
Yeah, I'll say, do you understand what I'm like, We're
going to do the idea of people spending more for homes,
but then somehow become a more affordable don't.
Speaker 3 (01:17:04):
Connect, right, It doesn't make it.
Speaker 4 (01:17:07):
Just it gives you more buying power, that's the way
I think about it, and give the ability to pay
for a home that you can't afford, right on the
thirty on the thirty according to who Johnny like, I'm
sure these same arguments were discussed when they were talking
about the thirty year mortgage versus what was in place
before that?
Speaker 5 (01:17:28):
Right?
Speaker 4 (01:17:28):
Right? And if you go back, let's say you never
did mortgages, they didn't exist, so you basically had to
save up money and buy a house. Like, where would
housing prices be if that were the case? Right, So
there's always this like, of course, what home values are
going to go up because now you can afford it.
Speaker 2 (01:17:43):
I love the idea of making it more affordable for people.
I don't think anybody's going to fight that. But all
of these connections drive home values up, right, because people
are going to spend more for the home. It's just
the caboose follows directly.
Speaker 4 (01:17:58):
If I liked. If you think about like just car loans,
car loans, even if you've never been a homeowner, car loan,
it's probably something you have looked at. And when you
go to buy a car and you're looking at loan options,
there's the three year, the four year, the five year,
the six year, the seven year payment and if monthly
payment is the most important factor, so your budget essentially,
(01:18:21):
I mean you're going to look at those longer term
car loans and you know, I'm really concerned about how
much you're paying an interest over the three extra years
of it, right, because you just want your payment. You
need to get it. You want to get the car
you want at a payment that's affordable.
Speaker 3 (01:18:35):
So but but the thing is is what that's ad
percent correct. But then when everybody starts doing that, the
prices go up, then you lose the whole thing.
Speaker 4 (01:18:43):
You're buying the car you can't really afford, Like I'm
going to all of a sudden, I'm gonna get that
sixty thousand dollars truck that I've had my eye on
instead of the thirty thousand dollars you know, two door.
Speaker 2 (01:18:53):
Gas and then a fourteen years high.
Speaker 4 (01:18:56):
Yes, I it's good to be a repo man. Say,
as a professional in the real estate industry mortgages, I
you know, you could very easily advocate for the fifty
year mortgage because it's going to allow people to do
more loans.
Speaker 2 (01:19:12):
Right.
Speaker 4 (01:19:12):
So as a mortgage profession I'm like, oh great, yeah,
fifty year, let's do. It's another tool, another loan you
go on there. As a home owner, it's guaranteed housing
prices will go up if you introduce the fifty year mortgage, right,
because people are just going to be able to buy
more house right and still have the same payment or something.
So as a homeowner, I'm like, yeah, great for property values.
(01:19:35):
As a buyer looking for affordability, ain't going to cut it.
It's not a solution to the affordability issue. If anything,
at an exhast their base, you'd.
Speaker 3 (01:19:47):
Be doing so much better just taking advantage of this
market with the lower interest rates. Have the seller buy
down more interest rates because they're motivated. This is the
this is a much better mone market than if we
had a fifty year mortgage market for buy or some
talking about this is a better buyer's market.
Speaker 4 (01:20:05):
Well, I'll tell you what. If you could lock in
a fifty year loan where you're paying five percent, there's
a lot of people that would do that, and I'm
just I think I think most people just dive at that.
I'm just saying, like, if that was on the table,
five percent, because then you're like, oh, yeah, well fifty years,
I'm going to take the money i'm saving. You know,
(01:20:26):
I'm going to do something else with it investments. Am
I going to do better than five percent over a
fifty year span on my investments? You know, people are
going to start thinking about it that way and they're
going to say, yeah, I'll take the lowest payment possible.
If I really want to pay off my mortgage in
ten years, I know how to do it. I'll just
make extra payments.
Speaker 2 (01:20:40):
Don't you think there's an instant shift, because I don't
think a lot of people buy homes unless they're a
certain age where the thought is that I'm going to
be leaving this to my kids. I think it's this
is my next stepping stone to my next home, to
my next home, to my then forever home. I think
at a fifty year you may be like, hell, this
this is the house that I'm leaving to my kid.
Speaker 5 (01:20:58):
I think it almost shifts the thing king of the property.
Speaker 4 (01:21:01):
There has been suit and Jimmy brought up the argument
about like the equity position, so on the fifty year
loan you're paying if you're just relying on paying down
your mortgage to kind of like impact your equity position,
which was I think the mindset for a long time
with mortgages, which is all I'm paying down, looking I
got all this equity, I'm paying down building my equity.
(01:21:21):
That shifted at some point because the increasing housing values
is really where your equity position right right, That's where
you're going to get the biggest movement. You're not paying
down your mortgage, You're just the home values of going up,
and it's you know, five percent year over year, ten percent,
twenty percent year over year. We saw those kind of numbers,
and so that is probably still a mindset for a
lot of people, which is just hey, I'm not worried
(01:21:43):
about my principal balance on my loan. My home value
is going to be higher than it is now at
some point in the future.
Speaker 2 (01:21:49):
I think that's pretty well a lock.
Speaker 5 (01:21:51):
I mean, unless something catastrophic happens.
Speaker 2 (01:21:53):
But three to five percent is an expectation for everybody
year over year, wouldn't it be.
Speaker 4 (01:21:57):
I mean, well, part of the major catastrophe obviously in
you know six eight was home values went way that
it didn't matter if you had paid your equity position
down on your mortgage, right, your home value. The market
dictated your equity position, right, not not what you paid
on your mortgage.
Speaker 5 (01:22:12):
So I guess it always does right.
Speaker 3 (01:22:13):
Well, yeah, Ross, I like the one hundred year mortgage
Ross Ross, that's called renting.
Speaker 2 (01:22:21):
Ross.
Speaker 3 (01:22:21):
We have a hundred year mortgages called renting But I was.
Speaker 4 (01:22:25):
Looking somebody brought up Japan, and I'm like, do they
really do that? So they did try the hundred year
mortgage in Japan at some point, with the feature that
the mortgage could be inherited by your estate, right, so
you keep the home and the mortgage on it, which
actually happens with us too. Right that that that that
goes You know, if you inherit a home and it's
got a mortgage on it, you're gonna have to take
(01:22:45):
care of that as well. I saw something about mortgage portability.
Speaker 3 (01:22:48):
Well I'm going to be talking a little bit about that,
but ross you were, you did a little chat GPT
thing about the fifty year mortgage and what was it
saying about it?
Speaker 2 (01:22:57):
Well, I had.
Speaker 7 (01:22:58):
Seen like a like a article or somebody that somebody
wrote about like, oh, fifty or mortgage. It's great because
you're basically shorting the US dollar or it's a leveraged
short on the US government.
Speaker 4 (01:23:12):
I was like, what the heck does that mean?
Speaker 2 (01:23:14):
Yeah, it's a thirty year fixed rate, so you can.
Speaker 7 (01:23:17):
You borrow today's dollar to buy a real asset. Then
you pay the debt over decades with future dollars. If
the dollar's purchasing power declines faster than your interest rate,
high inflation, currency devaluation, loss of confidence in the dollar,
the real value of your debt erodes. You still owe
the same amount, but those dollars are worthless, so you're
(01:23:39):
effectively short the dollar and long the real asset.
Speaker 3 (01:23:43):
When I hear that stuff, this is what I hear
blah blah blah blah blah for most people. And this
is why it's just like the people that say it's
better to rent than buy. Yes, those people are assuming
that you're going to take the savings that you get
and started vesting into things that get a bigger return
than the appreciation on your house. You have to do
(01:24:05):
that in order to make that plan work. And how
many people are sophisticated enough to go out there and say, hey,
I'm going to start taking all the savings I have
and started investing in different stocks. Now, there is one
person that I know right now that that would be perfect.
With that DJ guy we were just talking about, who's
going to close on Monday. That's what his whole thing
is about, is trying to do that. But it's work
(01:24:27):
and it's time and its effort. And I don't think
the average person does that. And they're buying a house
to live in. It's something that they're using to live in,
a raise a family, and you know, go to good
schools and be close to your job. There's so many
more things than well, it's just the financial component of
a house.
Speaker 2 (01:24:45):
I definitely am way more to the idiot side of
the spectrum. I mean, I understand this, but more than
the savants.
Speaker 5 (01:24:51):
Yeah, for sure.
Speaker 2 (01:24:53):
If your mortgage payment is two thousand dollars. It's two
thousand dollars. Regardless of the dollars the driving current andy
or the bottom end currency, it's still two thousand dollars.
So that perspective of what the dollar's worth and pain
lesson you're still paying dollar for dollar regardless of what
the US dollars standing is as far as value of
(01:25:16):
currentsy And it requires you to step outside of the dollar.
It's not like currency here, yeah, exactly.
Speaker 4 (01:25:22):
You move away from the dollar and then you can
watch your dollar independently. No, you're operating in dollars.
Speaker 7 (01:25:27):
Yeah, right, I mean, I guess the only way it
makes sense is like if ten years from now, milk
is one thousand dollars a gallon, but your mortgage payment's
only two thousand dollars, You're like, it's only two two
gallons of milk.
Speaker 2 (01:25:40):
Yeah, that's I've killed it's that's that's the best way
to frame it. If you can picture a society like that,
jump on the fifty.
Speaker 3 (01:25:48):
Yeah. Now, portability, I'm very unfamiliar with it. I hadn't
heard about this before, and apparently it's used in Canada
and Britain. Right, UK and Canada already have portability mortgages,
and supposedly they don't have the thirty year locked in
interest rates. Your interest rate is only locked in for
(01:26:09):
two to three years, so it's all adjustable after it's
adjustable after that. So I'm assuming what they're deciding is
with the portability up there, you know in those countries,
is that you decide when you're selling your house. Do
I want to keep this interest rate I've already got
or am I going to trade down if you will
if the interest rates are lower?
Speaker 4 (01:26:27):
Yeah, Well, if it were fixed, it would be easy.
Speaker 7 (01:26:29):
If it's an adjustable, then like, well and take it
with you because it's going to be the same.
Speaker 5 (01:26:34):
Right are they.
Speaker 4 (01:26:35):
Run Why you would favor one over the other?
Speaker 5 (01:26:37):
Are you running credit every three years? Like? If you
destroy your credit in the meantime, are you then getting out?
Speaker 4 (01:26:42):
The advantage has to be like, I've got a clean
payment history on this mortgage. This mortgage is sufficient for
me to get into this new home. Why would I
need to go through the process of getting a new mortgage.
I'm just going to bring this one with me and
we'll secure it to the new home. Right, we unattach
it to the home I sold, resecure it to the
new one. I don't have to go through the rigamarole
(01:27:02):
of underwriting and you know, all of that stuff. And
maybe my credit has gone bad, you know, but I
still pay my mortgage, right, I still got a good
payment history on my mortgage. I'm not gonna have a
problem with that. So maybe there's some that's got to
be the advantage. If it were fixed rate, then I
could really see an advantage. Like I'd say, you got
you you're three percent. Today's market is at six percent. Well,
(01:27:25):
of course I'm taking my three percent with me.
Speaker 5 (01:27:27):
Well, is this a whole new loan every time too?
Is there closing costs involved?
Speaker 2 (01:27:30):
Is this is just like money making scammed by the
banking Let me let.
Speaker 3 (01:27:33):
Me read this paragraph because I'm unfamiliar with them.
Speaker 5 (01:27:36):
Having to have closing costs every three years.
Speaker 3 (01:27:38):
Right, I don't think that happened. You mean, like as
it's adjusting, yeah, or the whole new loan. No, no, no,
there's such an adjustable rate. I think Jim's saying it's
an adjustable rate mortgage. Well, let me let me read
you how this says Canadians and UK borrowers. Borrowers typically
have fixed rate loans with terms only lasting two to
five years. Oh, that's vastly different from the fifteen in
(01:28:00):
thirty year terms in the US. At the end of
these short term loans, homeowners in Canada in the UK
can either pay off their mortgages in full or renew
them and negotiate new.
Speaker 4 (01:28:12):
Terms renew interesting, So you're on the right track, Johnny.
What's the cost of renewing?
Speaker 7 (01:28:17):
Do you have any Canadian listeners that can call in
with their mortgages?
Speaker 3 (01:28:23):
Are are there any Canadians left in Florida that will call?
Speaker 4 (01:28:28):
Yeah, now they're really going to call.
Speaker 2 (01:28:31):
Come on, So, just because the Cup's been in the
US for so long, doesn't you got eight US.
Speaker 5 (01:28:39):
Basically an American sport.
Speaker 4 (01:28:40):
Now I have some so with Canadian players.
Speaker 3 (01:28:44):
But so I don't know if portability a work or not.
My big question is if they go to this, are
they going to do the two to five years? And
maybe you have a choice, Maybe you could do a
fifteen year fixed, thirty year fixed, or you could do
this portability thing. And maybe it's just another loan product
out there to be used. I don't know.
Speaker 4 (01:29:05):
I don't I think the portability, in my view, is
a different question than that style of loan where it's
like a you know, a three year agreed upon structure
right for interest rate and term, and they're probably I'm
sure they're still on like a thirty year amortization, right.
You're not getting you're not structured to pay off whatever
you borrowed in three years. You're just you're you're agreeing
(01:29:27):
to a payment structure over the three years, and it's
probably a thirty year amortization, right, So similar to our
thirty year loan the way they calculate the payment. So
then it's just like okay, well in three or five years,
you then have the option to switch structures. Maybe you
can switch into something that's not adjustable, or switch into
the different you know, I don't know baseline index for
(01:29:48):
your for your rate. But then the portability would be
I think a different conversation, which is just like, you know,
bring the loan, attach it to a new house. Which
I don't mind that idea in general, if there were
a fixed rate loan and it would be easy analysis.
Speaker 2 (01:30:02):
So wasn't didn't we one hundred percent blame addressable rate
mortgages on our last collapse?
Speaker 4 (01:30:07):
Like, wasn't that that was a part of it?
Speaker 2 (01:30:10):
Wasn't it like it was part of.
Speaker 7 (01:30:11):
What they had, the negative amortization loans, which were pretty amazing.
Speaker 3 (01:30:14):
Yeah, which.
Speaker 4 (01:30:18):
I mean think of it like negative amortization almost like
a you know, interest only or a reverse mortgage. Right,
we're basically instead of paying down your loan balance, it's
paying up your loan.
Speaker 3 (01:30:29):
I was in one of those, I have to admit,
choose your payment right when I got into real estate
after my last career, I used one of those loans.
It was called pick a pay, Remember that pick a pay.
Every month, you could choose how you wanted to do
your payment. You could pay more than what you're supposed
to pay, right than your than your set fee. You
could pay the set fee. You could also pay less
(01:30:52):
than what you're supposed to pay. And then that's the
negative equity part, and you could choose. It's like, oh,
you have so much flexibility.
Speaker 4 (01:30:58):
And these were all very creative solutions to the affordability issue, right,
which is how can somebody buy a house in today's
market but still be able to afford it from a
monthly payment perspective. And so you you did these things
such as very low introductory rates, teaser rates, right, So
(01:31:20):
your payment for the first x amount of time was
only this. Maybe it was an interest only payment. Maybe
it was a super low interest rate, and you qualified
off of the super low interest rate, not what it's
going to be in three years, but what it is
on the intro rate. We talked about the cash problem,
how do you come up with the cash? Well, we'll
let you borrow it. Matter of fact, we'll let you
borrow one hundred and five percent of the value of
(01:31:41):
the home so you can cover all of your costs.
So basically zero out of pocket, super low introductory teaser rate,
adjustable rate mortgage, and what else. Oh, you don't have
to like, you wouldn't need any income docs Like, we
think you're going to be fine. We think you're going
to be good. State dated income stated assets meaning I
(01:32:03):
don't really care where your assets came from, as long
as you're your whatever cash you need, which might be zero,
maybe you're gonna get money back at closing, Johnny, right,
Like all of these things were. This was the financial
the mortgage industry's solution to the affordability. Yeah, question, it
worked right, and it definitely got a lot of people
into homes that they lost were not affordable unless you
(01:32:27):
put them into these you know, structures, and then all
of a sudden when the structures changed. That was certainly
one part of it now, which was a chicken or
egg jim. As far as like housing values, like what, well,
the housing value was the straw that broke the camels.
Speaker 3 (01:32:46):
That's what That's what I'm worried about when they talk
about trying to fix this affordability crisis they were having,
even though it was a BS affordability crisis back in
three to five, okay, because the prices were going up
so fast, had to come up with products. I mean,
it was crazy high COVID even the COVID time wasn't
(01:33:07):
as high appreciation as three oh five, right close, but
not cigar. So the thing is is that when we
started offering those products to make homes more affordable so
you could buy more homes, what happened The prices went
up like crazy. I don't see how we're going to
solve the affordability prices crisis for buyers without without right.
(01:33:30):
We created for the buyers without the seller's benefiting. And
I'm not saying that the seller shouldn't benefit, but that
doesn't solve the problem. Is the problem that we got.
I don't know how they're going to solve it.
Speaker 4 (01:33:43):
You need to more income, that'll help it. There we go.
Speaker 3 (01:33:47):
Both people are talking about I think one of the
secretaries for the president, I don't know which one. He
just mentioned that it would be a lot easier if
everybody just made more money. Right, But then if you
do that, then that's suffordability too. Yeah, yeah, right, that's
gonna I just don't see how we're getting out of
this in an easy way. I think there's pain. There's
(01:34:08):
going to be some kind of pain happening somewhere.
Speaker 2 (01:34:11):
The the idea of well it's okay that everything is
so expensive if we just make more money.
Speaker 4 (01:34:16):
Is it's great?
Speaker 2 (01:34:17):
Wait, it fixes a lot, but it just doesn't fix anything.
Speaker 3 (01:34:21):
It doesn't really. It kicks the can down the road
for a while.
Speaker 5 (01:34:23):
But we're great at that. But that's just going to
raise inflation. Yeah, yeah, absolutely, Yeah.
Speaker 8 (01:34:28):
So I don't know's more expensive you can't afford it?
Get you're making more money, that's right. And this has
been happening over and over and over again.
Speaker 4 (01:34:37):
What's the good news for buyers and sellers in this market?
Is there any good news?
Speaker 3 (01:34:42):
Yeah, Well, let's talk about Yeah, thank you, Mike. I
don't want to be Mike's ready, Mike's ready to get
the news out.
Speaker 4 (01:34:49):
No, it's also it's it's also it's very easy to
get into that world of predicting, like where what should
do a lot of people aren't in the sit back
and wait mode right like, for whatever reason, they just
maybe this is the year they got to do something.
So we should be thinking about like what not what's
(01:35:09):
ideal for me to do? What's my crystal ball say?
But like, what are my possibilities right now? What's it
look like I gotta do something in this next six
month window or this next year.
Speaker 3 (01:35:17):
My baby's about to be born, my kids are got
I got three kids in one bedroom, right, So that
that's real life stuff. That isn't like egghead what we're
talking about right now. So when we're talking about real life,
let's talk interest rates. First, for the buyers and the sellers.
We went up slightly point oh two, that's two weeks
in a row. We went up. The lowest we got
(01:35:37):
to I think was six point one seven since the yeah,
six point one seven, since we had the the FED
rate cut. It didn't really well, I guess it. I
guess we dropped, Like what.
Speaker 4 (01:35:52):
Do I call this flat? I feel like we've been We've.
Speaker 3 (01:35:55):
Been Yeah, we've been flat, right, Yeah, we've been flat basically.
Speaker 4 (01:35:59):
Yeah, flash But yeah, like sid September, I would say
mid September to now.
Speaker 3 (01:36:03):
We're pretty much never That sounds pretty fair. September sixteenth,
I'm looking at. Yeah, we're in the like six to
six and a quarters where we are. That's where economists
say we're going to be next year and the year
after that, and maybe even the year after that. They
think low sixes is where the bar is going to
be right now. They're not predicting that we're going to
(01:36:23):
be in the low fives. They're not predicting that. I'm
not saying that they're right. I'm just saying what they're
projecting the economists. Interest rates are still very very low.
And if people are complaining about the interest rates, let
me ask you this. Would you rather be in August
when we had six point five eight a quarter point higher?
Or would you like to go all the way back
(01:36:45):
to May of this year we were at six point
eight nine, right versus six point two four right? Or
would you like to go to November twenty twenty three.
Indeed that seven seven nine, So that was the peak
of the interest rates if we've had for the.
Speaker 4 (01:37:03):
Last couple of years, raise your hand if you want
to go.
Speaker 3 (01:37:05):
Seven seven nine, and we went all the way down
to six and a quarter. So what is that one
point five percent interest rate drop? One point five percent?
If anybody said, hey, if you can get a one
point five interest rate drop, would you do that? Yeah?
But here they're looking at six you know those six
is go, yeah, I'm waiting to get better. Have fun
(01:37:27):
with that because I don't see it happening.
Speaker 4 (01:37:29):
And it's a big question for like people who are
considering refight. So let's say you did you were in
that zone where your interest rate is higher than today's
market rate, whether it's one and a half or one
or a half, like you're The question you're asking is, well,
what's going to happen this next year? Like is now
the time to pull the trigger? Or am I waiting
for these rates to drop? And there's no way to
(01:37:49):
answer that with any like with any of assurance.
Speaker 3 (01:37:53):
Yeah, yeah, and the.
Speaker 2 (01:37:55):
Quick question, yeah, so at six point two five, how
much cash would I need from a sell if I'm
a buyer, mic, if I wanted my interest rate to
be five point seventy five, how much cash would I
need to buy down my interest rate a full half percent?
So it's about I would say.
Speaker 4 (01:38:10):
And it's not like this, it's not linear, it's not exact, right,
but just roughly, it's going to cost you one point
to buy down your interest rate a quarter of a percent.
So one point is one percent of your loan amount.
So if you're borrowing four hundred thousand, one point would
be four thousand dollars. That four thousand dollars can be
used to buy down your interest rate from six and
(01:38:31):
a quarter to six, right, so one point for quarters.
So in order to buy it down half a point
you need I'm sorry, half a percent on your interest rate,
you need two points.
Speaker 3 (01:38:42):
So that's eight example you're saying.
Speaker 2 (01:38:44):
For exactly right, So it's in there amount of cash.
Speaker 4 (01:38:47):
But the question is should you do that? Like that's
this is that's one of the simplest concepts to like
determine should you do it or not because there's a
break even period. You basically Johnny's like, Johnny, give me
eight great today and I'm gonna pay you back. Just
I'm gonna make the math easy. I'm gonna pay you
back one hundred dollars a month for the life of
this loan, okay, Okay, so it's going to take you
(01:39:10):
eighty months to recover your eight grand, right, So what's
that six and a half years, seven years ago. Yeah,
So as long as this loan lives past that break
even point, you made the right decision. That's a pretty
long break even. A lot can happen in one's life.
Speaker 3 (01:39:27):
And seven it's true. But if you look at the
national statistics, okay, how long average person staying is eleven
to thirteen years right now. It used to be five
to seven and then it got the avanlenge.
Speaker 4 (01:39:39):
Though, because if you refinance, you're in the same boat, right,
So if you refinance in the next seven years, you
also never made your money back, right right, So that's
a damble. There's yeah, there's no there' guarantee you can refinance.
So if you feel comfortable that you're in a loan
that you're probably not going to pay off one way
or the other, you're not going to pay it all
(01:40:00):
off within your break even period. So the question is, like,
what's a comfortable break even for me? I like three
years as kind of like my where I'm saying, three
years is probably a comfortable break even. Uh, it's possible
that you do something within that window of time, but
it's also likely you don't. So the short of the
break even the easier the decision, because I think for
(01:40:21):
the people that are hung up on interest rate more
than anything, that particular number seems to be their biggest
hurdle and maybe cash isn't an issue for them, and
they're so fixated on using such a big chunk for
cash down.
Speaker 2 (01:40:33):
I think discussions with professionals like like understanding of where
your money's better utilized based on your plan, and it
obviously plans. You know, a plan that can't change isn't
a great plan. But having all that information, like to me,
if that if the interest rates the real fixed number,
that's the issue, that's a we can move that and.
Speaker 4 (01:40:50):
You can like and especially if you can get money
from some not your money driven it, if you can
get it from the seller, you can get it from
some program or something and.
Speaker 3 (01:40:59):
Get back to the what's happening in today's market, there's
ability to do that. We just gave you a real
life example where my sellers were more than happy to
offer the seller concessions or the seller discounts or credits
to the buyer that the buyer needed to close, because
that mortgage broker said to me, for the buyer, they
(01:41:22):
really need the money to close. They're very good on
W two they've got you know, they're perfect on paper,
but they're cash poor to get this house. So that's
what it was going to take to do the deal.
And I feel like this, and the agent was very sharp.
She raised the price of the house a little bit
(01:41:42):
so it wasn't as big of hit to our sellers.
So you can do that in today's market, buyers, right,
if we get into that crazy, frothy, heated market again,
you're not going to be going through that. And anybody
that bought during that COVID time and you had fifteen
offers your eating with and you had to buy a
house at that point, you're not getting the credit and
(01:42:03):
you were going through all that. Not only were you
getting a credit, you you were stressed out the whole process.
You were stressed out and there was a lot more
buyer remorse because they felt pressured to do something.
Speaker 4 (01:42:15):
Right.
Speaker 3 (01:42:16):
Now, you're in control as the buyer now just to
flip the seller side, just real quickly. The seller side,
it's still an okay time to sell. You just got
a price the house correctly compared to everything else that's
happening in your neighborhood, blocked by block, street by street.
That's why we're able to get the household for James
(01:42:36):
and James and Cathy so fast because we were very
realistic about what it was really going to sell for
and put it at that price, and that floated out
there and we'll see what happens.
Speaker 4 (01:42:48):
It's also kind of like this isn't like we're not
talking to the speculative seller, like we're talking to people
who are in a position in life we're selling could
make sense, and then so do the dollars make sense.
And it's very easy, Jim, for you to and painless
for the potential seller to call and say, hey, Jim, like,
I'm thinking about selling, what do you think I can get?
I need to calculate what I'm going to walk away
(01:43:10):
with and make sure that that works for my next step.
And that's like a super easy call to make. And
you give you an address and you work up some
stuff right, and you don't charge people to do that.
As a matter of fact, you need those opportunities like
that's how you that's how you thrive. So to me,
it's always like, do the analysis, figure out what's comfortable,
what are the goals you're trying to achieve. Can you
(01:43:30):
make it work right now? If it doesn't work right now,
the great news is you now really understand why or
what it takes to make it work right and then
you can kind of watch it happen. DJ's a good example, right,
Like we talked to him a year ago and he
was looking for this the unicorn, right and it just
wasn't there a year ago. Well guess what it's it
was there now? Why was it there? Because he was
(01:43:51):
watching it. He kind of kept his finger on the pulse.
And when those opportunities presented, Jim, I don't know, Jim
called him or he called you, or you know, you
kept the touch.
Speaker 3 (01:43:59):
He called time or what he called me, And he
knew that he'd been searching because he knew that unit
that we closed on was the first unit he told
me about before I started even doing the searches for him,
and I showed him a bunch of others. I think
we looked at six or seven units or something, but
that was the unit for him, that's what he wanted.
It was perfect for him, and it worked out well.
Speaker 4 (01:44:19):
And if you've been a buyer and you're kind of
like been waiting for things to happen, those things are happening.
If you're looking at like Jim, the one that you
sold the two fifty six months ago, a year ago,
two years ago was probably you know, higher than that, right.
So the yeah, and it's not like we haven't had
this major crash, Like we're talking about affordability. What's it
(01:44:40):
going to take. Well, you don't have to have a
housing crash. But if you think about where have interest
rates hovered for the past several years, has that kind
of been a natural kind of bomb on housing prices
going up or down or staying sideways?
Speaker 2 (01:44:55):
Like, has that been.
Speaker 4 (01:44:56):
Contributed to the affordability question just because rates of mained
a little bit higher, right, And maybe that's the way
to do it, just kind of like a natural cycle
of where things should be, you know what I mean.
So yeah, it's and it's kind of you know, who
knows all the factors, But to me, that's a very
like much more you know, a comfortable and natural way
(01:45:20):
to combat this affordability crisis is to maintain interest rates
at a level that you know, keeps keeps things more predictable,
more flatish, less spikes.
Speaker 3 (01:45:29):
Yeah, and uh, you know, it just reminded me of
what you guys were talking about. Ah, a property that
that I had a customer that was on the market
with and I told them that they needed to fix
the house up for what they wanted to get for
the property. Go, well, based on the home sales, your
(01:45:52):
house is not in the condition to get the number
you want I go. So either we could work it
where you don't have to do anything and we're just
going to sell it as it is. And that's fine.
It's not like a horrible house or anything, but it's
not updated that buyers. Buyers are going to come in
and want to do stuff right away with this house,
unlike that other house we just talked about. You can
move in and not do stuff right away and feel
(01:46:12):
like you got.
Speaker 4 (01:46:12):
To agree the house just need like uh needed to make
up or to actually have to hit the gamers.
Speaker 3 (01:46:17):
It was more like, yeah, right, well, actually it desperately
needed a paint job, thorough cleaning, but that you know,
everybody needs that when they're they're going to go sell
the house. But uh, it definitely needed a paint job,
and there were a lot of honeydews, and some of
the mechanicals were older in the house, and they want
to take it into that consideration. When they came to me,
they wanted a very high price for the house and
(01:46:39):
read yeah, yeah, and and I, you know, I tried
to put it together. So they spent six weeks, based
on my information, trying to fix up the house, and
then they I finally called the guy back. I kept
calling him, and then they were like, yeah, We're going
to go with another realtor. And I'm like, really, after
everything I've done up to this point, they go, yeah,
(01:47:01):
I go, what are you going to put the house
on the market for? And the realtor whatever number that
they said they wanted, he went with it. Yeah, and
the house has already had a couple of price drops.
Speaker 4 (01:47:11):
And oh yeah, you're watching it.
Speaker 3 (01:47:13):
Yeah, so you know, you can hear what people are saying,
or you can see the stacks of what's happening in
your neighborhood and base it on facts.
Speaker 4 (01:47:23):
But my neighbor told me, yeah.
Speaker 3 (01:47:27):
So you know know your numbers. If you're a seller,
it's still not it's still a good time to sell.
If you know your numbers and you do it the
right way, it's a good time to sell.
Speaker 5 (01:47:35):
Yeah.
Speaker 2 (01:47:36):
So there's a lot of people out there looking to
buy a home.
Speaker 5 (01:47:38):
That's the reality.
Speaker 3 (01:47:39):
Let's do the clap thing right now. Do you want
to Let's do it right now?
Speaker 2 (01:47:43):
Yeah?
Speaker 3 (01:47:43):
Yeah, I could do it in the video. Okay, watch yeah, now,
everybody watched the camera. Hold on, but let me get
to let me get to the camera.
Speaker 2 (01:47:52):
Florida Talk real Estate on Facebook Florida.
Speaker 4 (01:47:54):
To watch the camera.
Speaker 3 (01:47:56):
You got to hands are on the camera that we
see your hands?
Speaker 5 (01:48:01):
Jim, can you do it with us even though you're
not on camera.
Speaker 3 (01:48:06):
Everybody ready, I'm ready.
Speaker 5 (01:48:07):
I'm giving everyone just a minute to get on Facebook
and YouTube. They'll miss out one.
Speaker 2 (01:48:12):
Two, Jim, I did it?
Speaker 5 (01:48:15):
You did you?
Speaker 3 (01:48:16):
Yeah? I think so.
Speaker 4 (01:48:18):
He's not looking.
Speaker 5 (01:48:18):
He's not looking after.
Speaker 4 (01:48:21):
You have to watch. You need to watch.
Speaker 2 (01:48:25):
Ready, eyes over here.
Speaker 4 (01:48:27):
What nailed it?
Speaker 3 (01:48:31):
We're learning that this is gonna be worth it people,
what we're doing. Yeah, it'll be worth it. Believe me,
it'll turn out for a band to believe me.
Speaker 5 (01:48:42):
Yeah, I think we're getting we're getting fast tracked.
Speaker 4 (01:48:45):
Who is the Spanish earlier they did like the guitar,
the brothers, the whole band of brothers and they clapped
in Unison. Oh geez, No, nobody's pulling that.
Speaker 5 (01:48:55):
No clapped in Unison. Band of brothers playing guitar, and
they're Spanish.
Speaker 4 (01:49:00):
Spanish or maybe South America.
Speaker 3 (01:49:02):
The most Latino greeno I ever.
Speaker 4 (01:49:04):
Senor, I know, I don't know the super popularist. I'm
gonna go, I'm gonna look afterwards and you guys all
know it. Yeah, super popular, super probably played Red Rocks
type popular.
Speaker 5 (01:49:15):
Wow, why do I not know? Uh?
Speaker 4 (01:49:18):
The gypsy Kings, Yes, Ross pulled it.
Speaker 2 (01:49:22):
Los Lobos, No, it's the gypsy Kings.
Speaker 4 (01:49:24):
Yeah, you know them? You know those songs?
Speaker 2 (01:49:27):
Yeah, I would at least one.
Speaker 5 (01:49:28):
I didn't know they were. They clapped and played guitar,
and I know there was.
Speaker 4 (01:49:32):
The Tower of Red Rocks. I said that and.
Speaker 7 (01:49:36):
There back in eighty seven.
Speaker 4 (01:49:39):
But they clapped in Unison a lot as part of
their music, you know, perform.
Speaker 2 (01:49:43):
I'm very glad we weren't sharing the mic so you
can get that in. Thanks for being with us, Thanks
for dealing with our nonsense. I always remember Florida Talk
real Estate is a dot com. You're one stop real
estate shop pros pros. You get them all one click
away Florida Talk real Estate dot Com.
Speaker 5 (01:49:57):
Find us on Facebook and YouTube. No what is it it?
Speaker 2 (01:50:00):
Share it, change lives, including your very own with the
prospros to Florida talkreal Estate dot Com. Like Mike Crowd
the mortgage guy from the mortgage firm, have a great weekend.
Speaker 4 (01:50:07):
Okay, you too, Thank you, Thank you, Ross.
Speaker 2 (01:50:08):
Comaronets Bright winning shares, Juno Beach, thanks for sharing a
Mike and I hope you have an excellent weekend.
Speaker 4 (01:50:12):
Thank you. Oh do my best, please do.
Speaker 2 (01:50:14):
And Jimmy d will you do your best to have
a great weekend.
Speaker 3 (01:50:17):
I am. I'm going to try them driving up to Tennessee.
Speaker 2 (01:50:19):
Oh well, save travels.
Speaker 3 (01:50:20):
Maybe twelve hour trip.
Speaker 5 (01:50:22):
Yeah, I hope it's nice and smooth for you.
Speaker 3 (01:50:24):
Yeah, me too.
Speaker 2 (01:50:25):
Listen to locker room Let's go. Yeah, yes, that's always
the fun part. Florida Home Pros of course, always well represented.
Jimmythy thanks for everything.
Speaker 5 (01:50:33):
Always, Thank you, gentlemen. Have a great weekend.
Speaker 2 (01:50:34):
Kick saving and Beauty on her trip.
Speaker 3 (01:50:36):
Jim Thank you.
Speaker 5 (01:50:37):
Yeah, save travels. Thanks for being with us one too.
Speaker 2 (01:50:41):
Yeah, we got it. So poor Florida talk real estate.
We'll be back at it next Saturday. Thanks for being
with us every weekend right here on Real Radio.
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