October 7, 2025 • 40 mins
Ksenia And Frank talk about the government shut down, the importance of listening to the professional no matter how much money you make, closing on short 15 day contracts and… Is the market changing right in front of us? Does the absorption rate tell us something about turning into a sellers market? You must listen to find out!
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Episode Transcript
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Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host,
Frank Debank Coodo, the owner of Lincoln Lending Group right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishna, realtor with Mahara and Associates,
Tampa's top real estate company. Together, they have helped finance
and clothes nearly one billion dollars of real estate every year.
(00:23):
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.
Speaker 2 (00:30):
Listen right here, or.
Speaker 1 (00:32):
Find us on the Business Happy Hour YouTube channel, or
follow us on Instagram at Frank Debankkodo. 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 de Bank and Senia.
Speaker 3 (00:47):
That's right, James, thank you for bringing us into the show.
Welcome to the Business Happy Hour, your number one show
for all things business and entrepreneurial. And man, we've got
a show for you guys. Coming off my first show
that I did all by myself, because Senia just has
to go out and travel the world and go to
foreign countries like Ireland and drink Guinness and harp and
(01:10):
hang out with all the Irish people, which we're gonna
find out all about today because Frank the Bank has
never been to Ireland. As a matter of fact. That's
on my list and I've got a little trip on
that side of the pond coming up in December. We'll
talk about Hopefully you guys liked the show last week. Yes,
Sennya left me all by myself, so I got to
do my own solo show. And let me tell you, guys,
if you've ever thought about radio and if you're cut
(01:32):
out to do this or if it's something you enjoy,
it's not that hard it. You know a lot of
people talk about you know, oh I could never do it. Senya.
I'm gonna put her on this. James came in today,
he goes, why don't you just stop talking in the
third segment and just see what happens to Senya. I
would never do it.
Speaker 4 (01:48):
If you radio silence, James are gonna need a lot
of those sound effects to play started in the third
segment because I'm gonna be like and this is Frank
Codo signing off Cenia has it and that's.
Speaker 3 (02:00):
What it's gonna sound like. No, but you know, guys,
when I got into this industry or and doing radio
back about about thirteen years ago, I was kind of
thrown into it and said I was not I was
not this vocal. I mean I've always been a talker.
Like as a kid, my mom used to literally, there's
a funny video recording. They just call me Frankie. I
freaking hated it. Hated Frankie's why didn't name my son
(02:21):
frank by the way, because I didn't want to relive
that for like ten years. This is video and I'm
like running around chasing or holding that big old VHS
cam quarter thing, you know that had the big tapes
in it, and I kept jumping in front of the
camera every time she's tried a video something. That was
like around Christmas, and finally she goes, Frankie, sit down
and shut up, get out of the camera. And my
(02:43):
mom we resaw the you know, a month a couple
of months ago. She goes, yeah, she goes that that
pretty much summed it up. She's like, that's what you did, right.
So I've always liked talking, you know, but a lot
of people say, if you're going to do a radio
show all by yourself or something where you don't have
anybody to bounce off of, it's one of the hardest
things in the world because you could forget what you're saying,
or you might not have something to say. It's like,
(03:04):
what I'm gonna do to you in the third segment?
Speaker 5 (03:05):
Well, no, you keep on track. And I have a
hard time believing that. In high school, you were probably
the guy. You know, if there's a presentation needed, you're
the guy they call up.
Speaker 3 (03:13):
I did enjoy that, you know. In high school, I
was like I was almost kind of still forced to
do it. But what I was was I was always
the planner guy. So you know, like you kind of
have the clicks.
Speaker 5 (03:22):
Really right, planner. I don't see you as a planner
at all.
Speaker 3 (03:25):
I know, tell me about it, you know, and people
look at me and they think I'm disorganized, with some
of the most disorganized people are actually some of the
most organized in their brain. No, but I was the
guy like if we did something on the weekends with
our groups of friends or whatever, it was me. It's
like I figured out where the party was. I told
people where to meet, and a lot of that came
out of necessity then, because I mean, I've got a
fifteen year old right now. Those idiots don't plan squat. Okay,
(03:49):
I was gonna say the bad word, but they don't
plan squat. Like he'll be like, oh, yeah, we're gonna
go to Halloween or night's on Saturday. Okay, who you're
going with? I don't know what time you're going. I
don't know how you getting there. I don't know are
you getting home? I don't know. And I'm just like, dude,
like I don't mind helping. That's what parents do, but
I can't do this not plan thing. When I was
in when I was in junior high when junior maybe
(04:10):
high school, I had it all figured out, Like I
knew where we're going, what time we're going. I knew
if this party got busted, we're gonna go to this party.
You know who's driving? Who's doing that?
Speaker 5 (04:18):
I mean now, and it's you know with the phones,
you know is that what?
Speaker 3 (04:21):
Okay?
Speaker 5 (04:21):
I got you know, twenty friends. They can text, so
is the quickest to respond? I mean, I definitely think
it's got something to do.
Speaker 3 (04:27):
And that snapchat thing, right, are you on Snapchat. No
neither am I say, I was gonna have to make
funy of you were, But no, this thing where they
can like look and see where everybody is. Y yeah right, which,
by the way, now now I'm just scratching the surface.
Remember I'm a forty six year old old dude. Here
the Instagram it now has something where it's got a map?
(04:50):
Is that what it is? James? And I don't know.
I think you have to opt into it. I think
I opted out. I don't really want everybody to know
where did you do that? You opted out of that? Like,
I don't know if I want everybody know where I am, right,
but if nothing else, it's pretty cool. So so then
like especially as a teenager or a kid, like, hey,
these are everybody's hanging out, but for us. I just
saw a funny little meme the other day about like
(05:10):
the nineties, did you go to the mall? Like that's
what we used to do. Like you went to the
mall and people are like, yeah, I'll meet at the
mall and like to do what to see your friends
and to walk you go to the food court and
you just hang out. I don't know that they do
that anymore. What do they do.
Speaker 5 (05:25):
I mean they've you know, they're on their phones the
same route, but they're on their phones right, you know,
playing the games or you know, social media together.
Speaker 3 (05:34):
Yeah, is that socializing? I don't know. I don't know.
So we've got a great show for you guys. We
got a little monologue I'm gonna do for you guys here.
Try to try to start that in the show a
little bit, uh in the first segment and then Senny uh,
Senny and I you know, we love planning, not planning right,
and in a couple of reasons because you know, if
you plan we do our show once a week. If
(05:55):
we plan our show earlier in the week, I mean,
so by the time we get to our show, something
else is gonna happen, right, It's it's not going to
be the same. So it's kind of nice walking in here.
We're both in the same industry. We both work with
the same people and you know, same we running the
same pools and stuff like that of clients and buyers
and Maharan Associates and Lincoln Lending Group, you know, work
great together. So we can walk in here and we
(06:17):
can have a story. So it's kind of funny. I
ran in here and I was not for nothing. I
was kind of bitching up a little bit. I was saying, Oh,
this isn't working. This isn't working. You know, I have
this this situation that's going on, and what do I do?
Speaker 1 (06:27):
Sin?
Speaker 3 (06:27):
And then you start telling me stuff and it's like, hey,
you know what, that's today's show, right, So then what
we do? And James loves saying this. He's like, shut
up and keep it for the show. He loves like
when we talk, especially in the breaks. This is a
fun little radio thing. Every time you have commercial breaks,
people start yapping, right, and that's the best stuff for
the show. They start talking it. I love it when
(06:48):
James comes on, he's like, shut up and say that
on the show. I'm like, okay, okay, do a sound
effect for me anyway. So let's just roll into this.
We got a couple minutes left in this segment, and
then Sinnia has the August numbers spoiler alert. She says,
there's some big news. I love it. What else we're
gonna talk about? The government shut down? How does it
(07:09):
affect you personally? What's it doing to you? And how
does it affect you in real estate. We're going to
talk about assets and lending. Sayning and I are going
to talk about the importance of listening to the pros,
meaning Senia and myself and whoever you're working with in
your real estate transaction, because not for nothing, we have
licenses and we're kind of responsible for getting you guys
(07:29):
at the closing table. So we're gonna tell you what
to do. You should listen to us. We're talking about
short contracts, good or bad, right mass Senya what she
thinks on that one. And then we're to find out
about Ireland because I've never gone to Ireland and I
want to go. And you know, I'm gonna ask any
a question about Scotland and Ireland because you know, I'm
not a geography whiz, but I'm pretty sure they're close.
(07:49):
They are right, I think they're closed.
Speaker 5 (07:51):
We flew into Scotland and then from there to Oh.
Speaker 3 (07:55):
Man, you're making me regret my vacation coming up already.
All right, So guys in October seventh, twenty twenty five,
if you're listening to us on Saturday or Sunday morning,
it's a few days later, it's Tuesday. Right now, we
are on day seven of the government shutting down. I'm
hoping that by the time you listen to this on
the weekend, the government is not shutdown. But let's be real,
(08:17):
what's the government shut down doing to you. Let's forget
about if you're in real estate, are you affected? I'd
like to hear it. If you're watching us on Instagram
right now, I want to hear about it. If the
government shutdown is affecting you, and you want me to
talk about it next week's show, I want you to
text me eight one three seven six five twelve thirty nine.
That's eight one three seven six five twelve thirty nine,
(08:38):
No dirty picks. Please just text me what is happening
to you and the government shutdown. I have one very
good friend who's active military works at McDill His pay
is furloughed right now. Good news is he's still getting
his pay. So we had a long talk about it
the other day and it really came down to budget. Sadly,
a lot of Americans just do not budget themselves. I
(09:00):
was raised with a mentality you need six months of
all of your living expenses in a savings account at
all times. Why, well, we live in Florida, we have
these things called hurricanes that come and knock out our
houses and our power and all this stuff, and God forbid,
you got to live somewhere for six months. How about
you have a government shutdown and you have a government job.
(09:20):
You might have to cover your salary for a few months.
The good news is in a shutdown, you're gonna get
your money unless you get laid off. This is a
whole new realm with the government maybe being shrunk good
or bad. Probably good in the long run. Bad for
the people who are losing their jobs. I don't want
them to lose their jobs. But a government shutdown doesn't
(09:42):
affect people like you think it does. It's a lot
of media hype. Don't believe everything you read and see online.
Do your own research. Is it affecting military yes, Is
it affecting certain core people in the government, Yes, if
they still have a job after it's over. Are they
gonna get their money yes. So it's kind of like
it's just in a savings account for you, interest bearing
saving savings account. But you have to prepare. You've got
(10:05):
to teach your kids. Sadly, colleges and schools don't teach
our kids financial literacy. They don't teach them how to
balance a checkbook. They don't teach them about interest, mortgages,
they don't teach them about all the real stuff that
you're gonna have to deal with when you get into
the real world. They send you there and they teach
you a long algebra and geometry and how to do you know,
(10:26):
all this math you're probably never going to use, But
they don't teach you basic finance. So teach your kids.
That's my topic today. Teach your kids. Teach them to
budget themselves, Teach them the value of a dollar, make
them spend their own money. I used to have a
yellow parquet butter tub that I literally would save nickels
and pennies and dimes and quarters I'd pick off off
(10:47):
the freaking street. Fun story. Anybody know what Zekea Ricci's are?
Do you know what they are? No? Zekea Ricci's look
them up, guys. The most popular pants in the nineties.
They're the mc hammer pants tag that said Z Cavalricci
on him. I brought a buttertub into a Tampa Bay
mall store with sixty six dollars in change and one
(11:08):
dollar bills and bought my first pair of z Cavalricci's
because my mom wouldn't buy them for me, and I
was three dollars short and my mom almost didn't give
me the three dollars. That would have been a scene.
But anyway, that taught me a lesson, taught me to save,
taught me the value of your dollar. That was probably
in sixth grade. You have to teach your kids. Don't
(11:28):
believe everything you read parents and kids kids learn from
your parents. I taught my son about compound interest on
the way to school the other day. Most people don't
know about the eighth wonder of the world, compound interest.
My son does, and I'm going to beat it into
his head. And by the time he graduates or we
stop driving him, he's going to know everything he needs
to know about mortgages, interest, finance, money, and he's going
(11:49):
to know about compound interest. What do you do? Teach
your kid what you do. It's the best way to
create general generational wealth and to help your family stay
tuned in the business happy hour when we get backward
to learn about the August real estate numbers with Sennia
Akishinna from Mahara and Associates, let's.
Speaker 1 (12:03):
Go all the best mortgage or real estate advice from
Tampa Bay's top experts. It's the Business Happy Hour with Frank,
Debank Koto and Sennia Akisha.
Speaker 3 (12:13):
All right, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
I'm your host, Frank the bank owner of lincol Lending Group,
twenty five years here in Tampa almost twenty five years.
I like to say that contact Frankdbank dot com. That's
how you can reach me if you need anything. We
(12:33):
got a new phone number, sen Oh you do eight
four four four reverse eight for four Yeah, I like it, right,
It's kind of easy, yeah right. And our guys here
at iHeart helped me get that phone number through a connection.
We're using that for the Ryan Gorman commercials talking about
reverse mortgages. We're using it on We're gonna start using
it on TV. We're to use it on the Instagram.
(12:56):
We'll probably send courier pigeons with it tied to their
leg eight four four four reverse. If you do want
information on reverse mortgages, that goes to myself and two
of my staff members, Diane and Beverly so One of
US is going to pick up the phone and talk
to you about reverse mortgages answer all your questions. You
can also go to reverse guru dot com reverse guru
dot com. I will leave you with this on reverse mortgages,
(13:17):
you do not lose your home. Absolutely do not lose it.
As always your home, you cannot lose it. If you
don't believe me, call me, let me prove it to you.
I did one for my own grandma, and I tell
you something. She does not live with me. She lived
in her house until the day she died, and the
bank did not take her house, and she left us
an inheritance, and she said, you lived the last last
(13:37):
ten years of her life for the best ten years
because she had financial freedom. So ah eight four four
four reverse or reverse guru dot com. Senia numbers from August.
Speaker 5 (13:47):
Numbers from August. We finally have them, I know, and
I'm sorry. I think they came out right when I
was gone on Tuesday. You did, and that was not intentional.
I was supposed to be here. I did get stuck
in Ireland, not the worst place to get stuck up.
Speaker 3 (14:01):
Why don't you tell us about Ireland and then we'll
go into the numbers.
Speaker 5 (14:04):
So this was actually a very impromptu trip. Okay, was
kind of joking he's a big Vikings fan and oh
you know the Vikings are playing you know in Ireland.
I know, Okay, Yeah, he reached out to us buddies
and nobody can go. I mean really spur the moment
I'm like, oh I want to go to Ireland?
Speaker 2 (14:22):
Is that how it.
Speaker 5 (14:24):
Kind of goes like that? We were haha about it
and all of a sudden we're okay, a week away.
I mean we literally booked our stuff, Like did.
Speaker 3 (14:30):
You him like, hey, I'll go, I'll go with you.
Was it like that?
Speaker 5 (14:35):
And he's like what, Well, he had no choice really
but to take me because you know, the buddies couldn't
make it. So yeah, it was a well a couple's
trip to go watch the Vikings in Ireland and it
was so much fun. Oh yeah music, yes, that was
they played that like at the halftime show. Yeah, and
they had a band there with like, you know, a
(14:55):
girl with her violin and yeah, thanks James.
Speaker 3 (14:58):
So yeah that was awesome. So what all right? So
you would you just go for like two nights, three nights?
Speaker 5 (15:03):
Would you do?
Speaker 3 (15:04):
Well?
Speaker 5 (15:04):
Ended of getting stretched out. Supposed to be I think,
what three nights, okay, but then mine turned into four nights.
This was almost six nights.
Speaker 3 (15:11):
We wa whoa, whoa, Okay, explain this. You guys went separate.
Speaker 5 (15:14):
So the whole plan was because we're like, all right,
you know, we're budget mine and we have companion passes. Okatch,
I'm kind of new too, but you know, big perk.
We have a you know, someone in the family with Delta,
and we're like, well, let's try to do it international flight.
So we've you know, done it domestically before, you know,
usually pretty you know, simple, it's a stand by sort
of thing. Right, We did chicken out and on the
(15:35):
way there we bought one ways at least to make
sure we got there.
Speaker 3 (15:38):
Oh that was probably smart.
Speaker 5 (15:39):
And they're like, you know, coming back, you know, whatever happens,
you know, we'll make it work. Oh that was the
worst idea. Oh so of course. Yeah. The day after
the game, I mean the airport was packed. Never mind
the flight we were supposed to get on was there
was some issue with the plane. It was like four
or five hours delayed, but they were overbooked, over sold,
(16:01):
so it just wasn't happening, even if we wanted to
pay for tickets at that point, wasn't happening.
Speaker 3 (16:06):
Oh so did you find this out at the airport?
Speaker 5 (16:08):
Yes? So we spent a good you know, five six
hours at the airport trying to figure it out. Got
to the nearest hotel room that was sold out. But
I did find a siedeal that maybe twenty five minutes
away from the airport. You go to the east coast
and you hit the water, and we ended up staying
at this really cute little golf resort. It's called It
(16:29):
was like Port Monnaca is the area, okay, but it
was a Jamison Links course.
Speaker 3 (16:33):
Ooh.
Speaker 5 (16:33):
That's really you know what made the whole trip worth
it for Maurice because you know Vikings, You saw the
Vikings gay, you know that was a bit disappointing. The
game itself was fine, Yeah, but that whole trip made
it worth it for him. So he got his dream
golf day.
Speaker 3 (16:48):
Do you got to play golf on an Ireland?
Speaker 5 (16:50):
Yeah, Court did so that that's probably his best memory
out of the whole trip. And you know what if
it wasn't, well I already.
Speaker 3 (16:58):
Left oh oh okay, I would have had.
Speaker 5 (17:00):
Left because we have you know, our little one at
home and we had to get a service.
Speaker 3 (17:04):
So wait, you didn't get to stay in the nice
little hotel on the Glod.
Speaker 5 (17:06):
I did for the night, but I had to leave
first thing in the morning. And you know what, it
also worked out because actually I was still working. I
was working at the Vikings game. I was working on
setting up that contract, you know. So thank god actually
wasn't flying right because I don't know if I would
have been able to work the deal out because we
did have a multiple offers. It was my buyer, really
good friend of mine, and you know what, this is
(17:26):
the life of a real estate agent. She felt bad,
but nope, Saturday she called me and I'm like, oh, no,
you're not going out with a random you know, Zillow
person to show you this property. I didn't tell you,
but you're gonna have to sign an agreement, you know,
agreeing to commission this and this and this. So I
got my other good friend that you know was still here, Hey,
can you shore with this house?
Speaker 3 (17:45):
Good Mahara? Of course, of course, yeah.
Speaker 5 (17:48):
Showed her the house, you know, stepped in and my
friend's like, I love it and I want to move
forward on it. Let's make the offer. And you know,
I scrambled around, and.
Speaker 3 (17:57):
So what happened. You flew up on, flew back on
a buddy pass in the morning.
Speaker 5 (18:01):
None of it, None of it was buddy pass. None
of that worked out. We probably end up spending three
times as much plane tickets had we just planned it
out to begin with. That's okay, listen, lesson learned, and
we'll go back to Ireland now that we kind of
know our way around. So we stayed in Dublin City Center.
Speaker 3 (18:18):
Okay, it was busy, right, you know, busy.
Speaker 5 (18:21):
Close to walk to the stadium, which you know, the walking.
Speaker 3 (18:23):
Was pretty nice. Is Dublin pretty nice? There's like a
big city like New York.
Speaker 5 (18:27):
Stayed in Dublin City Center, and I guess this is
the stuff you learn, even like our uber guys, father's
the north side, there's the south side. During the day,
it was nice, but they didn't recommend walking around at night.
Speaker 3 (18:39):
No night.
Speaker 5 (18:41):
I mean, I thought it was fine. I'm pretty oblivious.
My husband's got better streets since he's like, you know, okay,
we're gonna get this part of town. But it was
a lot of fun. The one thing I will say,
if you ever do go to Europe and you've never
driven on the left side of the road sitting on
the right side of the car, don't do it. We
rented a car from the airport. It took us twice
(19:03):
as long to get to our hotel. Oh, just because
you're so disoriented. Right, Oh yeah.
Speaker 3 (19:09):
No, I don't really. We are going to take a
break here in a minute. But keep going to the story.
I'll stop.
Speaker 5 (19:13):
You will get Yeah, do not rent a car. We
rented ours, got it to the hotel after finally finding parking.
We took it back the next day. Oh, it just
was not happening. It was too scary, too hard to navigate,
and there's plenty of public transport and ubers.
Speaker 3 (19:27):
So okay, all right, so that's good. So I went.
When we get back, I want to ask you a
little bit more about island. When we get back, I'm
going to tell you about this trip that I'm I've
planned for between Christmas and New Year's, kind of a
crazy impromptu thing like that to three different countries. And
literally last night I'm watching videos online about all the
snow and stuff, and I looked at my wife, I'm like,
(19:49):
we're not renting a car. I was like, so, and
I'll tell you that story when we get back, and
I'm glad you give the advice you Listen to the
Business Happy Hour Frank Thebankkodo eight one three mortgage dot com,
contact Frankdbank dot com and Senia Akisha from Ohara and Associates.
We'll be back in just a minute to learn about
the August real estate numbers.
Speaker 1 (20:05):
Welcome to the Business Happy Hour radio show with your host,
Frank de Bankkodo, the owner of Lincoln Lending Group right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishna realtor with Mahara and Associates.
Speaker 2 (20:20):
Tampa's top real estate company.
Speaker 1 (20:22):
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.
Speaker 2 (20:35):
Listen right here, or find.
Speaker 1 (20:37):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Thebankkodo. 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 (20:49):
Here's Frank the Bank and Senia.
Speaker 3 (20:52):
All right, guys, welcome back to the show. We'll get
to the real estate talking here in just a second.
Sennia told the story about going to Ireland. Sounds awesome.
By the way, if I go to Ireland, I go
to Scotland, right like a connect Yeah right, kind of right,
So I mean I can go see I'll get a
drink the Scotch in Scotland and then go over to Island.
Speaker 5 (21:08):
I mean, I think I think we talked to a
guy that was actually doing that.
Speaker 3 (21:11):
Yeah, it seems like the way that our.
Speaker 5 (21:12):
Connection was just through there. And then we took a
little plane to get to Dublin.
Speaker 3 (21:16):
Oh you took like a puddle jumper to get to.
Speaker 5 (21:19):
Well, it wasn't quite that small, but Maryland, says the
big Uh. Yeah, I guess yeah, Irish Airline.
Speaker 3 (21:23):
How long was that flight from Scotland Ireland?
Speaker 5 (21:26):
Forty five minutes?
Speaker 3 (21:27):
Oh okay, it's like going to Miami. Yeah, okay, that's
not bad. So we I I'm really funny that said
he had brought that up about the not raining cars.
Is my wife and I we're going we're gonna fly
into London. The intention is visitor sister in Spain and
she's over near Barcelona, and my son really wanted to
go skiing. So my wife shows me this this country
called Andorra. Never heard of you? Have you heard of this?
Speaker 5 (21:48):
I've heard of it, but I don't know much about it.
Speaker 3 (21:50):
It's this tiny country, only seventy something thousand people, pretty
much all ski villages in a landlocked country in between
Spain and France, right on the border. Right. Pretty interesting.
So we're doing we've never done London. We're gonna do
two nights in London, do like the Red Eye thing
over there or whatever, and then we're gonna fly to
(22:10):
Barcelona and then we have to drive to Andorra and
then we're gonna drive back to Barcelona and stay with
their sister for a couple of nights. So we kind
of do New Year's over and Andorra and all. That
should be pretty cool. But we started watching videos last
night and they're like, you're required to have chains on
your tires and this and this between November and February,
and you should bring boots that have spikes on them.
Like I'm like what, and I'm like, I don't mind
(22:32):
renting cars. I've driven on the other side of the
road a bunch of times, so I mean, I'm kind
of get get used to that in some Caribbean islands.
But yeah, when they threw in snow and mountains and
chains on times and they're like James on times like Frankie,
don't do chains on tires, Like I've never done that.
I wouldn't even know what to do with chains. I'm
a Florida boy, like we The only chain we have
is when Grady Judd puts them on the side of
the road picking up trash. Hopefully people get that one.
(22:55):
But anyway, so yeah, we're gonna where did you get
I'm just gonna bite the bullet and pay for a
ride from the airport and then just do uber.
Speaker 5 (23:02):
It's a safer Bett's say, yeah, I just.
Speaker 3 (23:04):
Do that, right, man, Just don't try to drive in
these other countries. So sin, how about the real estate numbers?
What's up with August?
Speaker 5 (23:10):
How about them? Well, I think I said before, I
really didn't anticipate, you know, August numbers to look all
that different from July, and they don't. Our closed sales
volume is still down a bit so across the metro,
for Hillsboro, Panela's, Pasco Hernando, closed sales were down by
six point eight percent median sales price, average sale price.
(23:32):
Those are still just kind of teetering, not you know,
going one way or the other in any meaningful manner.
The one number though, that I do think indicates that
we'll have a higher volume next month or I guess
this month or September.
Speaker 3 (23:48):
Okay.
Speaker 5 (23:49):
It always messes me up because we're in October. Yeah,
but it's only going to be end of October till
we see September numbers. So for September, because our new
pending sales were up across all of our counties, I
do think that closed volume will be higher for sometimes.
Speaker 3 (24:05):
So pending sales were up August to August, yes, and
that's why you're predicting closed is going to.
Speaker 5 (24:11):
Be Well, that's kind of it's a good indicator because
that means those are the properties that are under contract
to be closed.
Speaker 3 (24:16):
Okay. So that's interesting because a lot of us feel
like the strength in the market is coming back, and
it was kind of September that we all started feeling that.
Speaker 5 (24:28):
Yeah, And that's why I think when we do the
numbers because they are a bit behind, like it's already
kind of you know, old news. If you're in the industry,
you know we're feeling things before. You know, we're seeing
it on the numbers that come out.
Speaker 3 (24:39):
Right, because the numbers are at least thirty days behind,
if not kind of sixty days by the time we
get the end of the month numbers. Yeah, so I'm
I am. I am a little excited. I you know,
business has not been I would say business is not
really up for us. But the way I would say
it is like for me personally, because I still originate,
it's still pretty low like I'm i'm my I'm personal
(25:00):
on the lower side. But what I've seen is more
of my originator's names are showing up on payroll, which
tells me a broader picture. You know, more people across
the gamut are coming and buying right now and getting
into the market where maybe an individual people aren't as busy.
So I'm going to be very interested to see I
(25:20):
really want to see the October numbers. I know we're
got to wait till freaking December, but yeah, I would be.
Speaker 5 (25:26):
I think I think we'll actually have a pretty good
you know, fourth quarter traditionally fourth quarter is kind of
when things you know, slow down as it is, But
I do wonder if we're going to be, you know,
doing better because of the interest rate news. But the
one number I did want to touch on, which normally
we talk about month's supply of inventory. Yes, so this
is the absorption rate, which is closely related to that. Okay,
it's just you know, basically a different way of measuring
(25:49):
kind of the same thing, right of you know, where
our market is at. And for Hillsboro County, the absorption
rate in August your twenty eight percent, Panala's twenty five percent,
and PASCO twenty five percent, which mostly are gonna be like,
all right, well what does that mean? So how we explain,
you know, with months supply Okay, you know, five to
six percent or I mean five to six months supply
(26:11):
is kind of the balance for the absorption rate. Twenty
percent is kind of the balance. So twenty percent or
higher actually indicates a seller's market and anything fifteen percent
or lower would be a buyer's market. And we have
not seen that. Our numbers are obviously significantly down. I
actually I went back and looked so back in March
(26:34):
of twenty twenty two, that absorption rate was at about
two hundred and fifty percent. I think it's some counties
even higher. But I mean that's to put it in perspective,
which yes, definitely think that's a peak. You know, so
that was the peak, but just yeah, to see it,
that just goes to show record low inventory, so much demand,
you know, and that's why you know, we are where
(26:55):
we are now, but things have I think we're still
in the corrective phase. But I think that's kind of
the corrections are you know here and if you know,
we have that next FED meeting coming up, but at
the end of October, if they continue to you know,
cut rates, even if the action is not there, you know,
with the contracts, I am having, you know, past clients
(27:15):
reaching out, you know, some people coming out of the
woodwork at least asking yep. So I do think that
it's going to start getting busier. But to say that
with the absorption rate numbers, if we do get busier,
I really think this is a good time to buy,
like great time, possibly better than you know if you
wait another couple of months. Just start now, because there
(27:37):
are deals to be had. Sellers are willing to negotiate.
I've gotten buyers some really really good deals. My sellers
have been you know, their understanding, you know, of the market,
and they know that they need to be flexible. So
this is the time.
Speaker 3 (27:52):
I mean, I this is like the first real indicator
that we have. I mean, you and I have been
saying it, this is the golden time because we can
feel the buyer's market versus seller's market, just because we
feel the activity before it actually goes under contract. But
this is it, sin you just this is the first
real indicator that we could be flipping into a seller's market.
Speaker 5 (28:14):
Well yes, but I mean even technically it's been a
seller's market. Just the market's been a little bit, you know,
just kind of slow because of the buyer sitting on
the fence, right, you know, affordability this and that. But
if those numbers are already like that, once that buyer
demand kicks up, oh boy, it's not going to be
great for buyers. And I mean even that contract that
I was telling you about working out in Niland, I
(28:35):
mean there were multiple offers.
Speaker 3 (28:36):
On it, Okay, And a guy had lunch with yesterday
said the same thing, multiple offers he's seen it almost
over fifty percent right now, multiple offers.
Speaker 5 (28:45):
They're happening. I mean, if a home is priced well,
it shows well, it definitely happens.
Speaker 3 (28:51):
So you know, oh boy, guys, I mean, listen, the
math doesn't lie. The universal language, the language of the
universe that the aliens are going to use when they
finally say hello to us they're here, by the way,
is gonna be math. Math is the language of the universe,
and this is you cannot deny this. If the absorption
rate is up there, like you said, twenty five percent,
(29:12):
that if that keeps going up, what's going to go
up prices? It has to there is not enough inventory.
I'm actually really excited about this. You kind of were
coming in a little glum on some of these numbers
because we're down a little bit. But sen absorption rate
that that's awesome. We gotta we gotta focus on that
next month too. Okay, I'm really excited about this. So
(29:34):
where are gonna leave you by? Now? Right bye?
Speaker 5 (29:37):
Now? For sure call me at eight one three seven
five five.
Speaker 3 (29:41):
Reel eight one three seven five five reel seven five
y five reel because that's a real realtor who's going
to get find you a real house before the real
rest of the company or a country finds out.
Speaker 5 (29:53):
Yes, let's go. You're a real good deal right now,
right now though, don't wait.
Speaker 3 (29:56):
No, and seller Concessions are still doing that, so you
guys can definitely get into that. How much time a
goat a couple of minutes. So you know, we're going
to talk about listening to the pros a little bit here.
I think this is very important. You know, we get
on here every week and Sinnia gives you stats and yes,
(30:18):
we are salespeople. Yes we want to do business with you,
that's obviously our goal, but we're also here to help you.
And a lot of times people don't listen, especially when
it comes to when do I REFI, should I lock alone?
Should I do this? Sadly, they don't listen until a
whole bunch of other people listened first, and then they
come in late. And we're trying to get you guys
(30:40):
to listen now. So when it comes to doing your
loan transaction, we're going to talk about this a little
bit in the four segment. We're going to talk about
the importance of listening to the pros when Sinia tells
you you need to make an offer on this house
for this reason, or this isn't going to work for
this reason, or this is out of your budget. There's
a reason she's saying that. Remember, we want to sell
(31:01):
you a house, we want to sell you a mortgage.
So if we say to do something, it's very important.
And I'm going to ask Senny when we get back
from the break about contract dates. I would like to
ask her what's the difference in doing a fifteen day
contract or a thirty day contract. I'm gonna let her
answer what's better for you? And then she'll probably ask me, well,
what does that mean for financing? Frank, how does that
(31:23):
change the game? Because her and I are living through
it right now on a couple different deals. So we're
gonna give you some real advice from real real estate agent.
So you can call it eight one to three, seven
fifty five reel if you want to get it off
the air and don't forget you. Guys can text as well.
Can they text that number?
Speaker 5 (31:38):
They can text that, They can text that number, or
they can go on my website, which is Tampa real
Estate dot Pro.
Speaker 3 (31:44):
There you go, Tampa real Estate dot Pro. We want
you guys to check it out. If nothing else, get
on a search right now. Because the market is shifting.
We have the first real data from the math that
doesn't lie from Senia that we might be starting a
major shift. Don't be the last guy to do it.
We'll be back in the Business Happy Hour with some
real advice in just a minute.
Speaker 1 (32:03):
Let's get back to the Business Happy Hour radio show
with your host Frank the bank Kodo, owner of Lincoln Lending.
Speaker 2 (32:09):
Group, and his co host Senia Akishna, realtor with Mahara
and associates.
Speaker 3 (32:15):
All right, friends, welcome back to the Business Happy Hour.
You're number one show for all things business and entrepreneurial.
We've been having a great show. We talked about a
lot of things today. If nothing else, Senny and I
want you to take our advice. Then math does not lie.
Like we talked about in the last segment, this market
is shifting. The absorption rate is up. I've never even
looked at those stats before, but I learned something today.
(32:36):
Every day you got to learn something in real estate.
Sen Now you had a question for me before the break.
What were we talking about?
Speaker 5 (32:41):
I did so actually, and I want to give you
and your team a shout out, because if it wasn't
for you guys, I don't know that I would have
been able to get this house for my really good friend.
You guys were on the ball. We got the pre
approval letter real quick and moving really fast for her.
I don't think she was anticipating to just, you know,
fall in love with the first house she saw.
Speaker 3 (32:58):
But she did awesome.
Speaker 5 (33:00):
But you guys are on a roll with it. And
part of it was we do need that quick closing.
Speaker 3 (33:05):
Okay.
Speaker 5 (33:05):
So you know, we said, hey, it's okay, it's only
a fifteen day contract on an FAJA loan. You said
it's due. Bu'm like, well, they said it, So I'm
still hoping. But I think we went under contract right
before the official you know shut down. What does this
I mean, is this going to affect our deal at all?
Speaker 2 (33:25):
Like?
Speaker 5 (33:25):
What effect does it have on the real estate market?
Speaker 3 (33:28):
So what I said in the monologue, I kind of
alluded to it, but I didn't get into detail. Says
don't believe everything you hear. Okay, Okay, A lot of
this thing with the government shutdown is politics, imposturing. You know,
the government shutdown is not just about the budget it's
about a whole bunch of other line items that they
try to sneak through. You know, who knows, like transgender
(33:50):
studies for wild rabbits. You know, I'm just making things up.
But that's that causes a lot, a lot of crap,
and that's reason these things don't get past. To answer
your question, how is it effect the government on the
real estate side, we have seen basically zero effect right now.
Could it effect if it keeps going? Possibly? What would
it affect FHA and VA loans? Mainly case numbers? If
(34:13):
they actually closed all of FAHA and VA. They never have.
I don't think that'll ever happen. They're always going to
have a skeleton crew. Then maybe you can't get a
case number, which means you can't order an appraisal, which
means you can't go into underwriting. So could it postpone
a contract? Sure, But you have a really cool thing
in your contract called force masure. It basically says things
(34:34):
like natural disasters, you know, government shut downs, you know, whatever,
they're out of the control of the general public, allow
for the contract in all terms to be extended. So
it's not going to hurt your buyers, you know, unless
you're homeless if you don't close on the house. But
I think most people will work with each other. IRS.
I know that they have cut back some people on that.
(34:55):
We probably need to fire the eighty thousand that we
hired because nobody needs some freaking auditing us anyway. But
the IRS, I'm sure is a little bit more on
skeleton crew. So if we have to validate your tax
returns through the underwriting process, there could be a delay there.
But here's a good news. We have workarounds to all
of it. If you need your taxes validated, there's ways
to do it without waiting for the IRS. We've been
(35:15):
doing that for probably ten years, so it's a very
long way to say business as usual. Send Nothing has
really affected us yet, And I'm probably going to put
a post out every day on the government shutdown, and
if I see anything that changes, I'll let you know.
But right now, so far, so good. I'm not taking
it seriously. But I think a lot of his hype.
You watch the news and everybody's like, oh my god,
(35:36):
the government shutdown. Everything's gonna in. So I ask everybody
every morning on social media's how's it affected you? Has
it done anything to you and your family.
Speaker 5 (35:43):
Well no, not yet. So I mean, if you could
get this deal to go through for me and my
friend a close on her house, which the appraisal has
been ordered, so that means that the case number issued
all that, so we should be correct and the clear.
Speaker 3 (35:55):
And the appraisal is probably the longest part of the
transaction that you don't really have control over because it
gets scheduled and they have to go out there and
write the report. So if you're doing short contracts, that's
the most important thing. Get the appraisal and the inspections
done right off the bat. Everything else just underwriting in
turn time. So let me ask you, as a real
estate agent, what what's up with short contracts? What's the benefit?
Because there's normal contracts thirty days, Why do you sometimes
(36:17):
recommend a shorter contract.
Speaker 5 (36:19):
I mean, I don't know that I do. But we
were in a multiple offer situation. That's what the seller wanted.
They were ready to be, you know, done with that house,
paid that mortgage, you know, probably two months ago, right,
So that was part of our strategy, like, hey, if
you want it, can we possibly do the shorter close
to you know, beat out the other contract and you know,
my friend was like, yep, I can do it, you know,
(36:39):
can Frank do it? Frank said, hey, you know what, Yep,
we can do it, you know, and I think that
was part of the reason why we did get it.
But no, I mean for us, I don't know, there's
no benefit other than actually having to really hustle up
on everything. So I do recommend on a short contract.
During your inspection period, do all of your due diligence,
all of it. Go ahead, call the insurance, get that
(36:59):
you know, figured out you need to talk to the
HOA about something. Do all of the due diligence, not
just the general inspection right, and then obviously what do
you appreciate Like in this case, we didn't wait. She
didn't wait for that to be through because we knew
we were on a tight timeline. You know, she wanted
the home. You know, you got to fork over the money, right,
you know when you order it. So nope, we just
(37:19):
ordered everything. She's doing everything that she needs to do.
She's the best kind of client for a short contract,
which I don't know about yours, because this one. She's
very responsible, you know, great at communicating. You ask her
for something, she'll have it to you within you know,
thirty minutes.
Speaker 3 (37:35):
Yeah, okay. So the way I'm hearing this, I'm kind
of talking to the layman's terms is short contract can
help your real estate agent negotiate and beat out other
people if you're on a if you're on a multiple
offer situation, because if you both offer the same price
for the home, which is kind of it kind of happens,
they could both offer listing price, then what sets them apart?
(37:57):
You know, maybe it's the bank or on the other line. Yeah,
we'll pick up the phone. Sitting will tell me, hey,
we make it an offer. Pick up the phone and
call the listing agent. That makes a difference one hundred percent.
Picking up the phone me as the president saying hey,
I'm working with Senia. You know my company, I own
it for twenty five years here in Tampa. We're handling
the mortgage. We've got a great reputation. That helps. But
when you also tell them, hey, we're going to close
you fifteen days sooner, I think that tells the other
(38:18):
side that's a very solid buyer, right. And then, like
you said, we're only as good as our buyers, right.
So the advice I think we'll both share on this
is you have to listen to the professionals. If Sinnia
says you have to pay for the appraisal day one
and the home inspection day one, you can't wait for
the home inspection to come back before you pay for
the appraisal because you're on a short contract. Then you
(38:40):
have to listen, right, Is there any other advice you'd
give people?
Speaker 5 (38:43):
Listening meaning listening and doing it. Oh, so you don't
just hear it, you know, you really got to follow through.
Speaker 3 (38:49):
I'm glad you said that because a lot of times,
and listen. I'm gonna say this as gently as I can.
Those of you who are high net worth individuals and
I have all always, you know, had the money to
buy whatever you need, and you could. I love this phrase.
I could buy this house cash. Speaking to you, you
still need to listen because guess what, you're asking somebody
(39:09):
to borrow a half a million dollars or more. He
who has the gold makes the rules, not you. You're
not right in the loan. The bank is or the
broker is. So that's the guy with the gold. You
gotta listen. If we say give us this dock on
this day, give us that dock on that day and
they know what we're gonna do. We're gonna get you
to the closing table. Send any other advice for anybody
(39:30):
before we cut.
Speaker 5 (39:31):
Off, Well, I think they should call the Lincoln Lending
Group to get it done. Thank you and listen to
them and do what they say when they say it.
Speaker 3 (39:40):
Yes. And then here's the thing. I will make a
promise to you if you listen to Senny and I
when we are navigating your real estate transaction, we will
guarantee you are going to close on your closing date
and disorb it. And we're not going to charge you
any extra money. We're not gonna have to extend anything.
That's our promise to you. Send it's been a great show.
Speaker 5 (39:55):
Yes, so fun. I missed you.
Speaker 3 (39:57):
Yeah, you were missed too. Have fun and in Ireland.
So we'll see you guys next week on the Business
Happy Hour. We've got a great guest. We'll save it
for next week and you'll find out who it is.
Welcome to the Business Happy Hour radio show with your host,
Frank Debank Coodo, the owner of Lincoln Lending Group right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishna, realtor with Mahara and Associates,
Tampa's top real estate company. Together, they have helped finance
and clothes nearly one billion dollars of real estate every year.
(00:23):
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.
Speaker 2 (00:30):
Listen right here, or.
Speaker 1 (00:32):
Find us on the Business Happy Hour YouTube channel, or
follow us on Instagram at Frank Debankkodo. 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 de Bank and Senia.
Speaker 3 (00:47):
That's right, James, thank you for bringing us into the show.
Welcome to the Business Happy Hour, your number one show
for all things business and entrepreneurial. And man, we've got
a show for you guys. Coming off my first show
that I did all by myself, because Senia just has
to go out and travel the world and go to
foreign countries like Ireland and drink Guinness and harp and
(01:10):
hang out with all the Irish people, which we're gonna
find out all about today because Frank the Bank has
never been to Ireland. As a matter of fact. That's
on my list and I've got a little trip on
that side of the pond coming up in December. We'll
talk about Hopefully you guys liked the show last week. Yes,
Sennya left me all by myself, so I got to
do my own solo show. And let me tell you, guys,
if you've ever thought about radio and if you're cut
(01:32):
out to do this or if it's something you enjoy,
it's not that hard it. You know a lot of
people talk about you know, oh I could never do it. Senya.
I'm gonna put her on this. James came in today,
he goes, why don't you just stop talking in the
third segment and just see what happens to Senya. I
would never do it.
Speaker 4 (01:48):
If you radio silence, James are gonna need a lot
of those sound effects to play started in the third
segment because I'm gonna be like and this is Frank
Codo signing off Cenia has it and that's.
Speaker 3 (02:00):
What it's gonna sound like. No, but you know, guys,
when I got into this industry or and doing radio
back about about thirteen years ago, I was kind of
thrown into it and said I was not I was
not this vocal. I mean I've always been a talker.
Like as a kid, my mom used to literally, there's
a funny video recording. They just call me Frankie. I
freaking hated it. Hated Frankie's why didn't name my son
(02:21):
frank by the way, because I didn't want to relive
that for like ten years. This is video and I'm
like running around chasing or holding that big old VHS
cam quarter thing, you know that had the big tapes
in it, and I kept jumping in front of the
camera every time she's tried a video something. That was
like around Christmas, and finally she goes, Frankie, sit down
and shut up, get out of the camera. And my
(02:43):
mom we resaw the you know, a month a couple
of months ago. She goes, yeah, she goes that that
pretty much summed it up. She's like, that's what you did, right.
So I've always liked talking, you know, but a lot
of people say, if you're going to do a radio
show all by yourself or something where you don't have
anybody to bounce off of, it's one of the hardest
things in the world because you could forget what you're saying,
or you might not have something to say. It's like,
(03:04):
what I'm gonna do to you in the third segment?
Speaker 5 (03:05):
Well, no, you keep on track. And I have a
hard time believing that. In high school, you were probably
the guy. You know, if there's a presentation needed, you're
the guy they call up.
Speaker 3 (03:13):
I did enjoy that, you know. In high school, I
was like I was almost kind of still forced to
do it. But what I was was I was always
the planner guy. So you know, like you kind of
have the clicks.
Speaker 5 (03:22):
Really right, planner. I don't see you as a planner
at all.
Speaker 3 (03:25):
I know, tell me about it, you know, and people
look at me and they think I'm disorganized, with some
of the most disorganized people are actually some of the
most organized in their brain. No, but I was the
guy like if we did something on the weekends with
our groups of friends or whatever, it was me. It's
like I figured out where the party was. I told
people where to meet, and a lot of that came
out of necessity then, because I mean, I've got a
fifteen year old right now. Those idiots don't plan squat. Okay,
(03:49):
I was gonna say the bad word, but they don't
plan squat. Like he'll be like, oh, yeah, we're gonna
go to Halloween or night's on Saturday. Okay, who you're
going with? I don't know what time you're going. I
don't know how you getting there. I don't know are
you getting home? I don't know. And I'm just like, dude,
like I don't mind helping. That's what parents do, but
I can't do this not plan thing. When I was
in when I was in junior high when junior maybe
(04:10):
high school, I had it all figured out, Like I
knew where we're going, what time we're going. I knew
if this party got busted, we're gonna go to this party.
You know who's driving? Who's doing that?
Speaker 5 (04:18):
I mean now, and it's you know with the phones,
you know is that what?
Speaker 3 (04:21):
Okay?
Speaker 5 (04:21):
I got you know, twenty friends. They can text, so
is the quickest to respond? I mean, I definitely think
it's got something to do.
Speaker 3 (04:27):
And that snapchat thing, right, are you on Snapchat. No
neither am I say, I was gonna have to make
funy of you were, But no, this thing where they
can like look and see where everybody is. Y yeah right, which,
by the way, now now I'm just scratching the surface.
Remember I'm a forty six year old old dude. Here
the Instagram it now has something where it's got a map?
(04:50):
Is that what it is? James? And I don't know.
I think you have to opt into it. I think
I opted out. I don't really want everybody to know
where did you do that? You opted out of that? Like,
I don't know if I want everybody know where I am, right,
but if nothing else, it's pretty cool. So so then
like especially as a teenager or a kid, like, hey,
these are everybody's hanging out, but for us. I just
saw a funny little meme the other day about like
(05:10):
the nineties, did you go to the mall? Like that's
what we used to do. Like you went to the
mall and people are like, yeah, I'll meet at the
mall and like to do what to see your friends
and to walk you go to the food court and
you just hang out. I don't know that they do
that anymore. What do they do.
Speaker 5 (05:25):
I mean they've you know, they're on their phones the
same route, but they're on their phones right, you know,
playing the games or you know, social media together.
Speaker 3 (05:34):
Yeah, is that socializing? I don't know. I don't know.
So we've got a great show for you guys. We
got a little monologue I'm gonna do for you guys here.
Try to try to start that in the show a
little bit, uh in the first segment and then Senny uh,
Senny and I you know, we love planning, not planning right,
and in a couple of reasons because you know, if
you plan we do our show once a week. If
(05:55):
we plan our show earlier in the week, I mean,
so by the time we get to our show, something
else is gonna happen, right, It's it's not going to
be the same. So it's kind of nice walking in here.
We're both in the same industry. We both work with
the same people and you know, same we running the
same pools and stuff like that of clients and buyers
and Maharan Associates and Lincoln Lending Group, you know, work
great together. So we can walk in here and we
(06:17):
can have a story. So it's kind of funny. I
ran in here and I was not for nothing. I
was kind of bitching up a little bit. I was saying, Oh,
this isn't working. This isn't working. You know, I have
this this situation that's going on, and what do I do?
Speaker 1 (06:27):
Sin?
Speaker 3 (06:27):
And then you start telling me stuff and it's like, hey,
you know what, that's today's show, right, So then what
we do? And James loves saying this. He's like, shut
up and keep it for the show. He loves like
when we talk, especially in the breaks. This is a
fun little radio thing. Every time you have commercial breaks,
people start yapping, right, and that's the best stuff for
the show. They start talking it. I love it when
(06:48):
James comes on, he's like, shut up and say that
on the show. I'm like, okay, okay, do a sound
effect for me anyway. So let's just roll into this.
We got a couple minutes left in this segment, and
then Sinnia has the August numbers spoiler alert. She says,
there's some big news. I love it. What else we're
gonna talk about? The government shut down? How does it
(07:09):
affect you personally? What's it doing to you? And how
does it affect you in real estate. We're going to
talk about assets and lending. Sayning and I are going
to talk about the importance of listening to the pros,
meaning Senia and myself and whoever you're working with in
your real estate transaction, because not for nothing, we have
licenses and we're kind of responsible for getting you guys
(07:29):
at the closing table. So we're gonna tell you what
to do. You should listen to us. We're talking about
short contracts, good or bad, right mass Senya what she
thinks on that one. And then we're to find out
about Ireland because I've never gone to Ireland and I
want to go. And you know, I'm gonna ask any
a question about Scotland and Ireland because you know, I'm
not a geography whiz, but I'm pretty sure they're close.
(07:49):
They are right, I think they're closed.
Speaker 5 (07:51):
We flew into Scotland and then from there to Oh.
Speaker 3 (07:55):
Man, you're making me regret my vacation coming up already.
All right, So guys in October seventh, twenty twenty five,
if you're listening to us on Saturday or Sunday morning,
it's a few days later, it's Tuesday. Right now, we
are on day seven of the government shutting down. I'm
hoping that by the time you listen to this on
the weekend, the government is not shutdown. But let's be real,
(08:17):
what's the government shut down doing to you. Let's forget
about if you're in real estate, are you affected? I'd
like to hear it. If you're watching us on Instagram
right now, I want to hear about it. If the
government shutdown is affecting you, and you want me to
talk about it next week's show, I want you to
text me eight one three seven six five twelve thirty nine.
That's eight one three seven six five twelve thirty nine,
(08:38):
No dirty picks. Please just text me what is happening
to you and the government shutdown. I have one very
good friend who's active military works at McDill His pay
is furloughed right now. Good news is he's still getting
his pay. So we had a long talk about it
the other day and it really came down to budget. Sadly,
a lot of Americans just do not budget themselves. I
(09:00):
was raised with a mentality you need six months of
all of your living expenses in a savings account at
all times. Why, well, we live in Florida, we have
these things called hurricanes that come and knock out our
houses and our power and all this stuff, and God forbid,
you got to live somewhere for six months. How about
you have a government shutdown and you have a government job.
(09:20):
You might have to cover your salary for a few months.
The good news is in a shutdown, you're gonna get
your money unless you get laid off. This is a
whole new realm with the government maybe being shrunk good
or bad. Probably good in the long run. Bad for
the people who are losing their jobs. I don't want
them to lose their jobs. But a government shutdown doesn't
(09:42):
affect people like you think it does. It's a lot
of media hype. Don't believe everything you read and see online.
Do your own research. Is it affecting military yes, Is
it affecting certain core people in the government, Yes, if
they still have a job after it's over. Are they
gonna get their money yes. So it's kind of like
it's just in a savings account for you, interest bearing
saving savings account. But you have to prepare. You've got
(10:05):
to teach your kids. Sadly, colleges and schools don't teach
our kids financial literacy. They don't teach them how to
balance a checkbook. They don't teach them about interest, mortgages,
they don't teach them about all the real stuff that
you're gonna have to deal with when you get into
the real world. They send you there and they teach
you a long algebra and geometry and how to do you know,
(10:26):
all this math you're probably never going to use, But
they don't teach you basic finance. So teach your kids.
That's my topic today. Teach your kids. Teach them to
budget themselves, Teach them the value of a dollar, make
them spend their own money. I used to have a
yellow parquet butter tub that I literally would save nickels
and pennies and dimes and quarters I'd pick off off
(10:47):
the freaking street. Fun story. Anybody know what Zekea Ricci's are?
Do you know what they are? No? Zekea Ricci's look
them up, guys. The most popular pants in the nineties.
They're the mc hammer pants tag that said Z Cavalricci
on him. I brought a buttertub into a Tampa Bay
mall store with sixty six dollars in change and one
(11:08):
dollar bills and bought my first pair of z Cavalricci's
because my mom wouldn't buy them for me, and I
was three dollars short and my mom almost didn't give
me the three dollars. That would have been a scene.
But anyway, that taught me a lesson, taught me to save,
taught me the value of your dollar. That was probably
in sixth grade. You have to teach your kids. Don't
(11:28):
believe everything you read parents and kids kids learn from
your parents. I taught my son about compound interest on
the way to school the other day. Most people don't
know about the eighth wonder of the world, compound interest.
My son does, and I'm going to beat it into
his head. And by the time he graduates or we
stop driving him, he's going to know everything he needs
to know about mortgages, interest, finance, money, and he's going
(11:49):
to know about compound interest. What do you do? Teach
your kid what you do. It's the best way to
create general generational wealth and to help your family stay
tuned in the business happy hour when we get backward
to learn about the August real estate numbers with Sennia
Akishinna from Mahara and Associates, let's.
Speaker 1 (12:03):
Go all the best mortgage or real estate advice from
Tampa Bay's top experts. It's the Business Happy Hour with Frank,
Debank Koto and Sennia Akisha.
Speaker 3 (12:13):
All right, Tampa Bay, welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
I'm your host, Frank the bank owner of lincol Lending Group,
twenty five years here in Tampa almost twenty five years.
I like to say that contact Frankdbank dot com. That's
how you can reach me if you need anything. We
(12:33):
got a new phone number, sen Oh you do eight
four four four reverse eight for four Yeah, I like it, right,
It's kind of easy, yeah right. And our guys here
at iHeart helped me get that phone number through a connection.
We're using that for the Ryan Gorman commercials talking about
reverse mortgages. We're using it on We're gonna start using
it on TV. We're to use it on the Instagram.
(12:56):
We'll probably send courier pigeons with it tied to their
leg eight four four four reverse. If you do want
information on reverse mortgages, that goes to myself and two
of my staff members, Diane and Beverly so One of
US is going to pick up the phone and talk
to you about reverse mortgages answer all your questions. You
can also go to reverse guru dot com reverse guru
dot com. I will leave you with this on reverse mortgages,
(13:17):
you do not lose your home. Absolutely do not lose it.
As always your home, you cannot lose it. If you
don't believe me, call me, let me prove it to you.
I did one for my own grandma, and I tell
you something. She does not live with me. She lived
in her house until the day she died, and the
bank did not take her house, and she left us
an inheritance, and she said, you lived the last last
(13:37):
ten years of her life for the best ten years
because she had financial freedom. So ah eight four four
four reverse or reverse guru dot com. Senia numbers from August.
Speaker 5 (13:47):
Numbers from August. We finally have them, I know, and
I'm sorry. I think they came out right when I
was gone on Tuesday. You did, and that was not intentional.
I was supposed to be here. I did get stuck
in Ireland, not the worst place to get stuck up.
Speaker 3 (14:01):
Why don't you tell us about Ireland and then we'll
go into the numbers.
Speaker 5 (14:04):
So this was actually a very impromptu trip. Okay, was
kind of joking he's a big Vikings fan and oh
you know the Vikings are playing you know in Ireland.
I know, Okay, Yeah, he reached out to us buddies
and nobody can go. I mean really spur the moment
I'm like, oh I want to go to Ireland?
Speaker 2 (14:22):
Is that how it.
Speaker 5 (14:24):
Kind of goes like that? We were haha about it
and all of a sudden we're okay, a week away.
I mean we literally booked our stuff, Like did.
Speaker 3 (14:30):
You him like, hey, I'll go, I'll go with you.
Was it like that?
Speaker 5 (14:35):
And he's like what, Well, he had no choice really
but to take me because you know, the buddies couldn't
make it. So yeah, it was a well a couple's
trip to go watch the Vikings in Ireland and it
was so much fun. Oh yeah music, yes, that was
they played that like at the halftime show. Yeah, and
they had a band there with like, you know, a
(14:55):
girl with her violin and yeah, thanks James.
Speaker 3 (14:58):
So yeah that was awesome. So what all right? So
you would you just go for like two nights, three nights?
Speaker 5 (15:03):
Would you do?
Speaker 3 (15:04):
Well?
Speaker 5 (15:04):
Ended of getting stretched out. Supposed to be I think,
what three nights, okay, but then mine turned into four nights.
This was almost six nights.
Speaker 3 (15:11):
We wa whoa, whoa, Okay, explain this. You guys went separate.
Speaker 5 (15:14):
So the whole plan was because we're like, all right,
you know, we're budget mine and we have companion passes. Okatch,
I'm kind of new too, but you know, big perk.
We have a you know, someone in the family with Delta,
and we're like, well, let's try to do it international flight.
So we've you know, done it domestically before, you know,
usually pretty you know, simple, it's a stand by sort
of thing. Right, We did chicken out and on the
(15:35):
way there we bought one ways at least to make
sure we got there.
Speaker 3 (15:38):
Oh that was probably smart.
Speaker 5 (15:39):
And they're like, you know, coming back, you know, whatever happens,
you know, we'll make it work. Oh that was the
worst idea. Oh so of course. Yeah. The day after
the game, I mean the airport was packed. Never mind
the flight we were supposed to get on was there
was some issue with the plane. It was like four
or five hours delayed, but they were overbooked, over sold,
(16:01):
so it just wasn't happening, even if we wanted to
pay for tickets at that point, wasn't happening.
Speaker 3 (16:06):
Oh so did you find this out at the airport?
Speaker 5 (16:08):
Yes? So we spent a good you know, five six
hours at the airport trying to figure it out. Got
to the nearest hotel room that was sold out. But
I did find a siedeal that maybe twenty five minutes
away from the airport. You go to the east coast
and you hit the water, and we ended up staying
at this really cute little golf resort. It's called It
(16:29):
was like Port Monnaca is the area, okay, but it
was a Jamison Links course.
Speaker 3 (16:33):
Ooh.
Speaker 5 (16:33):
That's really you know what made the whole trip worth
it for Maurice because you know Vikings, You saw the
Vikings gay, you know that was a bit disappointing. The
game itself was fine, Yeah, but that whole trip made
it worth it for him. So he got his dream
golf day.
Speaker 3 (16:48):
Do you got to play golf on an Ireland?
Speaker 5 (16:50):
Yeah, Court did so that that's probably his best memory
out of the whole trip. And you know what if
it wasn't, well I already.
Speaker 3 (16:58):
Left oh oh okay, I would have had.
Speaker 5 (17:00):
Left because we have you know, our little one at
home and we had to get a service.
Speaker 3 (17:04):
So wait, you didn't get to stay in the nice
little hotel on the Glod.
Speaker 5 (17:06):
I did for the night, but I had to leave
first thing in the morning. And you know what, it
also worked out because actually I was still working. I
was working at the Vikings game. I was working on
setting up that contract, you know. So thank god actually
wasn't flying right because I don't know if I would
have been able to work the deal out because we
did have a multiple offers. It was my buyer, really
good friend of mine, and you know what, this is
(17:26):
the life of a real estate agent. She felt bad,
but nope, Saturday she called me and I'm like, oh, no,
you're not going out with a random you know, Zillow
person to show you this property. I didn't tell you,
but you're gonna have to sign an agreement, you know,
agreeing to commission this and this and this. So I
got my other good friend that you know was still here, Hey,
can you shore with this house?
Speaker 3 (17:45):
Good Mahara? Of course, of course, yeah.
Speaker 5 (17:48):
Showed her the house, you know, stepped in and my
friend's like, I love it and I want to move
forward on it. Let's make the offer. And you know,
I scrambled around, and.
Speaker 3 (17:57):
So what happened. You flew up on, flew back on
a buddy pass in the morning.
Speaker 5 (18:01):
None of it, None of it was buddy pass. None
of that worked out. We probably end up spending three
times as much plane tickets had we just planned it
out to begin with. That's okay, listen, lesson learned, and
we'll go back to Ireland now that we kind of
know our way around. So we stayed in Dublin City Center.
Speaker 3 (18:18):
Okay, it was busy, right, you know, busy.
Speaker 5 (18:21):
Close to walk to the stadium, which you know, the walking.
Speaker 3 (18:23):
Was pretty nice. Is Dublin pretty nice? There's like a
big city like New York.
Speaker 5 (18:27):
Stayed in Dublin City Center, and I guess this is
the stuff you learn, even like our uber guys, father's
the north side, there's the south side. During the day,
it was nice, but they didn't recommend walking around at night.
Speaker 3 (18:39):
No night.
Speaker 5 (18:41):
I mean, I thought it was fine. I'm pretty oblivious.
My husband's got better streets since he's like, you know, okay,
we're gonna get this part of town. But it was
a lot of fun. The one thing I will say,
if you ever do go to Europe and you've never
driven on the left side of the road sitting on
the right side of the car, don't do it. We
rented a car from the airport. It took us twice
(19:03):
as long to get to our hotel. Oh, just because
you're so disoriented. Right, Oh yeah.
Speaker 3 (19:09):
No, I don't really. We are going to take a
break here in a minute. But keep going to the story.
I'll stop.
Speaker 5 (19:13):
You will get Yeah, do not rent a car. We
rented ours, got it to the hotel after finally finding parking.
We took it back the next day. Oh, it just
was not happening. It was too scary, too hard to navigate,
and there's plenty of public transport and ubers.
Speaker 3 (19:27):
So okay, all right, so that's good. So I went.
When we get back, I want to ask you a
little bit more about island. When we get back, I'm
going to tell you about this trip that I'm I've
planned for between Christmas and New Year's, kind of a
crazy impromptu thing like that to three different countries. And
literally last night I'm watching videos online about all the
snow and stuff, and I looked at my wife, I'm like,
(19:49):
we're not renting a car. I was like, so, and
I'll tell you that story when we get back, and
I'm glad you give the advice you Listen to the
Business Happy Hour Frank Thebankkodo eight one three mortgage dot com,
contact Frankdbank dot com and Senia Akisha from Ohara and Associates.
We'll be back in just a minute to learn about
the August real estate numbers.
Speaker 1 (20:05):
Welcome to the Business Happy Hour radio show with your host,
Frank de Bankkodo, the owner of Lincoln Lending Group right
here in Tampa Bay for twenty three years, joined by
his incredible co host, Senia Akishna realtor with Mahara and Associates.
Speaker 2 (20:20):
Tampa's top real estate company.
Speaker 1 (20:22):
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.
Speaker 2 (20:35):
Listen right here, or find.
Speaker 1 (20:37):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Thebankkodo. 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 (20:49):
Here's Frank the Bank and Senia.
Speaker 3 (20:52):
All right, guys, welcome back to the show. We'll get
to the real estate talking here in just a second.
Sennia told the story about going to Ireland. Sounds awesome.
By the way, if I go to Ireland, I go
to Scotland, right like a connect Yeah right, kind of right,
So I mean I can go see I'll get a
drink the Scotch in Scotland and then go over to Island.
Speaker 5 (21:08):
I mean, I think I think we talked to a
guy that was actually doing that.
Speaker 3 (21:11):
Yeah, it seems like the way that our.
Speaker 5 (21:12):
Connection was just through there. And then we took a
little plane to get to Dublin.
Speaker 3 (21:16):
Oh you took like a puddle jumper to get to.
Speaker 5 (21:19):
Well, it wasn't quite that small, but Maryland, says the
big Uh. Yeah, I guess yeah, Irish Airline.
Speaker 3 (21:23):
How long was that flight from Scotland Ireland?
Speaker 5 (21:26):
Forty five minutes?
Speaker 3 (21:27):
Oh okay, it's like going to Miami. Yeah, okay, that's
not bad. So we I I'm really funny that said
he had brought that up about the not raining cars.
Is my wife and I we're going we're gonna fly
into London. The intention is visitor sister in Spain and
she's over near Barcelona, and my son really wanted to
go skiing. So my wife shows me this this country
called Andorra. Never heard of you? Have you heard of this?
Speaker 5 (21:48):
I've heard of it, but I don't know much about it.
Speaker 3 (21:50):
It's this tiny country, only seventy something thousand people, pretty
much all ski villages in a landlocked country in between
Spain and France, right on the border. Right. Pretty interesting.
So we're doing we've never done London. We're gonna do
two nights in London, do like the Red Eye thing
over there or whatever, and then we're gonna fly to
(22:10):
Barcelona and then we have to drive to Andorra and
then we're gonna drive back to Barcelona and stay with
their sister for a couple of nights. So we kind
of do New Year's over and Andorra and all. That
should be pretty cool. But we started watching videos last
night and they're like, you're required to have chains on
your tires and this and this between November and February,
and you should bring boots that have spikes on them.
Like I'm like what, and I'm like, I don't mind
(22:32):
renting cars. I've driven on the other side of the
road a bunch of times, so I mean, I'm kind
of get get used to that in some Caribbean islands.
But yeah, when they threw in snow and mountains and
chains on times and they're like James on times like Frankie,
don't do chains on tires, Like I've never done that.
I wouldn't even know what to do with chains. I'm
a Florida boy, like we The only chain we have
is when Grady Judd puts them on the side of
the road picking up trash. Hopefully people get that one.
(22:55):
But anyway, so yeah, we're gonna where did you get
I'm just gonna bite the bullet and pay for a
ride from the airport and then just do uber.
Speaker 5 (23:02):
It's a safer Bett's say, yeah, I just.
Speaker 3 (23:04):
Do that, right, man, Just don't try to drive in
these other countries. So sin, how about the real estate numbers?
What's up with August?
Speaker 5 (23:10):
How about them? Well, I think I said before, I
really didn't anticipate, you know, August numbers to look all
that different from July, and they don't. Our closed sales
volume is still down a bit so across the metro,
for Hillsboro, Panela's, Pasco Hernando, closed sales were down by
six point eight percent median sales price, average sale price.
(23:32):
Those are still just kind of teetering, not you know,
going one way or the other in any meaningful manner.
The one number though, that I do think indicates that
we'll have a higher volume next month or I guess
this month or September.
Speaker 3 (23:48):
Okay.
Speaker 5 (23:49):
It always messes me up because we're in October. Yeah,
but it's only going to be end of October till
we see September numbers. So for September, because our new
pending sales were up across all of our counties, I
do think that closed volume will be higher for sometimes.
Speaker 3 (24:05):
So pending sales were up August to August, yes, and
that's why you're predicting closed is going to.
Speaker 5 (24:11):
Be Well, that's kind of it's a good indicator because
that means those are the properties that are under contract
to be closed.
Speaker 3 (24:16):
Okay. So that's interesting because a lot of us feel
like the strength in the market is coming back, and
it was kind of September that we all started feeling that.
Speaker 5 (24:28):
Yeah, And that's why I think when we do the
numbers because they are a bit behind, like it's already
kind of you know, old news. If you're in the industry,
you know we're feeling things before. You know, we're seeing
it on the numbers that come out.
Speaker 3 (24:39):
Right, because the numbers are at least thirty days behind,
if not kind of sixty days by the time we
get the end of the month numbers. Yeah, so I'm
I am. I am a little excited. I you know,
business has not been I would say business is not
really up for us. But the way I would say
it is like for me personally, because I still originate,
it's still pretty low like I'm i'm my I'm personal
(25:00):
on the lower side. But what I've seen is more
of my originator's names are showing up on payroll, which
tells me a broader picture. You know, more people across
the gamut are coming and buying right now and getting
into the market where maybe an individual people aren't as busy.
So I'm going to be very interested to see I
(25:20):
really want to see the October numbers. I know we're
got to wait till freaking December, but yeah, I would be.
Speaker 5 (25:26):
I think I think we'll actually have a pretty good
you know, fourth quarter traditionally fourth quarter is kind of
when things you know, slow down as it is, But
I do wonder if we're going to be, you know,
doing better because of the interest rate news. But the
one number I did want to touch on, which normally
we talk about month's supply of inventory. Yes, so this
is the absorption rate, which is closely related to that. Okay,
it's just you know, basically a different way of measuring
(25:49):
kind of the same thing, right of you know, where
our market is at. And for Hillsboro County, the absorption
rate in August your twenty eight percent, Panala's twenty five percent,
and PASCO twenty five percent, which mostly are gonna be like,
all right, well what does that mean? So how we explain,
you know, with months supply Okay, you know, five to
six percent or I mean five to six months supply
(26:11):
is kind of the balance for the absorption rate. Twenty
percent is kind of the balance. So twenty percent or
higher actually indicates a seller's market and anything fifteen percent
or lower would be a buyer's market. And we have
not seen that. Our numbers are obviously significantly down. I
actually I went back and looked so back in March
(26:34):
of twenty twenty two, that absorption rate was at about
two hundred and fifty percent. I think it's some counties
even higher. But I mean that's to put it in perspective,
which yes, definitely think that's a peak. You know, so
that was the peak, but just yeah, to see it,
that just goes to show record low inventory, so much demand,
you know, and that's why you know, we are where
(26:55):
we are now, but things have I think we're still
in the corrective phase. But I think that's kind of
the corrections are you know here and if you know,
we have that next FED meeting coming up, but at
the end of October, if they continue to you know,
cut rates, even if the action is not there, you know,
with the contracts, I am having, you know, past clients
(27:15):
reaching out, you know, some people coming out of the
woodwork at least asking yep. So I do think that
it's going to start getting busier. But to say that
with the absorption rate numbers, if we do get busier,
I really think this is a good time to buy,
like great time, possibly better than you know if you
wait another couple of months. Just start now, because there
(27:37):
are deals to be had. Sellers are willing to negotiate.
I've gotten buyers some really really good deals. My sellers
have been you know, their understanding, you know, of the market,
and they know that they need to be flexible. So
this is the time.
Speaker 3 (27:52):
I mean, I this is like the first real indicator
that we have. I mean, you and I have been
saying it, this is the golden time because we can
feel the buyer's market versus seller's market, just because we
feel the activity before it actually goes under contract. But
this is it, sin you just this is the first
real indicator that we could be flipping into a seller's market.
Speaker 5 (28:14):
Well yes, but I mean even technically it's been a
seller's market. Just the market's been a little bit, you know,
just kind of slow because of the buyer sitting on
the fence, right, you know, affordability this and that. But
if those numbers are already like that, once that buyer
demand kicks up, oh boy, it's not going to be
great for buyers. And I mean even that contract that
I was telling you about working out in Niland, I
(28:35):
mean there were multiple offers.
Speaker 3 (28:36):
On it, Okay, And a guy had lunch with yesterday
said the same thing, multiple offers he's seen it almost
over fifty percent right now, multiple offers.
Speaker 5 (28:45):
They're happening. I mean, if a home is priced well,
it shows well, it definitely happens.
Speaker 3 (28:51):
So you know, oh boy, guys, I mean, listen, the
math doesn't lie. The universal language, the language of the
universe that the aliens are going to use when they
finally say hello to us they're here, by the way,
is gonna be math. Math is the language of the universe,
and this is you cannot deny this. If the absorption
rate is up there, like you said, twenty five percent,
(29:12):
that if that keeps going up, what's going to go
up prices? It has to there is not enough inventory.
I'm actually really excited about this. You kind of were
coming in a little glum on some of these numbers
because we're down a little bit. But sen absorption rate
that that's awesome. We gotta we gotta focus on that
next month too. Okay, I'm really excited about this. So
(29:34):
where are gonna leave you by? Now? Right bye?
Speaker 5 (29:37):
Now? For sure call me at eight one three seven
five five.
Speaker 3 (29:41):
Reel eight one three seven five five reel seven five
y five reel because that's a real realtor who's going
to get find you a real house before the real
rest of the company or a country finds out.
Speaker 5 (29:53):
Yes, let's go. You're a real good deal right now,
right now though, don't wait.
Speaker 3 (29:56):
No, and seller Concessions are still doing that, so you
guys can definitely get into that. How much time a
goat a couple of minutes. So you know, we're going
to talk about listening to the pros a little bit here.
I think this is very important. You know, we get
on here every week and Sinnia gives you stats and yes,
(30:18):
we are salespeople. Yes we want to do business with you,
that's obviously our goal, but we're also here to help you.
And a lot of times people don't listen, especially when
it comes to when do I REFI, should I lock alone?
Should I do this? Sadly, they don't listen until a
whole bunch of other people listened first, and then they
come in late. And we're trying to get you guys
(30:40):
to listen now. So when it comes to doing your
loan transaction, we're going to talk about this a little
bit in the four segment. We're going to talk about
the importance of listening to the pros when Sinia tells
you you need to make an offer on this house
for this reason, or this isn't going to work for
this reason, or this is out of your budget. There's
a reason she's saying that. Remember, we want to sell
(31:01):
you a house, we want to sell you a mortgage.
So if we say to do something, it's very important.
And I'm going to ask Senny when we get back
from the break about contract dates. I would like to
ask her what's the difference in doing a fifteen day
contract or a thirty day contract. I'm gonna let her
answer what's better for you? And then she'll probably ask me, well,
what does that mean for financing? Frank, how does that
(31:23):
change the game? Because her and I are living through
it right now on a couple different deals. So we're
gonna give you some real advice from real real estate agent.
So you can call it eight one to three, seven
fifty five reel if you want to get it off
the air and don't forget you. Guys can text as well.
Can they text that number?
Speaker 5 (31:38):
They can text that, They can text that number, or
they can go on my website, which is Tampa real
Estate dot Pro.
Speaker 3 (31:44):
There you go, Tampa real Estate dot Pro. We want
you guys to check it out. If nothing else, get
on a search right now. Because the market is shifting.
We have the first real data from the math that
doesn't lie from Senia that we might be starting a
major shift. Don't be the last guy to do it.
We'll be back in the Business Happy Hour with some
real advice in just a minute.
Speaker 1 (32:03):
Let's get back to the Business Happy Hour radio show
with your host Frank the bank Kodo, owner of Lincoln Lending.
Speaker 2 (32:09):
Group, and his co host Senia Akishna, realtor with Mahara
and associates.
Speaker 3 (32:15):
All right, friends, welcome back to the Business Happy Hour.
You're number one show for all things business and entrepreneurial.
We've been having a great show. We talked about a
lot of things today. If nothing else, Senny and I
want you to take our advice. Then math does not lie.
Like we talked about in the last segment, this market
is shifting. The absorption rate is up. I've never even
looked at those stats before, but I learned something today.
(32:36):
Every day you got to learn something in real estate.
Sen Now you had a question for me before the break.
What were we talking about?
Speaker 5 (32:41):
I did so actually, and I want to give you
and your team a shout out, because if it wasn't
for you guys, I don't know that I would have
been able to get this house for my really good friend.
You guys were on the ball. We got the pre
approval letter real quick and moving really fast for her.
I don't think she was anticipating to just, you know,
fall in love with the first house she saw.
Speaker 3 (32:58):
But she did awesome.
Speaker 5 (33:00):
But you guys are on a roll with it. And
part of it was we do need that quick closing.
Speaker 3 (33:05):
Okay.
Speaker 5 (33:05):
So you know, we said, hey, it's okay, it's only
a fifteen day contract on an FAJA loan. You said
it's due. Bu'm like, well, they said it, So I'm
still hoping. But I think we went under contract right
before the official you know shut down. What does this
I mean, is this going to affect our deal at all?
Speaker 2 (33:25):
Like?
Speaker 5 (33:25):
What effect does it have on the real estate market?
Speaker 3 (33:28):
So what I said in the monologue, I kind of
alluded to it, but I didn't get into detail. Says
don't believe everything you hear. Okay, Okay, A lot of
this thing with the government shutdown is politics, imposturing. You know,
the government shutdown is not just about the budget it's
about a whole bunch of other line items that they
try to sneak through. You know, who knows, like transgender
(33:50):
studies for wild rabbits. You know, I'm just making things up.
But that's that causes a lot, a lot of crap,
and that's reason these things don't get past. To answer
your question, how is it effect the government on the
real estate side, we have seen basically zero effect right now.
Could it effect if it keeps going? Possibly? What would
it affect FHA and VA loans? Mainly case numbers? If
(34:13):
they actually closed all of FAHA and VA. They never have.
I don't think that'll ever happen. They're always going to
have a skeleton crew. Then maybe you can't get a
case number, which means you can't order an appraisal, which
means you can't go into underwriting. So could it postpone
a contract? Sure, But you have a really cool thing
in your contract called force masure. It basically says things
(34:34):
like natural disasters, you know, government shut downs, you know, whatever,
they're out of the control of the general public, allow
for the contract in all terms to be extended. So
it's not going to hurt your buyers, you know, unless
you're homeless if you don't close on the house. But
I think most people will work with each other. IRS.
I know that they have cut back some people on that.
(34:55):
We probably need to fire the eighty thousand that we
hired because nobody needs some freaking auditing us anyway. But
the IRS, I'm sure is a little bit more on
skeleton crew. So if we have to validate your tax
returns through the underwriting process, there could be a delay there.
But here's a good news. We have workarounds to all
of it. If you need your taxes validated, there's ways
to do it without waiting for the IRS. We've been
(35:15):
doing that for probably ten years, so it's a very
long way to say business as usual. Send Nothing has
really affected us yet, And I'm probably going to put
a post out every day on the government shutdown, and
if I see anything that changes, I'll let you know.
But right now, so far, so good. I'm not taking
it seriously. But I think a lot of his hype.
You watch the news and everybody's like, oh my god,
(35:36):
the government shutdown. Everything's gonna in. So I ask everybody
every morning on social media's how's it affected you? Has
it done anything to you and your family.
Speaker 5 (35:43):
Well no, not yet. So I mean, if you could
get this deal to go through for me and my
friend a close on her house, which the appraisal has
been ordered, so that means that the case number issued
all that, so we should be correct and the clear.
Speaker 3 (35:55):
And the appraisal is probably the longest part of the
transaction that you don't really have control over because it
gets scheduled and they have to go out there and
write the report. So if you're doing short contracts, that's
the most important thing. Get the appraisal and the inspections
done right off the bat. Everything else just underwriting in
turn time. So let me ask you, as a real
estate agent, what what's up with short contracts? What's the benefit?
Because there's normal contracts thirty days, Why do you sometimes
(36:17):
recommend a shorter contract.
Speaker 5 (36:19):
I mean, I don't know that I do. But we
were in a multiple offer situation. That's what the seller wanted.
They were ready to be, you know, done with that house,
paid that mortgage, you know, probably two months ago, right,
So that was part of our strategy, like, hey, if
you want it, can we possibly do the shorter close
to you know, beat out the other contract and you know,
my friend was like, yep, I can do it, you know,
(36:39):
can Frank do it? Frank said, hey, you know what, Yep,
we can do it, you know, and I think that
was part of the reason why we did get it.
But no, I mean for us, I don't know, there's
no benefit other than actually having to really hustle up
on everything. So I do recommend on a short contract.
During your inspection period, do all of your due diligence,
all of it. Go ahead, call the insurance, get that
(36:59):
you know, figured out you need to talk to the
HOA about something. Do all of the due diligence, not
just the general inspection right, and then obviously what do
you appreciate Like in this case, we didn't wait. She
didn't wait for that to be through because we knew
we were on a tight timeline. You know, she wanted
the home. You know, you got to fork over the money, right,
you know when you order it. So nope, we just
(37:19):
ordered everything. She's doing everything that she needs to do.
She's the best kind of client for a short contract,
which I don't know about yours, because this one. She's
very responsible, you know, great at communicating. You ask her
for something, she'll have it to you within you know,
thirty minutes.
Speaker 3 (37:35):
Yeah, okay. So the way I'm hearing this, I'm kind
of talking to the layman's terms is short contract can
help your real estate agent negotiate and beat out other
people if you're on a if you're on a multiple
offer situation, because if you both offer the same price
for the home, which is kind of it kind of happens,
they could both offer listing price, then what sets them apart?
(37:57):
You know, maybe it's the bank or on the other line. Yeah,
we'll pick up the phone. Sitting will tell me, hey,
we make it an offer. Pick up the phone and
call the listing agent. That makes a difference one hundred percent.
Picking up the phone me as the president saying hey,
I'm working with Senia. You know my company, I own
it for twenty five years here in Tampa. We're handling
the mortgage. We've got a great reputation. That helps. But
when you also tell them, hey, we're going to close
you fifteen days sooner, I think that tells the other
(38:18):
side that's a very solid buyer, right. And then, like
you said, we're only as good as our buyers, right.
So the advice I think we'll both share on this
is you have to listen to the professionals. If Sinnia
says you have to pay for the appraisal day one
and the home inspection day one, you can't wait for
the home inspection to come back before you pay for
the appraisal because you're on a short contract. Then you
(38:40):
have to listen, right, Is there any other advice you'd
give people?
Speaker 5 (38:43):
Listening meaning listening and doing it. Oh, so you don't
just hear it, you know, you really got to follow through.
Speaker 3 (38:49):
I'm glad you said that because a lot of times,
and listen. I'm gonna say this as gently as I can.
Those of you who are high net worth individuals and
I have all always, you know, had the money to
buy whatever you need, and you could. I love this phrase.
I could buy this house cash. Speaking to you, you
still need to listen because guess what, you're asking somebody
(39:09):
to borrow a half a million dollars or more. He
who has the gold makes the rules, not you. You're
not right in the loan. The bank is or the
broker is. So that's the guy with the gold. You
gotta listen. If we say give us this dock on
this day, give us that dock on that day and
they know what we're gonna do. We're gonna get you
to the closing table. Send any other advice for anybody
(39:30):
before we cut.
Speaker 5 (39:31):
Off, Well, I think they should call the Lincoln Lending
Group to get it done. Thank you and listen to
them and do what they say when they say it.
Speaker 3 (39:40):
Yes. And then here's the thing. I will make a
promise to you if you listen to Senny and I
when we are navigating your real estate transaction, we will
guarantee you are going to close on your closing date
and disorb it. And we're not going to charge you
any extra money. We're not gonna have to extend anything.
That's our promise to you. Send it's been a great show.
Speaker 5 (39:55):
Yes, so fun. I missed you.
Speaker 3 (39:57):
Yeah, you were missed too. Have fun and in Ireland.
So we'll see you guys next week on the Business
Happy Hour. We've got a great guest. We'll save it
for next week and you'll find out who it is.
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