Shout outs. Success story. Expanding 401K. Interest rates

Episode Transcript

Speaker 1 (00:14):
Navigating today's real estate market can be tricky. If you
want to win or soa house, finance or insure a house,
or stuck with a house.

Speaker 2 (00:21):
And don't know what to do.

Speaker 1 (00:23):
Florida Talk real Estate has been your local one stop
real estate shop since twenty twelve.

Speaker 3 (00:28):
Get the advice you need from your local real estate pros.
Here are your.

Speaker 1 (00:32):
Hosts, Jim Depola and Johnny c.

Speaker 3 (00:34):
You live on Real Radio Saturday morning.

Speaker 4 (00:38):
Welcome to another edition of Florida Talk Real Estate.

Speaker 3 (00:40):
Do you hear me?

Speaker 1 (00:41):
All right?

Speaker 2 (00:41):
You're yep?

Speaker 5 (00:42):
I got you allowed and Claire just got to adjust
these uh pozziz over here.

Speaker 4 (00:46):
Act just making sure because I don't hear myself. Well,
I always freak out. But that's a that's a me thing,
not a you thing. Thanks for being with us. Speaking
of you thing I see out there in ninety two
one one on one seven. Awesome to have you along
for the ride. Of course, you're free download your iHeartRadio app.
We are world wide, baby, Come and get you some
from anywhere on the planet on this Saturday morning. Get

(01:07):
it all over your face if you will. And of
course we live stream on a Saturday as well. Find
us Florida Talk real Estate on Facebook, Florida Talk real
Estate LLC on YouTube, home of a ton of informational
chunk videos and our live stream on a Saturday.

Speaker 3 (01:21):
You can join us.

Speaker 4 (01:22):
Thank you for being there, and of course you can
join us toll free if you'd like to join the program. Questions, comments,
concerns in the world of real estate. Want to get
into the conversation at hand? Do it eight seven seven
nine two seven six nine six nine toll free. Jimothy
is the first voice you're hear. He's our producer et
Stordinay and my brother from another mother.

Speaker 3 (01:40):
What's up dude? Hello, Hello, and a good morning.

Speaker 4 (01:43):
Good morning to you. Always a pleasure to see Sunshine
YouTube buddy Johnny C. That's me, your old buddy. You'r
old pal. Here's your starting lineup on a Saturday morning.
It's always nice to say good morning to Mike Row.
He's the mortgage guy from the mortgage firm Starter.

Speaker 3 (01:57):
What's up, dude? What's up? Man? Good morning? Good to
see If people want to call in then I have
a question. But these want to talk to Jimothy. Is
that okay?

Speaker 6 (02:04):
Sure?

Speaker 2 (02:04):
No?

Speaker 4 (02:05):
Well, no, no, yeah, I just got overridden shows you
how a little power I have.

Speaker 5 (02:14):
We can we can chat off the air, but when
we're on air, I have to monitor the dum Yeah, okay,
somebody curses.

Speaker 4 (02:22):
But I guess uh, you know, he is the screener.
If we're going to say screener, you're not going to
be screened. But he's the one that you have to
get through in order.

Speaker 3 (02:27):
To get on the air. So we'll find out how
it goes if you'd like to roll the dice on that. Sorry,
I'm distracted. I understand. Can you hear that?

Speaker 4 (02:36):
I can hear that better than me.

Speaker 3 (02:38):
There we go tell you the day. Would you say,
I'm sorry? Nice to see you my friend. Hello everyone,
good morning, and it.

Speaker 4 (02:45):
Has been far too long since we said good morning
to our friend Jared Perry. My goodness, gracious, what an
absolute sight he is para group CPA, that's Perry dash
CPA dot com. I believe you're looking on the internet there, Jared.

Speaker 2 (02:58):
What's up?

Speaker 3 (02:59):
My dude's going on?

Speaker 2 (03:00):
It's good to be here as always.

Speaker 4 (03:01):
Oh, it's always good to see you. I can't see you,
but I know you're right there behind that blinding light,
and it's great to have you.

Speaker 3 (03:07):
Next week.

Speaker 4 (03:09):
We're good to go. It's always nice to have you
in studio. And I'm sure we got plenty to get into.
And of course, our fearless leader now thirteen plus years now,
I've told you he runs a top producing Keller Williams team,
the Florida Home Pros Team, Keller Williams Innovations. There's Jimmy
d Jim Depola.

Speaker 7 (03:24):
Hey Johnny, how are you doing today?

Speaker 4 (03:26):
I can't hear you.

Speaker 3 (03:27):
Don't good.

Speaker 7 (03:27):
Oh you can't hear me.

Speaker 3 (03:28):
I can't hear me.

Speaker 7 (03:29):
Oh, I'm sorry. Good. I was saying, it's nice to
see that you're it's nice to see that you're dry.
Remember the last time we saw each other was a
little rainy out.

Speaker 4 (03:39):
Yeah yeah, we had a little skies open.

Speaker 3 (03:41):
Yeah. What are you gonna do? Yeah? Yeah right, I
mean it was rain this morning.

Speaker 7 (03:46):
Yeah, I like, I love the clouds and everything all
the way down here are awesome.

Speaker 3 (03:51):
I was there. Yeah, you can admire the over the
ocean and all that. Yeah, pretty cool, it's very cool.
I have some projects today outdoor, so I was hoping
for a little lessoning.

Speaker 7 (04:02):
Yeah yeah, yeah. So I'm living in this you know,
I'm living at that ocean. Place the place right, Mike.
Always well this you'll you'll be happy, Mike, because I just,
for the heck of it, I've been living there now
for over a year and a half. I never really
did comps on the neighborhood or know what people are
buying and selling there. You know, I just want to

(04:24):
keep my home place my home, so I didn't want
to turn it into work, you know, and start like
trying to market to that, to that neighborhood.

Speaker 3 (04:30):
Yeah.

Speaker 7 (04:30):
Well, just for the heck of it. Last weekend I
went in and just said, I wonder what these units
are going for, and like what the costs are and everything.
So these units are going for between five So it's
on the beach in Jupiter, and it's direct ocean front water.
There are thirteen stories high or something. There's like four
buildings in the community right, and it's right by a

(04:53):
county beach park and everything. It's really nice. But the
units are going between five fifty and a million bucks.
The five fifties are either lower on the building or
they need a total rehab. And then I was looking
at the HOA fees not including the taxes, and minimum
is fifteen hundred to twenty five hundred dollars a month

(05:14):
for the HOA. Then your taxes are a minimum one
thousand dollars a month.

Speaker 3 (05:19):
Oh so it's affordable.

Speaker 7 (05:20):
So just for your taxes and insure taxes and HOA. Yeah,
I don't know what's ringing right now.

Speaker 3 (05:27):
It might be me.

Speaker 7 (05:30):
Okay, taxes in ha is twenty five hundred to thirty
five hundred dollars a month over there, then your insurance
and then if you have a mortgage. Right, it's like, nah,
it's a fifty year old building. There's still rout of
tat and tattin everywhere. They take a good they run
the complex. Well, I'm not saying that you know, it's

(05:51):
a creddy place or anything, but the cost they're just
so uncontrollable. What Yeah, it must be Johnny's phone. The
table buzz and I don't know what are were w
n B a basketball game or something?

Speaker 4 (06:08):
Why is there a bunch of things being thrown about that.

Speaker 7 (06:11):
You did.

Speaker 4 (06:14):
It?

Speaker 7 (06:14):
Won't go talking about the vibration on the table.

Speaker 4 (06:17):
It's been a few weeks now, they just keeping a right. Yeah,
I'm I'm only used to them showing up at Bills games.
I assume it's just a bunch of Bills fans going
to w NBA games.

Speaker 2 (06:30):
Yeah, I didn't see it happened in the Bills games.

Speaker 4 (06:32):
Oh yeah, the buildings famous world famous builders.

Speaker 2 (06:36):
I missed that one, especially guess Patriots.

Speaker 7 (06:38):
Oh yeah. A couple of weeks ago for the first time.
I think Jimmy had to dump me twice on one show.
And I haven't been dumped in years and years. Remember
Mike last a couple of months ago or something. Yeah,
but he had to dump be a couple of times.
That's why I had to be real careful what I
was saying.

Speaker 3 (06:55):
For saying something like what Johnny just said.

Speaker 7 (06:57):
Well, I don't know, so I just didn't want to
go there, so I litter so so uh yeah. So anyway,
I was just looking at the community over there and
seeing what it was costing everything. I was like, wow.
So one of the things we're going to talk about
today is not bad things about trying to buy in
today's market, but good things. Remember the last couple of

(07:19):
shows we had surveys, we talked about what the mortgage
rate needs to be for people to get back in
the market. Well, I'm going to talk to people today
with Mike about how you could already make that happen.
Now what are you waiting for? So we're going to
explain a little bit about that. Mike has no idea.
I don't know because I didn't talk about it before.

Speaker 3 (07:45):
On your game, Mike, I already got like ten different
examples the old teaser rate, Johnny.

Speaker 4 (07:51):
Yeah, I'm going to.

Speaker 3 (07:53):
Pick your own payment, right and with Jared one of
the things I want to talk to.

Speaker 7 (08:00):
Now, it's very beginning phases, so there's you know, it
isn't that concrete yet, but there's I think there was
an executive order or talk about a presidential executive order
where you can use you can invest your four four
oh one K in different types of products that you
weren't allowed to do before. And so we're gonna talk

(08:21):
a little bit about that. And you know, we got
Jared j CP a group. You know, I'd like to
love to hear what an accountant has to say about
investing your FOREUM and K in different different ways. So
I'm really looking forward to Yeah, exactly, you could do
a lot of stuff with with your FOURU and K.
Now if they pass it, and there's a lot of

(08:42):
ifs in there, but we're going to get into.

Speaker 3 (08:44):
That tells me. If it makes it more complicated, the
CPA is going to love it.

Speaker 2 (08:50):
Why would you take a shot at me?

Speaker 3 (08:52):
Really, it's really intricate, guys, especially.

Speaker 2 (08:55):
When it comes time super mini tax forms.

Speaker 7 (09:00):
First of all, I want to do a little shout
outs first at the beginning, if you don't mind, I
want to do a shout out to Kathy. Thank you
so much for trusting me. She's my most recent closing
for a seller buyer. Seller buyers when you have to
sell your property and then use that money to buy
your new home, and you don't want to become homeless
in between, so you got to make sure that you

(09:21):
close on the same day so that you can move
from one house right into your other house. That's what
we did for Kathy. It was so nice. We were
at the closing table on Thursday and Kathy said that
she's been listening to the show for a long time.
Thank you, but that yeah, a big real radio fan
in Florida Talk real Estate. But she said that even

(09:44):
though that she had listened to us for a long time,
excuse me, I have hiccups. She said that that she
wasn't sure she was going to hire me to do
the job. And she had talked to a bunch of
other realtors first and then brought me in last. I
guess right. And then she said, I wanted to talk
to you guys, because you've got all of you. She's

(10:06):
talking about everybody on the show. Is where was that from? Yeah,
it's so weird.

Speaker 2 (10:11):
Is there doesn't normally happen?

Speaker 3 (10:14):
Yeah, we have a rogue phone?

Speaker 7 (10:17):
Yeah? Why did we all look at Jarrett when that happened?

Speaker 3 (10:20):
Everyone the only new element?

Speaker 7 (10:21):
Yeah, exactly so. But what happened was is she said
that what she loved about the show and why she
called me is because all the information everybody gives on
the show, Mike and Ross and Paul Krasker and you, Johnny,
every everybody's important. Jimoth Yep, yep, Jimothy. You know that

(10:42):
we really try to give really good information. So I
went and met with her, explained how the seller buyer
process works, and it worked out perfect for her. We
sold the house in West Palm. I don't know how
long it took us to sell that house. I'm kind
of curious.

Speaker 3 (10:57):
I want this is the one that we looked at, right, Yeah,
we have a buyer in the family time.

Speaker 7 (11:00):
Yeah, and I was hoping. I was hoping that you're
your relative? Can I say it? I don't know if
I guess I was relative? Okay, do you dare say
that I was really hoping that. I was really hoping
that was exactly. I was really hoping we were going

(11:21):
to be able to make that work because it was
a good deal. But he found something that worked out
perfect for him and worked good for Kathy too, So everything,
you know, worked out.

Speaker 3 (11:30):
It was actually the first one that he saw, oh,
the very first.

Speaker 7 (11:35):
Yeah.

Speaker 3 (11:36):
So you know, I don't know how often that happens
that people make an offer on the first house they
look at.

Speaker 7 (11:41):
It used to happen all the time. You look at it,
and then you'd look at five other houses, you go
back to the first one. Right, So it's kind of
becoming more of a normal buyer market where they have choices. Yeah,
we were on the market for We were on the
market for Yeah, it was a little bit of time,
fifty days. So we were on the market fifty days
with that one, but we got the full Let's see,

(12:04):
we had the house on the market for a little
bit higher than I wanted, but we decided to explore that,
so that slowed it down a little bit. We dropped
the price to where I thought we should have been originally,
and we got that full asking price. And what I
loved about that deal was that no inspection, no appraisal cash.

Speaker 3 (12:23):
Well that's nice.

Speaker 7 (12:24):
Yeah, no, take that, no contingency. That never's in today's market.
That's like you got to take that and and you
got the full at the time of the list price,
you know, the full list price that you had on
the market.

Speaker 3 (12:36):
Got to take that offer? Was what was your earnest
money deposit amount? Just curious because you have a contract
with no contingencies. Wich means if you don't close, seller
is going to keep your deposit. Yeah.

Speaker 7 (12:48):
So the the units sold for let's just say three, yeah,
and probably like ten yeah, yeah, not bad.

Speaker 2 (12:54):
Is that usual or is it less because of the
no contingent?

Speaker 7 (12:58):
One to three? One to three is normal for a deposit,
don't you think, Mike, one to three percent depending on
the price of the home and everything.

Speaker 3 (13:06):
Yeah. I usually see like round figures, So I don't know,
like five, ten thousands, I don't know. Yeah, that's yeah, right,
So some some agents will put in twenty percent. Well
they think they're doing. They're doing like a eighty percent
LTV loan. They think that their earnest money deposit should
be twenty percent.

Speaker 2 (13:22):
I'm crazy.

Speaker 3 (13:23):
That's a money skin in the game. But that's a
lot of money at risk.

Speaker 7 (13:27):
That's a really good talk. That's a really good tip.
Let's let's just a little quick tip on that. So
as a buyer, yeah, as a buyer's agent, right, when
I have a buyer's agent, I'm trying to give as
little security escrow deposit as I can, and then of
course when i'm the listing agent, I try to get
as much as I can. Now there weren't a little
weaker seller's market, I'm a little more lenient on that

(13:49):
because my attitude is we're not trying to take somebody's deposit.
We're trying to close the deal.

Speaker 2 (13:54):
Yeah, you just want to know they're serious.

Speaker 7 (13:56):
Yeah, so we just want to have it. But buyers
always ask, well, how much money should I I put down?
And I always say, even if they're putting twenty thirty
percent down on the for the down payment, the s
crow deposits different. That's just skin in the game. To
It's called consideration, and in legal terms, of Florida. Contract

(14:18):
is not legal unless consideration is paid. Now, consideration does
not have to be money, right, Paul Krasker will tell
you that from the law office, Paul Krasker. Consideration could
be also other things, longer extension of a longer inspection period,
something like that, oh, something of value.

Speaker 3 (14:37):
Not much technically, it could be zero in earnest money,
but you've given something.

Speaker 7 (14:41):
Some kind of consideration. Interesting and that's why a lot
of times with the quick claim deed, they'll put down
one dollar a ten dollars dollars dollars.

Speaker 2 (14:48):
That's called that's the consideration.

Speaker 7 (14:51):
So with the consideration everything, I say, look, we're going
to try to put down as low as possible, but
one to three percent is what you should think of.
But what you shouldn't be doing as a buyer, in
my opinion, is if you're putting twenty percent down on
a five hundred thousand dollars house, you're not taking one
hundred thousand dollars and put it as the s grow
deposit because that money is tied up once you give

(15:13):
that deposit to the title company. Yep, that's not your
money anymore. That's the money for the deal. And that's
a contracted money tied to the contract. Now it's not
their money, it's not the seller's money either. They don't
get that money. It sits in the title company, but
it's tied up with the contract. And what you need
to know is if the deal dies, both sides have

(15:34):
to sign an agreement that the money's going to be released.
So if you have a dispute, and let's say you're
the buyer and Jared's the seller, and then our deal
falls apart, and then as the buyer's agent, I go
to Jareded's listing agent and say, hey, here's what's called
a cancelation of the contract and release a fescrow deposit.

(15:55):
And they might say I don't want to sign that.
I don't think that I want to release the s
crow deposit. Now your one hundred thousand dollars is tied up,
and you're gonna either have to go through First you
go through small mediation in the title company. Then if
that doesn't work, then you go to mediation or arbitration. Arbitration,
and then after that then you could sue whoever you

(16:17):
want to sue.

Speaker 3 (16:18):
Yeah, everybody. Yeah, And even though there's you know, professionals.
I'm putting air quotes on the professionals. You'd be surprised.
You would be surprised how many people are surprised when
they send that for him and the sellers are like, no,
we're keeping the money, and the agent's like, what do
you mean? And then the other agent's like, well, what
do you mean, Like, here's our contract, here's our deadlines,

(16:40):
here's where we're at. You know, we were going after
your deposits, right, right, So it's definitely money that i'd
like say some the earnest money deposit is soft and
then at some point it converts to hard, meaning like
it's it's challengeable whether or not you're going to get
it back.

Speaker 2 (16:59):
Well, if they need that to close, like if you
said it was twenty percent, and in some of the situations,
I mean, if it's tied up, then they probably wouldn't
be able to close on a new house, right, I'm
sure it affects their mortgagents.

Speaker 3 (17:11):
Yeah, yeah, yeah, all that money is in in dispute.
They can't touch it. Yep, you have to move on.

Speaker 7 (17:17):
We have to be really careful about that stuff. And
you'd be surprised at how many agents don't talk to
you about some of this stuff. I've had some really
doozy stuff happening across the country with other agents on
the closings that have in other parts of the country
right now, and I'm finding out, you know, even with
my vetting of the agents some of the I have

(17:38):
this one agent that isn't working out so well for
one of my customers, and it's because the negotiation tactics
and lack of information. They're just not educated.

Speaker 2 (17:49):
It's all from experience. Yeah, and you have the experience,
so you know about these things, but newer agents haven't
had it yet.

Speaker 7 (17:56):
But this agent, I totally I agree with you on that, Jarrett.
But this is an A and I vetted. It's a
deal in Denver, Colorado I'm doing and it's an agent
I vetted for high production, have a team, high education,
all of that stuff, and they do. They have everything.
And even the customers that I'm working with say, the
guy is awesome on a lot of levels.

Speaker 3 (18:17):
Right.

Speaker 7 (18:17):
The agent has a lot of pluses, but his weak
spot anytime they look at a house, it's like, give
him full asking price, give him full asking price. He
doesn't want to negotiate. And this is a negotiating market.
This is a market where you don't just run out
and give full asking price. The buyers have more more
power than that in today's market. So then anyway, it's

(18:42):
very important to be educated and make sure that your
agent knows this stuff. And escrow deposits are really important
because really people don't really understand what escro is. They
think of it more as part of the down payment
of the house, and it really isn't. It's a fee
to have consideration to be in a con track. So
quick tip buyer buyers, you should put as little down

(19:04):
as the seller will allow you, and uh, listing agents
or sellers try to get as much as.

Speaker 3 (19:10):
You can and it's kind of like as little down
but enough to get the deal signed and on the
sell side as much as you can, but enough to
get the deal.

Speaker 7 (19:17):
Signing right, not have them walk away. Exactly exactly exactly.
So with Kathy, what happened was we came up with
the plan. She wanted to sell her house in West Palm.
She had a town home in West Palm.

Speaker 4 (19:28):
She wanted it started started.

Speaker 3 (19:35):
It was the all cash, no contingency ten thousand and escrow.

Speaker 7 (19:39):
How much escrow was that got me off on the track.
So with Kathy, we came up the seller buyer plan
because she was really worried, how am I going to
go up there? And she wanted to move to Myrtle Beach,
South Carolina. How am I going to go up there
and find a place and have the money to buy
it if I don't know what's happening down here. I
explained how the whole thing worked. We got her with

(20:00):
a top top agent out there, Carrol Cassidy from cal
Williams at Myrtle Beach. Kathy fell in love with Carol.
One of the things I loved about that whole situation
that Carol really knew the area really well. And Kathy
went up there with a completely different game plan than
what she ended up doing, which is I've seen this
happen several times now this year. They went out there.

(20:22):
Kathy thought that she would live on the fringes of
Myrtle Beach, South Carolina, in a single family home and
no not a negated community or anything, and then just
close enough where she can drive into town for social activity, shopping, restaurants,
stuff like that. But then when Carol was showing her
all those properties up there. There was a bunch of
trips that went up there to check everything out up there.

(20:44):
Carol's like, maybe you should go check out this golf
community because Kathy loves golfing.

Speaker 3 (20:49):
Oh I didn't know that.

Speaker 7 (20:50):
So they went ahead and did this golf community and
they found these small condos in a very active golf community.
The prices were way lower than Kathy thought they were
going to be, and she's like, you know what now
that I'm thinking about it, because Kathy's a senior, you know,
she and and living by herself, she was like, you
know what, I'm probably gonna need to have a friend

(21:12):
network and have people surrounding me, so you know, I'm
in a new place.

Speaker 3 (21:16):
I don't know.

Speaker 7 (21:16):
People out here.

Speaker 3 (21:17):
Yep.

Speaker 7 (21:18):
So she she went for the condo experience. She's so
happy and uh, she's not even gone yet. She'll be
leaving next week. She closed on Friday yesterday. She signed
on Thursday, but she's not going to be moving out
of her home until next Friday, a week from yesterday.
And she got we worked out a deal where she

(21:39):
could rent the place for one week back. Okay, well post.

Speaker 4 (21:44):
Closed occupants, which is great if you're a you know,
a seller buyer or a buyer seller.

Speaker 3 (21:50):
Either way, it's great. There's one thing that people hate
to do, and that's to move twice. Yeah. Sure, people
don't like moving twice, like in a row, you know
what I mean, not over a span of years.

Speaker 2 (21:59):
But just like if you your house for a week,
it's it's tax free. That's the Augusta exemption. So just
say no means you can. Because of Augusta, they were
renting their houses and there's an exclusion where if you
rent your house for like less than ten days, then
it's you don't have to pay taxes on Oh.

Speaker 3 (22:16):
Okay, I didn't know that taxes on what? On the rental? Okay?
So do people pay taxes on rental income?

Speaker 2 (22:24):
I see it supposed to, like you're supposed to pay
taxes on any income.

Speaker 3 (22:29):
But the expense, well said Jared, the expenses related to
renting are so high.

Speaker 2 (22:35):
Yeah, I mean, yeah, you're right. We appreciation. Yeah, there's
my good catch.

Speaker 7 (22:44):
So Kathy is going to be moving next Friday. So
congratulations Kathy. You just want to go through a couple
of one guys. Guys, Congratulations to Tomo. Tomo's the guy
that made one hundred thousand dollars because of his cat.
Remember that store. Oh yeah, I love Tom. Tom's awesome guy. Right.

Speaker 4 (23:03):
So he was looking. He was looking for a place
so he could move. He had cat, and it was
it was years like he took forever. It couldn't couldn't
do it.

Speaker 7 (23:11):
He met with me and said, I'm not I want
to I want to sell my house, Jim, But I
got to wait for the cat to die. The cat
was old as dirt, right, So I met with him,
and I think it took two and a half years
something for the cat to die. So every time I
was a couple of years, I was like, cat cat death.
Watch every couple of bluths, I'd be gone off the top. Heys, right,

(23:34):
I should have went over there and poisoned it, right,
I'm joking. Wow, So no, I'm joking. No, I'm joking
because this cat, yeah pocket because.

Speaker 3 (23:42):
His pipeline was really slow. But I gotta get that cat.

Speaker 7 (23:46):
Because this cat made him one hundred thousand. So what
happened was because he waited so long, because the cat
took so long to die, he got one hundred thousand
dollars appreciation. While he was waiting for the things so
when I met with him two years earlier, I said
his house was worth this much, and then when we
actually put it on the market, was worth it.

Speaker 2 (24:06):
Because he didn't want to sell to the cat.

Speaker 7 (24:08):
The cat died, so the cat living longer made him
a hundred thousand dollars. The cat that made Tom one
hundred thousand.

Speaker 4 (24:15):
Ironically, the vet bills were one hundred and twenty.

Speaker 7 (24:21):
Well, he did have to put a roof on in
the process. He did have to put a roof on,
but he still did good. Now Tom called me up.
He's been out of his house now for like two years.
Tom called me up about two weeks ago and he goes, hey, Jim,
I'm moving to Tucson, Arizona. Really do you know anybody
out there? And I just Jojing to be closing a deal?
Uh intuss who's Jojo the Beatles?

Speaker 3 (24:44):
Jojo? Oh?

Speaker 7 (24:45):
Yeah, that's right.

Speaker 3 (24:46):
I didn't get it right. Wasn't he too shot? Shot? Way?
Or to get back the song? Get back? Yeah, yep, Jim,
I like Beatles.

Speaker 7 (24:59):
No, No, I know, I know the line you're talking
about Jojo live. I think living in Tucson area like that. Yeah,
But anyway, so what happened was he called up and goes, Hey,
I'm moving to Tucson. Do you know anybody out there.
I've never lived in Tucson, That's what he says. And
he goes, so I'm moving out there blind, and I go, yeah, actually,
I just Tom w who's a big fan of the show,

(25:22):
called us up to ask the same thing. And we
have great agents that are out there right now selling
a home into a Tucson, Arizona. They already put it
under contract and we're gonna be closing like in a week.
So anyway, we got Tom over to Stephanie Poulston from
Keller Williams. He's flying out on Monday, or actually say
driving out on Monday, and I'm gonna go out there

(25:44):
and they're gonna go go look at a bunch of
properties and communities and understand the area really well because
he's never lived there before, and he'll be buying out
in Tucson with Then.

Speaker 2 (25:54):
He's gonna tell you he has another cat he can't
do yet.

Speaker 7 (25:57):
Well, I joked, and I told him, I said, hey, Tom,
you want to you want to get a really good
deal in the new house by a sick cat? Yeah,
I know it doesn't make any Yeah, he took Tom.
Tom has a I wouldn't have said that, And I
love pets, so like when a pet dies, I'm like.

Speaker 4 (26:13):
Oh, you're selling it.

Speaker 7 (26:15):
Yeah, Tommy Donny doesn't like this character. Also gonna do
a shout out to Tom and Denise. We're gonna be
put in their house up on the market next week.
It is seven O two Sunset Drive in Lantana. It's

(26:36):
either a three bedroom or four bedroom. Sorry I didn't
even do the flex mls het on it yet, but
it's either a three bedroom or four bedroom, two bath
home right off of sixth Avenue South, pretty close to
ninety five. Really great neighborhood right in that Lake Osborne Estates.
So you walk over one block and you got that
whole awesome Lake Osborne experience, which is kind of like

(27:00):
on the weekends, very busy.

Speaker 3 (27:04):
They it's like, uh.

Speaker 2 (27:08):
Yeah, fish surfing, Yeah you're going to fish here. I
feel like you go to the salt water.

Speaker 3 (27:16):
Yeah.

Speaker 2 (27:16):
Yeah, I'm sure some people fish.

Speaker 7 (27:18):
What I normally see is more jet skis and small
boats and stuff like that.

Speaker 2 (27:24):
Used to there used to be wakeboard tournaments all in
Lake osmonn.

Speaker 7 (27:27):
Yeah, we used to be competing a lot a long time,
long time ago. So thank you Tom and Denise for
hiring me to sell the home. I think this is
the third home now I'm working with them selling, so
really excited. Now here's another thing. Shout out to Paul Krasker.
We've had a lot of people lately that have needed
Paul Krafstker's help because the way that the title is

(27:50):
on the property. Kids are selling their parents' homes, and
the way the title is on the property, and with
the parents' health issues, they're kind of vulnerable to like
if something really bad happens to the parent and they
can't sign documents or it could slide into probate when
they weren't planning on it going into probate. So we've
been getting a couple of families over to Paul Krasker

(28:13):
to change around the title work so that God forbid,
if something happens, that the family can move forward with
their plans, and to figure out the right way to
take title yeah state plan. Yeah. So, and I'm going
to get Paul is going to be able to come
back until October. But one of the things I want
to find out from Paul is what's the difference between

(28:34):
a life of state and a living trust. I always
get confused about that, and I thought that would be
really good advice because they're different, they're used for different purposes.
But I don't know how. So we're going to all
learn that together when Paul comes on. Cool, I'll tell
you what, Jimmy, if you don't mind, we're going to
take the break at nine thirty and then hopefully we're

(28:55):
going to be getting a caller coming in and we're
going to do something with that. But also later on
the show, we are going to talk about the CPA stuff. Jared,
there's nine trillion dollars in the four one K system
right now. Yeah, so there's a lot of money there.

Speaker 2 (29:12):
That's why they want to tap into that for sure.

Speaker 7 (29:15):
Yeah, because there's you know, there's been a lot of
people that wanted to quote privatize the four one K
and that's why there's nine trillion dollar you know, bank
roll in there.

Speaker 3 (29:24):
I didn't realize that that was tracked like that. Is
it already privatized? Well, how's it not private?

Speaker 7 (29:30):
It's government back though, because of the tax deferment and everything. Like,
you know, there's government regularly.

Speaker 4 (29:36):
What do you say government back though we can get
in this conversation.

Speaker 7 (29:39):
Yeah, we're going to get into it more. But it'll
be kind of interesting, like can you take your four
one k and go invest in uh y estate?

Speaker 2 (29:47):
Cryptos? Yeah, private equity.

Speaker 7 (29:50):
There's going to be kind of interest stuff. And you know,
the big question is how risky is it?

Speaker 2 (29:55):
And like, yeah, you know that because that market's been
growing crazy compared to just like the stocks in general.

Speaker 4 (30:01):
So well, and what if I wanted to invest in
the Chiefs to win the Super Bowl?

Speaker 2 (30:04):
I mean you know, yeah, they might as well throw
gambling in there, right.

Speaker 4 (30:07):
Investment right, Yeah, yeah, yeah, I be doing good exactly. Yeah,
it's a future. There's speculation. You need things to get
to work out for you. I mean, what's the difference, Yeah,
no doubt.

Speaker 7 (30:18):
So let's go ahead and take a break on the
flip side. We're going to be talking about all of that.
Plus we're gonna be talking about everybody's been asking for
this secret you know, or what is your secret number
on interest rates to get back in the market, and uh,
I think we're already there and people don't realize it.
And we're going to talk about that.

Speaker 3 (30:36):
All right.

Speaker 4 (30:36):
We got a ton to get into and great to
have you with us every Saturday.

Speaker 3 (30:39):
We are live on this.

Speaker 4 (30:40):
August ninth, another hour and a half or may in
two hours of infotainment every Saturday. And yes, you're welcome
to join us toll free eight seven seven nine two
seven six nine six nine. You can dial in right now,
quick form and a break.

Speaker 3 (30:53):
We'll get to your phone call.

Speaker 4 (30:54):
Of course, if you're not comfortable on the radio. Always
remember Florida talkreal Estate dot com, the ones stop real
estate shop. You have access to an entire team guys
like in studio right now, from Mike to Jared, Jim
and of course many that are not with us on
a Saturday. These are pros, pros experts in their field,
and they work cohesively together. If you're buying a home,

(31:15):
you're selling home, you're stuck with a home, you don't
know what to do, anything that touches the world of
real estate investment, et cetera. We got a professional for
you to handle all of your needs and so much more.
Florida Talkrealestate dot Com. That's Floridatalkreestate dot com on Facebook,
on YouTube. Know what, use it, love it, share it.
You can change lives, including your very own with the
prospros at Florida Talkreestate dot Com. We're back and for minutes.

(31:38):
Thanks for being with us every Saturday Florida Talk real
Estate right here through a radio.

Speaker 1 (31:57):
This is Florida Talk real Estate with jim To poll
Up and Johnny C. Got a question for the show.
Call us live at one eight seven seven ninety seven
sixty nine sixty nine.

Speaker 4 (32:07):
Yeah there it is eight seven seven ninety two seven
six nine six nine. I see blanket lights over there, Jimothy.
Evidently somebody's using it today.

Speaker 2 (32:14):
Absolutely, somebody got there.

Speaker 4 (32:15):
Our guest is on. Oh well, the phone lands work.

Speaker 3 (32:19):
It's always a plus, of course, Florida Talk real Estate
is it dot com?

Speaker 4 (32:23):
You're one stop real estate shop. I'm Johnny C. Jimothy's
are producer shot on air.

Speaker 3 (32:26):
What's up dude?

Speaker 2 (32:27):
Good morning sir, How are you today?

Speaker 3 (32:28):
Awesome?

Speaker 4 (32:29):
Thank you, Tom, wonderful. Always a pleasure to see.

Speaker 3 (32:32):
Mike Row with Will Pleasure is on.

Speaker 4 (32:35):
Oh stop stop, get in my pants, way easier than now.

Speaker 3 (32:39):
I Mike Row.

Speaker 4 (32:42):
He's the mortgage guy from the mortgage from Hello one friend.

Speaker 3 (32:45):
Good morning, sir. I keep telling my significant others like Hey,
the pleasure is all mine? What are you talking about?
That's right? Right, seriously, you're my world.

Speaker 4 (32:53):
How is he is it to get into your pants?

Speaker 3 (32:55):
Make?

Speaker 6 (32:56):
Uh?

Speaker 4 (32:57):
I guess it's got three bumps in my car.

Speaker 3 (32:59):
Yeah, to say it's pretty easy.

Speaker 4 (33:01):
Yeah, but I'm trying to think back.

Speaker 3 (33:03):
You know, I'm I'm pretty uh usually a one woman
type of guy. But it's always been pretty easy. I
would say, nice, but you stick to You're loyal, is
what I Yeah, just you know, but remember you with me?
The pleasures all his. Yeah, that's what I was saying.
You ain't getting nothing. Yeah, she was starting to complain.
I'm like, honey, the pleasure is all mine. Remember that's

(33:23):
the way it's supposed to We signed up for this.

Speaker 4 (33:25):
Jared Parry is with us, and man, it has been
been way too long since he sat in the studio.
And of course if you don't believe me, you can.
I think are we streaming?

Speaker 2 (33:34):
We are?

Speaker 3 (33:35):
You can?

Speaker 4 (33:35):
You can join us on Facebook or YouTube Florida Talk
real Estate on both and check out Jared Parry Parry's
c PA. What's up?

Speaker 2 (33:43):
What's going on? I'm here live you want to be here?

Speaker 3 (33:45):
You're right there.

Speaker 2 (33:46):
I'm right here.

Speaker 4 (33:47):
May you look like a million bucks? You always good
to see.

Speaker 2 (33:48):
It, Thank you very much. Always good to see you.

Speaker 3 (33:50):
Guys.

Speaker 4 (33:50):
Your age, by the way, every time I see you, like,
what is the Jared age?

Speaker 2 (33:54):
I feel like I'm getting old for sure.

Speaker 3 (33:56):
Yeah.

Speaker 2 (33:57):
My body hurts. Everything hurts.

Speaker 4 (33:59):
Well, I can you understand that I got a metal
show tonight and I'm going to do tomorrow morning. I'm
gonna be like, oh, why do I do this? And
I'll be like, that's right, because live music is it's awesome.

Speaker 3 (34:08):
When you're in the moment, you feel it. Crowbar and
I hate you nice.

Speaker 2 (34:13):
It sounds like a good one. Have you been listening
to Nathan James at all? Do you like that?

Speaker 3 (34:16):
Or I don't know? Nathan?

Speaker 2 (34:19):
Check it out?

Speaker 3 (34:19):
Should I be listening to Nathan.

Speaker 2 (34:21):
Like Primer fifty five? If you like that slip knot stuff,
love it? Check it out?

Speaker 3 (34:25):
Man, Nathan James.

Speaker 2 (34:26):
He's m Key Machine Gun Kelly's old photographer and he
started some crazy heavy metal band.

Speaker 3 (34:32):
It's pretty cool. Yeah not.

Speaker 4 (34:34):
He's not nothing like MGK tho no nothing.

Speaker 3 (34:37):
Have you heard his new post?

Speaker 2 (34:38):
It's like mud Vain, same type of stuff.

Speaker 4 (34:40):
I got a question on mud Vane. We like since
their reunion. I think we've seen them six times since.

Speaker 2 (34:46):
They got back. I love all that stuff.

Speaker 4 (34:48):
So yeah, you like it for sure, Nathan James, check
him out.

Speaker 3 (34:53):
So you you mentioned a couple of bands I've never
heard of there. They're New Orleans based.

Speaker 4 (34:58):
So the one of the guitar players in crow Bar
is a founding member of Down.

Speaker 3 (35:03):
Have you heard it? Down?

Speaker 4 (35:05):
So Down as a side group of Phil and Sama
from Pantera.

Speaker 3 (35:09):
Yeah, and then Kevin Bacon one more step away, so
Down as a side project.

Speaker 4 (35:16):
Down a lot of people think was the demise of
Pantera because the Abbot Boys didn't like Phil and Rex
having a side project. Okay, whatever the history writes itself,
I guess. But so founding member of Down is in
crow Bar, and the drummer from Down, Jimmy Bauer, is
the guitar player. And I hate God there. I hate

(35:37):
God's like a legendary New Orleans sledge bands. Very Christian.
It's just that it's that New Orleans sledgey sound.

Speaker 3 (35:46):
It's a very distinct. I was wondering, like, so, that's
a lot of bands you just mentioned. What's your what's
your what's your? How do you listen to all of
this and like to get into the bands. Like when
you're in your car or you're at home, you're just
always playing music. I am a music freak. He's always
got something going on, and you're listening to new stuff,

(36:07):
and you're being put onto new stuff like Jared just did.

Speaker 4 (36:10):
So yes, that way, my little girl like kind find
something and then but my little girl also falls in
love with with our music. Like she's a huge Limp
Biscuit fan. She didn't find that on her own was
growing up, and now shea it's a go to.

Speaker 5 (36:28):
You know, good question uh with Mike in that direction,
and where I like this is how how far away
I am from technology on some of these things. When,
especially when it comes to music, where do you even
find it now? Like Apple Music or something? Do you
just constantly.

Speaker 3 (36:44):
Amazon? A lot of people Spotify and stuff.

Speaker 2 (36:47):
Yeah, I mean I listened to Apple Music and it'll
put you on a new artist or other similar.

Speaker 3 (36:51):
You put in a band that's a song or whatever
you want to hear, and then yeah, all the get
you on the new stuff. Jith.

Speaker 7 (36:58):
Yeah, I'm afraid.

Speaker 2 (37:00):
He take that call.

Speaker 4 (37:02):
Yeah, okay, well let's u let's say hello to, of course,
Jimmy de Our Fearless leader Jim Depoli, Florida Home Pros
Team Callow Innovations.

Speaker 7 (37:09):
Hello, Jimmy, Hey, thanks, sorry for interrupting everybody, but we
got let's go ahead. We forgot them.

Speaker 3 (37:15):
Yeah, yeah, we got there. What do we what are
we setting up?

Speaker 2 (37:18):
Yeah, Mike's hey, Okay.

Speaker 3 (37:21):
I don't know who it is who we got.

Speaker 7 (37:23):
Oh, I'm sorry, Okay, so we got I'm sorry. I
was waiting for Jimmy to see if he's going to
put them a line. We got Mike on the phone.
Mike recently just bought a home in Orlando through US
and he's calling in from upstate New York. I think
it's upstate Mike. Are you there?

Speaker 8 (37:41):
Yes, I am.

Speaker 3 (37:42):
Hey, Hey, good morning.

Speaker 7 (37:43):
So I don't want to say the city that you're
in in New York, but what is it? Upstate New York? Mike, like,
we're exactly you know what part of New York state
are you in?

Speaker 8 (37:55):
So we're minutes away from Saratoga. Okay, New York where
the horses run.

Speaker 7 (38:01):
Right, Yep, yep. Johnny's very familiar when they were doing
a lot of stuff.

Speaker 4 (38:06):
Yeah, I mean the famous track.

Speaker 3 (38:08):
Yeah, yeah.

Speaker 7 (38:09):
Yeah, So Mike, thanks for calling in. Thank you so
much for calling in. So why I'm excited to have
Mike on the phone is that he originally found us,
I think on YouTube or something or iHeartRadio and he's
up in New York full time, and he started listening
to the show Awesome and he had a plan that

(38:31):
he wanted to buy something in Florida, Right, Mike.

Speaker 8 (38:35):
Yes, My wife and I both we've been planning for
a few years now.

Speaker 7 (38:40):
And you actually I went and looked and you actually
reached out to us on May one, twenty twenty four.
So do you mind if I I'm not going to
read all the stuff because some of it's personal, but
do you mind if I read a couple of the
sentences that you wrote out when you originally reached out
to us? Is that okay?

Speaker 8 (38:57):
No, that's that's fine, Okay.

Speaker 7 (39:00):
Cool. So what he said was when he reached out,
I think he did it by email. It might have
been a text, but I'm pretty sure it was an email,
and I think he went to our website and went
on the email and he basically said that he wanted
to buy a home of Florida that he was living
in New York and that he will be able to
buy the home down here cash, but he would need

(39:23):
to sell the home up in New York in order
to make that happen. And this is the apartment made
me laugh. He said, I have no idea where to start.
This is actual quote from the email. I have no
idea where to start or where to get the money
before the sale of our house, right, which is a
typical seller buyer a situation. How am I going to
buy a house if I don't have the money to

(39:45):
buy it without selling my house?

Speaker 3 (39:46):
Right?

Speaker 7 (39:47):
And I'm not ready to sell my house right now.
So the whole plan was supposed to be January twenty
twenty six. According to it is May twenty twenty, twenty
twenty four email out to us. Right, So we started
commune udicated with Mike right right away. We called you
back pretty soon, right, correct, Mike.

Speaker 8 (40:05):
Yes, I've spent a lot of time on the phone
with you, Jim.

Speaker 7 (40:08):
And then what we did is we went over the
whole seller buyer process and the next step was you
needed to get a home valuation because you thought probably
you were going to be selling your house. In this
process of buying something down here, so you needed to
know what your house was worth so I could quote
know your numbers. That's my big thing, you know that, Johnny.

Speaker 3 (40:28):
Right, So.

Speaker 7 (40:30):
I went and interviewed a bunch of agents up in
his area, and then we had one I think we
had three or four agents at the time ready to go,
and we had at least one of them came out Mike. Now, Mike,
did you interview a couple of them or did you
just bring out the first one? I don't remember that part.

Speaker 8 (40:47):
The one I had, the Keller Williams agent come from Spartogus.
She looked over the property, gave us approximate value, whether
the market was low, whether the market was high, et cetera.
And she said, don't touch a thing. Everything's just about perfect.
Down the home. It's only twenty two years old, and
we've done a ton of upgrades and we put a

(41:08):
lot of time into the house. Also, I don't want
to talk too long.

Speaker 3 (41:11):
I know we're on the radio here, That's okay.

Speaker 8 (41:13):
And then I had one other gentleman come look at
it and the numbers were about the same. I'm about
the same.

Speaker 7 (41:21):
So we so now he knew his numbers, right, So
now Mike knew his numbers, so that now he had
something that he could work off of of what he
could afford to move to Florida. But even back then
in May twenty twenty four, you weren't even exactly sure
what part of Florida you were going to move to.
I know you were looking central to North Florida, but
that's a big area, and so you had to make

(41:43):
a decision. And we were just going to keep in
touch until we got closer to January. Like I was
going to probably reach out to September of this year saying, hey, Mike,
if you really want to do something in January, you know,
January twenty twenty sixth, we got to get going now.
And life changed, right, life changed for you. You guys made

(42:04):
a different plan. Yes, So what happened with that?

Speaker 8 (42:08):
So what happened with that, Jim was I started working
a ton of overtime. We throogled down on everything, and
we came up with about half the money of the
new home, and then we had savings, etc. So we
drained a lot of that. You know, you have to
keep a little bit of an emergency fund. I hear
people on the radio buying homes with like ten thousand

(42:29):
down fifteen thousand. This is my fourth home and I've
never done any of that. Like, I've always put a
decent sum down, and I said, let's just focus on
let's put half down, and then listening to the radio
station has helped us tremendously. I know when I've been
on the phone with you, I told you I had
to stop listening to the radio because we've been so

(42:50):
anxious or I have. My wife is very calm, So
that's about what changed. A lot of people up here
say they're going to do it, but they never pull
the train to move down south somewhere. And unfortunately, well
not unfortunately, but my daughter has one year left of school.
So we've got this home set up. Let me just

(43:11):
go in a little further detail. Please, we use a lawyer.

Speaker 7 (43:14):
We did.

Speaker 8 (43:15):
We did use an inspection company, and I'm very glad
we did that. They pointed out a few major things,
even though we had a decent builder.

Speaker 7 (43:27):
Well before you, Mike, before you get into that, let
me just take us just a quick step back. No,
don't apologize. So how did you decide what region? Because
like the next time I talked to you, we kept
in touch a bunch of times. So the next time
I talked to you, like Jim, I want to buy
a house, and I want to buy in the Orlando area.

(43:47):
How did you guys decide that you finally narrowed down
to the area you wanted to live.

Speaker 8 (43:51):
To My wife did hours and hours of research every
week leading up to her going down and look at
four or five different properties. We know the house we want. Basically,
we knew what we wanted to spend. We thought we'd
have to go more, and we actually were able to
stay in the budget. And we'd ended up like card

(44:13):
to Florida. You know Haines City, which is pretty decent.
Ton of construction there. I can't explain how much is
going on?

Speaker 7 (44:22):
Yeah, excellent, excellent.

Speaker 8 (44:24):
So they basically basically through my wife. I left that
up to her.

Speaker 7 (44:28):
So once once Mike knew the area wanted to live in,
then it became very easy for me to help him
find agent to help them walk through the process. Right.
So if he wasn't sure, I would have got him
with two or three agents for different reasons. So let's
say you wanted to go to Saint Augustine in Orlando,

(44:48):
and let's say near the Panhandle somewhere share it right, Pensacola,
let's say, and he wanted to go those three areas completely,
three different regions, you need three different agents for that, right.
We would have placed him with three agents so that
they could have went up there and checked it all
out and figured out where they wanted to live. But
they figured out Orlando. That made it kind of easy

(45:09):
for me because I had just done a deal in
Orlando about nine months earlier with a buyer. They were
moving from South Carolina to Orlando. So I had this
one agent that I had in my back pocket. But
I really wanted to work with this one team called
the Ken Posek Team because they're really really big face

(45:29):
on YouTube. They got a huge YouTube channel, right, and
the guy I met Ken a couple times at national conventions,
national conventions, and the guy's like really top notch, and
he has a really good team and his systems are
like my systems. So I reached out to Ken's team
and I found he has like seventeen agents on his team,

(45:49):
but one of them had been doing new construction for
over eight years before he joined Ken's team, and Mike
and Colleen were looking at new construction, so I'm like,
this is the perfect match. So we got him over
to Josiah Potter. Josiah was a really nice guy. I
told Mike and Colleen here, look, I would highly recommend

(46:10):
you working with this guy. He has all the right production,
the right support on his staff, the right systems. But
you got to like him too. So if you don't
like the guy, you don't trust him, don't hire him.
I'm not telling you have to hire this guy, but
this guy is like a really good guy. You're not
just picking anybody out of a phone book or Facebook
or ad or something, right. Right, So when you met Josiah,

(46:33):
how did you feel about that? Mike?

Speaker 8 (46:37):
Very good? My wife, we'd met him over what do
I want to say? We met him over a zoom call,
so we talked to him a little bit, and then
my wife met him. She was comfortable with him, and
he did a ton Let me go on about Josiah
for a little bit, please. He's done a ton of
work for us. He did our preliminary walk through for

(46:58):
us with what with the inspectors sheet, you know this
is what we want fixed, et cetera. We did our
final walkthrough obviously, but every Tuesday we would stay in contact,
but because I'm anxious, I always had questions in between
every Tuesday leading up to the closing, and he would

(47:19):
get back to us within twenty four hours, whether an
answer or And we also stayed into text with the
sales rep who he had some relationship with in the past,
business relationship with in the past, and so they kind
of knew each other. She helped us out. She actually
allowed my wife to go into the home on her own,

(47:41):
which up here in New York State that would kind
of never happen. But that was nice. I mean, she
knew we traveled, you know, she knew my wife had
traveled down et cetera. You know, we were serious buyers, so.

Speaker 3 (47:53):
Down here we just do it persion.

Speaker 8 (47:56):
I can't believe it. Then he had also he had
also gone to the closing with us, which he did
not have to do. I'm trying to think what else
he's done for us. Just a fantastic he went over
and above. He did a lot for us. Because we're
out of state, We've got all kinds of questions. This
radio show has definitely educated me well. But I didn't know.

(48:19):
The one thing I didn't know was to get an
inspection on a new home, and he told us that
it may have been said on the radio show, but
that's very important. There was a shingle that was lifted
in between two vents that were on the roof and
it needed to It was too wide, so it wouldn't
lay down correctly. So they just trimmed it a little.
I don't know if they put a little tar under it,

(48:40):
but they laid that shingle down like that's just that
alone was worth I think they charged us six hundred,
but they had gotten in the attic sent us pictures
videos of the sewer. It was definitely worth doing, so
he had to so he went to the preliminary walkthrough
with all that, So that was fantastic.

Speaker 7 (49:00):
Yeah, a doing a new construction inspection on a new
construction home. Paying for an inspection is really a smart
thing to do. A lot of people don't want to
do it because, hey, I got a warranty from the contractor,
you know, and they have punch out slits.

Speaker 3 (49:15):
Or they're doing their permit inspection. So it's got to
be done right right because otherwise by the county inspect
you always need inspection right.

Speaker 7 (49:23):
You really should do it all the time, you never know.
And I remember I had one customer who bought a
million dollar plus home and they didn't want to do
the inspection and kind of let me know they felt
like I was upselling them. I don't think any money off.

Speaker 2 (49:39):
Undercoadey up selling me on that stuff you don't get
paid on stop.

Speaker 7 (49:42):
Exactly yeah, exactly so, But what happened was they didn't
do it, and then like over the next couple of months,
they found out they had a major, major, and infestation
in the house that would have been picked up in
the inspection. It was a model home, so there was
a lot of stuff in the house, like the phone plugs,
jacks were in the wall, but they weren't wired right

(50:05):
because it was a model home. So everything wasn't working
the way it should. And it was like over a
whole year he found all this stuff that wasn't working
that if you'd just done the inspection, all would have
been done. Yeah, And to be honest with you, developers
don't like it when you try to bring out an inspector,
Like they won't let you bring out an appraiser, right.

(50:25):
Their attitude is, we don't care about what the appraisal.
This is the community. We built it, we know what
the units around.

Speaker 3 (50:31):
They have to get an appraisal.

Speaker 7 (50:33):
They don't, but they don't let you do an appraisal contingency.

Speaker 3 (50:37):
Oh you do.

Speaker 7 (50:38):
One, right, they won't let you do so, so that
what I'm saying is is like like I had a
person buying cash, but they wanted an appraisal contingency to
make sure that they were buying and they were like no.

Speaker 3 (50:50):
I think Mike and I actually talked at some point
in the process, but because he was doing a new construction,
like the builders, they preferred lender, maybe even like they're
sister company lender. They will incentivize you to use that
lender one way or the other, and it's hard to
compete with very time.

Speaker 7 (51:07):
It's very it's very rare for a lender not connected
to the developer to be out the lenders vender, I
mean the developer's lender, because they get they're doing bulk,
so they get you know, they get both.

Speaker 3 (51:21):
They sweetened the deal. They sweeten the deal and then
and I would usually tell someone like listen unless you
need like some sort of special expertise, which sometimes people do. Mike,
you know, they're relocating. I'm sure. We discussed all this
and they were like, yeah, you guys are going to
be fine to the whatever. So if anybody can do
your loan, take the best deal. If you need some
special handling, some special expertise, some special like problem solving,

(51:45):
well then you need somebody who really.

Speaker 2 (51:47):
Knows right like they may not qualify with them, but
if they get somebody like you think like.

Speaker 7 (51:51):
Last year or the year before, we had a new
construction deal where you ended up first they came to you,
then they went to the developer, and then they came
back to you. So that happens sometimes. So the developer
couldn't close them, but Mike could, right, So they went
with Mike. But Mike Mike on the phone, Mike, not
Mike the mortgage guy. We did get Mike over to

(52:12):
Mike row the mortgage guy, so that you can know
your numbers, right, Mike, so that you could understand everything
that was going on in your financing situation. Was that
helpful to you?

Speaker 8 (52:24):
Absolutely? The more information I can have, the better, you know.
I don't know how we would have done this without
your show. I'm not just saying that wow to push
the show, but I don't know how we would have
done that, I would not have been nearly as educated.
We had called a couple of realtors, and of course
they want you to come look at their homes prior
to listening to the show. But I was so educated.

(52:46):
Let me do this, Jim, before I forget, please. I
called the county about the taxes, like you had said
on the radio show, and she said, you're the first
person that has ever called ahead of time to find
out what their taxes are before homestead and after homestead
and how it worked. Oh, okay, it takes effect January first,
once you filed for homestead. And then also the builder

(53:11):
and the mortgage company combined had given us fourteen of
the fifteen thousand off the closing costs, which the closing
costs are extremely high down there for some reason for
the buyer made I don't think so much for the seller.
So I wanted to get those two things. I was
two things I.

Speaker 7 (53:29):
Got to go ahead. I wanted to mention about that developer.
So you got a pretty good deal in that house.
So you got a price reduction that was significant. They
paid some of your They paid a decent amount of
your closing costs, and I think they gave you a
super low interest rate, right.

Speaker 8 (53:46):
And he sprayed the whole outside of the house before
I think like the next day because it didn't match.
He pointed it out. I didn't like the builder, the
builder's construction age. I said, ah, you're right, you know
that was I mean, that was very nice to them,
and even josiahs that I cannot believe he said that

(54:07):
he was going to do that, actually did it, et cetera.
And what was the other question?

Speaker 7 (54:12):
So the so the interest rate, just just because I'm
going to be bringing this up in another thing, your
interest rate was under five percent? Correct?

Speaker 3 (54:23):
No?

Speaker 8 (54:23):
Not?

Speaker 7 (54:24):
Oh okay, so somebody else had under five percent, but
you were under six percent.

Speaker 8 (54:28):
Right, We're now, oh okay, only making eleven payments. We
do not care. And it was locked in at seven
point one two five. I know that sounds high, but honestly,
to stay with the closing costs and everything, we looked
at the numbers and I'm like I right now, at

(54:49):
this it's not that we can't afford that we don't
have We have new cars, but we don't have any payments.
We have a nice house, we don't have any payments
on that. We don't own a camp. We don't, do,
you know what I'm saying.

Speaker 3 (54:59):
Yep.

Speaker 7 (54:59):
And on top of it, you're only planning on keeping
the mortgage for a short period of time, so the
interest rate was as important to you as getting into
the house, you know, and just getting done.

Speaker 8 (55:09):
I want to even pay on the principle. You know,
I already made the first payment. It's not due to
September first, but I like to be ahead and have
my ducks in a row, just to make sure the
payment goes through correctly, make sure all the information is correct,
et cetera.

Speaker 7 (55:24):
Well, well, Mike, thank you so much for calling in.
I'm really excited to have you on the air. Now,
we're going to get you back on the air. We
can get Josiah on the phone so that we can here,
you know, hear the story from both of you, don't mind.

Speaker 3 (55:35):
And that's the realtor in Orlando.

Speaker 7 (55:36):
Jos from Keller Williams over there with the kempos team
and Telly.

Speaker 8 (55:43):
Yes, I hope he doesn't throw me under the bus.
At the closing, it got a little heated. There was
an issue with our wiring, and on top of that,
there was like a two hundred dollars difference, So maybe
you want to tell the callers or the listeners like
this can happen at a closing. You may not get
the keys that day. Fortunately the wire went through. They

(56:04):
straightened out the two hundred dollars. They won't allow you
to just give them cash. So once you're at the closing,
to make sure your numbers are ready out of time
and our credit union gave us a heck of a
run around. I spent three hours with them ahead of time,
making sure these are the numbers, this is the place,
because they were so worried. They said, once it's wired,

(56:25):
it's wired. When we went to the closing, I again
went over the company. I went over the numbers with them,
and we called the credit union.

Speaker 3 (56:31):
All right.

Speaker 8 (56:32):
I won't take up any more of your show.

Speaker 7 (56:33):
No, thank you so much, Mike. The last question I
want to ask you is when you heard the show
and then when you actually called a software and we
did what we did for you to help you get
to where you needed to go. Is it different than
the radio show or do we act different or do
things different? Like do what we say on the radio show?
Is it is what we said? What happened with you

(56:55):
or did you have a.

Speaker 8 (56:56):
Different experience one hundred and fifty percent. I mean, I
hope all the teller Williams agents are as good as
Josiah was. Do you know what I'm saying. Eventually we're
gonna have to deal with another real estate It may
not be in that area particularly, but I hopefully they
train their agents the same. No, he was fantastic, awesome, awesome,

(57:18):
and you did everything he said. Definitely, And like I said,
I appreciate the education. That was priceless.

Speaker 7 (57:25):
So very good Mike. Well, I hope you have a great,
great weekend, enjoy the weather up there in New York,
and I'll be talking to you soon. Okay.

Speaker 8 (57:34):
I can't wait till this comes out on iHeart.

Speaker 4 (57:36):
Okay, awesome, Thank you very much for your time and
of course for trust in the team and the reach
of the team. For sure, have a great weekend. That's Mike,
what an amazing story of how Florida Talk real Estate
can help you, whether you're going state to state, whatever
is going on, Florida Talk real Estate's got a professional
and the reach of professional guidance to get it done right.

(58:00):
It sounds like he feels really good about his decision
to pick up the phone, UH to call the hotline
eight eight eight nine seven three seven eight to eight.
You'll find that at Florida talkreal Estate dot Com, the
one stop real estate shop that is Florida Talkreestate dot Com.
What are we getting into next?

Speaker 7 (58:16):
We're gonna take a break and on the flip side,
we're going to talk about these four talk about the
four and one K changes because I think it's kind
of interesting. And then we're going to talk about some
good news or a good good strategy in order to UH,
in order to buy in this market. We're going to
talk a little bit about that and UH and that's
where we'll go.

Speaker 4 (58:35):
At our remaining Thanks for being with us every Saturday
eight seven seven nine two seven six nine six nine.
It's toll free. If you'd like to be a part
of the program, dial in. You're more than welcome. Four
minutes from now, we're back at it. Thanks for being
with us Florida Talk Real Estate.

Speaker 6 (58:48):
Right here, Real Radio.

Speaker 1 (59:04):
This is Florida Talk Real Estate with Jim Depola and
Johnny C. Got a question for the show, Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 4 (59:14):
Plenty of time remaining on this Saturday, about well fifty
two minutes or so, almost an hour, and you're welcome
to join us toll free eight seven seven nine two
seven six nine six nine if you'd like to get
involved with the conversation, and please do.

Speaker 3 (59:29):
If you have a question for one of the pros.

Speaker 4 (59:30):
Pros on on staff here today Florida Talk real Estate,
do it dial in. Jimmithy is the guy that will
ligne you up there. He's our producer Extraordinara. It's my
brother from another mother. What's up, my dude.

Speaker 3 (59:41):
Good morning, mister C.

Speaker 4 (59:42):
How you doing today, buddy?

Speaker 3 (59:43):
That's so good. It's always a pleasure to see you.
Johnny C.

Speaker 4 (59:47):
That's me here, old buddy, your old pal, your air
traffic control. Mike Row is the mortgage guy from the
mortgage firm.

Speaker 3 (59:53):
He's right here too, that's right in the house.

Speaker 4 (59:55):
If you don't believe me, find the live stream either
its Facebook or YouTube.

Speaker 3 (59:59):
Kid, if my voice is enough.

Speaker 4 (01:00:00):
If you don't believe me, yeah, you could be a I.

Speaker 3 (01:00:03):
Generated could be. Could be. Mortgage rates have fallen to
the lowest levels. Those are the headlines. Actually, it's okay,
lowest levels lowest levels all year actually tied, that's tied.
It's a great headline. You look at it. It's like,
you know what we have been in the in this

(01:00:27):
little slot all year long. Right, it's to say, be
called between six and a half and seven, Like that's
the the margins that we're in. But like this six
point three What is a gym that came.

Speaker 7 (01:00:38):
To point six three?

Speaker 3 (01:00:39):
I think, oh yes, not six points six point six
three ties that we're at six point six two? I
think one one one week this year? This song on
Freddy's up Market Report, the p m MS, the Primary
Mortgage Market Survey. All right, go ahead, I'm sorry interrupted,
But those are feel good headlines. Yeah, they're they're trying.

(01:01:00):
I don't know. I'm not sure what the intent of
it is other than to you know, spread the news.
Great news. Hey you got great news everybody?

Speaker 4 (01:01:06):
Yeah, nothing even though it's a little bit of bad
out there.

Speaker 3 (01:01:09):
Yeah, yeah, life is good. We could take a little
good news, even if even if you make it make it.

Speaker 4 (01:01:14):
Up right, How good at that?

Speaker 3 (01:01:16):
What's that?

Speaker 4 (01:01:17):
Watch me remember that clip?

Speaker 3 (01:01:18):
There was in a world a radio strictly forbidden in
a world? Right?

Speaker 2 (01:01:25):
You sound like that guy John we're radio.

Speaker 3 (01:01:28):
It's from a show, a movie Jake Up the Liar
or something like that, like One Man, One man found
a good way, a good way to bring their way,
to bring the good news to his people. He made
it there.

Speaker 4 (01:01:40):
So there's some awesome uh promos that Jimothy made back
in the day from the locker room with the Greek movies.

Speaker 3 (01:01:46):
Okay in a world. Yeah, that's absolutely like right there
with you.

Speaker 4 (01:01:51):
And I'm probably confusing all kinds of in a world.

Speaker 5 (01:01:55):
That was great for that for when he did a
lot of the voice over work rest his soul for
the movie trailers.

Speaker 3 (01:02:03):
I mean he was well known for sure.

Speaker 4 (01:02:06):
And that's kind of what you did, you kind of
you made mockery.

Speaker 3 (01:02:09):
Are Yeah, yeah, yeah, yeah.

Speaker 2 (01:02:12):
What's his first name?

Speaker 3 (01:02:13):
Can't it's escaping.

Speaker 4 (01:02:15):
Me right now, Don, it's Don Lafontaine.

Speaker 3 (01:02:22):
Yeah, I'm gonna go Don.

Speaker 2 (01:02:24):
Yeh.

Speaker 3 (01:02:24):
Jared Perry is right here.

Speaker 4 (01:02:25):
Hopefully he's googling Don Lafontaine for us right now. Man,
it's Perry c p A our friend, your friend.

Speaker 3 (01:02:31):
Good to see you, my.

Speaker 2 (01:02:31):
Friend, and it's good to be here. I'm not sure
who Don Lafontaine.

Speaker 3 (01:02:34):
Is in a world.

Speaker 2 (01:02:36):
That guy you're better than.

Speaker 3 (01:02:41):
He's a proj might be the only thing you can under.

Speaker 2 (01:02:43):
Those And I think Johnny's a proad. I like that.
It sounds like, just like the guy, it might be better.

Speaker 4 (01:02:48):
I might, I might be. I might be better than
you at that. And maybe thumb wrestling.

Speaker 2 (01:02:52):
I don't know. I'm pretty good at them.

Speaker 3 (01:02:54):
Well, what about filing taxes?

Speaker 2 (01:02:58):
I think if I'm gonna Johnny, it might be better
you file before me every year. So if that's if
it's the first one, then you're better for sure.

Speaker 4 (01:03:06):
I guess it depends on Hey, look at it right
exactly where's the perspective?

Speaker 3 (01:03:09):
Yeah? Yeah, for sure.

Speaker 4 (01:03:11):
And Jimmy D's here, that's jim depol have told you
for a thirteen plus year now he runs a top producer.
And tell you what Keller Williams team, It's the Florida
Home Pros Team, Keller Williams Innovations.

Speaker 3 (01:03:20):
Jimmy D. How you be?

Speaker 7 (01:03:22):
Hey, thank you? Everybody want to do a shout out
to Sammy Johns. Do you know Sammy Johnson's.

Speaker 4 (01:03:27):
Sammy john the singer for Chevy Van.

Speaker 3 (01:03:30):
They don't.

Speaker 7 (01:03:30):
It wasn't Eagles, it was Sammy John's. I looked it up.
That's the guys Chevy.

Speaker 4 (01:03:35):
Van, Chevy Van.

Speaker 7 (01:03:36):
You never heard Chevy Van singing. It's a seventy song,
Chevy Van. I don't remember. I don't I can't sing it,
but I remember. It's about a guy driving around in Winslow, Arizona.

Speaker 3 (01:03:46):
And this is a call back to the two Sons.

Speaker 7 (01:03:49):
Yeah, he sees some hot chick walking down the street,
he puts her in the van and then they.

Speaker 3 (01:03:54):
I thought it was we were singing take It Easy,
he puts her in the van. Is this pick? This
wouldn't be allowed this era, right? Yeah?

Speaker 7 (01:04:06):
Baby?

Speaker 4 (01:04:07):
So what's what's the lyric again?

Speaker 2 (01:04:13):
That's Diddy's way of doing it.

Speaker 3 (01:04:15):
I like this.

Speaker 2 (01:04:18):
Listen, give me a six pack.

Speaker 3 (01:04:20):
Give me the lyric again?

Speaker 7 (01:04:22):
Which one Winsle Arizona.

Speaker 3 (01:04:24):
It's just take it Easy.

Speaker 4 (01:04:25):
From the Eagles, isn't it taking? I know that song
running Arizona?

Speaker 7 (01:04:32):
Well, take it Easy definitely.

Speaker 4 (01:04:36):
A blacksh No, that's an Eagles song.

Speaker 3 (01:04:44):
Yeah, you're right, Johnny, Yeah.

Speaker 7 (01:04:47):
Well that is the song. But when we were talking earlier,
we were talking about event.

Speaker 4 (01:04:51):
But what you just said with the line with Winsle Arizona,
I'm like, that's a.

Speaker 7 (01:04:55):
He was thinking take It Easy because the Tucson on Arizona.

Speaker 3 (01:05:00):
So somebody we brought up Tucson Arizona and you're like,
who do you know from Tucson Azona? I said, Jojo
from the Beatles song Get Back, right, which is like
Jojo left his home in Tucson, Arizona. That's a legit
line from that song get Back, very famous song, right.
And then you said something about Chevy Van when when's
Low Arizona. Wait, that's from that's from the Eagles, that's

(01:05:23):
from that's from take It Easy.

Speaker 7 (01:05:25):
No, I don't think that. I think Winslow Arizona is
from the Chevy Van song not to take It Easy.

Speaker 3 (01:05:29):
I'm looking at the lyrics and this is a super
related to real estate. But I don't see I don't
see it at all in Chevy Van, in Schoulvy Van,
I don't see Arizona at all. And Chevy look up.

Speaker 4 (01:05:40):
Look at take It Easy by the Eagles.

Speaker 3 (01:05:42):
Yeah, maybe a caller nots.

Speaker 7 (01:05:45):
Take it easy, take it Easy. I just looked it up, right,
so I got it. I confused in my Chevy Van
with the Eagle.

Speaker 4 (01:05:51):
So I also have pretty good at a few Eagle songs.

Speaker 3 (01:05:56):
You better me and the first caller who calls in,
who's ever heard Chevy Van Winner, Chevy Metal One.

Speaker 7 (01:06:09):
So I want to get into I want to get
into the Form one case. But first I want to
give a shout out, a special shout out to my mom.
It's her birthday, so we're taking her out to dinner
night with my sister and brother in law and everything.
We're gonna go to Prime Catch and that's like her favorite.

Speaker 3 (01:06:29):
Her favorite beautiful.

Speaker 7 (01:06:33):
Right, Yeah. She she's really an inspiration my mom. You know,
you know, as you get older, everybody gets like all
these ailments and everything. It's just natural part of growing
growing old. But my mom, you know, the doctors keep
telling her to go on this drug or that drug
you know that normal people use when they get up
in age. And she's like, no, I'm not using that.

(01:06:53):
I'll just change my diet. No, I'm not going to
do that. I'll just exercise. And she's doing all that
stuff and then she goes back. She was doing it
so well that one time she was getting all these
dizzy spells and everything, and when she went to the doctor,
my mom lost a significant amount of weight. She was
exercising like crazy, changed her diet, and she was on
these drugs for like cholesterol or anything, but her cholesterol

(01:07:16):
got so low because nobody does what the doctor tells
you to do, right, So she did all the stuff
that you're supposed to do in order to reduce your cholesterol.
Plus she was on a heavy duty cholesterol reducing drugs,
so they had to dump her off the drug.

Speaker 3 (01:07:32):
Now she doesn't have enough cholesterol.

Speaker 7 (01:07:34):
Right. There was like the exact opposite problem and she
was drug for So God bless you, Mom. You're an
inspiration handling all that and you know, and I hope
you have an awesome, awesome day, So thank you so much, Yes, seriously,
and I'll see it a little bit. I love you
And uh wait a second, I was just trying to

(01:07:54):
see because I know Jimmy's talking to somebody, but he's laughing,
so who knows what's going on?

Speaker 3 (01:08:00):
Be calling in for Chevy van reference, Do we.

Speaker 7 (01:08:02):
Have a call Jimmy or we're going to go into
the next segment? Okay, cool? It was it was Jimmy Coff.

Speaker 3 (01:08:07):
So well, don't forget the eggs, honey.

Speaker 7 (01:08:10):
So I was reading, I was reading about this, and
then I knew I was having Jared from Perrys CPA
Group come on the show, and I always wondered what
he was thinking about this. So the President signed an
executive order that says he wants to open up alternative

(01:08:31):
assets such as private equity, cryptocurrencies, and like real estate
to be able to use your four own ks for
an investing in that. There's almost nine trillion dollars in
four O one K across the United States, nine trains,
so it's a huge amount of money.

Speaker 2 (01:08:48):
It's a huge market.

Speaker 7 (01:08:50):
So I was just wondering, Now this isn't set in
stone that they're using the terms laying the ground work,
it might not happen explore options. Yeah, and he did,
President Trump in twenty in his first term, he did
some of this and it was he laid I guess
he's putting more groundwork down. But he did some stuff

(01:09:12):
related to this, allowing the concept of these alternative assets
to be used as four one K products. And it
was approved by his administration and then the Biden administration
rubber stamped it. So both administrations approved that move, right,
and now he's trying to expand it even more, you know,
to get it going. So I'm wondering Jared, when you're

(01:09:35):
reading this, do you think this would be a good
thing and not necessarily a good thing. It could be
good and bad. You know, what are you thinking?

Speaker 2 (01:09:43):
So they already do this with like iras, and there's
some problems with that. People aren't educated on them enough.
And you know, if you put things like property or
real estate, it's great in an IRA because it'll grow
tax free. You can even have a rental and and
things like that. You don't have to pay taxes on
it if it's in the IRA. But the problems become,

(01:10:05):
you know, if the property needs a new roof and
you're not sitting on a cash reserve, you can't just
make a contribution to the IRA. You have to be
qualified to make the contribution to it, and if you've
already made one for the year, if it's more than
the amount of contribution, it becomes an excess contribution and
there's penalties on it for making an SSS contribution. So

(01:10:28):
there's a lot of rules and there's the same limitations
on for one case, so.

Speaker 4 (01:10:31):
Just improving your home is considered a contribution to that IRA.

Speaker 2 (01:10:36):
So if you had an investment property in your IRA
and you needed to fix it up. You have to
get money into that IRA to fix it up. So
putting the money into the account in the IRA to
fix up the home would be fixed. You can't just
pay for it. If you paid for it, then that's
considered a contribution, and if you're not qualified, then that's

(01:10:58):
an excess contribution and subject dependals. Same thing with the
four one K you're subject to limitations on when you
can put money into it. So, I mean, I like
the idea of it. I just And it's also going
to be up to the employers from what I understand, Jim.
The employees can't just say, hey, I want to, you know,
start participating in this alternative investment, my four one K.

(01:11:19):
It has to be the employer has to want to
do it as well and provide access and and you know,
there's a lot of administrative stuff that goes with it
as well. So I think it's a lot of talk
right now.

Speaker 3 (01:11:29):
It's just but is it like it's like an expansion
of what already exists, Like I've been doing, Johnny, four
to one K is my entire career, right, I've been contributed,
right because one of the big benefits of the four
to one K at the very least is that your employer,
you know, it's optional, but they contribute, right, they'll match
you contribute you know, five grand in a year. They'll

(01:11:50):
they'll match maybe up to five grand in a year.
So I kind of like everyty that does that.

Speaker 4 (01:11:54):
You basically can give yourself your own raise by forcing
that hand.

Speaker 3 (01:11:59):
Yeah, you just it's money, so why not take it?
You know, you have to basically be able to part
with whatever you're going to be putting in there. But
it's put in pre tax right, right, and then it's
taxable when it comes out. But you get the money
from your employer. Now, it's always been directed, so I've
never like really thought about it too much. But the
employer selects a four to one K plan manager, right,

(01:12:21):
Somebody is setting the boundaries on what type of investments
can be done. So it's usually like mutual funds, right,
But there's a broad array of mutual funds that span
a wide, you know, range of investment portfolios. Like some
are risky. I've got to think real estate investing is
some sort of package in a mutual fund at some level.

(01:12:42):
But somebody has always set those limits. Right, So your
employer selects the plan manager. The plan manager has some
sort of guidance on what type of investments are allowed
within these plans. Yeah, there's probably some level of conservative
approach there, meaning, hey, this is people's retirement funds. You
can't be going crazy investing in you know the chiefs. Yeah,

(01:13:04):
that's kind of money line or something, right, That's kind
of where I was going to go.

Speaker 2 (01:13:06):
So the other thing was they're they're talking about allowing
alternative investments, which would be like instead of investing and
mutual funds or stocks and bonds like PEPSI and Google
or whatever, you know, you can invest in you know,
real estate funds and they're not publicly traded.

Speaker 3 (01:13:24):
So that's not allowed right now, Is that right?

Speaker 2 (01:13:26):
It's not allowed. But that's that's exactly what they're talking about,
is allowing for one case that's the big market is
in these funds that and and you know our r
I a our investment firm that we do a lot
of that we we you know, help raise money for
these funds. But in order to do that, the people
that are investing into them, you're not. Typically you can't

(01:13:46):
just anybody can't just invest. You have to be considered,
you have to you have to be uh what are they?
What's it called, Jim?

Speaker 3 (01:13:53):
You have to know your risk an expert accredited.

Speaker 2 (01:13:56):
I couldn't even think of it. You have to be
accredited to invest and accredited me. You have to make
over two hundred fifty thousand dollars a year or you
have to have over two.

Speaker 3 (01:14:04):
Million in that asmut of capital.

Speaker 2 (01:14:06):
And the reason they do that is because they're not
liquid like a stock or bond. They're not publicly traded
where you can just get your money back whenever you
want it. Yeah, and they're they're more risky. I mean,
these are these are funds, and and although they have
higher returns that they have a larger risk appetite. So
they want people that invest into this stuff to have

(01:14:28):
the money to do it, but also to be educated
on it so they know what they're doing.

Speaker 3 (01:14:32):
So the and that's kind of like getting to what
I was thinking, which is like we've all kind of
at some level passed off the decision making on what's
risky enough, like you have within your own four okay,
you can select, Hey, I want I want to be
in these sectors. I want to be in these and
some of these have short term elements of risk, and
some of them are more safe blue chips. You know.

Speaker 2 (01:14:52):
Now you can even say like I don't want to
pick it all, I want to whatever long term outlook,
and they'll kind of allegate it for you.

Speaker 3 (01:15:00):
And they're self directed iras where you're basically managing every
single investment you could be individual stocks or whatever. So
but most people just hand off that decision making to
the experts, right.

Speaker 2 (01:15:12):
Which isn't which you know, typically I'm not a big
fan of because a lot of the employers choose plans
and assets and funds that have you know, built in
fund fees in the funds sure, so they don't have
to pay for the administrative cost of keeping the four
to one K.

Speaker 3 (01:15:32):
So there's some advantage to picking this. US as a
group have more.

Speaker 2 (01:15:36):
Control, right and and there's not separate fees built into
these and things like that.

Speaker 3 (01:15:42):
I think, like in the world of small companies, which
a big, big majority of people who are you know,
using these things like in the US is you know,
you meet with the sales rep, and the sales rep
convinces you and then you're just like, okay, yeah, we
want to do a four oh one K. Let's meet
with a couple of different people. Whoever gives us the
bet as an employer, Okay, that's the one we're going
to go and then you present it to your employees

(01:16:02):
and like, here's what we're doing. We're going to match
pick your investment. You know, Uh, we're going through that
right now.

Speaker 2 (01:16:08):
We just started offering it all and going through it
with my staff right now, the exact same thing. But
the problem, you know, the problem with this all sounds good, right,
but what most of the employers aren't gonna go to
the extra mile to be able to offer this stuff
when they're the ones having to pay for the expense
of administrating the fund.

Speaker 3 (01:16:26):
Yeah, and I so who knows who's setting the boundaries
on what's allowed. I don't know. Is there some responsibility,
like a fiduciary responsibility to look out for the best
interests of your clients? Right? Who is an investor? Of course?
And the minute something goes terribly wrong, it's going to
be like why would they allow this?

Speaker 2 (01:16:46):
Yeah, you're like, you're the bad employer for letting people
invest into these alternatives and crypto. You know, we always
joke around because we're meeting with certain clients that they'll
come in and you know, we're trying to figure out
which direction is steer man, It's like, what's your your
risk tolerance? And they're like, well, I'm you know, I'm conservative.
You know, I don't I don't want fluctuations and talking

(01:17:08):
about retirement money and stuff. And then the next question
how their mouth is like, well, you know, what do
you think of theory or bitcoin?

Speaker 3 (01:17:15):
Yeah, how do you feel it? Do you feel about
a fifty return?

Speaker 4 (01:17:20):
Right?

Speaker 3 (01:17:21):
Right? You're super conservative, but would you like that twenty
two percent return?

Speaker 8 (01:17:24):
Yeah?

Speaker 2 (01:17:25):
Right?

Speaker 3 (01:17:25):
Yeah? So are are commodities allowed right now? In four
one K portfolios?

Speaker 2 (01:17:31):
I think you can invest into I know you can
with an IRA, but in a four to one K,
I think you can invest into funds that, you know,
track commodity, track commodity.

Speaker 3 (01:17:40):
It's like gold. I'm thinking, like for me, baskets, Yeah,
like what ATF.

Speaker 2 (01:17:43):
Is, Yeah, like something that's invested into gold like some
but not I don't. I don't think you can hold
gold in a four to one K. I know you
can an iris.

Speaker 3 (01:17:52):
Self directed IR okay. I think of most most crypto
as a commodity just the way that I think about it,
with the exception of ethereum.

Speaker 2 (01:18:00):
For me, it's just got a lot more, a lot
more fluctuations and rush, you know what I mean. So
it'd be interesting because four one k's have always been
viewed as being like long term conservative products, and now
you're talking about putting crypto. Well, it's like which you know,
if people understand what they're doing, and it's long term, you.

Speaker 3 (01:18:21):
Know, but definitely risky, high risk, high reward, that's the
way it goes, which most people don't want, right. They
like the idea of the high reward. Nobody wants to
lose their retirement fund.

Speaker 2 (01:18:33):
Yeah, I mean, if you could earn five on your
retirement and it's going to be there for thirty years
or whatever, you know, it's gonna grow and you're gonna
have a nice chunk there later on, you're gonna be happy.

Speaker 4 (01:18:43):
But you know, the idea of a digital currency investing
in that is not a terrible idea because we're definitely
working towards that breed.

Speaker 2 (01:18:51):
There's just so many, so many, and they're not all
going to make that's right, They're not all.

Speaker 3 (01:18:55):
Going to make it.

Speaker 4 (01:18:56):
There's gonna be probably one that's going to be the
global dominant one, but which one is is it gonna
be a bitcoin? Well, we'll find out together one day
because I mean we're definitely going towards filk currency sure.

Speaker 2 (01:19:07):
And I mean cash is like I go places now
at concerts, especially in like sporting events, spending spend cash,
good luck and they won't even take it.

Speaker 4 (01:19:16):
Then you're like, what they have a reverse atm over
here and they'll give you a debit card.

Speaker 3 (01:19:22):
There's so easy. Does anybody think about so you like,
where is this coming from? Jim said, it was like
the first term, you know, they tried to do lay
the initial ground. We're kind of expanding that, which I get, like,
there's a big money, Hey, can we can we put
this money into other sectors right, which we feel are
going to be good for them. But we talk about

(01:19:42):
digital crypto in general. It just so happens that there's
a crypto coin out there right that is directly linked
to the administration. It's like, hey, can we open up
this eight trillion dollar retirement from market to crypto investing?
Hey is that going to be? You know, it's you
would look at that kind of like squinch your eye.
It's like, what's going on.

Speaker 4 (01:20:01):
With the with the details there's kind of sort of
through You're like, what that feels weird.

Speaker 2 (01:20:07):
It is a little weird to me that they're letting
they're talking about letting these alternatives in when they won't
even let people that are non accredited invest in to
them right now. Sure, and then they're like, okay, well,
you know, we're just gonna put these into force, like
people invest in them.

Speaker 3 (01:20:22):
When you learn how to swim, you don't go to
the deep end right away. You're like, maybe you take
some lessons. Maybe before you can go to the deep end.
You got to do a little test in front of
the lifeguard. You know. It's kind of like that. So
there's a little element of danger, potentially life threatening for sure. Danger.
So sure. Anyway, So I'm not the interstosed to the
idea of like setting, you know, expanding the limits, because

(01:20:45):
I don't even know what the limits are right now.
Just I've always deferred to somebody else on yeah.

Speaker 2 (01:20:49):
Yeah, And they're probably sucking the money out of your
investments to pay their ADMIN costs, but you know, you
may not have another choice.

Speaker 3 (01:20:56):
When I see the numbers going up every year, I'm like, great,
that's what you want to that's kind of that's what
you know.

Speaker 7 (01:21:05):
I don't know the answers to it. It'll be interesting
to see. I get a little wary because if you
go through a big crash, a lot of people can
get burned really really bad.

Speaker 2 (01:21:16):
Because it doesn't even have to be a crash. I mean,
when you're an alternative, it's that company does bad, right
like not the market, it's that company company had something
and it's done. You know, you lost your investment.

Speaker 7 (01:21:28):
So the risk is the risk can be very very high.
And I don't know if like the average person, you know,
because most of these people when I had my FOEM
one K, when I was at the Tribune company with
the Sun Center or and everything, you'd pick which kind
of mutual fund you were going to be in, right,
and then they just handled everything, you know, and then
you just contributed your your contribution to to it.

Speaker 2 (01:21:51):
I'm moderating. I'm a moderate risk tolerance. They put you
in a moderate fund.

Speaker 7 (01:21:56):
Right exactly right, or or if you want, if you
want more risk, you know, go in there. But it
really isn't that risk to what we're talking about right now, right,
But if you want to put everything in doggie coin
right right, and you don't know what's going to happen
with that or not. I still don't understand the whole
crypto thing, and I got to just be honest with

(01:22:17):
you about it and the reason why. I just feel
like it's a it's a product for swing trading, and
the reason why I say that. And I know it's
grown a lot, and it's growing tremendously right now, but
I don't understand the purpose of it. They say, it's
like to keep everything. They're trying to cut out the bank, right,
they're the whole thing is, we want to cut out

(01:22:38):
the middle man and we want to just do direct
transactions between two people.

Speaker 2 (01:22:42):
For crypto in general.

Speaker 7 (01:22:43):
Yeah, just crypto in general. And then they say about
the anonymity, anononymity in that you can all those people,
all those how many people we saw that scam? Hundreds
of millions, and then they found the guy It was
supposed to be like, you're not supposed to find out
that stuff, but they know exactly where the transaction happened,

(01:23:04):
So there there's no anononymity.

Speaker 2 (01:23:07):
No, it is because you're you're but there's a tracking
on all.

Speaker 3 (01:23:10):
There's a wallet. Everyone you know, there's a wallet, so
you can identify who made the trade, but you don't
necessarily know who that person is.

Speaker 7 (01:23:17):
Right, they found them, So you have to I.

Speaker 3 (01:23:19):
Don't know how much time you want to go with,
but like the you have to understand the purpose of
the blockchain and when it comes to cutting out the
middleman and so the I don't know if you want
to go into this or not. So your bank keeps
track of your transactions, right, so you deposit money, you
withdraw money, you spend money, use your car, whatever.

Speaker 4 (01:23:38):
They want charge if you're depositive.

Speaker 2 (01:23:40):
Yeah, the I R S can track all that.

Speaker 3 (01:23:43):
But who's in charge of keeping that ledger? This is
this is the blockchain in a nutshell. Who's in charge
of keeping that ledger? It's somebody the bank, right, yes, right,
somebody has to keep the ledger. Yeah, okay, the blockchain.

Speaker 6 (01:23:56):
Keeps it is the ledger ledger.

Speaker 3 (01:23:59):
Yeah, and it can't be manipulated and it can't be
edited after the fact, so you no longer need a
central authority to keep the ledger. The blockchain itself is
the ledger, so every single transaction happens on it is
recorded without the need of a third party. That's the blockchain,

(01:24:20):
that's the technology, and that's why it's important. So it's
not about cutting out the government. It's just saying, listen,
we no longer need a bank, a centralized third party
to basically write the numbers down in the book. The
book is the ledger and it can't be tampered with.
That's number one.

Speaker 7 (01:24:35):
What's the benefit of that.

Speaker 3 (01:24:37):
That you don't need a third party to keep track
of your money.

Speaker 7 (01:24:40):
We have the third party before crypto. I don't see
any I didn't see any problems with that. Well, because
that the banks are fudging the figures, just.

Speaker 3 (01:24:49):
The fact that they're required. Like I'll take you a
good example, like the county keeps the deed book. Right,
they basically record everything that happen. You go to the
to the they have the conce of the book and
page right, they've a real estate transaction happens, a warranty,
deed is recorded. It's on page you know, three hundred
and sixty five of book number twelve. Right. The county

(01:25:11):
is in charge of keeping that record. If something happens,
government's change hands, county building burns down, the county's servers
blow up all of a sudden, that copy that was
maintained by the county and required the county, and maybe
the existence for the central governments is to do functions
like that, like the blockchain replaces that. You don't need

(01:25:34):
a book and page that's maintained by the county. It's
maintained in the digital record itself, every single transaction.

Speaker 7 (01:25:41):
And then how do you.

Speaker 2 (01:25:42):
Well, the bank's charge fees to do all that stuff
on top of the.

Speaker 3 (01:25:46):
Well, we got a whole central government that does stuff.

Speaker 2 (01:25:48):
Yeah, and they're charging fees. With the blockchain, you don't
have any.

Speaker 3 (01:25:50):
What was your next question? You said something, right, how
do you get access to that information? You just read
the blockchain so that there's a ledger. The blockchain is
the ledger. It's also self recording. Now now you get
into well how is it? How is it self recording? Right,
there's a whole that's all the technology of blockchain, Like

(01:26:11):
how do you verify what? The next thing that gets
written in the book is that's the whole verification system.
That's what's called mining. Right traditionally the bitcoin mining just trust.

Speaker 7 (01:26:21):
That that that ledger that we don't know who doing
the ledger book at least with the banks.

Speaker 3 (01:26:26):
The code No, but it's it's a consensus.

Speaker 7 (01:26:29):
The mode that's written that could be changed.

Speaker 3 (01:26:31):
It's the but the entire system, this is what they've developed.
This is what it is. They have developed it. So
it's very very very very very unlikely it can be hacked. Right,
That's what bitcoin mining is all about. Verifying the next
transaction gets written into the ledger. That's the whole what's
what mining is, right, So it's the that's the way
that the ledger is written, the whole purpose those that

(01:26:52):
you don't need a central system to do it. It's
kind of like self. It keeps it the record itself.
That's blockchain technology. That's what you have to understand.

Speaker 7 (01:27:01):
First part. You don't have to have a banker's selling
people that wrote the chain like that wrote the code
for the chain behind it, and you don't know who
the hell they are, right, they're the ones that are
really control because they can change the code. Right, But
the point that you change the going and nobody would
know because we don't even know who's right in the
code anyway.

Speaker 3 (01:27:19):
But the purpose of it, Jim and all of the
technology has gone into developing blockchain is to answer exactly
that question, which is it can't be hacked.

Speaker 7 (01:27:28):
I don't believe that. That's the part I don't believe.

Speaker 3 (01:27:30):
Well, then you don't understand that's the whole point of it.

Speaker 7 (01:27:32):
Well, then if it can't be hacked, and why do
people steal all those billions of dollars a bitcoin and
then got caught.

Speaker 3 (01:27:38):
And because and then you'll have things all forks or whatever.
So when something goes wrong, there's forks and you can
kind of like undo things.

Speaker 7 (01:27:45):
How do you find the person's identity?

Speaker 3 (01:27:46):
But the purpose is to develop a system that is
not susceptible to the exact thing that you're talking about.

Speaker 7 (01:27:53):
That's the whole point of old guys. So I'm not
sure I'm ever going to buy into this, you know,
be eighty and all going to be normal normalized on
bees like, hey, we're I guess I'm like the old
gold standard guy right back.

Speaker 2 (01:28:06):
Remember you could put a dollar into this.

Speaker 3 (01:28:08):
Remember the question was how do you keep somebody from
cooking the books? That was the original question, How can
I keep somebody from cooking the book? But everybody what
the whole technology is about that question?

Speaker 7 (01:28:19):
Well, yeah, but I don't think that they've solved it.
I think there's still plenty of ways for corruption to
slip in there, just like with the.

Speaker 3 (01:28:26):
Banks, you're just talk just everybody, and that's what you're saying.
Okham's razor says that it has to be the case.
But I'm saying, you're just you're pulling that from money guy.

Speaker 7 (01:28:37):
It's funny. This is Mike is normally the most if
it isn't logical, it doesn't at all. But this you're
totally relying. You're totally relying on.

Speaker 2 (01:28:47):
Because open to everything.

Speaker 3 (01:28:49):
What I'm saying is you don't understand it. The whole
purpose of the system is because of your objections. That's
why they developed it. That's why it was like research
and invented, was to overcome the objections that you're saying
are possible, right, Like, so that was the purpose of it.
Now they've developed to a point where it's it's like
really really really just.

Speaker 7 (01:29:07):
An anonymous group that puts together a system and then
it's like put in trillions and trillions and dollars in here.

Speaker 3 (01:29:12):
Then you should your bank, you should do some research.

Speaker 7 (01:29:15):
And you don't know who they are, at least if
you're going to there's no they exactly, it's the technologybody
wrote the program thoughing whoever that can change it.

Speaker 3 (01:29:25):
You don't get it. You don't get it. Maybe maybe,
and that's okay, that's okay. It's not for everybody.

Speaker 7 (01:29:31):
Well, I know Mike to write.

Speaker 4 (01:29:33):
But everything, it doesn't matter what you're scared of. It
doesn't matter if it's a snake or blockchain. The more
you learn about it, the less fear you'll have it with.
Right that, it doesn't matter what it is. I don't
know is off driven.

Speaker 7 (01:29:47):
It's that little jelly fish gets scared.

Speaker 3 (01:29:49):
The little box jellyfish in Australia like tiny. The more
you learn about the less you ever want to counter one.
You can't see it. It's tiny, Yeah, but I know
I don't want that.

Speaker 7 (01:29:58):
Are you talking about the one that goes up? You
know what.

Speaker 2 (01:30:04):
I haven't?

Speaker 7 (01:30:06):
Yeah, I tell you're talking about when you go swimming.
But anyway, it'll be interesting to see. I'm not I'm
not necessary like I know that. I used to use
a self directed roth Ira when I was an investor,
full time investor to invest my four and one K
money into real estate deals. So what added to you
on K? Right? I took the money out of a

(01:30:27):
four one K and put it in a self directed
roth Ira.

Speaker 2 (01:30:30):
And I would typically advise somebody to do that if
they're no longer with that employer, because you get it
out of their control and you can use more investments
and you can control the fees and all that stuff.

Speaker 7 (01:30:42):
Like, there's a lot of extra regulations you got to
jump through when you use the money that way, because
it isn't like you're in control of your retirement fund,
which has taxed deferred benefits to it. So like, for example,
if you do an if you're buying up an investment
property with an IRA and let's say that you bought

(01:31:03):
let's say you use your whole IRA to buy one
house and then the house needs a new roof and
you don't have any money in the ira US. You
cannot just take money out of your pocket and then
put the roof on it, because that that a violation.

Speaker 2 (01:31:19):
Right, it's an excess. I mean, there's a limit to
how much you can put into it each year, and
sometimes you can't put anything into it. But if you
needed a new roof, that would be more than you're
allowed to put in it anyways, you know, because it's
typically seven thousand dollars a year into the ira.

Speaker 7 (01:31:35):
So what we what I used to do is I
used to do fifty to fifty partnership with my IRA, Right,
so the IRA would put in fifty percent of the
investment into the flip and I would put fifty percent
of my own money into. Well, that's you're a partner
with my IRA.

Speaker 2 (01:31:50):
That's okay. But then you're you're not deferring all the tax,
You're only deferring half of it.

Speaker 7 (01:31:54):
That's true. That's true.

Speaker 3 (01:31:56):
So when you borrowed against your IRA to do investing.

Speaker 2 (01:32:01):
No no, no, borrowed against your IRA or use the IRA money.

Speaker 7 (01:32:04):
Borrow that they were a partner. The IRA is like
an individual entity. So I have Jim Depola and then
the IRA. Now that's too.

Speaker 2 (01:32:12):
Like the four oh one K funds, he wrote, he
moved them to the IRA and used the money instead
of it being in a stock. He used the money
to buy property. And you can do.

Speaker 7 (01:32:24):
That because it's self directed.

Speaker 2 (01:32:27):
That's the self You can't that's what they're talking about
being able to do with the four to one K.

Speaker 3 (01:32:30):
So you know, not like taking it out and then
putting it back in. You're basically saying, hey, this money
right here that I'm using to do this is IRA money.
Subject to the rules of where this IRA is, whether
it's pre tax, taxable, whatever it is, and then.

Speaker 2 (01:32:44):
Using that to buy property. And that's why it becomes
a problem. Like it's great, it grows. If you did
a flip and made three hundred grand on the flip,
you don't pay any tax, right, I mean you know
that part of.

Speaker 3 (01:32:55):
It's all the product, Yeah, on what you owned and
you know the IRA. But so you've been able to
do that up to now, yes, oh yeah, you.

Speaker 7 (01:33:06):
Could do that. You have to take it out of
four and one K and do a self directed roth
ray or other products.

Speaker 2 (01:33:12):
Can't do it in your four one k.

Speaker 7 (01:33:13):
You can't do to your four and one k. Interesting,
So yeah, yes, but that's what That's why I thought
this would be interesting because I'm like, Wow, if they
had that back when I was an investor, and maybe
I didn't have to put in a roth four oh
one k uh ro IRA. Yeah, I could just keep
in the four one K and use it.

Speaker 2 (01:33:31):
I mean, if you know what you're doing and you're
you're good at it, there's definitely ways to use the
IRA to make money with real estate and not pay
tax one hundred.

Speaker 3 (01:33:40):
You know what you're doing right.

Speaker 4 (01:33:41):
You're good at it.

Speaker 3 (01:33:42):
Yeah, that's good news. Is we know a guy. If
you're not if you're doing that or interested, I mean,
all you.

Speaker 2 (01:33:47):
Have to do is just keep a cash reserve in
the i RA. That solves a big problem.

Speaker 3 (01:33:53):
No, I want I don't know what I'm doing. I'm
not good at Let's do it. I want to do it.

Speaker 7 (01:33:58):
I want to. I want to switch gears and talk
a little bit about what's happening to the market right now,
and then if we have time, I'm going to ask
you a different type of question. Since we got him
here eight.

Speaker 4 (01:34:07):
Seven seven nineteen seven six nine six nine, very short
amount of time remaining on a Saturday, but you're welcome
to join us. Always remember Florida talkreal Estate dot Com
your one stop real estate shop, access to the entire team,
all of them, y'all. Florida talkreal Estate dot Com.

Speaker 7 (01:34:20):
Yep. All you gotta do is, like Mike, just go
to the Mike who called in earlier, not Mike Rowl
the mortgage firm, and just go to our website and
type in an email saying, hey, I'm thinking about moving
to Florida someday. Yeah, and that'll start the process.

Speaker 3 (01:34:33):
I wonder why Mike did would come down here to
South Florida.

Speaker 7 (01:34:37):
I don't know he was. He was looking more in
central North Florida the whole time. I don't I didn't
ask him why, you know what part of.

Speaker 3 (01:34:44):
The area because he prefers the south.

Speaker 7 (01:34:46):
Yeah, yeah, exactly. You hear south, so you had to
get south.

Speaker 2 (01:34:50):
Of Florida, Jim. The sales moving up each month, No, no.

Speaker 7 (01:34:54):
They're they're pretty flat right now. We're probably at twelve
to thirteen hundred sales a month in Pommy.

Speaker 2 (01:35:00):
There was a lot of people moving back down here. Again,
it's not happening.

Speaker 7 (01:35:04):
The sales have been very consistently flat for the last
six months. So all this, you're talking about that New
York thing with the mayor and everything. Everybody's saying that.

Speaker 2 (01:35:13):
I'm not saying that. I just heard.

Speaker 7 (01:35:14):
No, no, no, I said, everybody. Don't mean you, but everybody.
Every that's the big thing that the mayor he isn't
even elected yet, yeah and everybody everybody.

Speaker 3 (01:35:23):
But if he wins, Jared, listen, this could be good time.
It starts some sort of campaign about your house, featuring
your house and get it targeted in certain areas in
the city though, Yeah, and then you might be the
one somebody gonna come down and there are people moving.

Speaker 7 (01:35:38):
I'm not saying that nobody's moving in from New York
and Connecticut, New Jersey. It's just not the same as.

Speaker 2 (01:35:45):
During COVID, when there's tons of people.

Speaker 7 (01:35:46):
Slowed down and a lot of people that came down
during COVID left.

Speaker 2 (01:35:51):
Yeah, that's what I thought.

Speaker 7 (01:35:52):
And what's happening now is not only did a lot
of those A centivant amount of those people left, a
lot a lot of people left just like Florida after
and went back and other people. What happened was is
what we're also seeing though, was a lot of middle

(01:36:13):
class Ferarudians are leaving Florida.

Speaker 3 (01:36:15):
Now.

Speaker 7 (01:36:15):
That's why I'm dealing with so many different states. I
don't know if people have noticed, but I've been talking
more about more and more over the show over the
last several years about all the people I'm closing in
other states. That's because they're all leaving Florida. They all
used to sell here and then buy here. Now they're
selling here right, and they're they're just like, I can't

(01:36:35):
take the cost anymore there, and they're they're heading other places,
but I wanted to get into the market. So we've
talked about a couple of surveys over the last couple
of weeks where there what is the secret number to
get buyers back into the market in a strong way?
And back in the day, we've watched this over time.
At first, people were saying four percent. That had to

(01:36:58):
start with the four, right, This is when the mortgage
rates used to be in the threes. And then they
got up to the fives. Right, So everybody was waiting
for a four. Then we never hit the four again.
We got into the sixes, so everybody said they wanted
to wait till the fives. Well, now we're a few
years later and the number has been the magic number
is six percent. If I can get under six percent,

(01:37:20):
I'd buy.

Speaker 3 (01:37:21):
Well.

Speaker 7 (01:37:21):
What dawned on me is last week we started seeing
the We've seen several weeks of interest rate drop. It
hasn't been that much, and Mike is one hundred percent
correct since since basically twenty twenty three, I went back
to this mic. From twenty twenty three until right now,

(01:37:42):
we've been in a pretty straight line. We've had a
couple of dips in a little bit of a high,
but mostly we've been in six and a half to
seven percent now for like eighteen months, right, maybe even longer,
and people just are not used to that six and
a half seven percent. They keep waiting, so everybody wants six. Well,
now we're down to six point sixty three. And Mike,

(01:38:04):
how much money would it take for a seller to
offer a buyer to get under six percent, like a
buy down on the mortgage rate.

Speaker 3 (01:38:13):
Let's just say under six percent, Like, what's the cost
to buy down your rate. It's not exactly linear, and
it's not like it's market dependent, but just for rough figures,
let's say that one percent of your loan amount will
buy your industrate down a quarter of a point. Right,
So if you're doing three hundred thousand dollars loan, one

(01:38:35):
percent would be three thousand dollars, and that would take you,
for example, from six point seventy five to six and
a half, right, So to go down to full point,
you're basically talking about four percent of your loan amount.
So the same three hundred thousand dollars loan you need
twelve grand to buy down from six point seventy five
to five point seventy five.

Speaker 7 (01:38:53):
Roughly, And in today's market, sure it is not that
hard to get three or four percent from the seller
to help buy down that mortgage rate.

Speaker 3 (01:39:03):
It's certainly more possible now than in probably the past
five years.

Speaker 7 (01:39:08):
Sellers are more motivated because we don't have a strong
sellers market.

Speaker 3 (01:39:13):
Sellers their homes are staying on the market longer. They're
risking price reductions to get it sold. There there's less
buyers out there, more inventory.

Speaker 4 (01:39:22):
So yeah, so if you're one kind of quick quick,
what kind of what kind of dollars are we talking
about a monthly? Are we changing our mortgage obligation?

Speaker 3 (01:39:30):
Though?

Speaker 4 (01:39:30):
If you're a full percent, I get that's a big difference.
But if you're if you're if you're buying it a
half percent or so, I don't know. I know we're
dealing with like real vage easy.

Speaker 3 (01:39:40):
I can look at it, I can like plug in
some numbers real quick to answer that. For me, it's
always about number one, extract as much money from the
seller as you can, of course other people's money. Number
two to then decide how to use it. And frankly,
if you're going to use it, you're either using it
for your closing costs, or you're using it to buy

(01:40:01):
down a lower rate, and there's going to when you're
directing money towards buying down a rate, there's always the
difference in payment, and then how much money did it cost?
And you divide that one number in the other and
you figure out a break even. Right, So if it
took you, if you're lowering your payment buy one hundred
dollars a month and it costs you four grand to
do it, that's a forty month break even. Right. Basically,

(01:40:23):
I'm saying, hey, Johnny, give me four grand and I'm
gonna pay you back one hundred dollars a month until
you've made your four grand back, and then every month
after that, I'm going to keep giving you one hundred
dollars a month. Right, So it's a forty month break even.
You're in the red on that you hit forty months
your break you broke even every month after forty that
this loan exists. Right, So we're talking about like refive selling, right,
you're in the black. You made the right choice, so

(01:40:45):
you want a short break even, right, So like a
twenty four month break even. That's great. You're probably gonna
have this loan for two years or so. Some people
might say, like, I'm refinancing next year. If you're refining
next year, refinancing next year, don't buy down the rate
at all, never going to make your money ever.

Speaker 7 (01:41:01):
Make your money back. Or or here's another example. Let's
say that the one hundred dollars a month costs you
twelve thousand dollars. Yeah, that's ten years, one and twenty months,
ten years of roughly, it's ten years in order to
get the money back. Chances are you're not going to
keep that mortgage for ten years. You're probably going to
refight if you get a lower interest rate, or you

(01:41:22):
might sell the house and place else pay it off.

Speaker 3 (01:41:24):
Yeah.

Speaker 7 (01:41:25):
So at that point, you know, using the money for
the buydown probably wouldn't make as much sense. And that's
why you need a good team behind you to crunch
these numbers, to have these conversations. How what's the best
way to use the money? I got this chunk of
extra money that I havn't what's the best way to
use it?

Speaker 3 (01:41:43):
I mean, if you can get twelve thousand dollars out
of the seller, you can use that money to keep
twelve grand in your pocket. Yep, which when you're moving,
unless you're you know, flesh, like having a little bit
of an st egg or maybe having some money to
direct towards buying furniture, sure, or moving.

Speaker 7 (01:42:01):
Expense, or maybe your roof has seven maybe the roof
is coming up full life and you only got a
couple of years LUs use life. So you know what,
I'm going to bankroll that twelve grand to put towards
the roof when I need it. You know, that might
be a better use of the money.

Speaker 3 (01:42:15):
Sure, And I'm like, I can't predict where the market's going.
I can't predict when refinance is going to be available
to you. But chances are, at some point in the
next reasonable amount of years, interest rates will be lower
than they are today. And how much lower, who knows.

(01:42:37):
You'll have some threshold wer it makes sense to at
least look at a refinance and at that time you
evaluate whether that refinance achieves your financial goals. Right, So
maybe it's monthly payment, maybe it's paying the least amount
of interest over life alone. If you can achieve both
of those goals, because the rates have come down enough,
that's a great time to refinance, right. So the bottom

(01:42:57):
line is if you can get into a home that
has a payment that you're comfortable with and you're in
a cash position where maybe that seller credit helps you
be more secure in your cash position without having to
lower the monthly payment. You're okay with the monthly payment,
but I really could use some extra cash in my pocket.
That's fine. And then in the future, Yeah, there are
your mortgage guys saying I don't worry, we'll refinance in

(01:43:19):
the future. I'm not saying that, but there's likely an
opportunity in the future where refinance would make financial sense
for you. And then that's when you do it.

Speaker 7 (01:43:27):
Well, let's talk about that real quick. I know we
don't have that much time, but I do want to
talk about this. So last week I predicted.

Speaker 3 (01:43:35):
I heard that. I was in the car listening to it.
I was like, oh, it's just Jimmy and Johnny. Sorry, guys,
because it kind of had to bail. I bailed. I
did give a couple of days notice, right, but I bailed.
Like yeah, So, but I was in the car listening
and I heard jim predict rates were going to be
done probably down in the six point six six point six.

(01:43:57):
I was like, pretty bold, prediction, I really see that
kind of movement that that Thursday to Thursday, but that
he was right.

Speaker 7 (01:44:04):
Yep. So we we hit six point six three last week.
The week before that, we were at six point six
point seven to two, So I said, maybe we'll even
get into the sixes. We haven't been in the sixes
in a little while since six point six six point six.
We haven't been in the point six for a little while,

(01:44:25):
so it's nice to be there again. But if you look,
we're basically been on a straight trujectory line since uh sorry,
since November of last year. Basically we've been in a
straight line.

Speaker 3 (01:44:39):
You're pretty much of the school.

Speaker 4 (01:44:40):
I thought that that that they're cooking in the inevitable
fed lowering of I think.

Speaker 7 (01:44:46):
That's what's happening right now.

Speaker 3 (01:44:48):
That's what I'm saying.

Speaker 4 (01:44:48):
You're you're of the thought that they're baking that in
right now and we're gonna slowly continue to see a
little bit of downpush on the interest rates for mortgages
and trickle. Yeah, a little drip there taking it in
for the inevitable fed lower end of the rate.

Speaker 3 (01:45:03):
It's if it's not September, it's it's inevitable.

Speaker 4 (01:45:06):
It's coming.

Speaker 7 (01:45:07):
Unless something really interesting happens, there will be a cut
rate in September. Now, Mike is looking at me like
kind of crazy right now. But that's gonna happen because
of that Job's report unless something happens.

Speaker 4 (01:45:19):
Well, the new jobs report just came out, right, didn't
we have a run?

Speaker 7 (01:45:22):
I'm saying if that job it didn't continues in that way,
we're definitely getting there was a revision.

Speaker 4 (01:45:27):
Revision with the new guy in place. They put out graphs,
they have new information that they just found. Jim Yeah,
and they were a phenomenal job.

Speaker 7 (01:45:36):
That Stephen Miller, Oh, come on, that guy, phenomenal job Iraq.
He was one of the guys is going to rock
and take over the country, take over all Middle East.

Speaker 3 (01:45:45):
But Johnny's point, they came out with new numbers, what's
going to look like.

Speaker 7 (01:45:50):
Moving forward, But the FED until they changed the Fed,
the Fed isn't gonna listen to that. They're gonna they
got their reports. They're going to use the b LS
reports that they've been using for forty.

Speaker 3 (01:45:59):
Years, but the BLS report is going to be different.

Speaker 7 (01:46:02):
Well, they have to change the people. They're gonna have
to change. It's happening, I know, but they're only changed
one so far. Well, here we go, there's nine.

Speaker 3 (01:46:10):
You know. I was thinking about that, the revised one.
It was like, what if they took the same metric
whatever they used, and applied it to all previous reports
for the past ten years doing with those numbers. They've
already done it.

Speaker 4 (01:46:22):
They're like the Biden numbers that that pushed them way.

Speaker 3 (01:46:25):
Back using the same methods. Method there's one.

Speaker 7 (01:46:30):
Point eight million jobs that weren't created under Biden. That's
what they're saying, one point eight million jobs. So that
would be uh, that would be like one point eight
percent in unemployment that they were off by that much, right.

Speaker 3 (01:46:43):
So unemployments like closer to six percent.

Speaker 7 (01:46:45):
Yeah, So so the thing is, and that part might
be true.

Speaker 4 (01:46:49):
I've always felt like our utiful was a ridiculous.

Speaker 7 (01:46:52):
But I really think that they're going to be cutting.
That the FED is going to be cutting this September.
I think that's really good going to happen this time.
I'm betting, like, I'm very confident that that will happen
unless we get some kind of surprising.

Speaker 2 (01:47:04):
Thing major cut or what do you mean by cutting?

Speaker 7 (01:47:07):
I think it's going to be a quarter point for sure.
It could be a half. If it's a half, the
interest rates are going to go up just like they
did last time.

Speaker 3 (01:47:15):
Yep.

Speaker 7 (01:47:15):
I bet what we're going to see is they're going
to be bacon. They're going to be bacon in the cuts.

Speaker 3 (01:47:20):
Now.

Speaker 7 (01:47:20):
They're already doing it right now. We're already seeing the
interest rates dropping because I think they're.

Speaker 3 (01:47:25):
We've been in the same zone, like so we're kind
of have been in the same zone all years.

Speaker 7 (01:47:29):
Changed the interest rates started changing though, Mike, once we
got the jobs report, that the bad jobs report, you know,
the seventy three thousand jobs in the fifteenth.

Speaker 3 (01:47:38):
Which meant they yield and the treasury went down to
four point two because more people are buying the treasury
because of economic uncertainty. You think it's going to continue.
So they're they're thinking it's gonna get worse.

Speaker 7 (01:47:52):
We just put in brand new tariffs that we haven't.

Speaker 3 (01:47:55):
So but if the rate, let me say this, if
the rate is going down naturally because of more demand
on the ten year, right, why would the Fed do
anything If it's just happening because of what people think
about the US economy or the global economy.

Speaker 7 (01:48:13):
The reason why I'm saying it is that most of
the FED Board said that they were going to do
cuts sometime between July and the end of the year,
and that they expected two to three.

Speaker 3 (01:48:22):
Cuts based on inflation based.

Speaker 7 (01:48:25):
Unemployment, unemployment of jobs. They were going to do at
least three cuts this year, and we haven't had any.
And after that jobs report, I'm like, they're going to
do something in September just to see what happens. If
they do a quarter point, I don't think it's going
to affect the interest rates at all, because I think
they're already baked in. But if they do a half
a point, just like they did last year, they're like,

(01:48:48):
oh my god, the economy. They must know something bad
about the economy. And then they go up. What happened?

Speaker 3 (01:48:55):
Yeah, so I leave it alone.

Speaker 7 (01:48:58):
Yeah, it'll it'll be interesting to see what's going to happen.
But for buyers, what all this means in the In
the meantime, buyers, I don't think you're going to see
worth waiting around and wait for a lower interest rate.
You should just if you could afford it, want it,
need it, have to.

Speaker 4 (01:49:15):
Need people that are great at what they do you
need a good negotiator, You need good representation, You need
a good team around you to understand your numbers, what
you need and what you can possibly do. There's still
there's still concessions to be had out there. Jim, You're
in it every day. I'm not saying anything wrong, am I.

Speaker 7 (01:49:35):
No, it's all It's all true. And and the buyers
I'm saying, keep saying it's the best time to buy
right now. It's one of the best times we've had
in a very long time because you can negotiate like
sellers negotiate exactly.

Speaker 4 (01:49:48):
The real sellers are very motivated.

Speaker 3 (01:49:51):
Yeah.

Speaker 4 (01:49:51):
So the reality is is, yes, it looks scary out there.
I think the best analogy I ever gave was that
water looks deep.

Speaker 3 (01:49:58):
Done it? You take that stuf out, You're like, man,
it's just up to my ankles.

Speaker 4 (01:50:01):
This isn't so bad. Don't be scared, jump in. And
if it does get a little deep, we got floaties
for you, like micro howth a mortgage?

Speaker 3 (01:50:08):
You guy from the mortgage firm, I will support you.
I hope you have a great weekend. I'm a certain weight.

Speaker 4 (01:50:14):
Those are not intended for you. Johnny always good to
see you, my friend. Yeah, that's Jared Perry Perry Group CPACH.
Always good to have you in the studio.

Speaker 2 (01:50:22):
Always good to be here and see you guys.

Speaker 3 (01:50:23):
You sure you come back and say hi soon. Jimmy,
do you have an awesome weekend?

Speaker 5 (01:50:26):
You as well, Johnny, Jim, Mike, Jared, have a great
weekend guys.

Speaker 4 (01:50:31):
You too, my dude, and thanks for everything always, And
of course Jimmy d Jim Depola, there's our fearless leader.
I hope you have an excellent weekend, my friend.

Speaker 7 (01:50:38):
You saw Florida. Happy birthday mom.

Speaker 4 (01:50:40):
Ah, yeah, enjoy the dinner today and I hope you
guys have a great gathering. Happy birthdays. Right, have a
great weekend, and thank you for being with us. Locker
room coming up next, absolutely sweet. They're gonna squeeze out
a little sports show for you.

Speaker 3 (01:50:51):
Hopefully you'll be listening.

Speaker 4 (01:50:52):
I will and you should too, And of course, thank
you for being with us every Saturday. Florida Talk. Real
Estate is more than just a radio show. It's a
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Speaker 4 (01:51:01):
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Speaker 3 (01:51:06):
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