Duncan Duo 5-12-24

Episode Transcript

(00:00):
Happy Sunday, Tampa Bay. We'rewith you for another week here on the
Duncan Duo Real Estate Show talking aboutthe Tampa Bay real estate market, like
we are every Sunday at ten.When we aren't on air, make sure
to follow us at the Dunkin DuoTwitter, Instagram, YouTube, TikTok,
Facebook, every social media outlet againat the Duncan Duo. We would love

(00:20):
for you to follow us. We'realways putting out regular real estate related content,
new listings, videos about the market, as well as real estate tips,
and you can get all of thatand more again on all of our
socials at the Duncan Duo. So, I just came back from Bill Pipes,
who's a real estate coach event inOrlando called Sales Power, and my
best friend's on the show today,which is pretty cool. So Dean Dean

(00:43):
Davis with LPT Realty and Dean,it's actually kind of cool because we've known
each other for so long. Youworked for my company really early in your
real estate career and then decide togo on your own journey and I'm working
together again as part of LPT Realty, which is pretty cool. Yeah,
I love it. It's it's anhonor to be back, and it's been
it's been a really long journey.So yeah, and and Dean having you

(01:04):
know, spent much his whole lifein Tampa Bay. I mean, you've
moved around now, but you wereborn and raised. You know, this
is this is home, right,So you've so you've been around a long
time in Tampa. And when wewent when I started to look at transitioning
to LPT, I knew you're ina different part of the state and you
were kind of looking at different options. And so LPT to you, what

(01:27):
was it that really stood out thatsaid, you know what, I'm a
real estate agent, I'm operating myown business. I'm an individual agent.
And what was it that stood outto you for LPT for you to say,
you know what, that's where Iwant to be. Yeah. So,
I mean, I'm definitely born andraised in Tampa and you know this
is my hometown. But now I'vemoved around, you know, because of
the military. Yep, my wifeis in the military still. So we

(01:49):
still do those moves, and LPTgives me the option to not have to
change my marketing every time I makethose moves. And it's just seamless.
Their marketing is amazing and it givesme the ability to have a seamless transition
and grow without having a stop andstart, and to be able to help
people in my hometown and other places. I'm yeah, that's great. I
think the other thing that's important aboutthat when you listen to what he says

(02:12):
about the marketing as a real estateagent. A lot of real estate companies,
you know, have different philosophies,right, but but LPT is a
marketing based with a marketing based founder, with marketing based systems, and they
have a lot of plug and playtools and systems that you have the ability
as an individual agent to be ableto compete and actually sell a lot of
real estate even as an individual agentbecause of all the tools and the systems

(02:34):
that LPT has. But I thinkthe other thing is that the ability to
be part of a growing company.Right. It's it's pretty cool to be
like in a company that's growing atthe pace that they're growing at. That's
huge for me. That's really justa cherry on top though. The marketing
listing power tools. We all knowthat listings is where the you know where
the where it's at, and inreal estate and anything that you're doing with

(02:55):
buyers. You have that consistency ofmarketing. So it's a growing company.
There's a lot of huge incentives.The splits are great, the cap is
better than most companies, but reallythat's just a cherry on top for me.
So you get all this great stuffand it's an amazing growing company.
Yeah. The other part about thecompany because it really is a model that

(03:17):
has something for everyone. Right.For me, when I looked at it,
I looked at it differently than you, you know, because and again
when people look at it, they'regoing to see different aspects to it.
But it's a model. It's reallycalled a brokerage for life, right.
So the idea is that they're competitivefor the entry level brand new agent because
there's no monthly fees. It's afive thousand dollars cap five hundred dollars transaction,

(03:39):
right, So they're very competitive fora brand new agent that says,
look, I don't have four monthsof monthly fees or I don't have the
money to pay this, but Ican go to LPT and learn and it's
not actually costing me money until Ido deals, right, like literally,
So there's that aspect for the entrylevel agent, for some like me or

(04:00):
someone running a big team. Ilooked at it from two perspectives. The
marketing certainly matter because I'm a marketingguy and it's a marketing founder, right.
But the marketing for me was moreabout the marketing my agents could do,
you know, because I obviously dothe radio, the TV, the
billboards have been branded for twenty years. It was things that my agents and
people I sponsor into LPT could dofrom the marketing. But it was also

(04:24):
when I looked at it, Isaid, Okay, I love the ability
to be able to earn stock ina fast growing privately traded company. I
love the ability to be able toearn income for bringing agents that I'm friends
with, like you. You knowI sponsored you into LPT, like to
earn to have a vested interest inthat person's success, different than just the
person on my team. But nowI can help a whole swath of agents

(04:46):
I couldn't ever really help scale andgrow their business before, even those that
didn't want to be on a team. And then the third element was all
those things that I saw as attractive, like revenue share and earning the stock
and a fast growing company were alsothings that my agents as they grew,
would be able to accomplish and getas well that I couldn't provide for them
in my model. So there's reallysomething for everyone, from a seasoned,

(05:09):
high producing agent like yourself, toa large team that does a ton of
marketing like me, and then ofcourse the you know, an individual agent
that's branding into the industry. Therereally is a little bit of something for
everyone. And if you're interested inLPT, Dean and I put together a
website called Doovermovement dot com. Deanconnects with a lot of the people that
visit the website. I literally giveaway all kinds of free stuff on the

(05:30):
website. So if you're a realestate agent and you're thinking about joining LPT,
or you just want to copy everythingI'm doing, just go to Doovermovement
dot com. I'm putting my listingpresentations on there, I'm putting videos,
I'm doing training tutorials. So we'regiving that all away at Doovermovement dot com.
And of course we're gonna show yousome of the financial models of LPT.
Of course, on that website youcan click and see what does it

(05:53):
cost, what does it look likeyou can arrange an appointment with me,
you can set up a consultation withDean. You can do all those things
again at Doovermovement dot com. Soif you are a real estate agent thinking
about joining LPT, definitely hit upthat website. I think the other the
other part that I've enjoyed too isthe collaboration aspect. Right when we were
at different companies, it wasn't thatI didn't you know, you're you're my

(06:15):
best friend, So it wasn't likewe didn't talk about real estate and help.
But now like I open up otheropportunities for business and we have a
vested interest in the company's success.It helps provide collaboration even more so.
Those people that I sponsor into theinto the you know, into LPT,
I'm able to extend to them andsay, hey, look, here's how
I can help you. Here arethe tools that I have that you can
learn from, and and your collaborationtogether gets even tighter and better. Oh,

(06:40):
that's exactly right. And it's notjust for newer agents. There's a
ton of value built into you knowwhat you're doing, but also what LPT
is doing. And the other thingthat I really love is it's not it
doesn't. It's not just confined tothe local area, right, it's you
know, it's a cloud most companystate, you know, multiple areas.
Yeah, twenty plus, twenty plusstates. It'll be a fifty plus date

(07:00):
within a couple of years. It'llbe publicly traded within a year or so.
It is a very fast growing company. That is that that has so
much runway for agents to you know, whether they're starting their career, whether
they're you know, building a team. But twenty five states, So,
like you mentioned, the collaboration theydo events. We went to LPTX together.
How many great ideas did you getfrom that conference for your real estate

(07:23):
business? Loads loads of good things. And there's always something any of the
events. There's always something that youknow, maybe not every single thing applies
to everybody's place in life or placein their business, but there's always one
or two little nuggets that you canget that really move the needle and you
know, help you in that thatnext section, help me even just you
know, within a couple days.It makes it great. And the collaboration

(07:45):
at the events, it's it's companies, it's it's teams from all over the
country that are coming to like theLPTX event or that jump on the Monday
motivation with Robert that do some ofthe training. So you're not just learning
from people there and stuff in Tampa. You're learning from someone who's operating a
great team maybe in Arizona or somebodythat's operating a great team in Texas.

(08:05):
And as we expand nationally, you'regoing to get more of that collaboration,
which again, as a as acompany, that gives us the ability to
own stock in the company. Nowwe all have a vested interest in everyone's
success. So I want to helpthe guy from Arizona and I want to
help the guy from Texas because asthey perform better and learn for me,
then that helps the growth of thestock and we're all shareholders in it.

(08:26):
So it's it's an incredible model thatthat truly from cloud based brokerages, I
think fixes a lot of the holesin prior cloud based brokerages. Yeah,
that's exactly right. There's always somethingyou can get from these these meetings and
the collaboration and you know, talkingto different people and getting just get a
little bit of an idea of they'redoing something, just a little bit different

(08:48):
because we all know that those littledetails can make a world of difference.
So when you implement those in yourdaily daily life, your daily business,
it can change, it can changethings. And the thing that you hear
from other cloud based brokerages is thatthey don't really have offices, right so
there's a lot of a lot ofit. It's all cloud based right well.
Ours is called hybrid share and thewhole purpose of it is to combine

(09:09):
the benefit of the cloud with stillhaving local hubs. So there are still
all over Tampa Bay. They're mineis one of them. They are LPT
hubs that are LPT offices that LPTagents can go in and use. So
it kind of combines the blend betweenyou know, the traditional company that has
the traditional office and the franchises inthe corporate world. But it ties all

(09:31):
those places together because now they havea vested interest. They're not independently owned
and operated. They're all part ofone company that's all striving to get better.
So there are office opportunities as well. There are office spaces all over
Tampa Bay, really all over thetwenty plus states that we're in, which
I think adds an extra element.You still have somewhere where you can go
in and get help. You stillhave somewhere where you can go in write

(09:52):
a contract, or go to atraining or you know, meet with a
client. Yeah, and you canjust jump online, reach out to the
broker, submit a quick ticket,and get your question answered, you know,
right from the broker. And Iknow that in places I've been before,
that was always a challenge because itwould take forever, right, and
some things, even if you knowthe answer, you have to get the
broker signature, and sometimes you don'thave a day or two to delay for

(10:13):
that way. LPT, I've neverhad an issue with that. Yeah,
same here too. And so againyou're listening to the Dunkin do a real
estate show, we're talking about LPTRealty. In September, I moved my
real estate team from a long standingthirteen year relationship with a real estate franchiser
that flies the balloon around. Everybodyknows what it is, but I'll make
sure not to say the name Remax, so I can say the name guys
anyway. So we moved our teamto LPT after thirteen years there and several

(10:37):
years somewhere else prior to that.And for me, I really do believe
that it is the brokers for therest of my career. I just genuinely
believe that the growth trajectory, themarketing tools. The last part that I'll
say too, I think the collaborationaspect. But I think the runway that
really opened my eyes is that theseother companies that have popped up the company

(11:03):
wealth was the owner. The founder'swealth was created by the company. For
the most part, Robert was alreadyreally wealthy when he started this. So
the reason has grown so fast isbecause he's able to deploy resources to it
because he's not having to go borrowmoney. The company has no debt,
the company has no other investors,there's no VC, there's no angel money.
It's his right. So it allowsus to move more quickly and grow

(11:24):
more quickly because he has resources andmoney to invest in the business. But
he's also a seasoned entrepreneur. Thisis not his first rodeo growing companies.
So for me, I think that'shelped provide some of the growth, but
also some of the confidence in thelong runway of the company exactly, And
you mentioned confidence, and every timeI hear Robert Palmer talk, I gained

(11:45):
more confidence and as a person.Yeah, just so we just saw him.
We were in Orlando bill Pipe SalesPower, working on our scripts,
working on the changes coming to thereal estate industry. I was there role
playing with my agents, right,helping him get better. And he spoke
and he's and it was you know, every person in that room said that
he was so bright and he exudesconfidence in terms of what he's built with

(12:07):
his brand. Yeah, and thiswas an event where it was brand agnostic,
it wasn't just LPT agent. Soyeah. You know, when when
you have somebody like Robert Palmer takea stage in an event like that and
he's able to clearly communicate things thatall of these real estate agents really have
at the top of their mind,his questions and concerns, it really shows
that he's done his homework and I'mreally proud to be part of this group

(12:28):
and he's and he's showing up andgoing to all these events. Right.
I'm just going to say, there'ssome other CEOs that you know, the
only time you hear from is ona zoom. You know, they record
a video from their third vacation houseof Puerto Rico, and it you know,
like Robert is going and getting inthe trenches, and I think that's
a differentiating factor too. See himin person to grow. He shows up
to events, he comes and speaksin persons. His whole goal is helping

(12:50):
helping agents become more successful. Andhe actually said it. He wants to
create more millionaires, and so hewants to help people get to seven figures.
He wants to help agents grow,not just in selling real estate,
but have something at the end ofthe day. You know, after having
done this for twenty years, I'vehad too many real estate agents that I've
helped through the years that when theygot to the end of their career,
they didn't sell another house, theydidn't have income coming in. So this
company, because of the stock,because of the revshare, is going to

(13:13):
create revenue so that, you know, real estate agents have a better shot
at retirement that they don't have ifthey if they're not smart with their money,
if they don't invest in real estatelike they should, then they get
to the end of their crew andthey don't have anything. So that's the
other part of it I think issuper exciting. So anyway, if you're
interested in joining LPT, we're gonnatalk more about Tampa's real estate market.
If you didn't want to hear this, this part about LPT, well hopefully

(13:35):
you learned a little bit. Ifyou're a real estate agent. If you're
not a real estate agent, you'rea consumer, you learn some of the
tools and some of the growth ofthe company that for you as a homeowner
may be valuable. But we're goingto continue the conversation. You can go
to Doovermovement dot com if you're thinkingabout a career change, learning more about
my business or learning more about LPTagain at Duovermovement dot com. We'll be
back after a quick break here onthe Duncan Duo Show. So back here

(13:56):
on the Duncan Duo Show talking aboutthe Tampa Bay real estate market. Andrew
Duncan with the DUC and duo teamat LPT Realty, joined by Dean Davis
with LPT Realty, my best friendand somebody I sponsored into LPT, somebody
I've helped in real estate business forten plus years, probably right well those
twelve years, so so Dean,you know, one of the things that

(14:16):
I think is super impactful. There'sa lot of discussion about commissions and MLSS
and lawsuits and people have an assumptionabout how real estate operates, and a
lot of times it's wrong. Andeven in this country, real estate operates
dramatically different from one state to anotherstate. Right, But you spent some
time as a real estate agent inGermany when you know, when your wife

(14:37):
was deployed in the military and yougot your real estate license in Germany?
What was that experience? What wasit like being a real estate agent in
Germany? Yeah, so it wascompletely by accident. I was working for
another company here in the US thatwas based out of Belgium. They had
offices in Germany, and I hadto learn the language. While I was
there learning the language to go towork for this other company, I met

(14:58):
a person, that broker that owneda Remax franchise in Germany, and he
offered He asked me if I couldhelp him with marketing in exchange for hanging
out with their agents and learning thelanguage. So I thought that was a
really quick way to ramp up myspeaking. And then you know, the
next thing was a person had invitedme to go, you know, help

(15:20):
them translate to some English families orAmerican families that they were selling to.
And then it was well, hey, if you could get paid for this
if you want to get your license, and that was coming up on twelve
years ago. I never did goto work for that other company. I
did learn the language my real estate. My first real estate license was in
German. That's wild. What wasa licensing process like compared to Florida?

(15:41):
Because I think that's a complain alot of people have, and it's a
belief that I have too. Ibelieve that the real estate business in our
country, unfortunately, there's a lowbarrier venture. It's too easy to get
a license in a lot of states, and I think unfortunately that promotes bad
service, that promotes the wrong peoplegetting in and then hurts the consumer's opinion.
Unfortunately, some of the organizations thatare out there, the only way

(16:03):
they make money is by having morepeople with licenses, which I don't love
because I think, again, itwould be like if everyone was walking around
being a doctor, right, Likereal estate agents can be very highly compensated
and the barrier entry, in myopinion, is too low. What was
it like in Germany getting your license? So I, of course I had
to learn the language. I hadto take a test, I had to
you know, study and get thatlicense. I also had to have a

(16:26):
business license there, you know,tax reasons and different things. But once
I got the license, I wasn'tjust released. You're not just released to
go run the show you have,Like an apprenticeship, is that what it
did? You really have to workalongside a broker or a seasoned agent for
a long time. In fact,during the additional a little over a year
after I got my license, Inever got to the point where I did

(16:49):
a deal on my own and Ihad to have somebody a supervisor type thing,
because an apprenticeship model kind of likea doctor does a residency or an
attorney you know, works for,you know, another law firm for a
while. As as not a partneris not a full time they can go
get their own business. They've gotto have everything checked and here, realistically,
it's it's just not that way.It's it's it's like I said it,

(17:11):
And I think the changes in theindustry are probably going to cleanse some
of that. I think that it'sgoing to cleanse some of the people that
aren't professionals, that don't do thecoaching and training, that don't you know,
take the extra education. So Ithink there's no question that some of
the changes happening in industry in thelong term will be for the better.
Anyone you hear saying that it's notfor the better, in my opinion,

(17:33):
is probably feared. They probably havefear, or they're probably someone who earns
money off of having more licensees.Somebody at a company that charges monthly fees,
Somebody at a company that you knowthat that uh, you know,
their whole business is center around agentsdon't do too many transactions. But I
think if we're going to professionalize ourindustry and we're going to improve consumers trust

(17:56):
in us, when you look atstudies over and over again, the studies
over and over again have real estateagent trust rankings very low, Like we're
barely above car salesman. We're rightaround lawyer. You know, just everyone
has to complain there. So Deed'swife is a lawyer. So so so
anyway, the but the point isis that we're not trusted, and we're
not trusted because it's too easy toget a license. And then because you

(18:18):
have some poorly trained agents make itbad and make the good agents look bad
because they have a bad deal.It's just that don't have systems that don't
have tools, don't have a goodadvice, and unfortunately, I think these
changes, while scary for a lotof people, I do think they're going
to end up being good for alot of companies like mine and like LPT
that's focused around a professional real estateagent with tools. I think I think

(18:41):
there are a lot of people thatare going to get out of the industry
and go do other things. AndI don't think that's such a bad thing.
I think there are a lot ofpeople that probably got in because they
saw something on HGTV, or theysaw Netflix show and thought it was sexy
and easy to make money, orthey see someone like me and they're like,
oh, I want that. Twentyyears later, I got that,
you know, but it would didn'thave up and just because I got my
license, you know. So there'sthere's definitely think some clans coming to the

(19:03):
industry. Yeah, that's exactly right. The other thing, when back to
the German market, everybody's concerned orall the hubbub about no buyer agent commission
being an MLS coming up and weall want that's coming didn't exist, that
doesn't exist in other you know,other countries, and you're still able to
even in the economy that isn't asfree as ours, you're still able to

(19:26):
negotiate your your worth. You're ableto you know, set your fees.
Yeah, it's not that you're notworking for free, correct, So that
it's gonna be something to get usedto here, but it's it's it's still
gonna be in a lot of otherplaces. Yeah, and I think again,
for the right for the right agents, it's going to be great.
It's just a matter of them,them showing their value proposition, them explaining
how they're going to help someone andwhat their benefit is in hiring them.

(19:49):
And unfortunately, the uh, youknow, the order taker entitlement like give
me my money, I'm worth whatyou say I'm worth mentality is gonna rid
and cleanse a lot from our Sowe're going to continue this conversation after a
quick break. We'll be back hereon The Duncan Duo Show. After quick
break here on WFLA News. Sowe're back here on the Duncan Duo Show
talking about the Tampa Bay real estatemarket. Andrew Duncan with the Duncan Duo

(20:11):
LPT joined by Dean Davis with LPTRealty, talking about getting a mortgage,
and there are a lot of waysconsumers mess up getting a mortgage. They
mess up because they don't know anybetter, they get bad advice, they
listen to their uncle's brothers, cousin'sfriend who bought a home once in two
thousand and seven, or they theyjust get bad advice, right, and

(20:36):
so when they get bad advice,they make wrong choices. One of those
mistakes that a lot of people arestill under the impression of is that they
need to have twenty percent down tobuy a house, or they wait because
they say, you know what,I'm gonna wait, And they're even financial
coaches that advise this, and themath never makes sense to me, but
they say, hey, look,you need to have twenty percent down before

(20:56):
you buy a house. You don'tneed to have twenty percent down to buy
a house. You can buy ahouse with no money down if for va
they're even conventional and USDA programs oflow or no money down three percent five
percent certainly available on a conventional loanto buy. It's gonna cost a little
bit more, but in a pricein a market where prices are rising as

(21:18):
much as they are, unless yoursavings rate is really fast, the appreciation
is going to outpace the amount ofmoney you're gonna be able to save until
you can get to twenty percent.Absolutely. I've bought multiple homes with VA
loans of no money down, asyou know, I've moved to different areas,
and it's I've never had a situationwhere it would have been better for
me to, you know, putthat twenty percent down and then sell the

(21:41):
previous home and then and then moveback or you know, then sell it.
It's always been a better idea inmy case. Yeah, zero down,
because the equity is there, andif you know what you're buying,
and you work with the right agent, and you have the right idea of
what the market's going to be doingfor that particular home, then it's okay
if you don't have twenty percent down, because you're even if you break even

(22:03):
after a couple years, it's stillbetter than throwing them on your way in
rent and you're going to be ableto possibly build equity or have a rental
or all these things. Yep,here's the other one. Another one.
Meeting with only one mortgage lender.Major mistake. So unfortunately every mortgage lender
is a little bit different. Wehad somebody not long go say hey,
well this lender offered me a waybetter rate. Well, did you look
at your closing costs? Do youlook how much you're charging you in points?

(22:25):
Did you look at you know whatyou're doing to buy? Do you
know how much money you're coming outof pocket? Like you have to compare
apples to oranges, And far toooften consumers that aren't used to looking at
a good faith estimate, that aren'tused to understanding the pros and cons of
a local lender versus an online lender, or a success rate or a likelihood
for actual closing, or the trustthe listing agent has in mister no name
lender that no one in that areahas heard of and doesn't really want to

(22:48):
accept your offer and wants to acceptsomeone else's offer. You know, listen
to your real estate agent. They'repros at getting offers accepted. If you
have a pre call from somebody that'sgoing to cause you problems at getting your
offer accepted, i'mis you not allprequels are created equal, right, And
I'll go back to talking about va loan. Just because certain company advertises

(23:10):
that they're there for VA people,they specialize in veterans, does not mean
that they definitely are going to bethe best opportunity for that veteran to get
it or the most cost effective forthe best rate. Yeah, so shop
around getting another one. Getting prequalified rather than pre approved, Okay,
so there's a difference. Pre Qualifiedmeans they just they ran, they ran
your credit, They took they tookyou in and believed what you told them.

(23:33):
They think that you know your financialsituation. And I have to tell
you it's pretty crazy how many peopledon't know their financial situation. Like they
literally don't know like what they're reallyright off, what they really make.
Like they'll say, like, oh, I make one hundred grand a year.
It's like one good month where youmade ten grand, but looks like
the rest of the time you makeabout four grand a month. You don't

(23:53):
make one hundred grand, like,but their ego, they get on the
phone inverbally they say they make acertain number, but when it trickles out,
oh, I write a bunch ofstuff off, well that's what you
make. Like, so there's alot of people that don't understand. So
getting pre approved takes you to anotherlevel. That means they verified income,
they verified assets, they verified credit. They're they've taken you to another level
that is a more valid from theright lender. That is a more valid

(24:18):
certificate than a you know, certificateof pre qualification. Pre approval is way
better. They talk about that beingyour ego number, that top line number
forgetting taxes, forgetting expenses, forgettingall that. A lot of times that's
what entrepreneurs or self employed people usewhen they're writing down their numbers for their
pre pre you know, approval,and then when it gets to the real

(24:41):
numbers and they look at your taxreturns, are like, wait a second,
you said you made one hundred.You made thirty two last year.
This is a problem, like,well I really made that much and you
can't really like it's what did youput on your tax returns? Now?
Are there some programs and are theresome ways underwriters and lenders can maybe give
you a little bit of credit forcertain write offs and some things. Yes,

(25:03):
However that has caused a lot ofpeople not to get qualified when they
don't know their financial picture, orthere's an old credit issue on their credit
report that they didn't dispute, oran old medical collection. So you've got
to really know your stuff. Youthink your credit may be great, but
it can fluctuate fifty points up ordown very easily. So if you don't
know it and you don't take theadvice to improve it, it could be

(25:25):
the difference in you getting you know, maybe you do get a pre caull,
but you don't get approved. Soknow your numbers and again go through
the process. How many times,Dean, through your entire real estate career
have you taken somebody out and mistakenly, especially earlier in your career, they
said, oh, I'm good,I'm going to get I'm going to be
able to buy, and I'm approved, and then they send you it,

(25:47):
or they even send you a preapproval from some no name lender, and
then when you really get through theprocess, they find a house that they
really want and they can't actually getapproved or their loan false apart right because
they didn't know their numbers and theydidn't do the homework up front. I
actually have a perfon story for thatjumps right to mind. That happened to
me, and I totally trusted himbecause the guy was a mortgage profer,

(26:07):
he was a mortgage lender, hewas a mortgage lender. His card said,
you know, mortgage lender. Hehand me a business card like,
oh, yeah, I'm totally good. I'll get it to you tomorrow.
We wrote the offer, went undercontract, he got you know, he
paid his deposit and then sent methe pre approval letter and couldn't close his
own loan. To this day,that's the only time I've ever lost a

(26:30):
buyer to I had the listing,but the buyer came directly to me,
or you know, he had hisagent, but you know, I was
working with that. So that's theonly time that I've had a seller collect
the deposit and it was a mortgagelender on the other end. Here,
So here's another one, and thesame thing happens too. They call you

(26:51):
and they verbally say, oh,yeah, I'm good up to five hundred.
And then when you get to theprocess and they looked at homes,
they fall in love with five hundredthousand dollars homes, and then they find
out, oh, they can onlyqualify for four hundred. So now they've
fallen in love, and now there'sthis letdown that now they've got to,
you know, look at lower pricedhomes again. A four hundred thousand doar
holes house is probably not going tohave things a five hundred thousand our house
has in a similar neighborhood, ofcourse, or they use an online you

(27:14):
know what's you know, what's mymortgage price going to be? How much
can I afford? And you know, then they just believe that without going
through the actual steps, or youjust get a you know, pre approval
or a prequalification without really you know, if they haven't seen, if the
lender hasn't seen your actual tax returns, your income, your documents, your
bank statements. You don't really knowyour numbers, right, And I promise

(27:34):
you it's a lot harder to geta mortgage. And it used to be
like that doesn't mean that it's thatyou can't get one. It just means
you've got to prove more things.They're going to look at more things.
You've got to justify, you've gotto explain, you've got to answer more
than you had to you know,years ago, simply because uh, and
that I think protects the real estatemarket, that that that prevents defaults.

(27:56):
That's that's a check and balance tomeant to make sure that someone can really
afford a price. So other mistakespeople getting a mortgage make moving money around.
So let's say they've got money intheir savings account and then they move
money from their savings to their checkingor they sell a car and put put
that in their account, or theyjust start a new investment. Like,
So, if you move money around, lenders are going to see your statements

(28:18):
and they're going to want to knowwhat is going like, what is going
on? Why did you move moneyaround? What is this like? Because
for them, they want to makesure you're not like moving money from a
credit card into your account for reservesto make them believe that you have money
you don't have, right, Theywant to make sure there's a paper trail
with any money movement. Any moneymovement can can spook them, you know,
they they're concerned about that. Anotherone that I've seen right alone in

(28:41):
those lines is when people will goin and they'll make that i'm sorry,
they make that approval letter. Butthen they go and change or they'll they'll
get their contract, they'll get allexcited and they'll go buy furniture on their
credit. That's the next one.Yeah, that was applying for a new
line of credit, right, andthen all of a sudden, you don't
you don't. The worst real estatephone call is, Hey, I know

(29:03):
we're closing in two weeks, butI just want to let you know,
like, where can I have myfurniture delivered? Exactly? You did?
What? Where did you get you? Did you? How did you buy
your furniture? Like, oh,I rooms to go as zero percent.
I don't pay for thirteen months,so it shouldn't affect anything, right,
Nope, I promise you. Thefurniture salespeople, Okay, they're not gonna

(29:23):
tell you this. They want tosell your furniture. You're gonna not have
a home for your furniture if yougo and buy furniture on credit before you
own the house. Close in thehouse first, then go deal with the
furniture. But people do it backwardsor hey you know what, man,
I'm on I'm on a roll rightnow. I got this new house under
contract, and I went and boughta new Mustang. Yeah, I got

(29:45):
a new car payment Like that's theworst you So basically, from the point
in which you qualify for a mortgageand you close, you should not be
going and changing your credit or financialprofile. You shouldn't go get new credit.
You shouldn't go spend a lot onyour credit card. You shouldn't go
buy your furniture. You shouldn't gobuy a new engine for your Camaro because

(30:07):
yeah, I had that one happenedtoo. You shouldn't do anything until after
you close and then go do allthat stuff. All that stuff can wait.
It's not as expensive as your house. Your loan is gonna get denied
if you do those things while you'rewaiting to close on your house. They're
gonna look at that, and it'sgonna change your debt to income ratio.
It's gonna change all of these things. And it doesn't matter if you don't
have to pay on it for thirteenmonths. They still have to factor in

(30:30):
your payment because in thirteen months you'regonna have to start paying on it,
and they don't want you to defaultin thirteen months, right, So they
have to factor in the payment onthe max interest rate of that of that
furniture, even if you're never gonnaget to that point, even if you're
gonna pay it off before then,that's what they're gonna factor in month thirteen
to make sure your current income canafford that, and if it can't,
your loan gets denied. We've allseen it happen. And even if your

(30:52):
the numbers stay the same, youtrade a four hundred dollars a month car
payment for a four hundred dollars amonth car payment, well, now you've
taken another hit on your credit andyour score might be lower in you.
Or it's a longer loan. Theymay have looked at that loan and said,
oh, it's four hundred bucks amonth, but you only have eight
payments on it, so we're notwe don't need to count it, right.
That's the other thing, like ifyou have a sure if your car
loan is almost done, and thenyou go and you're like, but it's

(31:15):
the same payment, but it's sixtytwo months. Now they were able to
separate and not count the car paymentbecause it was only eight months. Now
you've got sixty two months of acar payment, and that messages your debt
to income because they were able toexclude it because it had less than you
know, so many months left rightwhere they now they can't exclude it and
not bumps you up and put yourdebt to income out at ratio. Now
your loan's not Hey, you gota new Mustang, you know so,

(31:36):
Or Challenger BMW or Porsche, Mercedes, whatever car you have. So I'm
not hating on mustangs. I lovemustangs too, So I would have add
though, people sometimes emergencies come up, of course, and you know if
but if something like that does happenand your your engine blows up, just
talk to the lender, document itproperly and have that a conversation and make
sure that you're doing the things theright way so that you don't get yourself

(31:57):
in a situation where you lose thatdepause and you lose the house. The
other one. The other one ischanging jobs. You can't change jobs during
the loan process. Now again,if you're in the same industry, there's
a chance that that can still work. But I'm telling you, but the
chances are slimmed. Don't change jobs. Wait till after you close in the
house. Talk to your lender.If you're in the midst of changing jobs,

(32:17):
if your contract is up, ifyou're thinking about taking a job somewhere
else and it's going to go intoeffect before you close. None of that,
like we've had plenty of I've evenhad people join my real estate team
that said, hey, look,I'm going to buy a house, and
then after I buy my house andI'm gonna come, you know, because
I don't want to jeopardize me beingable to buy my house before I come
and start my real estate career.There are people that do that, right,

(32:39):
so that's smart. You don't wantto change jobs before the mortgage loan.
You can do it afterwards. Andnow you've got the mortgage, you
can pay it, you can handleit. So yeah, changing jobs during
that period is definitely no no.So anyway, hope these tips are helpful
for you when we aren't on air. If you want to get more tips,
hit us up at Dunkin Duo dotcom or at the Dunkin Duo on
Twitter, instance YouTube, Facebook,or any of our social channels. We'll

(33:02):
be back wrapping up the show withour last segment after a quick break here
on the Duncan Duo Show. Soback here on the Duncan Duo Show talking
about the Tampa Bay real estate market. When we aren't on air, make
sure to follow us at the DunkinDuo in all of our socials if you
are thinking about selling your home,you know, look a lot has changed
in real estate industry and now there'sthe opportunity to sell your home more conveniently.

(33:23):
Selling your home the traditional path,and certainly we have agents that love
to do that every day. It'sgoing to maximize your equity. It is
the best path for equity, forgetting the most out of the sale of
property. However, it's not themost convenience. You're gonna have open houses,
you're gonna have showings, your photosand videos are all going to be
out there. If your house needswork, if you inherited your house,
maybe it isn't the right path.Well, we have a program where we

(33:44):
will directly buy your home for cash. You can you can go to Duncan
Duo dot com. You can followthe path to get an instant cash offer,
you know, and you can healyour home selling woes with an instant
cash offer. Look, it isthe right solution for some people. It's
not the right solution all so,if you've got a property you inherited,
if you've got a property that needsyou to work, if you're in a
tough situation you need cash fast,if you've got investment properties, all of

(34:07):
that, all of those are reasonswhy sometimes people will say, hey,
look I just want to cash offer, and look I want to tell you
like, this is you know,my company buying the homes cash. Like
I'm not like taking you to someother companies. This is local. You
know, we buy distress properties allthe time. We buy several every month,
and you again, you can dothat at dunkin Duo dot com.

(34:27):
You're also if you're curious about yourhome's value, I think is the other
thing. There are a lot ofpeople out there that get misled about what's
going on with values in their neighborhood. And we partnered with a new company
that allows us to automatically send youvalue updates and show you everything going on
in your neighborhood, your comps inone dashboard. But we have the human

(34:49):
element with that, so our teamis looking at it and can make adjustments
to your value based on information thatyou give us. You can't do that
on some of the online websites.You can't. You can't do it the
same way. There's no human interactionat all AI. It's all tech and
unfortunately, if AI and tech couldreplace real estate agents, they would have
already. There still needs to bea human element with a man made product.
Until we have three D homes.You know that are built without you

(35:12):
know, you know, I justdon't see it happening. So Dunkin Duo
dot com you can get your homevalue estimate and that that website is set
up to help you anywhere in thecountry if you're thinking about you know,
if you're thinking about a value fora property having a different part of the
country, we can do that thereas well. Again, that's a Duncan
Duo dot com for a cash offeror for a value estimate of your property.

(35:36):
We're regularly buying homes. Again,if you know someone that just wants
to forego the traditional process, maybeagain, maybe they don't own a home,
that their insurance has lapsed, orit needs a new roof, or
they just don't want to deal withanymore. They have a rental, they've
got great equity, and they justkind of want to exit quickly. That's
what the cash offer is for.And that's when we step in and say,

(35:57):
in lieu of going the traditional path, here's cash. You know so,
and I'm sure you guys see thatin some of the works, like
in Jacksonville, for example, there'sa lot of that happening. It's people
want convenience, and my idea isthat we offer the same convenience of the
national hedgephones, but we're investing backin the local community. Yeah. And
it's not right for everyone. Yeah, but there are a lot of times
that it really is the right thing. And sometimes it's it's a stress relief

(36:21):
to people. And Dean, youand I have partnered on flips before.
I mean you you know, wehad some out in East Hillsboro where you
said, hey, look, thisis the right situation for these people.
We bought the house, renovated it, re sold it, and proved the
neighborhood. And and so I thinkthat there are it is the right path
for some people. It's certainly notthe right one for everyone. But I
also think again, when you're lookingat it, the idea of the local,

(36:43):
a local real estate agent being ableto say, hey, look,
here's your path right, here's whatyou're gonna get in in a cash offer
situation. Here's you're gonna what you'regonna get traditional retail. Here's what you
have to do to get to thetraditional retail Lember, here's the improvements you
need to make, or here's thesteps that are gonna happen. Here's how
long it's gonna take like all ofthose things, right, So it's why
plenty of people sell used cars ortrade them into dealerships. If they went

(37:06):
through the process of selling that carthemselves, they probably get more money,
but they want the convenience, andthey want to make it quick, you
know, make it happen quickly,and that's you know, our our cash
offer is similar to that. It'shey, look here's quick cash clean,
you know, close quick all that, while also not sending your money to
Wall Street hedge Funds stays local.It's a local company buying and selling real

(37:27):
estate. So if that's something you'reinterested in again, you can do that
at Duncan Duo dot com. We'vegot testimonial videos on our YouTube channel from
people who's homes we've bought directly fromthem, where they just they just want
it out. They just said,you know what, I'm I'm ready to
move, I'm ready to go somewhereelse, or you know, there's an
insurance claim or there's something. Soagain, you can do that and so
much more at at Duncan Duo dotcom. Dean, what's one last before

(37:51):
we go to before we jump ourbreak here, what's one last tip you
have for buyers or sellers out theredealing in this market right now, well
shop around, Uh, but chooseyour agent wisely because the person that you
partner with that's going to help youin that decision needs to not only have
your best interest in mine, butthey have to know what in the world
they're doing. And a lot oftimes, you know, you might end

(38:13):
up with you know, my bestfriend's sister just got their real estate license
last week, and you know,we want to give, you know,
give them a chance. So youknow, i'd say, shop around,
shot this mortgage, and it's it'sa business decision, right, And the
business decision is is your focus moreon getting the best deal in selling or
the best deal in buying? Isthat your focus or is your focus in
helping your friend's business, because thosetwo things aren't the same. And maybe

(38:37):
if it is helping your friend's business, and that's okay, just be informed,
right, that's that's what you're gonnaget, as long as your friend,
like is a is a good agent, has the track record, has
the experience, has the tools.Because there are plenty of times where people
call us and we're the second agentand the first agent was uncle's brothers cousin's
friend and it was it wasn't good, you know, So choose your agent
wisely because you're going to lose moneyif you choose the wrong one. So

(38:59):
anyway, we appreciate tuning in.We'll be back next Sunday, like we
are every Sunday when we aren't onair, at the Duncan Duo on all
of our socials or Duncan Duo dotCom for an instant cash offer or for
your home value estimate and have anawesome rest of your Mother's Day weekend. Tampa Bay