Episode Transcript
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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
Frank Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Senya Akishna, rialtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade. Listen right here, or find us on
the Business Happy Hour YouTube channel.
Speaker 2 (00:34):
Or follow us on Instagram at Frank Debankkodo.
Speaker 1 (00:37):
Now sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank the Bank and Senia.
Speaker 3 (00:47):
All right, Tampa Bay, are you ready for another amazing
Business Happy Hour radio show? I know I am because
I'm back to school. That's right. I'm not Ridney Dangerfield
on Prank the Bank, but i am back to school
driving my kids this school in the Morning's ready to
get up earlier?
Speaker 4 (01:02):
How you doing, Sin, I'm doing great.
Speaker 3 (01:04):
How about you kids back yet?
Speaker 4 (01:06):
Oh my gosh, back to school. Back to that. The
school lines, it always takes a little bit for everybody
to figure it out, especially like the new parents. Yeah
so you know, but no, it's good you go back
to a routine.
Speaker 3 (01:17):
How was traffic this morning for the school line?
Speaker 4 (01:19):
Not so good?
Speaker 3 (01:20):
Not so yeah, yeah gives.
Speaker 4 (01:21):
But the pay traffic is even worse. I was stuck
like in the middle of an intersection, like, oh my god,
people have to go around me, but you don't know
what to do. People coming from like every direction and
it's just not moving.
Speaker 3 (01:31):
Yes, thank god, I dropped myself off a jesuit.
Speaker 1 (01:34):
Right.
Speaker 3 (01:34):
So it's high school, so you only have it's kind
of a smaller line. You got like a year and
a half worth of parents, right, and and they're pretty
strict on you. They had cops out there this morning,
Like I always pull off on a HIMS and I
make a left to go get some coffee, and this
guy is like, you ain't making a left today, buddy,
You're making a right. And I'm like, oh, they're trying
to like, you.
Speaker 4 (01:52):
Know, they get mad, Yeah, if you're not paying attention
doing what they say.
Speaker 3 (01:56):
Yeah, they'll blow that whistle at you. I'll tell you,
I'll tell you they will anyway. So I have noticed
traffic on the streets getting a little worse, parents taking
their kids. So, you know, if you don't have kids
that go to school, my advice avoid the roads between
like seven and eight thirties, probably the best advice you
could have. Leave early or just avoid them altogether. But
(02:17):
I don't know about you. I'm happy to beg to
be back into the groove, you know, having a schedule
and like, this is what time we get up, this
is what time we get back. Here's the hardest thing.
And we've got a great guest I'm going to introduce
here in a second. But the hardest thing for me
is shutting down in the evening. So it's almost like,
you know, people will give you advice about, you know, oh,
(02:38):
well we'll get up earlier and go to bed earlier
and things like that, but it doesn't seem to me
like the getting up earlier really changes what time my
body wants to shut down, right right. So we had
Illy who comes on the show, the owner of X
Force Body and she'll be on the show again next month.
But she was telling me this morning. She's like, oh, yeah,
you know, I'm a third meal today. I was like,
what do you mean, just like, I've been up since
(02:59):
four fifteen and I'm like, well, what time you go
to bed? She's like eight thirty. I mean, I see
Betty in looking at I mean, let me introduce Betty
in so she can chime in on this. This is
Betty An McLeod, a proud branch manager with Lincoln Lending Group.
This person, Betty in here has more experience than Frank
the bank. Okay, I'm sorry I'm dating you. I have
no choice. I'm not going to tell them how old
(03:20):
you are. But let's put it this way. You've been
in the industry ten years longer than I have. She
made fun of me in the elevator day. She goes, yeah,
I was doing mortgages when you were trick or treating,
and I'm like, you're probably right. Yeah. So welcome to
the show, Betty In.
Speaker 5 (03:34):
Thank you, thank you. I'm glad to be here. Thanks
for the invite.
Speaker 3 (03:37):
First time on radio.
Speaker 5 (03:38):
Uh no, actually I was on the radio probably thirty
years ago. I actually had an underwriter that worked for
me as a DJ. She was a smooth jazz DJ
out in Colorado, and she brought me on her show
and we did a little chat. But that's quite a
few years ago.
Speaker 3 (03:55):
That was, And I bet your radio was a lot
different back then. Yes, see everything there's a camera and
TVs and all these fancy majigs and all this stuff.
So yeah, I wanted to introduce you so you could
chime into some of our fine little banter we do
in the beginning. But you know this this whole thing
about going to bed early eight thirty, Like, okay, let's
just go around the room, Betty, and what time do
you go to bed normally?
Speaker 5 (04:17):
Around eleven eleven thirty?
Speaker 3 (04:19):
Eleven eleven thirty. Okay, that's that's about my time. How
about you say me too about the same right? And
you know, like I just have you ever tried to
go to bed at eight thirty or nine recently?
Speaker 4 (04:29):
I can't. I mean, I'll be lucky if my little
one falls asleep by eight thirty. I'm still busy with
him till nine. And then of course you need to
just you know, catch up on your own stuff. Yeah,
do a little relaxing before you want to fall asleep.
Speaker 3 (04:41):
Right, A little doom scrolling you know something like that,
what about you, Betty, And we tried that.
Speaker 5 (04:45):
I've tried to go a bit a little bit earlier
last weekend. I'm thirty. I tried to tune out. But
I have a new puppy at home, so it's not
a little one, but it's almost like a new born. Yeah,
so I've got to stay up to make sure he
goes out, and then he gets me up early. So yeah,
I'm back in the groove of early.
Speaker 3 (05:02):
Oh god, I just don't I just don't know how
people do it. They're all like, oh, yeah, you just
get up early and you'll go to this. I'm like, no,
I just get tired, but I don't want to. I
don't fall asleep anyway. If you guys have advice and
you'd like to let us know here, you're welcome to
give us a call. Maybe you're a sleep expert. Maybe
you're listening right now and say, and I need to
have you on the show because I don't know how
to go to sleep early. But I am trying this
(05:24):
new thing because I do like watching Guttfeldt at night.
I think it's freaking hilarious. He's the number one late
night guy right now and I try to force myself
to start watching him at ten o'clock so that like
you're kind of getting tired at ten thirty. But then
you get that thing where the wife doesn't want the
TV on right and I'm like, how am I going
to fall asleep? And she's like, well, how am I
going to fall asleep? I was like, we have a problem.
So anyway, if you're a sleep expert and you want
(05:46):
to solve it, give us a call, come help us out.
Let us know. By the way, James, real quick, I
don't see my times on the screen right now, so
just let me know how we're doing. It's okay, good, good, good,
all right. So, if you've never listened to The Business
Happy Hour before, Senya from Mahara and Associates, one of
the top real estate agents in Tampa. As my co host,
(06:06):
she handles all the real estate side and answers the
real estate questions and always brings our statistics every week.
Matter of fact, Sinnia, we have a long time listener
who has text us some things. Remember I sent that
to you earlier, so we should chat about that maybe
later in the show. After we talked to Betty in
a little bit about some of the insurance things he
was telling us about. I think when he first bought
(06:27):
a house, you know, in the nineties or something like that,
and his insurance was like basically pennies and he paid
seventeen thousand. I'm like, we have come a long way, way,
way long way since then. And Betty ends your first
time on the show. So Senia does statistics, So we're
going to talk about the stats year over year. And
I never know coming into the show what she's going
(06:48):
to talk about, so it's really exciting. So we'll talk
about that and where the real estate market is. Apparently
there's some news that came out yesterday about them lowering rates.
Did you see that where I think the Fed was
saying they're going to lower it three times? Is that
what we heard now? I don't know if you about you,
but I heard that earlier in the year as well.
Speaker 4 (07:06):
And so I know Ryan on the last show, I mean,
he was doing almost like a guarantee.
Speaker 3 (07:10):
He's like, I hope he put a September drop the
rates guarantee out there, right, and like he might be right,
He's gonna be carless if he we made some bets.
But I think he's right, and now with the news
coming out yesterday, so I think that's exciting. We're going
to talk rates a little later in the show, Betty
and and I are going to talk about some mortgage products.
We'll let sinny A quiz us on some things and
(07:33):
and kind of just see what's out there in the market.
But before we go too much farther, if you have
any real estate needs, if you just want to talk
real estate markets, where to buy, what to buy, maybe
you're going to get into the market soon. I want
you to give Sennia from Maharan Associates a call and
she's going to tell you how to call her.
Speaker 4 (07:48):
Eight one three seven five five reel.
Speaker 3 (07:50):
That's it. Eight one three seven five five reel. Now,
last week, you also would you give out a website
last year too, didn't you?
Speaker 5 (07:56):
Yeah?
Speaker 4 (07:56):
My website as Tampa real Estate dot pro.
Speaker 3 (08:00):
Well that's easy, Tampa real Estate thanks. How yeah pro,
that's super easy. And then we're going to be having
some more luncheon learns. We're going to tell you guys
about coming up. Betty in we have a couple events
that we want to talk about on the radio show today.
Speaker 5 (08:13):
Absolutely, you want.
Speaker 3 (08:15):
To mention the dates right now, and then we'll get
back around to it in a minute.
Speaker 4 (08:18):
Are sure?
Speaker 5 (08:18):
August twenty first, we're doing a lunch and learn or
reverse mortgages for purchase, and it's more of a little
intimate group where we've invited several realtors and I think
we've got twelve signed up to join. Frank and myself
and our co host Alison Lentz with wi linka weychel.
Speaker 3 (08:35):
Title that's going to be and that is on August
twenty twenty. First, Now, where's that one going to be.
Speaker 5 (08:41):
At the office there in Trinity. I don't know the
address right off the top of my head.
Speaker 3 (08:46):
It's for willink w linka Title office.
Speaker 5 (08:48):
Yeah, wellnka waichel title.
Speaker 3 (08:50):
I tell you what. We will look that up and
when we get back from the breach.
Speaker 4 (08:53):
Out to Betty In you'll get it to you directly.
Speaker 3 (08:56):
That's a way better way to do it. Betty In,
how can they reach you? What do you prefer? Email?
Speaker 5 (09:00):
Phone, shop me a text seven oh four six two
two nine eight seven eight and email zz Betty and
no E at Lincolnlin dot com.
Speaker 3 (09:09):
I love it. That's Betty and a n N no
E at Lincoln lend dot com or seven O four
six two two nine eight seven eight, And you can
always do the contact Frankibank dot com thing and that
will come to me and then I can give you
the information of the event. But, like Betty and said,
it is going to be an intimate gathering. Maybe what
fifteen people something like that we're going to bring in
the room, probably no more than twenty. We want to
(09:30):
be able to go hands on and explain how you
qualify for a reverse mortgage, what purchase side of a
reverse mortgage, the refinance side, And I'll give you a
little clue about reverse mortgages. If you own your home
right now, free and clear, you are qualified, right.
Speaker 5 (09:46):
Betty in yes, absolutely, It's.
Speaker 3 (09:48):
As simple as that, simple as that, like, no mortgage
means you're qualified. But then you're asking yourself, well, wait
a minute, I don't have a mortgage. Why do I
need a reverse mortgage? Betty? And what's a reason they
need a reverse mortgage? If they don't have a mortgage.
Speaker 5 (10:00):
They can keep their cash and invest it and have
no mortgage payment. I mean, how great is that?
Speaker 3 (10:05):
That's exactly right?
Speaker 5 (10:06):
You can what's page on that, guys, because well sixty
two for the most part. But there is a proprietary
program that will go down to age fifty five.
Speaker 3 (10:15):
Okay, that's it. And actually we are closing a loan
for a gentleman on a nine hundred thousand dollars condo.
He lives on the beach, nine hundred thousand dollars condo,
and he's getting the proprietary reverse mortgage products. And the
guy is putting about three hundred change in cash in
his pocket tax free to do whatever he wants with it.
(10:38):
Iw bet he n mentioned invest it. I happen to
know his strategy. He is going to invest some of
that money. He's going to probably make ten to fifteen
percent on his money, and his rate of interest is
like eight point something percent, so it's kind of a
no brainer. He did own the property free and clear.
A lot of people think you can't do them on
larger jumbo loans. You can. And if you do own
your property free and clear, you want to take cash
(11:00):
out of the property tax free and let it work
for you. That's the key of the reverse mortgage. And
if you're interested, you can get Betty in a call
directly her number seven oh four.
Speaker 5 (11:09):
Six two two nine eight seven eight.
Speaker 3 (11:12):
I love it. We didn't even rehearse this guy seven
oh four six two two nine eight seven eight. You
can reach out to Betty indirectly or contact frankdbank dot
com and we will get you taken care of. And
it literally takes just a few hours to figure out
what you qualify for on a reverse mortgage. And uh,
there's very little cost out of pocket, basically just an
appraisal and maybe a counseling session and that's it. Sanny,
I know I bored you on a reverse mortgage.
Speaker 4 (11:32):
I actually no, I have a client just yesterday. We're
working on paying off back in twenty twelve. She got
a private money loan, Yeah, for like fifty thousand dollars
house back in twenty twelve.
Speaker 3 (11:42):
Yep.
Speaker 4 (11:42):
Now it's worth a lot a lot more. But we're
doing that payoff and we're going to try to figure out,
you know, the best course of action. Once she's you know,
free and.
Speaker 3 (11:49):
Clear, Well there you go. Reverse mortgage could be the answer.
We'll be back on the business happier in just a
minute with Sennia Akisha from Mahara and Associate's Betty An
McCloud from Lincoln Lending. Group and Frank the Bank. Stay tuned.
We're back in just a minute with stats.
Speaker 1 (12:01):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank,
Debankoto and Senia.
Speaker 3 (12:10):
All right, welcome back to the Business Happy How are
your number one two through all things business and entrepreneurial? Men?
I just thought about this. Hopefully all those Jesuit boys
start watching us at lunch again. We used to have
a huge crew of them watching and liking and share
us out there. And I'm just noticing some of our
listeners today that are coming on. And now I've got
Betty Ann McLeod on full HD on her Instagram feed.
(12:33):
I was over here. I'm like, why does she look
all cloudy? And we are are like crystal clear. It's
the innert intranet over here. So guys, we have Betty
and McLeod She is a branch manager for Lincoln Lending Group.
Betty in actually is running our North Carolina branch which
just got opened about a week ago at Lincoln Lenning Group.
And Betty and We're gonna learn about where you're from.
(12:53):
And I do suppose you're from the North Carolina, Airy, Virginia,
North Carolina. I'm just gonna but that's what she's going
to do. And when the Virginia branch opens, she's going
to be running that as well, So it's going to
be super exciting. But before we get into stats, we're
gonna mention this event one more time and then we're
going to get you the address. I'm gonna pull it
up and Senya is going to do our real estate
(13:15):
stats with us so we can find out what the
heck is going on in the market. All I know
is I hear that the Fed's going to lower rates,
So now I need to hear what's going to go
on with the actual home sales, Senia from Maharanassis. So
so let's take it away.
Speaker 4 (13:28):
Okay, So for our June numbers, we're just going to
run through the local metro area, so that's Hillsboro, Panela's, Pasco,
and Hernando And as we mentioned last week, just sales
across the board transaction wise, we're up seven point six percent. Oh,
which yes, that's good news because we didn't have a
(13:49):
really busy spring season, just slower than we anticipated. Media
and sale price for the metro areas four hundred and
ten thousand, the average sales price is almost five and
tw twenty thousand, and medium time to contract is thirty
five days. Months supply at four point four and new
pending sales are up about just over au percent. But
(14:12):
I mean, I'm still hoping that our you know, closed
sales for July are also going to reflect you know,
a bit more activity.
Speaker 3 (14:19):
I mean, Bettyam, what do you think about that? When
I hear her statistics. I don't see the clickbait that
I see all over online saying how Florida is going
underwater and our values are going down. These are actual,
real numbers here. What's your thought on that market?
Speaker 5 (14:35):
I think we are transitioning to a more stable, balanced market.
I think there's a lot more opportunity out there for
serious buyers that want to take advantage of it, even
with an impending you know, rate drop coming because when
that does hit, you know what's going to happen.
Speaker 3 (14:51):
Tell us what's going to happen again? Because Okay, in
all seriousness, you guys hadn't seen my show for ten years.
You know, I don't rehearse crap, right, I like coming
in here and doing it off the cup Senny and
I are very in tune. But we say something which
I think you're about to say all the time. Just
say it. What do you think is going to happen?
Speaker 5 (15:07):
Well, prices are going to go up, okay, because there
really isn't that much inventory out there. They can't build
them fast enough. And then you're going to see probably
not the extent we did in twenty twenty one, but
you're going to see a bit of a frenzy and
people may be overpaying and all those seller concessions they're
going to say nope.
Speaker 3 (15:23):
Yeah, So you know, no.
Speaker 4 (15:25):
I completely agree, and even us saying this on the radio,
so if we're talking about it, others are talking about it.
So I think that we're going to see the impact
even before September, you know, comes around.
Speaker 3 (15:35):
I completely agree. Now what Sennya as the real estate
agent in the room, as the elephant in the room,
tell us about, She's not an elephant, tell us tell
us about how does inventory impact price? And then I
also want you to talk about seller concessions, right you
and Betty in we need to I need the consumers
to understand what that means. But first let's talk about
(15:56):
how does this inventory how could this affect the prices
the activity?
Speaker 4 (16:00):
Well, I mean right now, so when I say four
point four you know, people are like, what does that mean?
Speaker 5 (16:04):
Right?
Speaker 4 (16:05):
So essentially it would take four point four months to
sell all the current inventory if no other active listings
hit the market, right, you know, I guess by metrics,
you know, six months is kind of where that metric
used to be for it to be a truly balanced market.
So even though right now some people are saying, oh,
you know, it's such a buyer's market inventory wise, it's
(16:26):
really not. I think it's just because buyers have been
sitting on the fence. You know, maybe it's just not
super affordable because of interest rates. But when even with
that little bit of a drop, I think so many
buyers that do want to buy are going to get
out there, and you know what, yeah, you'll see more competition.
Probably not to the level of you know, the COVID
(16:46):
market we had, but I mean I could definitely see
multiple offers, especially if sellers are following their agent's advice
right now and pricing correctly. So if you're already aggressively
priced and all of a sudden you see an uptick
in showings and activity, you're going to have more offers
and yeah, essentially, you know it'll drive the prices up.
Somebody's gonna want to I'll do five thousand more, I'll
(17:07):
do ten thousand more.
Speaker 3 (17:08):
And now what do we call that? That's like when
they keep putting it's like a bidding war, a bidding
one r Yeah, it's basically a bidding war in a
house that you didn't put for auction, that you didn't
mean for people to bid on. But like Betty and
comes in and she likes this house and she's like, oh,
I'll give you five hundred thousand for it. But then
you have somebody else come in behind her and you
tell them, Now you can't tell them what she offered, right,
(17:29):
but you tell them, I'm sorry, we already have an offer.
And then she says, well, I'm going to offer more,
and then the other guy offers more, and next thing,
you know, this price just keeps going up.
Speaker 2 (17:39):
Well.
Speaker 4 (17:39):
I also like what Betty and said said, not just price, right, concessions,
because right now we've been saying, hey, buyers, get out there.
You know, sellers are negotiating. Let's negotiate you a great deal.
Get some concessions.
Speaker 2 (17:50):
This that.
Speaker 4 (17:50):
You know what, when there's multiple offers to choose from,
you know, the one with the least amount of concession
requests is going to get it.
Speaker 3 (17:57):
Now, what is a sales concession? Let's talk to some
who's never bought before, and then Betty and I want
you to explain how does that matter for a mortgage?
But how do I mean?
Speaker 4 (18:05):
More often it's you know, down payment assistant, especially you
know with FHA loans. Oh well, give me three percent
towards my closing costs. I mean it could also be
you know, okay, well I need five thousand dollars because
I don't like the floor, so let's just credit that.
Speaker 3 (18:18):
Back right right, So it's money. How does that help
in the mortgage?
Speaker 5 (18:22):
From the loan perspective, I think it always makes more
sense if they go in with, let's say a full
price offer and ask for closing costs help because we
can take that money and save them dollar for dollar
out of pocket. You know the difference between five hundred
thousand and four ninety five the down payment is next
to nothing. But if you got the seller paid closing costs,
(18:42):
you're truly going to save yourself that actual amount out
of your pocket. As well as using it to buy
the rate down. You know, let's say we're hovering around
six point twenty five right now, we can take that
extra money buy that rate down permanently to make it
more affordable. There's all kinds of strategies. There's different loan
programs out there. On an FHA loan, you can ask
(19:04):
for six percent in seller concessions VA, it's capped at
four percent of value, but they can actually pay a
little bit above that and conventionally with ten percent down
six percent, but if you put down less than ten percent,
three percent is the limit.
Speaker 3 (19:20):
I told you she had more knowledge than me. Now
with that, we are going to take a break here
in a minute. When we get back, we're going to
learn who is Betty and McLoud? Where's she from? And
then I promise you we're going to get back into
real estate statistics. Actually we'll probably do that as soon
as we get back. We'll do our finish up our stats,
and then we're going to learn who is Betty and McLoud?
And how does she have more knowledge than Frank the bank.
She might not make it out of this room, you
(19:41):
never know. I hope you guys are enjoying the show,
lots of great real estate news, lots of statistics from
Sennya amahar and Associates. Stay tuned and don't forget. We
are all over social media likenshaw our Instagram. We are
try to be live at eleven o'clock every Tuesday for you,
and we are a podcast. iHeartRadio Disney. Who knows where
we are? Find us online, We're everywhere. We'll be back
(20:02):
in just a minute.
Speaker 1 (20:03):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Kodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senya Akishana, realtor with Mahara Associates.
Speaker 2 (20:18):
Tampa's top real estate company.
Speaker 1 (20:20):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:25):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:28):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:33):
Listen right here, or find us on the Business Happy
Hour YouTube channel, or follow us on Instagram at Frank Thebankkodo.
Speaker 1 (20:40):
Now, sit back, relax, and get ready for some serious
mortgage real estate and business talk with two of Tampa's
top experts.
Speaker 2 (20:47):
Here's Frank the Bank and Senia.
Speaker 3 (20:49):
Hey Tampa Bay. I love how this says. I'm Sonnaya.
I know I don't need a last name, Senny. I
think of ask you this before you're too young to
remember Max Headroom, right MTV like Original ITV. I know, James,
(21:10):
she is way younger than you think. Brow No, I'm
just saying because you didn't watch Original MTV right written now,
Betty and I know you watched it.
Speaker 5 (21:20):
I actually remember when it came out, the first day
it started.
Speaker 3 (21:24):
Yeah, music video television. People are like, what is this?
Godness smut it's here, But it was. It was like
Carmen Electra and some of those old, old old names.
I know Carmen Electra right well, she basically started on that,
and Kennedy.
Speaker 5 (21:38):
Martha what was her name with the dark hair, Martha.
She was one of the.
Speaker 3 (21:43):
DJs, DJs call him video DJs. Yeah that's what it was. Quinn,
Is that what it was?
Speaker 1 (21:50):
Yeah?
Speaker 3 (21:50):
Quinn? Yeah, do you remember you remember Max Headroom. I
don't even know what the hell Max Headroom is. I
think it's like an I would say it's an AI
generated thing. But there's no such thing as AI back then.
But it's like this computer generated dude, and he was
I don't even know what he was, like he advertised
on there. I don't know what exactly he did for
what a virtual host? That's what my god, you're telling
(22:14):
me we had virtual hosts back in Like, how does
James know?
Speaker 4 (22:17):
He seems like way younger than me, your thirties of it?
Speaker 3 (22:21):
Okay, well all right, well I'm forty six, and let's
just put it this way. Betty and has more experience
than me. All right, So let's get back to the stats,
because I know our listeners they text us, by the way,
if we cut off stats already, they we've got a
couple They're like, yeah, we were kind of interested in that.
So Sania, what else do we have for stats? And
let's let's dial down on that and then we're gonna
(22:41):
get to know Betty and McLoud a little bit well
for our special listeners.
Speaker 4 (22:45):
So yeah, I saw that text and I thought that
was a great question because we never really do get
into like that part.
Speaker 3 (22:50):
Yeah.
Speaker 4 (22:51):
So the question was you know about investor owned properties,
and he wanted to hear some stats on that. So
we actually do have those available, but not in the
manner which you think. So, I mean, I looked it up.
I think nationwide, probably roughly twenty percent of single family
homes are owned by investors, oftentimes probably to rent out.
(23:12):
In Florida's least, it's probably around ten percent. Interesting, but
in our stats that I don't normally talk about, that
we get on a monthly basis, we see cash sales. Okay,
obviously not all cash sales are for investors, but I mean,
let's just say the majority, okay, so you know, small
portion might be fixed and flip, but a lot of
times even just you know, a family that wants to
get a home that they're going to rent out for
(23:33):
you know, investment income. So we do have those available.
Speaker 3 (23:36):
Tell us very interesting.
Speaker 4 (23:37):
I mean, we know this, listen. I don't know if
you would know because you deal with loans. So you know,
back in our COVID market, you know, if you saw
the huge uptick, we definitely did. Yes, And this is
the reason why I think, you know, price is just skyrocketed.
We had all those bidding wars, so let's see how Yeah.
Speaker 3 (23:56):
A lot of it I think was a lot of
that had to do with people. You know, the state
of flow was a bit of an anomaly at that
time because the political climate and we have people coming
here that don't normally come here. And I always use
California as an example. In twenty years and mortgage industries
before COVID, I could have counted on one hand how
many people came from California to Florida unless they were
job transferred, right, I mean, you don't retire from California
(24:17):
to Florida. You're already living in a retirement area. But
COVID was, so it started it all.
Speaker 4 (24:22):
So COLEVID started in twenty twenty.
Speaker 3 (24:24):
Yeah.
Speaker 4 (24:25):
So in February of twenty twenty one, our cash sales
were at three hundred and eighty four and I pulled
only Hillsborough County, Okay, And that jump that I think
all of us saw. In June of twenty twenty one,
that number nearly doubled, and from year over year it
went up by one hundred and sixty one percent.
Speaker 5 (24:44):
Wow.
Speaker 4 (24:45):
So and that maintained and actually I went ahead and
pulled the following year because we also felt the drop off. Yeah, right,
But from June of twenty twenty one through June of
twenty twenty two, those numbers were nearly double in what
were used to for cash sales.
Speaker 3 (25:01):
And did you go farther than that? Like, where have
they gone? Now?
Speaker 2 (25:04):
I've got it?
Speaker 4 (25:04):
Yeah, So I mean, right now we're back to normal.
So in June of twenty five, there were two hundred
and seventy four transactions that were purchased in cash in
Hillsborough County. Okay, you know, it stayed relatively the same,
but when you're like looking at the whole graph month
over month, it's like you see, you know, where the
numbers are like one hundred percent, you know, higher year
over year. Obviously the one hundred and sixty one, I
(25:25):
mean in May of twenty twenty one, it was one
hundred and ninety six and a half percent higher year
every year in terms of cash sales transaction.
Speaker 3 (25:33):
My lord, like two hundred percent more.
Speaker 4 (25:35):
Yes, So that was the huge uptick. I think around
June of twenty two is when we saw the interest rates. Yep,
take a nice you know jump up, you know, and then.
Speaker 5 (25:45):
Not that year. That's not nice. I'm thinking exactly that.
Speaker 2 (25:48):
Yeah.
Speaker 4 (25:49):
Yeah, I think at the end of October or October
twenty two is when it was really like the hype.
But we're not there anymore. I mean that's positive news.
Speaker 1 (25:56):
Right.
Speaker 4 (25:57):
We're a lot lower than the seven point whatever it was.
Speaker 3 (25:59):
I mean we touched eight percent. Remember that Betty An,
we literally touched aber. I mean she remembers more than
I do. I'm an in messer with her all day long.
But yeah, you know, we hadn't seen rates like that
seriously and since the nineties, right it. But and we've
said this on the show before, the national forty year average,
do you.
Speaker 5 (26:18):
Know what it is, Betty In, I'm gonna guess seven
to seven and a quarter maybe pretty close.
Speaker 3 (26:22):
Six point seventy five, a little better than what people
would normally guess. That is your forty year average of
interest rate. So we're better than six seven five. Now,
I mean, what are you locking right now?
Speaker 5 (26:33):
I locked six and a quarter yesterday. And it also
gave the buyer some premium back to help with closing costs.
Speaker 3 (26:38):
Right, So that literally means that buyer got thousands of
dollars giving to them from Betty In and her lock
the way that she set it up to help cover
closing costs. So if a seller, for example, Sinny is
working with the seller, and they're unwilling to work to
give you closing costs. Not in this market they will.
But Betty Inn has the ability to do that through
the loan as well, which is a very interesting angle, Senya,
(26:59):
do we have a anything else on stuff?
Speaker 4 (27:00):
His other question was related to closing costs, like why
is it so much more expensive? I think mostly it's
relative to price, you know, so for thinking prices were
you know, half what they are now, you know, so
many of the closing costs are you know, ad volora
meaning based on value, right, So I mean, I think
that's a huge part of it.
Speaker 3 (27:18):
Oh, look at that. She just told us what a
valor means. Did you pick up on that? I did
based on the mood that was due? So yeah, that
The answer our listeners question is is prices have gone
up probably quadruple since or more since you bought that house.
So anything adjusted to the to the value is going
to go up. But the other thing that's gone up
at which I mentioned to him in the text, are
fixed cost Like you know, your appraisals used to be
(27:40):
two hundred and fifty dollars now they're over six hundred dollars.
You know, a tidle closing fee used to be what
Betty in one ninety five?
Speaker 5 (27:46):
Yeah know, Now it's like three fifty to four hundred dollars.
Speaker 3 (27:49):
Yeah yeah, someplace I'm seeing it like six ninety five.
All right, So fixed cost went up. Things went up
based on value. It's inevitable.
Speaker 4 (27:57):
Well, everything went up. Do you remember how much more
cost to build a pool?
Speaker 3 (28:01):
Oh about?
Speaker 5 (28:02):
Oh?
Speaker 4 (28:03):
I think like fences, like for lumber. Just you know,
a lot of things happen. You know, everything's just more expensive.
Now go into the grocery store.
Speaker 3 (28:10):
And I say it, and I'll wrap it up like this,
and we're gonna get into Betty in, is that supply
chain that whole crap that we heard during COVID and everything.
If you're a business person and you're selling a widget
for three dollars and you're paying a dollar for it
and the price goes to two, and you sell it
for four and the price goes back to a dollar,
how fast are you going to drop that widget price?
You're not right, And but here's the here's the key.
We are a wholesale brokerage, Betty, and can get your
(28:31):
wholesale rates what you see on TV if you google
it right now. That's retail garbage. Okay. I'm about to
put a funny little anti Bank of America post out,
probably gonna get in trouble, but I'll do it. As
soon as I get off the radio. You guys will
see a funny Lincoln smashing Bank of America because we
do smash retail rates. If you are in the market
right now and you are not talking to a wholesale broker,
whether it's US, Betty and anybody, you're doing the wrong
(28:51):
thing because your rates are at least a point lower
than what TV is telling you are they are right now.
By the way, you find Betty by giving her a call.
It's seven oh four six two two nine eight seven eight.
Or they can go to your email, which.
Speaker 5 (29:03):
Is Betty an no E at Lincoln Lyinn dot com.
Speaker 3 (29:06):
That's very easy. So all good.
Speaker 4 (29:11):
Yeah, let's get into Betty.
Speaker 3 (29:12):
Let's get it.
Speaker 4 (29:12):
Bring us to know bettymore. Yeah, Betty, Betty, not Betty's
Betty in.
Speaker 3 (29:19):
That's one strike, Hi, you get three, all right, so Betty,
and we know you're from somewhere with a nice southern twang. Yeah,
and I think I already spoiled some of it. But
tell us a little abou about who you are. How'd
you get into mortgages and all that good stuff?
Speaker 5 (29:33):
Okay, okay, Well, honestly, I'm of a Virginia girl, born
and raised in Richmond, Virginia. My mother's from North Carolina, though,
and I found my way to Charlotte, North Carolina as
an adult later in life, but before I move into that,
grew up in Richmond, graduated high school, and while I
was going to college, I got into the mortgage business.
Had an opportunity to work with some really cool, fun
(29:56):
people that had been doing it forever, and some crazy
stories about in the day. Just to throw one out,
I bought my first house nineteen eighty six, well faha
loan for fifty eight thousand dollars and the interest rate
was nine and a half percent.
Speaker 3 (30:11):
You got a deal.
Speaker 5 (30:12):
I was so excited. My payment was less than six
hundred dollars, but I didn't know how I was gonna
make it. And now years later, you know, people don't
bat and I at a car payment like for eight
hundred dollars, right, And I googled that house not too
long ago in the Zillo. If we believe in Zillo,
the value on that little fifty eighty five house was
like three hundred and sixty thousand.
Speaker 3 (30:33):
Now wow, yeah, Oh.
Speaker 5 (30:35):
My lord, that's some old school stats there.
Speaker 3 (30:38):
Those are very old school. I love you said that
because it puts it in perspective to people. You know,
on what rates were you were happy at your nine
point something interest rate?
Speaker 5 (30:48):
Yeah, it was like single digits because I remember doing
adjustable rate mortgages at twelve percent, graduated payment loans, negative
AM loans, fixed interest rates at sixteen and seventeen percent. Yeah,
calculating an APR on an old Brooks calculator. The tape
out of that thing would match a CVS receipt.
Speaker 3 (31:10):
Okay.
Speaker 4 (31:12):
It was like, oh what, No, that's a good analogy.
Speaker 3 (31:16):
I like, yeah, well you throw in the CVS. You
brought her into twenty twenty.
Speaker 5 (31:20):
Yeah. But just a lot of fun work with some
great people, and literally did everything backwards in the industry,
from servicing loans to assumptions and payoffs. And then I
got into closing. I closed some loans for a few years,
and then I processed for about a year and they
said you need to be an underwriter, so we'll talk
about underwriting. I did that for twenty five years.
Speaker 3 (31:41):
Okay, Well, when we get back, we're going to talk
about underwriting, which I gotta say is probably one of
the most important aspects of the business, but one of
the most least glamorous aspects of the business. Those under
thewriters are the ones that take the punches, mostly from us.
But we'll explain what that is. And we'll talk a
little bit more about Betty Ann and her business, and
we're going I'm going to ask her to tell me
about what her favorite product is. Right now, when we
(32:02):
get back on the Business Happy Hour, stay tuned for
more real estate talk.
Speaker 1 (32:06):
Let's get back to the Business Happy Hour radio show
with your host Frank the Benkoto, owner of Lincoln Lending Group.
Speaker 2 (32:13):
And his co host Senya Akishna, realtor with Mahara and Associates.
Speaker 3 (32:17):
Oh guys, welcome back to the Business Happy our last segment,
it's going fast. We learned about real estate stats. We
learned about why prices are up. We learned about seller
concessions and how they're good for you. We learned that
Betty An does not like bluegrass, even though she's from
the bluego Bluegrass capital of the world. That's right, and
we've got a shout out to Salvador Ariola, one of
the fastest guys on the track in the state of
Florida watching us right now, a live hopefully not in
(32:40):
trouble from school. Welcome back to school boys, Betty Ann McLeod.
Let me give your number again, because we did confirm
that that reverse Mortgage Intimate seminar, we're not going to
fill the room. Guys, fifteen to twenty people max are
going to be allowed at this seminar. It is going
to be at the Trinity location of Wolinka and Wolinka Title.
It is one zero zero one five Trinity Boulevard. But
(33:02):
the best way to register for this is to call
Betty and herself and that number.
Speaker 5 (33:07):
Is seven oh four six two two nine eight seven eight.
Speaker 3 (33:11):
That's it, seven oh four six two two nine eight
seven eight. Make sure you register again. It will fill
up and we will not let you in the door
because we won't have any food for you. Betty and
we have had a great show learning about where you're from.
You you started talking about you went into underwriting, which
is is interesting because you went into the least glamorous,
hardest partly part of the industry to learn with all
(33:32):
those guidelines, but eventually you came out to the dark
side of selling the images.
Speaker 5 (33:37):
I did, but you know what, I flipped the script
on that. And I've had people try to get me
to go back into underwriting and ops after I've been
being in sales, you know, and I'm like, no, I'm
not going back to the dark side. I'll call that
the dark side. It is.
Speaker 3 (33:49):
It is right because I know you like talking to people.
You are a people person.
Speaker 5 (33:54):
I am, I am, and that's what's fun about this business.
And even when I was in underwriting, I had loan
officers and branch managers tell me you need to go
out there and sell loans. Betty Anne. You know you'd
be really good at this because back in the day,
people couldn't talk to underwriters, and loan officers would call
me up if something was on approval they didn't understand
or they were upset because we had to suspend a
(34:17):
loan for more information and they were like, I don't
know how to explain this to my client and they're
going to get upset. And I'm like, well, I'll call them.
And that was unheard of, and I would pick up
the phone and I would call the clients and introduce
myself and explain what we needed and whine we'd get it.
But I was a single mom raising kids needed that salary.
So when I left Florida the first time, I moved
(34:40):
to Charlotte, loved it there, learned the area, and I
decided I was going to originate and I've never looked back.
I love being on the front end, helping people, being
part of their journey. I've done loans for whole families
from their first home to their vacation investment, their step down,
you know, retirement home. And now I'm doing loans not
(35:00):
just for the parents, but their children and in a
few cases some of their kids too.
Speaker 3 (35:05):
Oh you listen, I didn't give a day to birth out. Guys.
You've got me on that one. I'm on the kids.
I haven't made it to the kids' kids quite yet,
but it's coming.
Speaker 5 (35:16):
Yeah, it will. And if you do the right thing
and being a part of their journey, it just I
can't imagine doing anything else. It really that's what gets
me up in the morning. And even with all the
stress and all the hooplaw that goes into it, it's
really about the people and about you know, doing the
right thing for them. And nine times out of ten,
all of my clients become my friends. Like every one
(35:37):
of them. I hope they're watching this. They're on my
Instagram or my Facebook because they know me and they
know if they get an advertisement or anything from any
other mortgage person, they always call me or reach out
to me because they know I'm going to shoot them straight.
Speaker 3 (35:51):
I love it, and I know you shoot everybody straight.
There's no question, Cinny. I don't know if you have
any questions for Beny.
Speaker 4 (35:57):
I think you're on the right side of the business.
But they do wish that we had more underwriters like you.
I have never heard of an underwriter calling anybody, I
mean even as agents. Yeah, I don't know about you,
you know, lenders, but I think they eleve in the
ether somewhere, right. You know, we just know that we
cannot close alone without getting an approval from the underwriter, right,
And that's like the big, biggest thing.
Speaker 3 (36:17):
And a lot of times people look at them as
the bad guy, and they're not bad people. They have
a job and they have rules.
Speaker 5 (36:22):
It's about balance, right. The underwriters are there to make
sure if the loan can be made, let's make it.
So if it makes sense and we can sell it,
you know, and don't get the loan bought back. It's
all about balance in the demands of production, but with
the restrictions and the rules of the guidelines, right. And
I used to coach and tell my underwriters, and I
do this with loan officers that I've trained. It's about
(36:44):
telling this story. If it makes sense, you can document
it and put it together. The happy ending is we're
going to have an approval. We're here to make loans
and that's what our business is. And you have to
have a thick skin sometimes to be in this business.
And as an underwriter, I would say, suit it up
and put on your armor and go to work.
Speaker 3 (37:02):
You are very, very unique. I've got to say that
I have met in twenty five years a very small
handful of originators who were underwriters. Right. So for you
to have that knowledge that you know what the other
side is looking for, that's I think your secret sauce.
I mean it is, let's be honest, You're twang is
(37:23):
probably really your secret sauce. You're gonna win people over
with that in your personality. But that knowledge, it's unmatched,
and that means you know how to present the story
to the underwriter because you've been on the other side, correct,
So we're not fighting them. So what's your favorite product
right now? What do you think is what it makes
you happiest to help clients with right now? Or your
favorite product? What do you like?
Speaker 5 (37:42):
Well, I mean, there's just so many fun stories. But
right now, I think what I'm really excited about is
getting into the reverse mortgage field. I think there's a
strong need for that within our community because of the demographics.
But I also really love the challenge of the first
time home buyers. They're so excited. It's such a happy, pivotal,
big moment in everybody's life, right buying that first house.
(38:05):
So those two things, but so many crazy great products.
Speaker 2 (38:09):
Now.
Speaker 5 (38:09):
We have DSCR Debt service coverage ratio loans to qualify
off the property rent. Bank statement loans are much needed
for self employed buyers, and we're starting to see a
trend with a little no income loans coming back, which
can help some other self employed buyers. The craziness of
making loans to people self employed with a six hundred
credit score and less than five percent down those days
(38:32):
are gone, I believe, But you know, and that's what
happened and why we had our crash in two thousand
and eight. But those are just a few of the
things that I enjoy putting the pieces to the puzzle.
That's what it's really about.
Speaker 3 (38:43):
And you are definitely a magician when it comes to that.
That's why they call you the mortgage Maven.
Speaker 5 (38:48):
Yes, I'll be your safe haven.
Speaker 3 (38:49):
That's it. Hey, By the way, what's your social media
things for If somebody wants to follow.
Speaker 5 (38:52):
You Mortgage Maven one on Instagram. Also have mortgage maven
one on Facebook, or you can just send me a
front Betty and McLoud.
Speaker 3 (39:01):
Hey, you guys go, that's the easiest way to get her.
I'll give her number out again. It's seven oh four
six two two nine eight seven eight. Don't forget you
do want to register for that event. It's a small room.
And I love that you are focused on the reverse
mortgage because I agree with you more than anything is
that we have a need for education about it. We
are living in the retirement capital of the world. So
many people are sitting on a gold mine of equity
(39:23):
and they just they're scraping right now. So you got
to learn about it. You can go to reverse guru
dot com to watch some videos and you go directly
to Betty and McLoud and she'll take care of that
reverse mortgage for you and go meet you in person.
Send you a great stats today, and thank you for
answering our listeners questions, especially about that investment stuff.
Speaker 4 (39:39):
Tell me tind to switch it up a bit. Yeah,
but Betty and so nice to meet you. You're a
wealth of knowledge.
Speaker 3 (39:44):
Yes she is. I tell you what, guys, if anything
is you don't need to sell when you have experience,
you can tell she has experience. She knows what she's doing,
and she's an underwriter killer because she used to be
an underwriter herself. So reach out to her whenever you need.
You guys, have a great week and make sure you
like and share. Send this out there and SENDI and
I will see you next week on the business app.
Speaker 4 (40:03):
Your bye, guys, Bye bye
Welcome to the Business Happy Hour radio show with your host,
Frank Debankkodo, the owner of Lincoln Lending Group right here
in Tampa Bay for twenty three years, joined by his
incredible co host, Senya Akishna, rialtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade. Listen right here, or find us on
the Business Happy Hour YouTube channel.
Speaker 2 (00:34):
Or follow us on Instagram at Frank Debankkodo.
Speaker 1 (00:37):
Now sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank the Bank and Senia.
Speaker 3 (00:47):
All right, Tampa Bay, are you ready for another amazing
Business Happy Hour radio show? I know I am because
I'm back to school. That's right. I'm not Ridney Dangerfield
on Prank the Bank, but i am back to school
driving my kids this school in the Morning's ready to
get up earlier?
Speaker 4 (01:02):
How you doing, Sin, I'm doing great.
Speaker 3 (01:04):
How about you kids back yet?
Speaker 4 (01:06):
Oh my gosh, back to school. Back to that. The
school lines, it always takes a little bit for everybody
to figure it out, especially like the new parents. Yeah
so you know, but no, it's good you go back
to a routine.
Speaker 3 (01:17):
How was traffic this morning for the school line?
Speaker 4 (01:19):
Not so good?
Speaker 3 (01:20):
Not so yeah, yeah gives.
Speaker 4 (01:21):
But the pay traffic is even worse. I was stuck
like in the middle of an intersection, like, oh my god,
people have to go around me, but you don't know
what to do. People coming from like every direction and
it's just not moving.
Speaker 3 (01:31):
Yes, thank god, I dropped myself off a jesuit.
Speaker 1 (01:34):
Right.
Speaker 3 (01:34):
So it's high school, so you only have it's kind
of a smaller line. You got like a year and
a half worth of parents, right, and and they're pretty
strict on you. They had cops out there this morning,
Like I always pull off on a HIMS and I
make a left to go get some coffee, and this
guy is like, you ain't making a left today, buddy,
You're making a right. And I'm like, oh, they're trying
to like, you.
Speaker 4 (01:52):
Know, they get mad, Yeah, if you're not paying attention
doing what they say.
Speaker 3 (01:56):
Yeah, they'll blow that whistle at you. I'll tell you,
I'll tell you they will anyway. So I have noticed
traffic on the streets getting a little worse, parents taking
their kids. So, you know, if you don't have kids
that go to school, my advice avoid the roads between
like seven and eight thirties, probably the best advice you
could have. Leave early or just avoid them altogether. But
(02:17):
I don't know about you. I'm happy to beg to
be back into the groove, you know, having a schedule
and like, this is what time we get up, this
is what time we get back. Here's the hardest thing.
And we've got a great guest I'm going to introduce
here in a second. But the hardest thing for me
is shutting down in the evening. So it's almost like,
you know, people will give you advice about, you know, oh,
(02:38):
well we'll get up earlier and go to bed earlier
and things like that, but it doesn't seem to me
like the getting up earlier really changes what time my
body wants to shut down, right right. So we had
Illy who comes on the show, the owner of X
Force Body and she'll be on the show again next month.
But she was telling me this morning. She's like, oh, yeah,
you know, I'm a third meal today. I was like,
what do you mean, just like, I've been up since
(02:59):
four fifteen and I'm like, well, what time you go
to bed? She's like eight thirty. I mean, I see
Betty in looking at I mean, let me introduce Betty
in so she can chime in on this. This is
Betty An McLeod, a proud branch manager with Lincoln Lending Group.
This person, Betty in here has more experience than Frank
the bank. Okay, I'm sorry I'm dating you. I have
no choice. I'm not going to tell them how old
(03:20):
you are. But let's put it this way. You've been
in the industry ten years longer than I have. She
made fun of me in the elevator day. She goes, yeah,
I was doing mortgages when you were trick or treating,
and I'm like, you're probably right. Yeah. So welcome to
the show, Betty In.
Speaker 5 (03:34):
Thank you, thank you. I'm glad to be here. Thanks
for the invite.
Speaker 3 (03:37):
First time on radio.
Speaker 5 (03:38):
Uh no, actually I was on the radio probably thirty
years ago. I actually had an underwriter that worked for
me as a DJ. She was a smooth jazz DJ
out in Colorado, and she brought me on her show
and we did a little chat. But that's quite a
few years ago.
Speaker 3 (03:55):
That was, And I bet your radio was a lot
different back then. Yes, see everything there's a camera and
TVs and all these fancy majigs and all this stuff.
So yeah, I wanted to introduce you so you could
chime into some of our fine little banter we do
in the beginning. But you know this this whole thing
about going to bed early eight thirty, Like, okay, let's
just go around the room, Betty, and what time do
you go to bed normally?
Speaker 5 (04:17):
Around eleven eleven thirty?
Speaker 3 (04:19):
Eleven eleven thirty. Okay, that's that's about my time. How
about you say me too about the same right? And
you know, like I just have you ever tried to
go to bed at eight thirty or nine recently?
Speaker 4 (04:29):
I can't. I mean, I'll be lucky if my little
one falls asleep by eight thirty. I'm still busy with
him till nine. And then of course you need to
just you know, catch up on your own stuff. Yeah,
do a little relaxing before you want to fall asleep.
Speaker 3 (04:41):
Right, A little doom scrolling you know something like that,
what about you, Betty, And we tried that.
Speaker 5 (04:45):
I've tried to go a bit a little bit earlier
last weekend. I'm thirty. I tried to tune out. But
I have a new puppy at home, so it's not
a little one, but it's almost like a new born. Yeah,
so I've got to stay up to make sure he
goes out, and then he gets me up early. So yeah,
I'm back in the groove of early.
Speaker 3 (05:02):
Oh god, I just don't I just don't know how
people do it. They're all like, oh, yeah, you just
get up early and you'll go to this. I'm like, no,
I just get tired, but I don't want to. I
don't fall asleep anyway. If you guys have advice and
you'd like to let us know here, you're welcome to
give us a call. Maybe you're a sleep expert. Maybe
you're listening right now and say, and I need to
have you on the show because I don't know how
to go to sleep early. But I am trying this
(05:24):
new thing because I do like watching Guttfeldt at night.
I think it's freaking hilarious. He's the number one late
night guy right now and I try to force myself
to start watching him at ten o'clock so that like
you're kind of getting tired at ten thirty. But then
you get that thing where the wife doesn't want the
TV on right and I'm like, how am I going
to fall asleep? And she's like, well, how am I
going to fall asleep? I was like, we have a problem.
So anyway, if you're a sleep expert and you want
(05:46):
to solve it, give us a call, come help us out.
Let us know. By the way, James, real quick, I
don't see my times on the screen right now, so
just let me know how we're doing. It's okay, good, good, good,
all right. So, if you've never listened to The Business
Happy Hour before, Senya from Mahara and Associates, one of
the top real estate agents in Tampa. As my co host,
(06:06):
she handles all the real estate side and answers the
real estate questions and always brings our statistics every week.
Matter of fact, Sinnia, we have a long time listener
who has text us some things. Remember I sent that
to you earlier, so we should chat about that maybe
later in the show. After we talked to Betty in
a little bit about some of the insurance things he
was telling us about. I think when he first bought
(06:27):
a house, you know, in the nineties or something like that,
and his insurance was like basically pennies and he paid
seventeen thousand. I'm like, we have come a long way, way,
way long way since then. And Betty ends your first
time on the show. So Senia does statistics, So we're
going to talk about the stats year over year. And
I never know coming into the show what she's going
(06:48):
to talk about, so it's really exciting. So we'll talk
about that and where the real estate market is. Apparently
there's some news that came out yesterday about them lowering rates.
Did you see that where I think the Fed was
saying they're going to lower it three times? Is that
what we heard now? I don't know if you about you,
but I heard that earlier in the year as well.
Speaker 4 (07:06):
And so I know Ryan on the last show, I mean,
he was doing almost like a guarantee.
Speaker 3 (07:10):
He's like, I hope he put a September drop the
rates guarantee out there, right, and like he might be right,
He's gonna be carless if he we made some bets.
But I think he's right, and now with the news
coming out yesterday, so I think that's exciting. We're going
to talk rates a little later in the show, Betty
and and I are going to talk about some mortgage products.
We'll let sinny A quiz us on some things and
(07:33):
and kind of just see what's out there in the market.
But before we go too much farther, if you have
any real estate needs, if you just want to talk
real estate markets, where to buy, what to buy, maybe
you're going to get into the market soon. I want
you to give Sennia from Maharan Associates a call and
she's going to tell you how to call her.
Speaker 4 (07:48):
Eight one three seven five five reel.
Speaker 3 (07:50):
That's it. Eight one three seven five five reel. Now,
last week, you also would you give out a website
last year too, didn't you?
Speaker 5 (07:56):
Yeah?
Speaker 4 (07:56):
My website as Tampa real Estate dot pro.
Speaker 3 (08:00):
Well that's easy, Tampa real Estate thanks. How yeah pro,
that's super easy. And then we're going to be having
some more luncheon learns. We're going to tell you guys
about coming up. Betty in we have a couple events
that we want to talk about on the radio show today.
Speaker 5 (08:13):
Absolutely, you want.
Speaker 3 (08:15):
To mention the dates right now, and then we'll get
back around to it in a minute.
Speaker 4 (08:18):
Are sure?
Speaker 5 (08:18):
August twenty first, we're doing a lunch and learn or
reverse mortgages for purchase, and it's more of a little
intimate group where we've invited several realtors and I think
we've got twelve signed up to join. Frank and myself
and our co host Alison Lentz with wi linka weychel.
Speaker 3 (08:35):
Title that's going to be and that is on August
twenty twenty. First, Now, where's that one going to be.
Speaker 5 (08:41):
At the office there in Trinity. I don't know the
address right off the top of my head.
Speaker 3 (08:46):
It's for willink w linka Title office.
Speaker 5 (08:48):
Yeah, wellnka waichel title.
Speaker 3 (08:50):
I tell you what. We will look that up and
when we get back from the breach.
Speaker 4 (08:53):
Out to Betty In you'll get it to you directly.
Speaker 3 (08:56):
That's a way better way to do it. Betty In,
how can they reach you? What do you prefer? Email?
Speaker 5 (09:00):
Phone, shop me a text seven oh four six two
two nine eight seven eight and email zz Betty and
no E at Lincolnlin dot com.
Speaker 3 (09:09):
I love it. That's Betty and a n N no
E at Lincoln lend dot com or seven O four
six two two nine eight seven eight, And you can
always do the contact Frankibank dot com thing and that
will come to me and then I can give you
the information of the event. But, like Betty and said,
it is going to be an intimate gathering. Maybe what
fifteen people something like that we're going to bring in
the room, probably no more than twenty. We want to
(09:30):
be able to go hands on and explain how you
qualify for a reverse mortgage, what purchase side of a
reverse mortgage, the refinance side, And I'll give you a
little clue about reverse mortgages. If you own your home
right now, free and clear, you are qualified, right.
Speaker 5 (09:46):
Betty in yes, absolutely, It's.
Speaker 3 (09:48):
As simple as that, simple as that, like, no mortgage
means you're qualified. But then you're asking yourself, well, wait
a minute, I don't have a mortgage. Why do I
need a reverse mortgage? Betty? And what's a reason they
need a reverse mortgage? If they don't have a mortgage.
Speaker 5 (10:00):
They can keep their cash and invest it and have
no mortgage payment. I mean, how great is that?
Speaker 3 (10:05):
That's exactly right?
Speaker 5 (10:06):
You can what's page on that, guys, because well sixty
two for the most part. But there is a proprietary
program that will go down to age fifty five.
Speaker 3 (10:15):
Okay, that's it. And actually we are closing a loan
for a gentleman on a nine hundred thousand dollars condo.
He lives on the beach, nine hundred thousand dollars condo,
and he's getting the proprietary reverse mortgage products. And the
guy is putting about three hundred change in cash in
his pocket tax free to do whatever he wants with it.
(10:38):
Iw bet he n mentioned invest it. I happen to
know his strategy. He is going to invest some of
that money. He's going to probably make ten to fifteen
percent on his money, and his rate of interest is
like eight point something percent, so it's kind of a
no brainer. He did own the property free and clear.
A lot of people think you can't do them on
larger jumbo loans. You can. And if you do own
your property free and clear, you want to take cash
(11:00):
out of the property tax free and let it work
for you. That's the key of the reverse mortgage. And
if you're interested, you can get Betty in a call
directly her number seven oh four.
Speaker 5 (11:09):
Six two two nine eight seven eight.
Speaker 3 (11:12):
I love it. We didn't even rehearse this guy seven
oh four six two two nine eight seven eight. You
can reach out to Betty indirectly or contact frankdbank dot
com and we will get you taken care of. And
it literally takes just a few hours to figure out
what you qualify for on a reverse mortgage. And uh,
there's very little cost out of pocket, basically just an
appraisal and maybe a counseling session and that's it. Sanny,
I know I bored you on a reverse mortgage.
Speaker 4 (11:32):
I actually no, I have a client just yesterday. We're
working on paying off back in twenty twelve. She got
a private money loan, Yeah, for like fifty thousand dollars
house back in twenty twelve.
Speaker 3 (11:42):
Yep.
Speaker 4 (11:42):
Now it's worth a lot a lot more. But we're
doing that payoff and we're going to try to figure out,
you know, the best course of action. Once she's you know,
free and.
Speaker 3 (11:49):
Clear, Well there you go. Reverse mortgage could be the answer.
We'll be back on the business happier in just a
minute with Sennia Akisha from Mahara and Associate's Betty An
McCloud from Lincoln Lending. Group and Frank the Bank. Stay tuned.
We're back in just a minute with stats.
Speaker 1 (12:01):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank,
Debankoto and Senia.
Speaker 3 (12:10):
All right, welcome back to the Business Happy How are
your number one two through all things business and entrepreneurial? Men?
I just thought about this. Hopefully all those Jesuit boys
start watching us at lunch again. We used to have
a huge crew of them watching and liking and share
us out there. And I'm just noticing some of our
listeners today that are coming on. And now I've got
Betty Ann McLeod on full HD on her Instagram feed.
(12:33):
I was over here. I'm like, why does she look
all cloudy? And we are are like crystal clear. It's
the innert intranet over here. So guys, we have Betty
and McLeod She is a branch manager for Lincoln Lending Group.
Betty in actually is running our North Carolina branch which
just got opened about a week ago at Lincoln Lenning Group.
And Betty and We're gonna learn about where you're from.
(12:53):
And I do suppose you're from the North Carolina, Airy, Virginia,
North Carolina. I'm just gonna but that's what she's going
to do. And when the Virginia branch opens, she's going
to be running that as well, So it's going to
be super exciting. But before we get into stats, we're
gonna mention this event one more time and then we're
going to get you the address. I'm gonna pull it
up and Senya is going to do our real estate
(13:15):
stats with us so we can find out what the
heck is going on in the market. All I know
is I hear that the Fed's going to lower rates,
So now I need to hear what's going to go
on with the actual home sales, Senia from Maharanassis. So
so let's take it away.
Speaker 4 (13:28):
Okay, So for our June numbers, we're just going to
run through the local metro area, so that's Hillsboro, Panela's, Pasco,
and Hernando And as we mentioned last week, just sales
across the board transaction wise, we're up seven point six percent. Oh,
which yes, that's good news because we didn't have a
(13:49):
really busy spring season, just slower than we anticipated. Media
and sale price for the metro areas four hundred and
ten thousand, the average sales price is almost five and
tw twenty thousand, and medium time to contract is thirty
five days. Months supply at four point four and new
pending sales are up about just over au percent. But
(14:12):
I mean, I'm still hoping that our you know, closed
sales for July are also going to reflect you know,
a bit more activity.
Speaker 3 (14:19):
I mean, Bettyam, what do you think about that? When
I hear her statistics. I don't see the clickbait that
I see all over online saying how Florida is going
underwater and our values are going down. These are actual,
real numbers here. What's your thought on that market?
Speaker 5 (14:35):
I think we are transitioning to a more stable, balanced market.
I think there's a lot more opportunity out there for
serious buyers that want to take advantage of it, even
with an impending you know, rate drop coming because when
that does hit, you know what's going to happen.
Speaker 3 (14:51):
Tell us what's going to happen again? Because Okay, in
all seriousness, you guys hadn't seen my show for ten years.
You know, I don't rehearse crap, right, I like coming
in here and doing it off the cup Senny and
I are very in tune. But we say something which
I think you're about to say all the time. Just
say it. What do you think is going to happen?
Speaker 5 (15:07):
Well, prices are going to go up, okay, because there
really isn't that much inventory out there. They can't build
them fast enough. And then you're going to see probably
not the extent we did in twenty twenty one, but
you're going to see a bit of a frenzy and
people may be overpaying and all those seller concessions they're
going to say nope.
Speaker 3 (15:23):
Yeah, So you know, no.
Speaker 4 (15:25):
I completely agree, and even us saying this on the radio,
so if we're talking about it, others are talking about it.
So I think that we're going to see the impact
even before September, you know, comes around.
Speaker 3 (15:35):
I completely agree. Now what Sennya as the real estate
agent in the room, as the elephant in the room,
tell us about, She's not an elephant, tell us tell
us about how does inventory impact price? And then I
also want you to talk about seller concessions, right you
and Betty in we need to I need the consumers
to understand what that means. But first let's talk about
(15:56):
how does this inventory how could this affect the prices
the activity?
Speaker 4 (16:00):
Well, I mean right now, so when I say four
point four you know, people are like, what does that mean?
Speaker 5 (16:04):
Right?
Speaker 4 (16:05):
So essentially it would take four point four months to
sell all the current inventory if no other active listings
hit the market, right, you know, I guess by metrics,
you know, six months is kind of where that metric
used to be for it to be a truly balanced market.
So even though right now some people are saying, oh,
you know, it's such a buyer's market inventory wise, it's
(16:26):
really not. I think it's just because buyers have been
sitting on the fence. You know, maybe it's just not
super affordable because of interest rates. But when even with
that little bit of a drop, I think so many
buyers that do want to buy are going to get
out there, and you know what, yeah, you'll see more competition.
Probably not to the level of you know, the COVID
(16:46):
market we had, but I mean I could definitely see
multiple offers, especially if sellers are following their agent's advice
right now and pricing correctly. So if you're already aggressively
priced and all of a sudden you see an uptick
in showings and activity, you're going to have more offers
and yeah, essentially, you know it'll drive the prices up.
Somebody's gonna want to I'll do five thousand more, I'll
(17:07):
do ten thousand more.
Speaker 3 (17:08):
And now what do we call that? That's like when
they keep putting it's like a bidding war, a bidding
one r Yeah, it's basically a bidding war in a
house that you didn't put for auction, that you didn't
mean for people to bid on. But like Betty and
comes in and she likes this house and she's like, oh,
I'll give you five hundred thousand for it. But then
you have somebody else come in behind her and you
tell them, Now you can't tell them what she offered, right,
(17:29):
but you tell them, I'm sorry, we already have an offer.
And then she says, well, I'm going to offer more,
and then the other guy offers more, and next thing,
you know, this price just keeps going up.
Speaker 2 (17:39):
Well.
Speaker 4 (17:39):
I also like what Betty and said said, not just price, right, concessions,
because right now we've been saying, hey, buyers, get out there.
You know, sellers are negotiating. Let's negotiate you a great deal.
Get some concessions.
Speaker 2 (17:50):
This that.
Speaker 4 (17:50):
You know what, when there's multiple offers to choose from,
you know, the one with the least amount of concession
requests is going to get it.
Speaker 3 (17:57):
Now, what is a sales concession? Let's talk to some
who's never bought before, and then Betty and I want
you to explain how does that matter for a mortgage?
But how do I mean?
Speaker 4 (18:05):
More often it's you know, down payment assistant, especially you
know with FHA loans. Oh well, give me three percent
towards my closing costs. I mean it could also be
you know, okay, well I need five thousand dollars because
I don't like the floor, so let's just credit that.
Speaker 3 (18:18):
Back right right, So it's money. How does that help
in the mortgage?
Speaker 5 (18:22):
From the loan perspective, I think it always makes more
sense if they go in with, let's say a full
price offer and ask for closing costs help because we
can take that money and save them dollar for dollar
out of pocket. You know the difference between five hundred
thousand and four ninety five the down payment is next
to nothing. But if you got the seller paid closing costs,
(18:42):
you're truly going to save yourself that actual amount out
of your pocket. As well as using it to buy
the rate down. You know, let's say we're hovering around
six point twenty five right now, we can take that
extra money buy that rate down permanently to make it
more affordable. There's all kinds of strategies. There's different loan
programs out there. On an FHA loan, you can ask
(19:04):
for six percent in seller concessions VA, it's capped at
four percent of value, but they can actually pay a
little bit above that and conventionally with ten percent down
six percent, but if you put down less than ten percent,
three percent is the limit.
Speaker 3 (19:20):
I told you she had more knowledge than me. Now
with that, we are going to take a break here
in a minute. When we get back, we're going to
learn who is Betty and McLoud? Where's she from? And
then I promise you we're going to get back into
real estate statistics. Actually we'll probably do that as soon
as we get back. We'll do our finish up our stats,
and then we're going to learn who is Betty and McLoud?
And how does she have more knowledge than Frank the bank.
She might not make it out of this room, you
(19:41):
never know. I hope you guys are enjoying the show,
lots of great real estate news, lots of statistics from
Sennya amahar and Associates. Stay tuned and don't forget. We
are all over social media likenshaw our Instagram. We are
try to be live at eleven o'clock every Tuesday for you,
and we are a podcast. iHeartRadio Disney. Who knows where
we are? Find us online, We're everywhere. We'll be back
(20:02):
in just a minute.
Speaker 1 (20:03):
Welcome to the Business Happy Hour radio show with your host,
Frank the Bank Kodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senya Akishana, realtor with Mahara Associates.
Speaker 2 (20:18):
Tampa's top real estate company.
Speaker 1 (20:20):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (20:25):
If you're looking for local mortgage or real estate advice.
Speaker 1 (20:28):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade.
Speaker 2 (20:33):
Listen right here, or find us on the Business Happy
Hour YouTube channel, or follow us on Instagram at Frank Thebankkodo.
Speaker 1 (20:40):
Now, sit back, relax, and get ready for some serious
mortgage real estate and business talk with two of Tampa's
top experts.
Speaker 2 (20:47):
Here's Frank the Bank and Senia.
Speaker 3 (20:49):
Hey Tampa Bay. I love how this says. I'm Sonnaya.
I know I don't need a last name, Senny. I
think of ask you this before you're too young to
remember Max Headroom, right MTV like Original ITV. I know, James,
(21:10):
she is way younger than you think. Brow No, I'm
just saying because you didn't watch Original MTV right written now,
Betty and I know you watched it.
Speaker 5 (21:20):
I actually remember when it came out, the first day
it started.
Speaker 3 (21:24):
Yeah, music video television. People are like, what is this?
Godness smut it's here, But it was. It was like
Carmen Electra and some of those old, old old names.
I know Carmen Electra right well, she basically started on that,
and Kennedy.
Speaker 5 (21:38):
Martha what was her name with the dark hair, Martha.
She was one of the.
Speaker 3 (21:43):
DJs, DJs call him video DJs. Yeah that's what it was. Quinn,
Is that what it was?
Speaker 1 (21:50):
Yeah?
Speaker 3 (21:50):
Quinn? Yeah, do you remember you remember Max Headroom. I
don't even know what the hell Max Headroom is. I
think it's like an I would say it's an AI
generated thing. But there's no such thing as AI back then.
But it's like this computer generated dude, and he was
I don't even know what he was, like he advertised
on there. I don't know what exactly he did for
what a virtual host? That's what my god, you're telling
(22:14):
me we had virtual hosts back in Like, how does
James know?
Speaker 4 (22:17):
He seems like way younger than me, your thirties of it?
Speaker 3 (22:21):
Okay, well all right, well I'm forty six, and let's
just put it this way. Betty and has more experience
than me. All right, So let's get back to the stats,
because I know our listeners they text us, by the way,
if we cut off stats already, they we've got a
couple They're like, yeah, we were kind of interested in that.
So Sania, what else do we have for stats? And
let's let's dial down on that and then we're gonna
(22:41):
get to know Betty and McLoud a little bit well
for our special listeners.
Speaker 4 (22:45):
So yeah, I saw that text and I thought that
was a great question because we never really do get
into like that part.
Speaker 3 (22:50):
Yeah.
Speaker 4 (22:51):
So the question was you know about investor owned properties,
and he wanted to hear some stats on that. So
we actually do have those available, but not in the
manner which you think. So, I mean, I looked it up.
I think nationwide, probably roughly twenty percent of single family
homes are owned by investors, oftentimes probably to rent out.
(23:12):
In Florida's least, it's probably around ten percent. Interesting, but
in our stats that I don't normally talk about, that
we get on a monthly basis, we see cash sales. Okay,
obviously not all cash sales are for investors, but I mean,
let's just say the majority, okay, so you know, small
portion might be fixed and flip, but a lot of
times even just you know, a family that wants to
get a home that they're going to rent out for
(23:33):
you know, investment income. So we do have those available.
Speaker 3 (23:36):
Tell us very interesting.
Speaker 4 (23:37):
I mean, we know this, listen. I don't know if
you would know because you deal with loans. So you know,
back in our COVID market, you know, if you saw
the huge uptick, we definitely did. Yes, And this is
the reason why I think, you know, price is just skyrocketed.
We had all those bidding wars, so let's see how Yeah.
Speaker 3 (23:56):
A lot of it I think was a lot of
that had to do with people. You know, the state
of flow was a bit of an anomaly at that
time because the political climate and we have people coming
here that don't normally come here. And I always use
California as an example. In twenty years and mortgage industries
before COVID, I could have counted on one hand how
many people came from California to Florida unless they were
job transferred, right, I mean, you don't retire from California
(24:17):
to Florida. You're already living in a retirement area. But
COVID was, so it started it all.
Speaker 4 (24:22):
So COLEVID started in twenty twenty.
Speaker 3 (24:24):
Yeah.
Speaker 4 (24:25):
So in February of twenty twenty one, our cash sales
were at three hundred and eighty four and I pulled
only Hillsborough County, Okay, And that jump that I think
all of us saw. In June of twenty twenty one,
that number nearly doubled, and from year over year it
went up by one hundred and sixty one percent.
Speaker 5 (24:44):
Wow.
Speaker 4 (24:45):
So and that maintained and actually I went ahead and
pulled the following year because we also felt the drop off. Yeah, right,
But from June of twenty twenty one through June of
twenty twenty two, those numbers were nearly double in what
were used to for cash sales.
Speaker 3 (25:01):
And did you go farther than that? Like, where have
they gone? Now?
Speaker 2 (25:04):
I've got it?
Speaker 4 (25:04):
Yeah, So I mean, right now we're back to normal.
So in June of twenty five, there were two hundred
and seventy four transactions that were purchased in cash in
Hillsborough County. Okay, you know, it stayed relatively the same,
but when you're like looking at the whole graph month
over month, it's like you see, you know, where the
numbers are like one hundred percent, you know, higher year
over year. Obviously the one hundred and sixty one, I
(25:25):
mean in May of twenty twenty one, it was one
hundred and ninety six and a half percent higher year
every year in terms of cash sales transaction.
Speaker 3 (25:33):
My lord, like two hundred percent more.
Speaker 4 (25:35):
Yes, So that was the huge uptick. I think around
June of twenty two is when we saw the interest rates. Yep,
take a nice you know jump up, you know, and then.
Speaker 5 (25:45):
Not that year. That's not nice. I'm thinking exactly that.
Speaker 2 (25:48):
Yeah.
Speaker 4 (25:49):
Yeah, I think at the end of October or October
twenty two is when it was really like the hype.
But we're not there anymore. I mean that's positive news.
Speaker 1 (25:56):
Right.
Speaker 4 (25:57):
We're a lot lower than the seven point whatever it was.
Speaker 3 (25:59):
I mean we touched eight percent. Remember that Betty An,
we literally touched aber. I mean she remembers more than
I do. I'm an in messer with her all day long.
But yeah, you know, we hadn't seen rates like that
seriously and since the nineties, right it. But and we've
said this on the show before, the national forty year average,
do you.
Speaker 5 (26:18):
Know what it is, Betty In, I'm gonna guess seven
to seven and a quarter maybe pretty close.
Speaker 3 (26:22):
Six point seventy five, a little better than what people
would normally guess. That is your forty year average of
interest rate. So we're better than six seven five. Now,
I mean, what are you locking right now?
Speaker 5 (26:33):
I locked six and a quarter yesterday. And it also
gave the buyer some premium back to help with closing costs.
Speaker 3 (26:38):
Right, So that literally means that buyer got thousands of
dollars giving to them from Betty In and her lock
the way that she set it up to help cover
closing costs. So if a seller, for example, Sinny is
working with the seller, and they're unwilling to work to
give you closing costs. Not in this market they will.
But Betty Inn has the ability to do that through
the loan as well, which is a very interesting angle, Senya,
(26:59):
do we have a anything else on stuff?
Speaker 4 (27:00):
His other question was related to closing costs, like why
is it so much more expensive? I think mostly it's
relative to price, you know, so for thinking prices were
you know, half what they are now, you know, so
many of the closing costs are you know, ad volora
meaning based on value, right, So I mean, I think
that's a huge part of it.
Speaker 3 (27:18):
Oh, look at that. She just told us what a
valor means. Did you pick up on that? I did
based on the mood that was due? So yeah, that
The answer our listeners question is is prices have gone
up probably quadruple since or more since you bought that house.
So anything adjusted to the to the value is going
to go up. But the other thing that's gone up
at which I mentioned to him in the text, are
fixed cost Like you know, your appraisals used to be
(27:40):
two hundred and fifty dollars now they're over six hundred dollars.
You know, a tidle closing fee used to be what
Betty in one ninety five?
Speaker 5 (27:46):
Yeah know, Now it's like three fifty to four hundred dollars.
Speaker 3 (27:49):
Yeah yeah, someplace I'm seeing it like six ninety five.
All right, So fixed cost went up. Things went up
based on value. It's inevitable.
Speaker 4 (27:57):
Well, everything went up. Do you remember how much more
cost to build a pool?
Speaker 3 (28:01):
Oh about?
Speaker 5 (28:02):
Oh?
Speaker 4 (28:03):
I think like fences, like for lumber. Just you know,
a lot of things happen. You know, everything's just more expensive.
Now go into the grocery store.
Speaker 3 (28:10):
And I say it, and I'll wrap it up like this,
and we're gonna get into Betty in, is that supply
chain that whole crap that we heard during COVID and everything.
If you're a business person and you're selling a widget
for three dollars and you're paying a dollar for it
and the price goes to two, and you sell it
for four and the price goes back to a dollar,
how fast are you going to drop that widget price?
You're not right, And but here's the here's the key.
We are a wholesale brokerage, Betty, and can get your
(28:31):
wholesale rates what you see on TV if you google
it right now. That's retail garbage. Okay. I'm about to
put a funny little anti Bank of America post out,
probably gonna get in trouble, but I'll do it. As
soon as I get off the radio. You guys will
see a funny Lincoln smashing Bank of America because we
do smash retail rates. If you are in the market
right now and you are not talking to a wholesale broker,
whether it's US, Betty and anybody, you're doing the wrong
(28:51):
thing because your rates are at least a point lower
than what TV is telling you are they are right now.
By the way, you find Betty by giving her a call.
It's seven oh four six two two nine eight seven eight.
Or they can go to your email, which.
Speaker 5 (29:03):
Is Betty an no E at Lincoln Lyinn dot com.
Speaker 3 (29:06):
That's very easy. So all good.
Speaker 4 (29:11):
Yeah, let's get into Betty.
Speaker 3 (29:12):
Let's get it.
Speaker 4 (29:12):
Bring us to know bettymore. Yeah, Betty, Betty, not Betty's
Betty in.
Speaker 3 (29:19):
That's one strike, Hi, you get three, all right, so Betty,
and we know you're from somewhere with a nice southern twang. Yeah,
and I think I already spoiled some of it. But
tell us a little abou about who you are. How'd
you get into mortgages and all that good stuff?
Speaker 5 (29:33):
Okay, okay, Well, honestly, I'm of a Virginia girl, born
and raised in Richmond, Virginia. My mother's from North Carolina, though,
and I found my way to Charlotte, North Carolina as
an adult later in life, but before I move into that,
grew up in Richmond, graduated high school, and while I
was going to college, I got into the mortgage business.
Had an opportunity to work with some really cool, fun
(29:56):
people that had been doing it forever, and some crazy
stories about in the day. Just to throw one out,
I bought my first house nineteen eighty six, well faha
loan for fifty eight thousand dollars and the interest rate
was nine and a half percent.
Speaker 3 (30:11):
You got a deal.
Speaker 5 (30:12):
I was so excited. My payment was less than six
hundred dollars, but I didn't know how I was gonna
make it. And now years later, you know, people don't
bat and I at a car payment like for eight
hundred dollars, right, And I googled that house not too
long ago in the Zillo. If we believe in Zillo,
the value on that little fifty eighty five house was
like three hundred and sixty thousand.
Speaker 3 (30:33):
Now wow, yeah, Oh.
Speaker 5 (30:35):
My lord, that's some old school stats there.
Speaker 3 (30:38):
Those are very old school. I love you said that
because it puts it in perspective to people. You know,
on what rates were you were happy at your nine
point something interest rate?
Speaker 5 (30:48):
Yeah, it was like single digits because I remember doing
adjustable rate mortgages at twelve percent, graduated payment loans, negative
AM loans, fixed interest rates at sixteen and seventeen percent. Yeah,
calculating an APR on an old Brooks calculator. The tape
out of that thing would match a CVS receipt.
Speaker 3 (31:10):
Okay.
Speaker 4 (31:12):
It was like, oh what, No, that's a good analogy.
Speaker 3 (31:16):
I like, yeah, well you throw in the CVS. You
brought her into twenty twenty.
Speaker 5 (31:20):
Yeah. But just a lot of fun work with some
great people, and literally did everything backwards in the industry,
from servicing loans to assumptions and payoffs. And then I
got into closing. I closed some loans for a few years,
and then I processed for about a year and they
said you need to be an underwriter, so we'll talk
about underwriting. I did that for twenty five years.
Speaker 3 (31:41):
Okay, Well, when we get back, we're going to talk
about underwriting, which I gotta say is probably one of
the most important aspects of the business, but one of
the most least glamorous aspects of the business. Those under
thewriters are the ones that take the punches, mostly from us.
But we'll explain what that is. And we'll talk a
little bit more about Betty Ann and her business, and
we're going I'm going to ask her to tell me
about what her favorite product is. Right now, when we
(32:02):
get back on the Business Happy Hour, stay tuned for
more real estate talk.
Speaker 1 (32:06):
Let's get back to the Business Happy Hour radio show
with your host Frank the Benkoto, owner of Lincoln Lending Group.
Speaker 2 (32:13):
And his co host Senya Akishna, realtor with Mahara and Associates.
Speaker 3 (32:17):
Oh guys, welcome back to the Business Happy our last segment,
it's going fast. We learned about real estate stats. We
learned about why prices are up. We learned about seller
concessions and how they're good for you. We learned that
Betty An does not like bluegrass, even though she's from
the bluego Bluegrass capital of the world. That's right, and
we've got a shout out to Salvador Ariola, one of
the fastest guys on the track in the state of
Florida watching us right now, a live hopefully not in
(32:40):
trouble from school. Welcome back to school boys, Betty Ann McLeod.
Let me give your number again, because we did confirm
that that reverse Mortgage Intimate seminar, we're not going to
fill the room. Guys, fifteen to twenty people max are
going to be allowed at this seminar. It is going
to be at the Trinity location of Wolinka and Wolinka Title.
It is one zero zero one five Trinity Boulevard. But
(33:02):
the best way to register for this is to call
Betty and herself and that number.
Speaker 5 (33:07):
Is seven oh four six two two nine eight seven eight.
Speaker 3 (33:11):
That's it, seven oh four six two two nine eight
seven eight. Make sure you register again. It will fill
up and we will not let you in the door
because we won't have any food for you. Betty and
we have had a great show learning about where you're from.
You you started talking about you went into underwriting, which
is is interesting because you went into the least glamorous,
hardest partly part of the industry to learn with all
(33:32):
those guidelines, but eventually you came out to the dark
side of selling the images.
Speaker 5 (33:37):
I did, but you know what, I flipped the script
on that. And I've had people try to get me
to go back into underwriting and ops after I've been
being in sales, you know, and I'm like, no, I'm
not going back to the dark side. I'll call that
the dark side. It is.
Speaker 3 (33:49):
It is right because I know you like talking to people.
You are a people person.
Speaker 5 (33:54):
I am, I am, and that's what's fun about this business.
And even when I was in underwriting, I had loan
officers and branch managers tell me you need to go
out there and sell loans. Betty Anne. You know you'd
be really good at this because back in the day,
people couldn't talk to underwriters, and loan officers would call
me up if something was on approval they didn't understand
or they were upset because we had to suspend a
(34:17):
loan for more information and they were like, I don't
know how to explain this to my client and they're
going to get upset. And I'm like, well, I'll call them.
And that was unheard of, and I would pick up
the phone and I would call the clients and introduce
myself and explain what we needed and whine we'd get it.
But I was a single mom raising kids needed that salary.
So when I left Florida the first time, I moved
(34:40):
to Charlotte, loved it there, learned the area, and I
decided I was going to originate and I've never looked back.
I love being on the front end, helping people, being
part of their journey. I've done loans for whole families
from their first home to their vacation investment, their step down,
you know, retirement home. And now I'm doing loans not
(35:00):
just for the parents, but their children and in a
few cases some of their kids too.
Speaker 3 (35:05):
Oh you listen, I didn't give a day to birth out. Guys.
You've got me on that one. I'm on the kids.
I haven't made it to the kids' kids quite yet,
but it's coming.
Speaker 5 (35:16):
Yeah, it will. And if you do the right thing
and being a part of their journey, it just I
can't imagine doing anything else. It really that's what gets
me up in the morning. And even with all the
stress and all the hooplaw that goes into it, it's
really about the people and about you know, doing the
right thing for them. And nine times out of ten,
all of my clients become my friends. Like every one
(35:37):
of them. I hope they're watching this. They're on my
Instagram or my Facebook because they know me and they
know if they get an advertisement or anything from any
other mortgage person, they always call me or reach out
to me because they know I'm going to shoot them straight.
Speaker 3 (35:51):
I love it, and I know you shoot everybody straight.
There's no question, Cinny. I don't know if you have
any questions for Beny.
Speaker 4 (35:57):
I think you're on the right side of the business.
But they do wish that we had more underwriters like you.
I have never heard of an underwriter calling anybody, I
mean even as agents. Yeah, I don't know about you,
you know, lenders, but I think they eleve in the
ether somewhere, right. You know, we just know that we
cannot close alone without getting an approval from the underwriter, right,
And that's like the big, biggest thing.
Speaker 3 (36:17):
And a lot of times people look at them as
the bad guy, and they're not bad people. They have
a job and they have rules.
Speaker 5 (36:22):
It's about balance, right. The underwriters are there to make
sure if the loan can be made, let's make it.
So if it makes sense and we can sell it,
you know, and don't get the loan bought back. It's
all about balance in the demands of production, but with
the restrictions and the rules of the guidelines, right. And
I used to coach and tell my underwriters, and I
do this with loan officers that I've trained. It's about
(36:44):
telling this story. If it makes sense, you can document
it and put it together. The happy ending is we're
going to have an approval. We're here to make loans
and that's what our business is. And you have to
have a thick skin sometimes to be in this business.
And as an underwriter, I would say, suit it up
and put on your armor and go to work.
Speaker 3 (37:02):
You are very, very unique. I've got to say that
I have met in twenty five years a very small
handful of originators who were underwriters. Right. So for you
to have that knowledge that you know what the other
side is looking for, that's I think your secret sauce.
I mean it is, let's be honest, You're twang is
(37:23):
probably really your secret sauce. You're gonna win people over
with that in your personality. But that knowledge, it's unmatched,
and that means you know how to present the story
to the underwriter because you've been on the other side, correct,
So we're not fighting them. So what's your favorite product
right now? What do you think is what it makes
you happiest to help clients with right now? Or your
favorite product? What do you like?
Speaker 5 (37:42):
Well, I mean, there's just so many fun stories. But
right now, I think what I'm really excited about is
getting into the reverse mortgage field. I think there's a
strong need for that within our community because of the demographics.
But I also really love the challenge of the first
time home buyers. They're so excited. It's such a happy, pivotal,
big moment in everybody's life, right buying that first house.
(38:05):
So those two things, but so many crazy great products.
Speaker 2 (38:09):
Now.
Speaker 5 (38:09):
We have DSCR Debt service coverage ratio loans to qualify
off the property rent. Bank statement loans are much needed
for self employed buyers, and we're starting to see a
trend with a little no income loans coming back, which
can help some other self employed buyers. The craziness of
making loans to people self employed with a six hundred
credit score and less than five percent down those days
(38:32):
are gone, I believe, But you know, and that's what
happened and why we had our crash in two thousand
and eight. But those are just a few of the
things that I enjoy putting the pieces to the puzzle.
That's what it's really about.
Speaker 3 (38:43):
And you are definitely a magician when it comes to that.
That's why they call you the mortgage Maven.
Speaker 5 (38:48):
Yes, I'll be your safe haven.
Speaker 3 (38:49):
That's it. Hey, By the way, what's your social media
things for If somebody wants to follow.
Speaker 5 (38:52):
You Mortgage Maven one on Instagram. Also have mortgage maven
one on Facebook, or you can just send me a
front Betty and McLoud.
Speaker 3 (39:01):
Hey, you guys go, that's the easiest way to get her.
I'll give her number out again. It's seven oh four
six two two nine eight seven eight. Don't forget you
do want to register for that event. It's a small room.
And I love that you are focused on the reverse
mortgage because I agree with you more than anything is
that we have a need for education about it. We
are living in the retirement capital of the world. So
many people are sitting on a gold mine of equity
(39:23):
and they just they're scraping right now. So you got
to learn about it. You can go to reverse guru
dot com to watch some videos and you go directly
to Betty and McLoud and she'll take care of that
reverse mortgage for you and go meet you in person.
Send you a great stats today, and thank you for
answering our listeners questions, especially about that investment stuff.
Speaker 4 (39:39):
Tell me tind to switch it up a bit. Yeah,
but Betty and so nice to meet you. You're a
wealth of knowledge.
Speaker 3 (39:44):
Yes she is. I tell you what, guys, if anything
is you don't need to sell when you have experience,
you can tell she has experience. She knows what she's doing,
and she's an underwriter killer because she used to be
an underwriter herself. So reach out to her whenever you need.
You guys, have a great week and make sure you
like and share. Send this out there and SENDI and
I will see you next week on the business app.
Speaker 4 (40:03):
Your bye, guys, Bye bye
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